The US dollar is in "jeopardy" as Joe Biden continues to "destroy" stability with inflation, according to a former senior advisor to President Trump.
It comes after Vladimir Putin said "using the dollar as a tool for foreign policy struggle is one of the biggest strategic mistakes by the US political leadership".
During an interview with US host Tucker Carlson, Putin added: "The dollar is the cornerstone of the United States' power.
"I think everyone understands very well, no matter how many dollars are printed, they're quickly dispersed all over the world. It is a stupid thing to do and a great mistake."
The US dollar is in 'jeopardy' as Joe Biden continues to 'destroy' stability with inflation, according to a former senior advisor to President Trump
Getty/ Tuckercarlson.com
Steve Cortes, a 25-year currency trader, told GB News he thinks the Russian leader is right.
He said: "Reserve currency status has been an incredible asset to America for a century, as it was to the British Empire for centuries prior.
"It kept interest rates lows and costs down for regular working-class citizens.”
“Putin is correct that recent exorbitant borrowing and spending, in part to finance needless interventions all over the world, now jeopardise that King Dollar status — and threatens to seriously erode Americans’ standard of living."
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US economist EJ Antoni echoed Cortes' concerns, previously explaining that when the Biden administration froze the dollar reserves of Russia’s central bank, the idea was to cause bank runs and collapse Russia’s credit system - but "it didn't work".
"Instead, it exposed the Biden administration’s willingness to violate the trillions of dollars foreigners rightfully own.
"The danger of this precedent is difficult to overstate," he wrote in the Daily Caller
"Every nation in the world must now wonder if the Biden administration will threaten their dollar assets too if they do something the administration doesn’t like.
Vladimir Putin said 'using the dollar as a tool for foreign policy struggle is one of the biggest strategic mistakes by the US political leadership'
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"Perhaps a foreign country disagrees with Biden on 'green' energy mandates, or transgender policies, or diversity quotas. Is there some ESG threshold of wokeness where your national treasury is drained without warning?"
He added that he is not "justifying" Putin’s actions but is "about shooting ourselves in the foot".
Discussing Putin's interview, body language expert, Judi James told GB News: "Putin showed no signs of any waning energy levels during this talk that lasted over two hours.
"He did clear his throat several times and he did sip some water but given he was talking almost non-stop that would have been a natural response.
"His other gestures were mainly intended to imply reasonableness. He shrugged his shoulders and he held both hands out, palm-outward and fingers splayed to suggest he was in protect mode.
"At one point he even called a man on set to bring a case of notes and records ‘So that you don’t think I am inventing things’."