The ‘Flight From the Dollar’ Is Real – Here’s What Comes Next
The ‘Flight From the Dollar’ Is Real – Here’s What Comes Next | Arthur Laffer & Michelle Makori
1-2-2025
Michelle Makori, President & Editor-in-Chief, Miles Franklin Media, is joined by legendary economist Arthur Laffer, founder of Laffer Associates and former economic advisor to Presidents Ronald Reagan and Donald Trump, to examine the accelerating global shift away from the U.S. dollar.
Laffer explains why the “flight from the dollar” has moved from theory into real-world action – as central banks buy more gold than U.S. Treasuries, BRICS nations experiment with gold-anchored settlement systems, and countries build alternative payment rails outside the dollar-centric system.
He breaks down why fiat currencies lose credibility, why gold is re-emerging as a neutral reserve asset, and how inflation, Fed policy, and balance-sheet expansion have weakened trust in the dollar.
This focused conversation also explores the growing role of gold, crypto, and stablecoins, whether the U.S. risks losing reserve-currency status, and what must change if the dollar is going to remain credible in a rapidly shifting global monetary order.
In this Quick Cut:
The global “flight from the dollar”
Central banks buying gold over Treasuries
BRICS and gold-anchored settlement experiments
Alternatives to SWIFT and dollar-based payments
Inflation, Fed balance-sheet policy, and credibility
Can the dollar still be stabilized?
Ready for a deep dive? Watch the full episode for the complete conversation on sound money, gold, and the future of the global monetary system:
00:00 The Decline of the US Dollar
00:31 Global Shift Away from the Dollar
02:19 Challenges & Criticisms of US Monetary Policy
04:33 The Role of Interest Rates & Inflation
05:57 Historical Perspectives on Monetary Policy
10:36 The Case for Commodity-Backed Currency
17:35 Gold's Reemergence in the Global Economy
21:30 The Bretton Woods System & Its Legacy
23:24 Conclusion: The Future of the US Dollar