Monetary Blowback: How U.S. Wars, Sanctions, and Hegemony Are Threatening the Dollar’s Reserve Currency Dominance

The Intercept Briefing

The Intercept

Politics, Unknown, Daily News, History, News

4.8 • 6.3K Ratings

🗓️ 7 June 2023

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week, strategists at JPMorgan, the biggest U.S. bank, warned there are signs of “de-dollarization” around the world. Dedollarization is the push by countries, including Brazil, Russia, India, China, South Africa, and others, to move away from the U.S. dollar as the world’s primary reserve currency. This move poses a big challenge to U.S. economic hegemony. This week on Intercepted, Canadian businessperson and mining financier Frank Giustra joins Jeremy Scahill and Murtaza Hussain to discuss the prospective move toward nations’ dedollarization. Giustra breaks down the history of how the U.S. dollar became the world’s primary reserve currency. Scahill, Hussain, and Giustra then discuss the different nations and the political and economic motivations to dedollarize and how the U.S. government may respond in order to maintain its economic hegemony.

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Transcript

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0:00.0	This is intercepted.
0:30.0	Welcome to intercepted. I'm Jeremy Scayhill.
0:36.0	And I'm Matazo Ossane.
0:38.0	You know, Maz, every time you and I gather for this program,
0:41.0	there are definitely developments that have happened in the world,
0:45.0	and there are most certainly developments happening in the war in Ukraine
0:50.0	with the US posturing toward China.
0:53.0	There's a lot of diplomatic activity underway in the Middle East
0:58.0	and this sort of coming into sharp or focus is the relationship
1:03.0	that the United States is forging with an increasingly aggressive assertive China
1:10.0	against the backdrop of Russia's invasion of Ukraine.
1:14.0	There's a lot of talk now of whether we're seeing this much discussed Ukrainian counteroffensive.
1:21.0	Lots of questions about how Russia is going to respond to an intensification of military operations by Ukraine.
1:31.0	But hovering over all of this is a theme that has run through several of our episodes over the past few months.
1:37.0	And that is that China and a growing coalition of other nations really seem to be making a run for full dismantling of the unipolar power structure
1:50.0	that the United States has presided over for many, many decades.
1:55.0	You know, it's so interesting. I think that all of us, most of us,
1:58.0	grew up in a post-World War II world with no prior precedent towards that,
2:03.0	what the world's like.
2:04.0	We take for granted a lot of things about what a unipolar or US dominated system looks like.
2:10.0	And very, very interesting to me for many years has been the currency aspect of it.
2:15.0	Jeremy, you've covered, and I've covered as well too, over the years the impact of certain US financial tactics and strategies to pressure or control or punish foreign countries.
	...

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