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Mark Gilbert

U.S. Efforts to Weaponize the Dollar Are Doomed to Fail

But Mnuchin's comments don't make Mario Draghi's life any easier.

"It's our currency, but it's your problem" John Connally, Richard Nixon's treasury secretary, told the world in 1971. Almost half a century later, his successor Steven Mnuchin has basically delivered the same message at the World Economic Forum in Davos, Switzerland. But it's the market, not governments, that sets values in the foreign exchange arena.

"Obviously a weaker dollar is good for us as it relates to trade and opportunities," Mnuchin told reporters in Davos on Wednesday. The currency’s short-term value, he said, is "not a concern of ours at all."