All posts tagged "Dollar"

President Donald Trump's bet on war with Iran could have a significant impact on the United States' global financial standing, an analyst explained Monday.

The Bulwark's Jonathan V. Last described how Trump's decision "could speed up de-dollarization" and challenge the American currency's dominance, ultimately altering the 52-year history of the petrodollar system.

"I have been saying since the beginning that America is playing checkers while Iran plays chess, but it’s worse than that," Last wrote. "American leadership is utterly incoherent: We won, but we need help. We hate our allies; but will our adversaries please come bail us out?"...

Treasury Secretary Scott Bessent was reportedly unsettled over the Department of Justice's probe of Federal Reserve Chair Jerome Powell and warned President Donald Trump that it could disrupt the financial market, according to reports on Monday.

Bessent apparently called Trump late Sunday to express his concern, saying the investigation "made a mess," which appeared to have been realized after the dollar's value dropped Monday, while bond yields and gold prices climbed after anxiety following potential political interference with the Federal Reserve, Axios reported.

"The secretary isn't happy, and he let the president know," a source with knowledge of the phone call between Bessent and Trump told Axios. ...

WASHINGTON – Health and science research would get a billion-dollar boost under the 2012 budget proposed Monday by US President Barack Obama, including a major new project to speed lab advances into cures.