The U.S. dollar being the world’s reserve currency has only benefited American institutions and not regular workers, according to labor economist, founder, and president of the Economic Strategy Institute Clyde Prestowitz.
Prestovitz has served as an adviser to Presidents Ronald Reagan, George H.W. Bush, Bill Clinton, and Barack Obama, and as a counselor to the secretary of commerce in the Reagan administration.
He spoke to NTD’s Paul Greaney at the 2022 National Conservatism conference on Sept. 13 where he explained the downsides of the U.S. dollar holding the world’s reserve currency status.
Reserve currencies are those widely held by central banks and other major financial institutions, including governments and private institutions, and are used for large investments, transactions, and international trade….