Economist Art Laffer Criticizes U.S. Economic Policies, Warns of Dollar's Decline as Global Reserve Currency

In an interview with Michelle Makori, chief host and editor-in-chief of Kitco News, economist Art Laffer discusses the troubling trend in the U.S. economy and the potential impact on the dollar's status as the world's reserve currency, emphasizing that the U.S. is moving away from monetary stability and toward what he calls “runaway paper money”. paper money”. He warned that this shift, coupled with inadequate economic policies, could lead to the dollar being replaced on the global stage by alternative currencies such as bitcoin, gold or other currencies. Laffer, who served on President Ronald Reagan's Council of Economic Policy Advisers and later as an adviser to former President Donald Trump, criticized the current administration's handling of economic and monetary policy. He argues that the U.S. administration has eroded international confidence in the dollar by using it as a political weapon through sanctions and other measures. In his view, this loss of confidence is prompting countries to seek alternatives to the United States dollar, which could eventually lead to the dollar becoming the dominant global currency.