Monetary Blowback: How U.S. Wars, Sanctions, and Hegemony Are Threatening the Dollar’s Reserve Currency Dominance
A growing number of countries are preparing to shift from using the U.S. dollar in trade, which could undermine the greenback’s global supremacy.
The Intercept Briefing · The Intercept
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Show Notes
This week, strategists at JPMorgan, the biggest U.S. bank, warned there are signs of “de-dollarization” around the world. Dedollarization is the push by countries, including Brazil, Russia, India, China, South Africa, and others, to move away from the U.S. dollar as the world’s primary reserve currency. This move poses a big challenge to U.S. economic hegemony. This week on Intercepted, Canadian businessperson and mining financier Frank Giustra joins Jeremy Scahill and Murtaza Hussain to discuss the prospective move toward nations’ dedollarization. Giustra breaks down the history of how the U.S. dollar became the world’s primary reserve currency. Scahill, Hussain, and Giustra then discuss the different nations and the political and economic motivations to dedollarize and how the U.S. government may respond in order to maintain its economic hegemony.
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