The U.S. dollar has been declining for some time, causing it to lose value domestically and as the world's reserve currency.
Since last year, the dollar has fallen by about eight percent to ten percent in real and nominal terms since late last year, igniting fears the country's currency could lose its status as the world's primary reserve.
In an interview with former President Trump, he warned Americans of the downfall impact of the dollar's rapid decline, stressing it is more significant than any war.
"Our country is going to hell, and we're not going to be the big bar," Trump told Larry Kudlow, pointing to infrastructure issues such as deteriorating "filthy" roads, bridges, and airports.
"China wants to replace it with the Yuan," Trump continued. "And it was unthinkable with us. Unthinkable. It would never have happened. Now people are thinking about it… We have something that's very powerful, and that's our dollar, but you take a look at what's happening to it now with other countries not using it."
The former president said as of now, the U.S. has power but warned that it is waning. He feared the country could soon be considered a third-world country.
Earlier this year, the Brazilian government announced that China and Brazil have agreed to trade using their currencies, bypassing the need for the U.S. dollar as a mediator. Another warning is that the dollar is beginning to deteriorate.
Additionally, China has been slowly attempting to destroy the U.S. dollar, suggesting that the country wants to create a world economy that is less reliant on the dollar and expand its communist influence internationally.
Trump previously warned about the declining health of the dollar. In April, he said that America will be defeated once the U.S. currency is no longer the standard.
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"Our currency is crashing and will soon no longer be the world standard, which will be our greatest defeat, frankly, in 200 years," Trump said at the time. "There will be no defeat like that. That will take us away from being even a great power."
The 45th president also touched on Bidenflation, which caused significant worry for Americans who feared they couldn't provide for their families. He also said the Biden Administration's moratorium on federal land and offshore oil drilling was "so sad."
"They cut it off, and again, we were drilling much more. We were a bigger force than Russia and Saudi Arabia individually," Trump added. "In a year and a half, we would have been a bigger force than them combined, and we would have made so much money. We would have been paying off debt; we would have been doing things that nobody's ever seen this country do."
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