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New book reveals history of U.S. dollar weaponization
By Neil Irwin
Axios, Arlington, Virginia
Wednesday, March 20, 2024
Some of the most important instruments of U.S. global power are deployed not by the warfighters at the Pentagon or the diplomats at the State Department, but by bureaucrats at 1500 Pennsylvania Ave. -- the U.S. Treasury Department.
The big picture: A new book out this week brings to life the narrative of how Treasury officials have used the U.S. dollar as a tool of American foreign policy over the last three decades -- along with the hazards that has created.
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"Paper Soldiers: How the Weaponization of the Dollar Changed the World Order," by Bloomberg senior reporter Saleha Mohsin, arrives as cracks in that order are starting to appear.
The aggressive use of economic countermeasures against Russia in retaliation for its invasion of Ukraine -- an effort steered out of Treasury -- has caused blowback as other nations with tense U.S. relationships seek alternatives to the dollar-based global financial system. ...
... For the remainder of the report:
https://www.axios.com/2024/03/20/us-treasury-foreign-policy-international-paper-soldiers
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