China's war on our dollar is really about ruling the world

China has been waging war on the U.S. dollar for years.

Rep. Mark Green, a Republican, is a physician and combat veteran of Afghanistan and Iraq, where he served three tours. He interviewed Saddam Hussein for six hours on the night of his capture. He is chair of the House Homeland Security Committee and serves on the House Armed Services and Foreign Affairs Committees.

Communist China has been hard at this game all over the world. In March, Brazil and China struck a trade deal to ditch the U.S. dollar and BRIC countries announced the formation of a new currency, effectively kicking the U.S. dollar out of trade with them. Even our allies and economic partners are turning away from the United States economy for what they see as a better alternative to a rapidly devaluing U.S. dollar. France has made oil deals with China in yuan, while Malaysian Prime Minister Anwar Ibrahim said there’s no reason to continue to rely on the U.S. dollar.  

How did this happen? We’ve become our own worst enemy. And we have no one to blame but ourselves—our own U.S. Treasury that is. The decisions of the Biden administration have decimated the value of our dollar. We cannot continue to spend more money we don’t have, only to throw more cash into our economy without considering the repercussions. The more money this administration prints, the higher the supply of the U.S. dollar, and the lower the demand for it. From a trade perspective, we import about 75 percent of our everyday goods. When the value of our dollar is in freefall, countries who sell us goods demand more money in exchange.