by Thomas J DiLorenzo at Mises Institute
The impending decline of the dollar is apparently imposing a real Halloween scare on the American foreign policy establishment. An August 22, 2023, article on the Council on Foreign Relations website entitled “The Future of Dollar Hegemony” explained that
the dollar’s global hegemony gives the U.S. government power to impose crippling sanctions and wage other forms of financial welfare against adversaries. . . . In 2022, more than twelve thousand entities were under sanction by the Treasury Department, a more than twelve-fold increase since the turn of the century. U.S. sanctions . . . do ensure that targeted adversaries pay a significant price for continuing to engage in actions the United States opposes (emphasis added).
This reminds yours truly of a very memorable bumper sticker that had an American flag in one corner and read: “Do as We Say or We Will Bring Democracy to Your Country!” The bumper sticker is memorable because it speaks truth to power in a very sarcastic manner. It also highlights how “sanctions” are an act of war that has long assisted the US government in acting as the bully of the world. Dollar dominance is the cornerstone of such bullying since so many dollars are held in so many other countries as their reserve currency. This allows a massive amount of foreign policy blackmailing to occur.
The bullying is always all about the money, one way or another, just as “follow the money” is always good advice when one investigates the causes of any war anywhere. But a golden rule of politics is to never, ever admit that one is interested in anything but the moral uplifting of mankind, the eradication of poverty in foreign lands, saving the widows and orphans of the world, or some other selfless, magnanimous gesture. Protectionists never admit, for example, that their real goal is to use the powers of the state to plunder and legally steal from their customers. They must cloak their greed in nationalism, national defense arguments, anything but the truth.
In the foreign policy realm…
Uploaded by Judge Napolitano — Judging Freedom
The Death of American Exceptionalism
Judge Napolitano spent a few minutes talking with his good friend Thomas DiLorenzo to discuss his latest article with the Mises Institute posted above.
Thomas DiLorenzo is president of the Mises Institute. He is a former professor of economics at Loyola University Maryland and a longtime member of the senior faculty of the Mises Institute. He is the author or co-author of eighteen books including The Real Lincoln; How Capitalism Saved America; Lincoln Unmasked; Hamilton’s Curse; Organized Crime: The Unvarnished Truth About Government; The Problem with Socialism; and The Politically-Incorrect Guide to Economics.