Episode Details

Donald Trump called it an economic D-Day for Iran, but the sanctions threat reveals that the US has already lost the military war and is now waging a financial one it cannot win either. Professor Michael Hudson joins me for our fortnightly conversation to trace how Bessent's push to expel countries from the dollar system is accelerating the very flight it was meant to prevent, driving oil and grain trade onto China's alternative clearing system even as foreign demand for US Treasuries keeps declining and the "everything bubble" inflates on borrowed money rather than production. The dollar's end, we conclude, won't come as a crash but as a long inflationary whimper unless the world rebuilds a financial system around production instead of speculation.