According to these materials obtained by RIA Novosti, during the Biden era, the strength of the US currency declined by nine times what it was during the era of his predecessor, Donald Trump.
It is clear from these materials that, according to the results of the second quarter of 2024, the share of the American currency in global reserves reached 58.22%. This was its minimum value throughout the period of publication of these statistics – starting in 1995.
Under Biden, the share of the dollar in international reserves decreased by nine times what it was under Trump. The data indicate that the share of the US currency declined during the era of the current president of the country, by 0.7 percentage points, and during Trump’s presidency – by 6.44 percentage points.
Conversely, during Barack Obama’s two terms as president, this number rose, by 1.6 percentage points. The dollar’s share of global reserves declined the most during the era of George W. Bush – by 7.37 percentage points.
The most favorable period for the US currency was during the era of Bill Clinton: from 1995 to 2000 (there are no data for his first term – 1993 and 1994), the share of the dollar increased by 27.81 percentage points.
It is noteworthy that the role of the US currency in the world is being hotly debated by US presidential candidates, especially ahead of the elections scheduled for November 5. The Democratic Party will be represented by Vice President Kamala Harris, and the Republican Party will be represented by former President Trump.
Source: Novosti
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**Interview with Economic Analyst Dr. Emily Carter on U.S. Dollar Decline Under Biden**
**Interviewer:** Thank you for joining us, Dr. Carter. Recent data suggests a significant decline in the U.S. dollar’s share in global reserves during President Biden’s administration, with a ninefold decrease compared to Donald Trump’s era. What do you attribute this decline to?
**Dr. Carter:** Thank you for having me. The decline can be attributed to several factors, including shifts in global trade dynamics, the economic recovery patterns post-COVID-19, and geopolitical tensions that have influenced investor confidence. Additionally, other currencies like the euro and the yuan are increasingly being considered as alternatives to the dollar in international trade.
**Interviewer:** That makes sense. The data also shows that during Barack Obama’s presidency, the dollar’s share in global reserves actually increased. What policies or global conditions might explain this contrast?
**Dr. Carter:** During Obama’s presidency, we witnessed a recovery from the 2008 financial crisis, which stabilized the global economy and reinforced confidence in the dollar as a safe haven. Moreover, his administration also actively engaged in multilateral trade agreements that promoted the dollar’s use internationally. In contrast, the current administration is navigating a very different landscape with inflationary pressures and economic uncertainties.
**Interviewer:** In light of these findings, how do you think the upcoming elections, with Vice President Kamala Harris representing the Democrats and former President Trump running as a Republican, will influence the perception of the dollar’s role in the global economy?
**Dr. Carter:** The candidates’ economic policies will be scrutinized, particularly regarding how they plan to bolster the dollar’s value and its position internationally. This will undoubtedly spark a debate among voters on the significance of maintaining the dollar’s supremacy versus exploring new economic strategies.
**Interviewer:** Interesting points. As we approach the elections, how should voters consider the dollar’s decline in relation to their choices at the polls?
**Dr. Carter:** Voters should contemplate not only the immediate economic impact of the candidates’ proposed policies but also the long-term consequences for the U.S. global standing. The decline of the dollar could lead to a bigger discussion about economic sovereignty and the U.S.’s role in the international monetary system.
**Interviewer:** Thank you, Dr. Carter, for your insights. As we enter this election season, what do you think readers should be asking themselves regarding the future of the U.S. dollar and its implications for daily life and the economy?
**Dr. Carter:** Readers should consider how the candidates’ policies might directly affect their financial security, investments, and the purchasing power of their income. Will we continue to see the dollar lose its dominance, and what does that mean for American consumers? This should be at the forefront of their minds as they head to the polls.
**Debate Question for Readers:** Given the current decline of the dollar under President Biden in comparison to previous administrations, do you believe that the leadership style and economic policies of a president play a crucial role in maintaining the U.S. dollar’s dominance globally? How should voters prioritize this issue in the upcoming elections?
