Bankless The Dollar Kill-Switch: Edward Fishman on How The U.S. Controls The Global Economy
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Jul 30, 2025 
Edward Fishman, a senior research scholar at Columbia University and former State Department official, unpacks the U.S.'s financial warfare strategies. He reveals how economic sanctions have eclipsed military action as the main tool for exerting power, detailing the effects on nations like Iran and Russia. The conversation also explores the rise of stablecoins and their potential to challenge dollar dominance, alongside the geopolitical ramifications of a shifting financial landscape. Buckle up for insights into a world where currency is mightier than the sword!
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Sanctions as Deterrence and Attrition
- Sanctions against Russia aimed first to deter and then to weaken their war efforts in Ukraine.
- Though sanctions did not prevent the invasion, they have significantly impacted Russian economic capacity.
Sanctioned by Russia Personally
- Edward Fishman was placed on Russia's sanction list, which had no personal impact on him.
- He views it as a sad marker of deteriorating US-Russia relations rather than a hardship.
How Dollar Dominance Emerged
- The US dollar became dominant after the Bretton Woods system ended in 1971 and the petrodollar deal.
- This historical shift was part strategy and part accident, creating a powerful global currency hub for the US.
