Odd Lots How the US Dollar Became an International Weapon of War
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Mar 18, 2024 In this engaging discussion, Saleha Mohsin, a Bloomberg senior reporter and author of "Paper Soldiers," dives into the complex world of the U.S. dollar as a tool of economic warfare. She explains how the U.S. has leveraged sanctions, particularly against Russia and Afghanistan, to exert financial control. The conversation explores the historical context of the dollar's dominance, the implications of its weaponization on global politics, and the challenges emerging powers face in seeking alternatives. Mohsin also touches on the future of the dollar's status as a reserve currency.
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Book's Origin
- Saleha Mohsin's inspiration for "Paper Soldiers" stemmed from observing the Treasury Secretary's expanding role.
- This observation, coupled with Bob Rubin's op-ed linking faith in democracy and markets, solidified her book idea.
Trump's Dollar Dilemma
- Donald Trump's conflicting views on the dollar's strength highlight the tension between its global role and domestic economic impact.
- He recognized the strong dollar's negative effect on US manufacturing, a perspective previously overlooked by politicians.
Deripaska Sanctions
- Sanctioning Oleg Deripaska in 2018 revealed the unintended consequences of US financial power.
- Treasury's actions caused commodity price swings and threatened an Irish smelter, highlighting the need for careful consideration.
