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U.S. pressures Saudi Arabia to sell oil in dollars, not Chinese yuan, amid Israel negotiations
As part of negotiations for Saudi Arabia to recognize Israel, the United States is demanding that Riyadh keep pricing its oil in dollars, not China’s renminbi or other currencies.
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Debt ceiling hypocrisy: U.S. boosts military budget while restricting food stamps for poor
U.S. politicians from both parties agree: the deficit doesn’t matter. In their bipartisan deal to raise the debt ceiling, Biden and Republicans are boosting military spending to $886 billion while making it harder for poor people to receive food stamps and welfare.
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Sanctions and the decline of the dollar
The hegemony of the U.S. dollar was based on the fact that the world’s wealth-holders considered it to be “as good as gold”, even when it was no longer officially convertible to gold at a fixed rate, as it had been under the Bretton Woods system, after the collapse of that system.
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Economist Michael Hudson on decline of dollar, sanctions war, imperialism, financial parasitism
Economist Michael Hudson discusses the decline of the U.S. dollar, the sanctions war on Russia, his concept of “free-trade imperialism,” and financial parasitism.
