Episode Details

The truth about dedollarization is that it is unfolding but without a concrete plan. In this explainer, I argue that the dollar system is collapsing under its own contradictions while alternatives from the Global South have stalled. Lacking an empire like Britain's, the US could supply dollars only through deficits and, later, financial bubbles. Today the Federal Reserve is trapped between inflation and said bubbles. The real obstacle to alternatives, however, is the world majority's elites, who park their speculative wealth in the dollar system.