Why Does Yankee World Debt Not Translate Into A Decline of the Dollar As a World Currency

At the end of 2018, the U.S. foreign liabilities stood at $9.6 trillion. Yet the dollar does not seem to lose its economic value. Why is this? Mainstream theories act as if each nation were autonomous and it is simply a matter of savvy westerns vs backward non-westerners. However, this fails to face the fact that: 1) capitalism is a global economy, not a fractured 200 separate economies; 2) Some countries have more power than others and those more powerful countries can dictate the currency used.
Read at MR Online
Image from haymancenter.org

About Barbara MacLean

Barbara MacLean has worked as an academic and career counselor at California State University, East Bay (CSUEB), Merritt and West Valley Colleges and as a career counselor and manager of the Oakland One Stop Career Center, a public career and jobs center in partnership with EDD. She is a co-founder and editor of Planning Beyond Capitalism.

View all posts by Barbara MacLean →

Leave a Reply

Your email address will not be published. Required fields are marked *