How the US Dollar Became an International Weapon of War
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 18 March 2024
⏱️ 53 minutes
🧾️ Download transcript
Summary
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.
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| 0:30.8 | O'Sage County, Oklahoma is getting a lot of attention right now. |
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| 0:50.0 | I'm Rachel Adams Heard, the host of Entrust, a podcast from Bloomberg and I Heart Media. |
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| 1:02.3 | Osage land and wealth and how a prominent ranching family in Osage County became one of the biggest landowners here. |
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