Steve Forbes’s latest column makes an unambiguous point: President Trump’s cheerleading for a falling dollar is dangerous, not clever. Forbes warns that celebrating a weaker greenback risks inviting inflation and economic instability at precisely the moment when the U.S. economy should be fortified against global turmoil.
There is hard historical evidence for that warning — dollar devaluations have preceded some of the worst inflationary periods in modern American history, from the 1970s into the early 2000s. Weak currency is no abstract academic concern; it translates into higher prices at the grocery store, shaken consumer confidence, and eroded savings for ordinary Americans.
Forbes has been sounding this alarm for years, reminding policymakers that a stable, trustworthy dollar underpins national strength and economic growth. His argument has been consistent: a mighty dollar enables vibrant capital markets, funds national defense indirectly through stronger fiscal footing, and keeps America competitive without resorting to cheapening the currency.
Markets have already begun to react, and not in a way that conservatives should celebrate. The dollar’s slide on a trade-weighted basis and the rush into gold show investors searching for safe havens when confidence wobbles — a warning sign that can quickly become a self-fulfilling downward spiral. Leaders who treat a weakening dollar as a win are playing with fire while expecting others to mop up the mess.
To be fair, some inside Trump’s circle have publicly tried to walk back the rhetoric and reassure markets that he would not intentionally undermine the dollar, but words on a cable news segment won’t fix structural policy or replace the careful stewardship that the Fed and Treasury must exercise. If rhetoric and short-term political gambits drive our currency policy, the country will pay the price in higher interest rates, more expensive imports, and weakened global leverage.
Conservatives who care about prosperity and national security should demand seriousness on this issue: a commitment to sound money, fiscal responsibility, and Fed leadership that prioritizes a reliable dollar over political theater. Appointing monetary stewards who understand that a strong currency is a pillar of American power is not a partisan luxury — it’s common-sense patriotism.
