The spring of 2025 turns Washington into a battleground for control over America's most important asset — the dollar. And this struggle is not about the interest rate. It is an attempt to rewrite the rules of the global economy. Trump has gone on the offensive, wanting to subordinate the dollar to a new logic — not global stability, but American benefit. His goal is to weaken the currency, bring back manufacturing, wrest monetary power from the hands of 'independent technocrats,' and make it part of the White House again.
Trump has tried to do this once before. He was the one who appointed Jerome Powell as head of the Federal Reserve, but quickly became disillusioned with him due to interest rate hikes and even seriously considered the possibility of dismissal. In the spring of 2025, the old feud flared up again. Powell and other Federal Reserve representatives warn: Trump's aggressive tariffs could accelerate inflation while simultaneously undermining economic growth. In response, Trump demands that Powell lower rates and does not hide his irritation: 'If I want to get rid of him — he will disappear very quickly. Believe me.' This is no longer a dispute over policy. This is a struggle for power.
Since the Bretton Woods era, the dollar has become not just a currency — it has turned into a system. Storing reserves, trading, investing — all of this has been happening in dollars for decades. The U.S. printed paper — and received in exchange labor, resources, and technology. But this model came at a price: deindustrialization. An expensive dollar kills exports and makes American manufacturing unprofitable. It has led to a dependency on imports — and this dependency is becoming a vulnerability today. The U.S. used to tolerate this, gaining the status of a hegemon in return. Now — they no longer want to. In Washington, there are fewer and fewer who wish to support a system where the dollar is strong and industry is foreign.
Trump was the first to voice what was whispered among the elites in the U.S.: the dollar system works against the interests of the United States itself. His tariffs, attacks on the WTO, and destruction of global agreements — this is not chaos, but a strategy. The U.S. is returning to the logic of economic Monroe: doing business in America is more profitable not because it has become better — but because others have become worse. The main goal is to destroy the old architecture and nullify the competitive advantages of others. This is not about 'victory' over China or Mexico. It is about reducing the attractiveness of alternatives. America is creating conditions under which bringing capital back to the U.S. is the lesser evil.
Bringing production back to the U.S. is an almost utopian task. It is too expensive and inconsistent with the current global economy. Therefore, its return requires manual management and colossal costs. And someone has to pay for it. The answer: the rest of the world. Through tariffs, currency manipulation, sanctions, instability. The U.S. is creating conditions under which investments begin to perceive America as a 'safe haven' — not because of the market, but in spite of it. This is not economic competition. This is geo-economics — a new form of pressure and coercion.
The new system is not a rejection of the dollar, but its reboot. Perhaps even an enhancement. But under new rules. Trump and those behind him want the dollar to become a tool of control, not trust. They want it to generate income — not only through exporting inflation but also through infrastructure: digital dollar systems, blockchain, stablecoins, CBDCs. This is the idea of a dollar 'by subscription': if you want to use it — pay. More. And pay the U.S.
It is currently impossible to abandon the dollar. It is too large, and alternatives are too fragmented. But alongside it, new formats are emerging: transactions in yuan, rupees, gold derivatives, stablecoins. And even ideas for a global currency based on gold and bitcoin. Washington is not afraid of this competition. Fragmentation is beneficial. The more alternatives there are — the less chance that one replacement will appear. This means the dollar can remain the core — even if not a monopoly.
IMF, WTO, G7 — these structures are losing significance. The U.S. no longer wants to share governance. They are moving towards bilateral agreements, where each is a tool of pressure, not an equal partnership. Global rules are being replaced by situational agreements. The new world is not being built in Davos, but in closed negotiations. And in it, the U.S. seeks not recognition — but benefit.
These processes are not necessarily managed from a single center. But the pattern is clear: the dollar system is cracking, globalism is stalling, and America is tired of paying for order. Will the U.S. create a new currency? Possibly. Will they bring back industry? Partially. But the main thing is — they want to regain control. Even if it means destroying what they themselves created. If in May the Supreme Court allows the president to intervene in the affairs of the Federal Reserve, a monetary revolution could become a reality. This is not just a step towards a new economy. This is a break with the logic that has defined the world since the 1970s.
Powell is one of the bastions of the old system. He stands for principles: independence of the Federal Reserve, market trust, global obligations. But even these principles are under threat. In May, the U.S. Supreme Court will decide whether the president has the right to dismiss the head of the Federal Reserve. One verdict — and control over money will once again become political.
This is not just a conflict of characters. It is a symptom of a tectonic shift. America is tired of paying for the global order. The dollar is no longer an artifact of trust, but a tool of struggle. And those who want to rewrite the rules must first destroy them.