US dollar as global reserve currency, and leftist navigation of geopolitics

General Discussion
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(for reference):

In this clip, Trump insists that the US dollar is king, and it should remain king. Then Anna claims that all Americans should also want the dollar to remain the global reserve currency, because if the US dollar was no longer the global reserve currency, then the US would suffer increased inflation, increased interest rates, and economic turmoil.

Much of that is true. Just as it is also true that the US dollar as global reserve currency causes offshoring and deindustrialization. For analogy, if dethroning the US dollar as reserve currency is to shoot ourselves in the foot, then keeping the US dollar as reserve currency is to have long ago scratched our foot with a rusty nail and to continue watching it slowly fester. Despite the predicament, our political left does have sound policy options; but, we are not currently steering political power.

Anna also somewhat explained how BRICS is attempting to evade US economic warfare by conducting their international trade without relying on the US SWIFT banking system. BRICS is an attempt by many, (including the global left), to escape from neocolonial geopolitics. Current geopolitics are quite interesting, since we as leftist US citizens benefit (in the short term) from current neocolonialization, despite that we also want to transition (well) into fairer geopolitical interrelations. Our US nation (at the behest of transnational oligarchs) has held onto unjust geopolitical economics, and is attempting to navigate our transition, from the ongoing inevitable collapse of global finance capitalism, into a more explicitly imperialistic / fascistic trajectory.

It is critical for the sake of US citizens, as well as for the sake of everyone else, that we as the US political left appreciate our geopolitical economic transition. We should attempt to navigate our predicament well, and recognizing our predicament will empower our ability to do that.

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I have linked this video elsewhere, but it is important enough to link again here:

This interview puts much of global geopolitical economics into perspective.

Other than that video, I also highly recommend the following (much shorter) videos, demonstrating the bleeding edge of economic modeling, on the topic of global trade. The first video is some background into how Keen helped Australia navigate the Great Recession. Then the following videos are on global trade specifically. The last video is a bonus on modeling inflation.

(~15 minutes, below); how Keen predicted the Great Recession over a decade in advance, via his complex economic system dynamics model, which revealed how economic self-moderating equilibrium impended collapse:

(~10 minutes, below); how trade deficits reduce domestic wealth in the long run, despite (the original MMT observation) that trade deficits increase domestic wealth:

(~15 minutes, below); (further), how trade deficits effectively finance foreign economies:

(~10 minutes, below); how a national currency as global reserve currency undermines domestic industry, (empowering global finance capitalism); and intro how to instead sustain equitable global trade:

(~10 minutes, below); (further), expanding from the previous link, on dynamics, history, and alternative global trade design:

(~20 minutes, below); how to disentangle and identify sources of inflation, including measuring price gouging, highlighting covid and historical events, noting how interest rate policy is not effective at managing inflation caused by market dysregulation:

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Finally, please let me know if I could clarify anything.

And @cenkuygur, could we get more economists on TYT, like Keen perhaps? I’m sure Keen would be willing to walk through any concerns you have about our national debt, and could comment on understanding current geopolitical economics, including how we as leftists might want to navigate current transition! If Keen does come on, I would like to know how he sees the various factions of oligarchy, and specifically I suspect some factions are intending to undermine the credibility of the US dollar, (by signaling that we would default on national debt, despite that such would be a politically voluntary and economically unnecessary choice, and/or by disinvesting in domestic industrial production to undermine dollar value). With such a tactic, some (perhaps techno-fascist, funding Trump) oligarchs might hasten their ascendancy over the declining rule of other banker (finance capitalism, funding Biden) oligarchs. And second, I would also like to ask Keen about how integrated his models are with real / ecological limits, and how he sees such limits applying to national debts.

:turtle:

PS, it is worth noting that using the information I’ve presented in this thread, (partly due to how Keen appeals to the right wing), I’ve persuaded older conservatives in my life on such economic matters. So, just noting for others that these resources may be useful for others to similarly talk about progressive/populist economics within their own networks.

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The Geopolitical Economy Report recently reported on a relevant article:

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The video here is a historical presentation on wider contexts, and illuminates deeper concerns of modern politics: