The US dollar is backed by blood — victims’ blood, the target-nations’ blood — and the dollar wouldn’t be the world’s reserve currency if it weren’t backed up ultimately by America’s military, “the policeman to the world.”
CEPR co-director Mark Weisbrot responds to Guaido economic advisors’ dismissal of the U.S. sanctions’ effects on Venezuela.
The world is growing increasingly tired of Trump bullying others to the point that the international order has frayed at the seams.
363 days ago the U.S. left the Joint Comprehensive Plan of Action (JCPOA), the ‘nuclear deal’ with Iran, and reintroduced sanctions against trade with Iran. When the U.S. reintroduced sanctions on Iran it provided sanction ‘wavers’ for some customers of Iranian oil. Two weeks ago the extremists in the Trump administration won out and the those waivers were eliminated. Some of Iran’s customers, Iraq, Turkey and China, will continue to buy Iranian oil and will face U.S. sanctions.