Monica Crowley: It's really hard to overstate exactly how catastrophic the abandonment of the U.S. dollar would be as the world's global reserve currency. Look, since the end of World War II, the dollar has been the safe place to go, and it's been backed up by a couple of things. It originally was backed up by gold, but President Nixon took us off the Gold Standard, so there's no hard asset backing up the dollar anymore for the last 50 years, but also it's been backed up by the strength and economic power of the United States and the fact that oil has always been traded in dollars. If that were to end, that would mean the end of the U.S. dollar. If Saudi Arabia decides to join with America's enemies here and start trading oil in different currencies, that is going to undermine the entire global economic system. And here at home, you know what it's going to mean for us? It's going to mean raging inflation, so much worse than anything we have ever experienced.
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