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Rumours of the U.S. dollar’s decline are as persistent as they are exaggerated. In 2025, one fact stands out: The global U.S. dollar system—“King Dollar”—is not vanishing. The financial, legal, and institutional architecture that makes the dollar the world’s indispensable currency remains at the heart of global finance. It is this systemic centrality, not its day-to-day market price, that ensures “King Dollar” matters most, and it is being strategically reinforced and recalibrated for a multipolar era. After the energetic “weaponization” of the dollar under the Biden administration and U.S. Treasury Secretary Janet Yellen, a prudent diversification of reserves by global central banks was always going to follow. Still, to declare the end of U.S. exceptionalism or the death of King Dollar is not just premature, it is strategically misguided. Yes, the counter trend rally in many currencies is coming to an end. Driven by fundamentals, the King Dollar revival is upon us; investors take note.

On November 4, 2025, Finance Minister and National Revenue Minister François-Philippe Champagne tabled the much-anticipated 2025 Federal Budget (Budget 2025). With no spring budget earlier this year, Canadians have been eager for insights into the government’s fiscal priorities and economic direction. Our Advanced Wealth Planning Group has summarized the key highlights and implications from this release.

“I read in a newspaper that I was to be received with all the honors customarily rendered to a foreign ruler. I am grateful for the honors; but something within me rebelled at that word ‘foreign’. I say this because when I have been in Canada, I have never heard a Canadian refer to an American as a ‘foreigner’. He is just an ‘American’. And, in the same way, in the United States, Canadians are not ‘foreigners’, they are ‘Canadians’. That simple little distinction illustrates to me better than anything else the relationship between our two countries.” – Franklin D. Roosevelt, address in Quebec, 1936

It’s impossible to ignore the historical parallels between today and another moment of profound transition, the early 1990s. U.S. President Donald Trump’s diplomatic efforts are channelling the “peace through strength” ethos that defined U.S. foreign policy at the end of the Cold War. Much like the peace dividend of that era, which allowed capital to flow from the military-industrial complex into innovation and new industries, Trump’s new deals aim to lower global tension, cut risk premiums, and unlock resources for economic
expansion.

In a year marked by fiscal surprises and technological upheaval, America stands at a crossroads. The June 2025 budget surplus has upended the old narratives, leaving Wall Street’s perennial skeptics scrambling for new alarms. Yet beneath the noise, a deeper transformation is underway.

The Federal Reserve, central bank ideology, and the future of economic order “The Federal Reserve… is in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up.” – William McChesney Martin Jr., U.S. Federal Reserve chair, in a 1955 speech

For decades, the American establishment clung to the gospel of globalization, open markets, cheap goods, and the promise of shared prosperity. Yet beneath the surface, this grand experiment hollowed out the nation’s industrial heartland, eroded economic security, and fuelled a populist backlash that upended politics from Ohio to Washington. The opioid crisis, the decay of small towns, and the anger of those left behind are not mysterious—they are the predictable fallout of an economic order designed by and for elites, insulated from the consequences of their own policies.