#963 Abraham Newman - Underground Empire: How America Weaponized the World Economy

Jul 5, 2024

Abraham Newman, an expert on America weaponizing the world economy, discusses US as an empire, global banking development, post-9/11 government response, and the need for responsible power. They explore the evolution of finance networks, the role of the US dollar, and internet centralization, highlighting global economic interplay and vulnerabilities.

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INSIGHT

America's Underground Empire

America's power extends beyond traditional military and national power.
It exerts influence through economic networks like the dollar clearing system and internet infrastructure.

INSIGHT

Historical Foundations

The foundations of this "underground empire" can be traced back to the post-Bretton Woods period.
Liberalization and privatization led to global economic networks, accelerating in the 1990s with the end of the Cold War and the internet revolution.

INSIGHT

Evolution of Banking

The global banking system evolved from national systems to a global one reliant on US dollars.
Transactions between foreign companies often occur in dollars through US correspondent banks, granting the US legal authority.

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Dr. Abraham Newman is a Professor at the School of Foreign Service and Government Department at Georgetown University. Known for his research on the politics generated by globalization, he serves as a frequent commentator on international affairs, appearing on news programs ranging from Al Jazeera to Deutsche Welle and NPR. He is a 2022–2023 Berlin Prize winner. His latest book, together with Henry Farrell, is Underground Empire: How America Weaponized the World Economy.

In this episode, we focus on Underground Empire. We first discuss in what ways the US is an (underground) empire. We talk about the development of the global banking system and the role played by the internet. We discuss the US government's response to 9/11. We talk about how the US can make use of global networks to cut entire countries out of the global economy. We discuss the influence of the European Union and China on the global stage, and the political relationship between the US and China. We talk about the benefits and vulnerabilities of globalization. Finally, we discuss how we can leverage the global networks to better serve the interests of the global population.

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