Dan McDowell on *Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar*
Macro Musings with David Beckworth
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The Impact of Secondary Sanctions on the World Economy
Secondary sanctions are used a lot less frequently, right than the primary sanctions and they tend to create the most blowback. What secondary sanctions do is they really just scale up the impact of sanctions because they tell the rest of the world that if you conduct business on behalf of an Iranian target with this European firm, then we will add this European bank to the SDN list. And so what it does is it basically, again, sort ofsort of forces the hand of foreign banks to now start enforcing US law the same way that American banks are.
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