A weaker dollar actually helps the US. Our good become more affordable to the rest of the world so it helps exports and lets us be more competitive on the world market. The US has been wanting out of the reserve currency business for awhile. This could be just what we need.
Bingo! Nice and succinct post that nails my thoughts exactly. If the dollar were weak then they would be using it instead.
“The US has been wanting out of the reserve currency business for awhile. This could be just what we need.”
There is, however, one dark cloud to this - if indeed the U.S. is not the reserve currency for the world, floating 6 trillion in new dollars - such as they’ve just done the Virus response parts 1-3 - becomes a very poor idea overnight. If we are not the reserve currency those newly printed dollars then create a much greater danger of inflation (devaluation) than they otherwise would, particularly after the economy starts up again. The 6 trillion becomes less of a bridge and more of sword hanging over middle Americas head.
That is only legit for export economies but wrong on many levels for nations with unfavorable trade disbalance.
Twice unfavorable for US because of the structure of pension saving system.