Deep Dish on Global Affairs When The Global Economy Becomes a 'Weapon'
Aug 6, 2026
Edward Fishman, director at the Maurice R. Greenberg Center and geoeconomics expert, unpacks how strategic chokepoints like the Strait of Hormuz and the US dollar shape global power. He contrasts comparative advantage with strategic vulnerabilities. He traces the rise of financial coercion and highlights pivotal moments that rewrote economic statecraft. He discusses why allied coordination matters in a fragmented economy.
AI Snips
Chapters
Books
Transcript
Episode notes
Globalization Built For An Era Without Rivalry
- The global economy was optimized in the 1990s for a period with little geopolitical competition, creating vulnerabilities today.
- Edward Fishman argues rising geopolitical rivalry has collided with hyper-globalized networks built for peace.
How A Treasury Official Turned The Dollar Into A Weapon
- The U.S. began weaponizing the dollar after a Treasury official realized banks would self-sanction when threatened with dollar exclusion.
- Stuart [Levy] persuaded global banks to cut Iran off or risk losing access to dollar clearing.
Bank Fines Turned Banks Into Frontline Sanctions Enforcers
- Major banks were effectively conscripted into U.S. sanctions compliance after huge fines made noncompliance catastrophic.
- Fishman cites BNP Paribas's $9 billion fine as a watershed that changed banks' risk calculus.
