US 'neo-imperialist' dollar scheme explained by economist Yanis Varoufakis
Geopolitical Economy Report
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The American Trade Deficit That Susks Into America
In 1971, US President Richard Nixon ended the convertibility of the dollar into gold. He described it as basically an IOU issued by the hegemon. The dollar suddenly became something like an Iou issued by the United States. And that allows the U.S. to maintain a massive trade deficit.
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