US Institutional Framework & Dollar Dominance - The report suggests the US president is perceived to be challenging the US institutional framework that supports the dollar's global financial dominance [1] - Key elements underpinning the dollar's supremacy include checks and balances, the rule of law, and an independent central bank [2] - Concerns arise that these institutional elements are being undermined, particularly the independence of the Federal Reserve [3][4] Fed Independence & Political Influence - The Fed's operational independence is crucial for its effectiveness and credibility, but it's under attack [3][4] - While no central bank is entirely free of political influence, evidence suggests leaving the central bank alone is most effective [3][4] - The president's desire to bend institutions, including the Fed, to his will is seen as damaging to America's financial supremacy [6] Rule of Law & Norms - America's financial supremacy relies on everyone, including the government, playing by the rules [6][7] - The report emphasizes the importance of norms, which are being shattered, as rules cannot cover every eventuality [8] - Loyalty to the president and his policies is seemingly prioritized over technical competence [8]