Popular Resistance
“Dollar Hegemony Ended Last Wednesday”: Michael Hudson Interviewed by Margaret Flowers on Clearing the Fog
https://www.nakedcapitalism.com/2022/03/dollar-hegemony-ended-last-wednesday-michael-hudson-interviewed-by-margaret-flowers-on-clearing-the-fog.html
Been hearing about the end of dollar hegemony for the last 20 years...
ReplyDeleteYep.
ReplyDeleteI think what is different today is the treat of the spread of War. IMO it seems that with War, a nation can and should cancel its money obligations with the enemy. The US is not actually in a War with Russia, but the intent is forced pressure on them making its efforts all the more difficult.
ReplyDeleteI guess it depends on your exact definition of "hegemony."
ReplyDeleteClearly, the "entire world" isn't against Russia, or even a majority, so the US is overselling themselves, but I don't think there's a line with dollar hegemony on one side and not dollar hegemony on the other. Talks and plans to dedollarize have been in the works for years now and will accelerate, but does that mean the US instantly loses its huge influence and benefits it gains from the dollar? I'm guessing not. A $21T economy with 800 military bases around the world and nukes still is a gorilla on the scene and can push it's weight around even if there's a couple plucky upstarts that have showed up.
The world will go on without USD dominance. Worry about bigger things, like nuclear annihilation, or famine.
ReplyDeletePeople will transact via dollars while it remains convenient and cost effective to do so. That's really the only reason they do it. The same reason people still use Twitter.
ReplyDeleteSome more sand has been thrown in that wheel over the last week or so, and different paths will open up.