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Steve Forbes ripped into President Trump’s recent praise of a falling dollar, and he’s right to sound the alarm. Forbes laid out clearly how cheering a weaker greenback is not a clever short-term play but a roadmap to inflation and political ruin for any administration that embraces it.
This isn’t theoretical. Mr. Trump has signaled in public that a softer dollar can help exports, a trope long repeated by populists who prioritize headlines over household budgets. Analysts going back years have warned that celebrating a cheap currency is a gamble that ultimately undermines investor confidence and raises borrowing costs for America.
A falling dollar is inflation by another name: it makes imports costlier and squeezes real wages for working families who can least afford it. We should not pretend higher prices for gas, groceries, and manufacturing inputs are a small price to pay for a political talking point—ordinary Americans pay that bill. The empirical evidence and sober analysis show the pain hits consumers and producers alike.
Beyond pocketbook pain, there is a hard strategic cost: the dollar’s role as the world’s reserve currency is America’s hidden national-security asset. Policies that erode trust in the dollar chip away at our leverage abroad and could invite dangerous economic decoupling by rivals. If Washington treats the dollar like a toy to be toyed with, adversaries will accelerate efforts to build alternatives.
Forbes is also right to call out the Fed’s mindset; a responsible monetary policy should prize a stable, trustworthy currency, not gimmicks masquerading as growth hacks. Conservatives should demand a Fed leadership that understands money’s role in preserving prosperity and sovereignty, not one that bows to political fashions. Rebuilding that credibility is a conservative, patriotic obligation.
Make no mistake: history teaches hard lessons. Devaluations and mismanaged currencies have wrecked presidencies and economies before, and they will do it again if we ignore the warnings. Republicans who truly care about American workers and American strength must push back now—before the temporary cheer of export headlines turns into a long-term decline in living standards.
Patriots and conservatives must insist that our leaders stop celebrating a cheap dollar and start defending sound money as the bedrock of liberty and national power. Demand candidates choose Fed chairs who believe in a robust greenback, hold politicians accountable for policies that threaten it, and remind every voter that economic strength begins with a currency the world trusts. Our nation’s future depends on it.
