ABOUT THIS EPISODE
After Russia's invasion of Ukraine, the US took a number of extraordinary steps to cut Moscow out of the international financial system. The country immediately was hit with a slew of sanctions. It was cut off from the SWIFT payment system and it even had its dollar reserves seized. Prior to that, in 2021, the US took the rare step of seizing dollar reserves from Afghanistan's central bank after the Taliban's re-emergence to power. So how does the US control who gets to hold and transact in US dollars? Where did this power come from? What are the limits to the US policing of its own currency? On this episode of the podcast, we speak with Bloomberg Senior Reporter Saleha Mohsin, author of the new book, Paper Soldiers: How the Weaponization of the Dollar Changed the World Order. We discuss the buildup of this tremendous financial power and also what it means for the dollar's status as a reserve currency going forward.
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TRANSCRIPT 🔗
Speaker 1: Hello, and welcome to another episode of the Odd Lots Podcast.
00:00:14
Speaker 2: I'm Joe Wisenthal and I'm Tracy Allaway.
00:00:17
Speaker 1: Tracy, you know something that has always struck me about I don't know, the financial system, I guess, is that from the US perspective, it feels like any time anyone spends any money anywhere, particularly dollars anywhere, like the US could sort of go after them, even if it's overseas completely out of the country. It feels like th…
