American Prestige E218 - The Human Cost of Economic Sanctions w/ Mark Weisbrot
Jul 8, 2025
Mark Weisbrot, an economist and co-director of the Center for Economic and Policy Research, dives deep into the harsh reality of economic sanctions. He reveals their devastating impact on civilian populations, labeling them as unethical and akin to war crimes. The discussion covers how sanctions contribute to migration crises and critiques U.S. policies that fail to benefit ordinary Americans. Weisbrot also explores the role of the U.S. dollar in facilitating these sanctions and questions whether tariffs could be seen as another form of economic punishment.
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Sanctions Target Civilians, Cause Deaths
- Broad economic sanctions target civilian populations and cause widespread suffering.
- They lead to hundreds of thousands of deaths annually, often unrecognized as collective punishment under international law.
Sanctions Devastated Venezuela’s Economy
- U.S. sanctions on Venezuela caused its worst economic depression, losing over 70% of GDP.
- Cutting off finance and oil sales under sanctions crippled recovery efforts and triggered long-lasting hyperinflation.
Dollar Hegemony Enables Sanctions Power
- The U.S. dollar's global role enables America to wield enormous financial power.
- Control over the international financial system allows sanctions to cut off nations by restricting dollar access.