The Globe and Mail reports in its Wednesday, Jan. 21, edition that a criminal investigation of the head of the Federal Reserve sets a new type of precedent. The Globe's guest columnist Yali N'diaye writes that Fed chair Jerome Powell said, "This is about whether the Fed can set interest rates based on evidence and economic conditions, or if monetary policy will be influenced by political pressure." This war on the Fed, in tandem with President Donald Trump's lust for Greenland, and the ensuing fallout, has caused investors to dump American bonds. When investors sell Treasuries, it signals a decline in U.S. creditworthiness, leading to widespread repercussions, potentially involving credit rating agencies. While the U.S. dollar remains the dominant reserve currency, its share of international reserves has been slowly declining to 56 per cent in the second quarter of 2025 from 62 per cent in 2010. The United States has suffered two more downgrades, from Moody's and Fitch. Fitch said that support provided by the U.S. dollar could crack under the weight of a decline in "the coherence and credibility of policy-making that undermines the reserve currency status," which would reduce that financing flexibility.