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These Times
How the US Controls the World
May 6, 2024
Exploring the US dollar's global dominance, impact on international trade, challenges faced, and pivotal events like Nixon's gold standard abandonment. Analyzing historical IMF interventions, currency devaluations, and central bank actions during economic crises. Discussing the intricate ties between global power shifts, financial dynamics, and the clash of technocracy and populism in the global system.
01:06:19
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Quick takeaways
- The US dollar's dominance in global trade, finance, banking, and as a safe haven asset empowers it to enforce sanctions and compete with emerging powers.
- The shift from the gold standard to a dollar-based fiat currency system in 1971 led to international banking instability and reliance on the Federal Reserve.
Deep dives
Why is the Dollar Still King in the Global Economic Landscape?
Despite challenges from emerging economic powers, the US dollar remains dominant due to its role in world trade, financing, banking, and as a safe haven asset. The dollar's supremacy allows the US to enforce sanctions, control global finance, and compete with rising powers like China.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode