Jacobin Radio Behind the News: Endless US Wars w/ Courtney Rawlings & Alex Jordan
May 22, 2025
Barry Eichengreen, an esteemed economics professor, discusses the significance of dollar fluctuations and their impact on global finance. Courtney Rawlings and Alex Jordan from the Quincy Institute delve into the U.S.'s relentless military spending and the political ties to defense contractors. They explore the motivations behind constant warfare, critique the military-industrial complex, and examine the contradictions in U.S. foreign policy, raising questions about budget priorities and ethical implications surrounding military actions.
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Dollar's Global Role in Question
- The US dollar's role as the world currency is increasingly questioned due to political and economic uncertainties.
- The traditional trust in America's rule of law and economic stability is eroding, affecting dollar confidence globally.
Alliance Politics Support Dollar
- Geopolitical alliances, such as US alliances with South Korea and Japan, reinforce dollar use globally.
- Military protection and financial backing create a geopolitical bargain supporting the dollar's dominance.
Federal Reserve's International Roots
- The creation of the Federal Reserve was motivated to reduce reliance on London money markets.
- Warburg championed a US central bank to build a market in dollar trade credits and strengthen the dollar's international use.
