The Rise (and Fall) of the US Dollar w/ Fadhel Kaboub

In this episode we're joined by Fadhel Kaboub for a conversation about the US dollar, its hegemony over the globe, and the emerging challenges to this hegemony. Fadhel Kaboub is a Tunisian-American economist, professor of economics at Denison University, president of the Global Institute for Sustainable Prosperity, and author of Global South Perspectives on substack.

The conversation opens with a historical overview of how the US dollar became the dominant global currency and the power that this brought with it—exploring the petrodollar, the use of sanctions, and other neocolonial mechanisms upheld by the dollar. We then introduce BRICS and exploring how BRICS challenges US dollar hegemony and the limitations to this challenge.

Fadhel then unpacks the ways that US dollar hegemony is and can continue to be challenges through focusing on food sovereignty, energy sovereignty, and industrial/technological sovereignty, which Fadhel unpacks in depth. We then explore some examples of attempts to achieve this kind of sovereignty, beginning with the Alliance of Sahel States and their successes and challenges in seeking sovereignty but looking also at Iran, Cuba, and China.

We explore some concrete examples of how not just the dollar but other colonial currencies both past and present have been utilized to subjugate people and states in the Global South, focusing on the CFA Franc. Fadhel then gives us a sense of the better world that can exist outside of the neocolonial, imperialist structures that dominate today and how that world can be achieved in a concrete way.

Further resources:

• Global South Perspectives (Fadhel Kaboub's Substack)
• Global Institute for Sustainable Prosperity

Related episodes:

• Our ongoing series on the Alliance of Sahel States
• Our ongoing series on Iran
• Our ongoing series on Cuba
• Our ongoing series on China

Intermission music: "Capitalocene" by Wes Carroll Confabulation

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