Stablecoins, meme coins, Bitcoins: the ideological springs of currency according to Trump
As related to monetary policy, Donald Trump continues to surprise. Governments, central banks, and economists analyze his statements on tariffs within the framework of what is now known as the Miran doctrine, named after Trump’s economic advisor, which aims to overthrow the global monetary order to negotiate a new Plaza Accord and devalue the dollar.
Beyond these changes in monetary policy, other measures by President Trump regarding currency undoubtedly do not have the same immediate impact, but, repeated time and again, they are no less disruptive.
Whether it’s the indirect questioning of the independence of the Federal Reserve in conducting monetary policy, the creation of a reserve of bitcoins and crypto assets, the favors granted to dollar-denominated stablecoins as a tool not only to preserve the dominance of the dollar but also to finance U.S. public debt, not to mention the issuance with Melania Trump of meme coins, all these initiatives disrupt the traditional view of currency.
Can we therefore speak of a precise and organized plan, a reasoned vision of currency, or a new approach to monetary issues, as in the case of the Miran doctrine? No. We would search in vain for logic, coherence in all these initiatives: there is none.
Instead, we can see influences sometimes from post-libertarians, sometimes from libertarians, sometimes from the techno-positivists of Silicon Valley who, to varying degrees and at different times, gravitate around President Trump, who, according to his interests, relies on one or another of these circles to satisfy the power of the Empire.
