Ben Norton on the US Economic Crisis and Global Dollar Rejection

MintCast

The United States is socially, politically and economically in crisis. As an increasingly large number of people are priced out of the economy, fewer and fewer buy into the sham of electoral politics. On the world stage, too, the U.S. is suffering. Countries everywhere are beginning to drop the dollar as the standard unit of exchange, and Washington’s prestige has been severely shaken due to its relentless, unequivocal support for Israel’s genocide in Gaza.

Ben Norton joins MintCast host Mnar Adley to discuss all this and more. Norton is an investigative journalist and founder of Geopolitical Economy Report, a news source dedicated to looking at the world and seeing the big picture. He is currently pursuing a PhD in Beijing, China.

“The dollar is – even more than the military – the strongest weapon the United States has,” Norton told Adley, explaining that, because of the exorbitant privilege it enjoys in printing the world’s reserve currency, the U.S. can simply export many of its economic problems. It also means that Washington can print more money to pay for its military misadventures around the world. Thus, the dollar system has allowed the U.S. to preserve its global empire and avoid inflation despite running a massive global trade deficit for decades.

“I hate when countries go off the dollar,” Donald Trump said recently, adding: “I would not allow countries to go off the dollar because when we lose that standard, that will be like losing a Revolutionary war. That would be a hit to our country, just like losing a war. And we can’t let that happen.”

And yet that is precisely what is coming to pass, as even U.S. allies in the Middle East, such as Saudi Arabia and the United Arab Emirates, have taken steps in that direction. Previously, if any country defied Washington’s orders, it would be sanctioned into oblivion. Indeed, U.S. sanctions are powerful enough to destroy the economies of relatively small countries, such as the Democratic People’s Republic of Korea, Cuba, or Venezuela. However, as Norton noted, Russia, and especially China, are simply “too big to sanction.”

Join us for a fantastic conversation where Ben Norton stitches together the fabric of the world’s top political news stories, allowing us to see the big picture.

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