Billionaire Trump Backer Bemoans Dollar 'Erosion' Amid Economic Chaos
Ken Griffin
One of the Republican Party's biggest billionaire benefactors is now lamenting the "damage" that President Donald Trump has already done just less than 100 days into his second term.
Semafor reported Wednesday that Ken Griffin, who is the founder and CEO of the investment firm Citadel, is now loudly condemning Trump's handling of the economy, and tarnishing the United States' "brand." He blasted the administration for "eroding" the power of the U.S. dollar and U.S. Treasury securities.
"We put that brand at risk,” Griffin said. “It can be a lifetime to repair the damage that has been done.”
Griffin was particularly worried that institutional investors around the world were no longer viewing U.S. Treasury securities as a valuable investment, despite them typically being regarded as one of the safest ways to park money given that they're backed by the full faith and credit of the United States. He observed that, in comparison to the Euro, the United States "has become 20% poorer in four weeks." And he lamented that the United States' allies were now looking at it in a lesser light.
“There’s no great opportunity when the pie is rapidly shrinking,” he said. “All you’re trying to do is tread water and not drown.”
“How does Canada feel about our country today versus two months ago? How does Europe feel about the United States today versus two months ago?” He continued. “And some people scream, well, it just doesn’t matter. But you know what? It matters for a very profound reason. The entire Western world is engulfed in a debt crisis.”
Griffin's remarks are particularly noteworthy given that he was one of the top five donors to Republican causes in 2024. According to campaign finance data compiled by Open Secrets, Griffin gave more than $100 million to outside groups backing Republicans last year, and was only surpassed by banking heir Timothy Mellon, Tesla and SpaceX CEO Elon Musk, Dallas Mavericks owner Miriam Adelson (the widow of GOP megadonor Sheldon Adelson) and shipping industry titans Dick and Elizabeth Uihlein.
Reprinted with permission from Alternet.
