Sept. 11, Russian Oligarchs & the Death of the Middle Class

Weaponization of the US dollar. [Read Online]( [Global Macro Update] [Global Macro Update] Sept. 11, Russian Oligarchs & the Death of the Middle Class By Ed D'Agostino | August 9, 2024 [Ed D'Agostino] After Russia invaded Ukraine, the US and its allies froze over $58 billion in assets from Russian oligarchs and blocked major Russian banks from using the international payment system, known as SWIFT. Did the US cross a line in terms of weaponizing the dollar and denying access to the global financial system—opening the door to other nations losing confidence in the US dollar? [ShareÂ]( Saleha Mohsin, a senior Washington correspondent for Bloomberg News and my guest today on Global Macro Update, pegs the watershed moment for dollar weaponization back decades earlier, to the aftermath of the 9/11 attacks. She covers this in detail in her book, Paper Soldiers, which has been one of my favorite geopolitical reads of the year. We delve further into dollar weaponization in our interview, along with Saleha’s unique take on US populism. She sees the US’s strong dollar policy as a primary driver of the hollowing out of the US middle class and the loss of our manufacturing base. In our interview, you will also hear Saleha’s explanation for the recent volatility growing out of the unwind of the Japanese yen carry trade, as well as the long tradition of currency manipulation by all governments. Watch my interview with Saleha Mohsin by clicking the image above. A full transcript of our conversation is available [here](. You can find more about Saleha’s book [here](. [ShareÂ]( Thanks for reading and watching. [Ed D'Agostino] [Ed D'Agostino] Ed D'Agostino Publisher & COO Mauldin Economics Follow me on LinkedIn [here](. Suggested Reading... [A Sticky Last Mile](  [The Gamblers]( Don't let friends miss this timely insight— share it with your network now. Share Your Thoughts on This Article [Post a Comment]( Keep up with Mauldin Economics on the go. Download the App [Get it on Google Play]( [Download on the App Store]( [ Did someone forward this letter to you? [Click here to get]( Global Macro Update in your inbox every Friday. [Read important disclosures here.]( YOUR USE OF THESE MATERIALS IS SUBJECT TO THE TERMS OF THESE DISCLOSURES. --------------------------------------------------------------- This email was sent as part of your subscription to Global Macro Update. [To update your email preferences click here.]( Mauldin Economics | 1417 Sadler Road, PMB 415 | Fernandina Beach, FL 32034 Copyright © 2024 Mauldin Economics. All Rights Reserved.