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CC BY-NC-ND V4.0, Open Access
Journal article
The greenback’s double bind: why the global dollar may struggle to survive the Trump administration
Australian Journal of International Affairs
2025
Abstract
In this discussion piece, the dollar’s recent history of strength and endurance as a global currency, despite many challenges, is outlined in review in order to provide context for analyses of the currency’s most recent challenges, including those faced under the new Trump administration. These are explained as a double bind. On the one hand, as emphasised by Kenneth Rogoff [2025. Our Dollar, Your Problem. New Haven: Yale University Press], among others, America’s burgeoning and ‘unsustainable’ debt, likely to be exacerbated by the inflationary trade and fiscal policies of the Trump administration, points towards the inevitability of a full-blown fiscal and monetary crisis embroiling the Fed and the dollar. On the other hand, should Trump’s policy agenda lean further towards the right libertarian and economic nationalist ideas of the Republican movement and the Heritage Foundation’s Project 2025 (a serious danger given the project’s clear influence on other Trump policies) the global dollar may turn out to be doomed by design.
Details
- Title
- The greenback’s double bind: why the global dollar may struggle to survive the Trump administration
- Authors/Creators
- Gerard Strange
- Publication Details
- Australian Journal of International Affairs
- Publisher
- Informa UK Limited, trading as Taylor & Francis Group
- Number of pages
- 10
- Identifiers
- 991005779518507891
- Copyright
- © 2025 The Author(s).
- Murdoch Affiliation
- School of Humanities, Arts and Social Sciences
- Resource Type
- Journal article
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- Citation topics
- 6 Social Sciences
- 6.27 Political Science
- 6.27.2149 Developmental State
- Web Of Science research areas
- International Relations
- ESI research areas
- Social Sciences, general