Excerpt:
"One possible reason for President Trump’s desire for Venezuela’s oil and other assets, Greenland, and assets in Ukraine is to prop up the dollar with real things. As I have pointed out on numerous occasions, the power of the United States rests on the dollar’s role as world reserve currency as this permits the US to pay its bills by issuing debt. China understands the value of having the role 0f being the reserve currency and has announced that it wants this role for the Chinese currency. As China is less indebted, more industrialized, and has a higher gross domestic product than the United States, it is possible that the continuation of the rapid growth of US national debt will result in the US losing the reserve currency role to China.

For several decades, the United States has had a destructive policy of 0ffshoring its manufacturing, thereby weakening its own economy while the US government ran up massive amounts of debt. With the dollar already questionable Washington further undermined the dollar by weaponizing it, thus making it risky for central banks to hold US dollars in the form of Treasury debt as reserves. The seizure of Russian central bank reserves in the amount of $300 billion demonstrated the risk. With no end of American wars and spending sprees in sight, the US dollar’s role as w0rld reserve currency could well be in jeopardy. Once this role is lost the dollar’s value in terms of other currencies will fall, and as the United States has become an import-dependent economy, US inflation would explode, further driving down the dollar.

Policy makers should take notice of this threat. It is a more serious threat to America than is Iran, Venezuela, Cuba, Mexico, or Russia in Ukraine and the Arctic. It is far more important for the United States to protect the value of its currency than for the United States to spend another trillion dollars, clearing Israel’s opponents from the Middle East."