Former presidential candidate Steve Forbes said Friday that the U.S. could still save the dollar’s status, despite efforts by Russia and China to create an alternative.
“Real-dollar faith is in our hands. The dollar is still the global currency — not because we’re doing things right, but because other currencies are even worse,” Forbes told Fox News host Dana Perino on “America’s Newsroom.” “It’s like a baseball team batting .190, terrible, but the other teams are batting .110. So, it’s not a sign of real strength.”
India reportedly paid for Russian oil and gas in Chinese yuan, Euros, Hong Kong dollars and dirhams, the currency of the United Arab Emirates, to evade the sanctions imposed by President Joe Biden after Russia invaded Ukraine Feb. 24, 2022.
“The thing about Russia and China, if they’re serious about their currencies, making them global currencies, they would link it to gold, they would get rid of the capital controls, the Chinese,” Forbes said. “No one wants to have big deals with the currency where the government is always mucking around with capital controls, which means you can’t easily trade the currency, can’t easily get in and out of a country.”
A Thursday Daily Caller op-ed from by E.J. Antoni and Peter St. Onge said President Joe Biden wrecked the dollar as the world’s reserve currency by “gutting” its “apolitical nature.”
“In response to Russia’s war with the Ukraine, the US froze the dollar reserves of Russia’s central bank. To be clear, these were not American assets, but were dollars owned by the Russian central bank and the Russian people. The seizure was intended to cause bank runs and collapse Russia’s credit system. It didn’t work,” Antoni and St. Onge wrote. “Instead, it exposed the Biden administration’s willingness to violate the trillions of dollars foreigners rightfully own. The danger of this precedent is difficult to overstate.”
Forbes said the U.S. still could act to save the dollar.
“In the meantime, we should do what we did in the past,” Forbes said. “We’ve stabilized the dollar in the past, got to do it again. It’s like changing the number of minutes in an hour.”
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