Shortly after his arrest on Tuesday, former U.S. President Donald Trump had some harsh words for the Biden Administration and its handling of the currency.
As it continues to decline, the former president predicted that the U.S. dollar would likely lose its status as the world’s reserve currency.
After being indicted on 34 felony counts of falsifying business records last Thursday, Trump surrendered to authorities on Tuesday afternoon. The billionaire was allegedly involved in paying Stormy Daniels protection money prior to his 2016 presidential election in an attempt to conceal their affair.
After entering a not-guilty plea to all charges in a Manhattan court shortly before 3:30 p.m. ET, Trump returned to his Mar-a-Lago club in Florida and delivered an impassioned speech in which he vented grievances, denied allegations against him, and attacked political opponents.
Among these claims were forecasts of the demise of the global dominance of the U.S. currency, attributing the nation’s record-high inflation and recent bank failures to the policies of the Biden administration. He stated:
“Our currency is collapsing and will no longer be the global standard, which will be our greatest defeat in 200 years. This will prevent us from becoming even a great power.”
Last year, the Federal Reserve swiftly tightened its benchmark interest rate to combat inflation, which crested at 9.1% in June 2022. This followed a two-year period of record-low interest rates of 0.25 percent that began under the Trump administration, although some believe the Biden administration’s profligate spending also contributed to rising prices.
Senator Cynthia Lummis, a Republican who supports Bitcoin, has previously attributed inflation and growing government debt to imprudent fiscal policy from both political parties.
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