In one of the funniest remarks you will read today, the Treasury Secretary said that the administration wants a stable U.S. dollar. Ostensibly, this is achieved by printing more of it.
Humph.
Speaking an interview with CNBC, Steven Mnuchin noted that a major goal of President Donald Trump and the administration is a stable dollar.
“We want a stable dollar. The dollar reflects lots of money coming back into the United States. It is the reserve currency of the world and we’re going to protect that.”
The Federal Reserve has engaged in an unprecedented money-printing binge, creating $5 trillion of new money in only a few months. It is not surprising that the U.S. dollar has lost approximately five percent against a basket of currencies since the broader financial market stabilized.
Plus, if you remember during the early days of the administration, there was talk of abandoning the strong-dollar policy and weaken it to boost exports.
With aggressive money-printing and the de-dollarization push around the world, it is only a matter of time before the greenback loses its reserve currency status.
I agree that Secretary Munchies has the correct idea, but unfortunately, it will never happen.
Among other things, a stable dollar would make the government more honest, and it would make its debts more stable. This is exactly what most of the government hacks don’t want to happen.
Imagine: The government doing the right thing by and for its citizens. When does that happen?
I know; I happened to use the word, “Happen,” to end every paragraph before this one. But it shows that we need a populist revolt in the nation’s monetary system. Quickly!