Current Affairs28 Jun 2024

How The Dollar Became America's Most Powerful Weapon (w/ Saleha Mohsin)

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When we think of American power, we often think of missiles, guns, and tanks. But operating in the background is an incredibly powerful weapon whose use often goes unnoticed: the dollar. In her new book Paper Soldiers: How the Weaponization of the Dollar Changed the World Order, Bloomberg News correspondent Saleha Mohsin explains how the dollar's power actually works. What does it mean for the dollar to be the "global reserve currency" and how does this confer power? What do sanctions do and what determines whether they succeed or fail? How do changes in the value of currency alter the relative power of countries across the world? Mohsin joins us to answer a few basic questions that are crucial for understanding the world today.

“ The seeds of its weaponization were sown in 1944 as World War II came to an end, began in earnest after September 11, 2001, and may have gone too far in 2022... If the currency falls from kingship, then the country won’t be the first superpower or empire to collapse because of fiscal mismanagement. While the dollar has changed the world, the world may now change the dollar. The biggest threat to its dominance doesn’t stem from outside its borders but from a rolling series of self-inflicted policy wounds further stoking doubts of whether the United States should remain at the center of the global financial system.” - Saleha Mohsin, Paper Soldiers

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