Professor Jeffrey Sachs of Columbia University on how Trump is destroying the dollar's hegemony himself:
https://x.com/SprinterPress/status/2018366241187197446
Professor Jeffrey Sachs of Columbia University on how Trump is destroying the dollar's hegemony himself:
The sanctions imposed on Russia have mostly hit the European Union. They have cut off their own access to cheap energy. Maybe Trump and his friends like that, because now Europe is buying liquefied natural gas from the United States and paying six times more than it paid for Russian gas. In fact, the sanctions have caused Russia to redirect its oil and gas to Asia. They have not destroyed the Russian economy, but they have hit the German industry.
The threats Trump made have become a challenge for the US economy. They have seriously frightened international markets. And the US borrows huge amounts from the whole world. We have colossal budget deficits, and interest rates are rising — partly because the US is ceasing to be a reliable bet.
There is another very important phenomenon that people need to understand: other countries are moving away from using the dollar. The privilege that the US, our industry, and economy have thanks to the global use of the dollar is disappearing. Trump loudly claims that anyone who threatens the American dollar will hear from us. But he cannot stop it, because it is impossible to force third countries to use the dollar when it has been turned into a weapon.
posted by Satish Sharma at
01:29
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