logo
episode-header-image
Mar 2024
46m 59s

How the US Dollar Became an Internationa...

bloomberg
About this episode

After Russia's invasion of Ukraine, the US took a number of extraordinary steps to cut Moscow out of the international financial system. The country immediately was hit with a slew of sanctions. It was cut off from the SWIFT payment system and it even had its dollar reserves seized. Prior to that, in 2021, the US took the rare step of seizing dollar reserves from Afghanistan's central bank after the Taliban's re-emergence to power. So how does the US control who gets to hold and transact in US dollars? Where did this power come from? What are the limits to the US policing of its own currency? On this episode of the podcast, we speak with Bloomberg Senior Reporter Saleha Mohsin, author of the new book, Paper Soldiers: How the Weaponization of the Dollar Changed the World Order. We discuss the buildup of this tremendous financial power and also what it means for the dollar's status as a reserve currency going forward.

See omnystudio.com/listener for privacy information.

Up next
Yesterday
Carmen Li's Plan to Build a Futures Market for Compute
When we spoke to DRW's Don Wilson last year, he talked about building out a GPU market that might be bigger than oil. Now, a year later, he is working with Carmen Li to do just that. Li is the CEO of two companies — Silicon Data and Compute Exchange (where she works alongside Wil ... Show More
32m 56s
Jun 13
Anjney Midha's Plan to Radically Lower the Price of Compute
Anjney Midha wrote the first check to Anthropic. He teaches a viral course at Stanford on how AI works. And he was, until recently, a partner at a16z. In other words, he is AI-industry royalty. Midha's new project is AMP PBC, a company that believes it can radically lower the pri ... Show More
50m 21s
Jun 12
How a Vibecoded Newsletter Is Making the Hay Market More Transparent
The hay market is not a transparent market: It is very fractured by types of hay, whether it is alfalfa or clover hay. There are a few opaque, illiquid markets like this — scrap metal for instance — that require some hands-on investigating to figure out. Aiden Johnson is co-found ... Show More
40m 27s
Recommended Episodes
May 2023
The dominance of the US dollar
For over 80 years the US dollar has been king when it comes to global trade, is that beginning to change?We look at how the US dollar came to dominate global trade, ask what happens when a country runs out of dollars and explore why countries like China, India and Russia are star ... Show More
18m 53s
May 2023
China Wants The Yuan To Rival The Almighty Dollar
The US dollar is the world’s most-used currency for global transactions. Now China aims to elevate its currency as an alternative. Over the past year, President Xi Jinping's government has struck deals linked to the yuan stretching from Russia and Saudi Arabia to Brazil and even ... Show More
27m 28s
Sep 2022
Why Is the U.S. Dollar So Strong? Will It Continue?
<p>What has caused the U.S. dollar's currency exchange rate to be the strongest in twenty years? How a strong dollar leads to slower global economic growth and falling asset prices.</p><p>Topics covered include:</p><ul><li>Why a strong dollar is a no-win situation for the rest of ... Show More
30m 29s
Feb 2024
De-dollarization & CBDCs: How digital currencies help countries drop US dollar
Why are countries seeking alternatives to the US dollar? And what role can central bank digital currencies (CBDCs) play in dedollarization? Ben Norton explains how China is using the e-yuan (e-CNY) in new institutions like the mBridge system. VIDEO: https://youtube.com/watch?v=v6 ... Show More
42m 28s
Mar 2023
Economic Warfare: A History
Today we’re releasing part one of our a two-part conversation with Nick Mulder, a history professor at Cornell and author of The Economic Weapon: The Rise of Sanctions as a Tool of Modern War — a Foreign Affairs Best Book of 2022. With cohost Lars, Schönander, we discuss: The re ... Show More
1h 17m
Nov 2023
The global power of the dollar
<p>Gideon talks to Wally Adeyemo, US deputy Treasury Secretary, about the power of US financial sanctions to punish autocrats and dictators and curb terrorism.&nbsp;What exactly are&nbsp;these sanctions designed to do and how effective are they? <em>Clip: PBS</em></p><br><p><stro ... Show More
24m 54s
Feb 2024
Money Talks: Is the West losing its sanctions war?
It's been two years since Russia brought war to Ukraine. America, Britain and the European Union may not have intervened by putting boots on the ground—but they have launched a massive financial counteroffensive. Vladimir Putin’s government, his cronies and the businesses profiti ... Show More
42m 42s