The New Possible Trinity : Supranational Currency, Capital Mobility, and Monetary Independence

In the pre-democracy world, people living in monarchies chanted "long live the king!" as they saluted the monarch (the existing or the new). Now the U.S. government is chanting “long live the dollar!” but the voices of its biggest supporters like-minded allies are more tranquil than traditionally observed. Former president Trump’s “America First” agenda underpinned by frequent policy shifts and threats (political bullying) to withdraw from multilateral international treaties has even angered longtime allies and led to a surge in global financial instability. in recent years, the U.S. government’s abuse of sanction power, weaponization of the dollar as a foreign and security policy, military interventions (aggressor) have prompted a renewed interest in search for a viable alternative to the dollar, whose dilemma (i.e. inflationary “exorbitant privilege”) has made the global financial system more unstable than ever before. As observed from recent events, the United States is both willing and very capable of taking unimaginable measures to defend American imperialism (primacy) and the dollar monetary hegemony at all costs. A similar message was also tweeted by former president Trump, “We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the world, and it will always stay that way. It is called the United States Dollar!” The US elections and the victor Trump administration in December 2016 marked the beginning of a new world order (more barbaric) with deliberate and specific actions to slow down or stop China’s accelerated progress economically and militarily. However, economists, historians, and scholars strongly warn that the grand strategy of the United States could be self-defeating due to its deeper engagement in the Russo-Ukraine War. This paper’s main conclusion is that the current dollar-dominated global financial system must be reformed immediately to avoid the deadliest viruses and the severest economic and financial crises in the future; in line, supranational currency – possible trinity is the only path to world peace and sustainable global financial stability