Economy featured

The Unspeakable Death of the ‘Almighty Dollar’

May 18, 2023

Welcome to the third episode of my ‘ignored news’ blog.

For some months the ‘specialist’ media have been tracking a major structural change in the world’s economy brought-on by the Ukraine War: Not the well-publicised crisis of food or energy prices; but of who controls the world’s financial payments system, and its use to enforce Western sanctions. Yet for some reason, the rest of the mainstream news just doesn’t seem interested in the consequences of this for every citizen of the affluent West.

As someone who has spent an unreasonably long amount of time protesting outside American military and intelligence sites, it’s always been clear to me that American power isn’t primarily cultural, or military: It’s economic. More importantly, it’s the power of the American state to make dollars ‘unobtainable’ – to ration people’s access to ready cash – which forces compliance to American hegemonic control1.

The power of the dollar has, for decades2, granted the USA not just global power, but also a more stable domestic economy as it controls the global trade system for its own self-interest: Between a third and a half of global trade is sold in dollars; about half of global debt is valued in dollars; and for that reason, 84% of foreign exchange transactions involve dollars, as countries or companies ‘buy’ or ‘sell’ dollars so that they can trade with someone else.

Now that system is faltering, in part driven by the conflict in Ukraine – and the ‘popular’ news media are seemingly oblivious to the significance of this.

Paul Mobbs

Paul Mobbs is an independent environmental consultant, investigator, author and lecturer, and maintains the Free Range Activism Website (FRAW).