Economic Warfare

As reported at CounterPunch, Dollar Imperialism is due to the fact that the U.S. Federal Reserve (the world’s de facto central bank) has veto authority at the International Monetary Fund. Reserve currency policy — which amounts to economic warfare — complements U.S. military hegemony.

As Michele Brand and Remy Herrera note, currency instability and market meltdown are likely in 2015, which would lead to increased international conflict. While regional financial institutions offer some hope for ending U.S. hegemony, there is little hope for the anemic, debt-ridden U.S. economy.

With a mere 44% of working-age Americans holding full-time jobs (30 hours/week), and poverty 40% higher than in 2007, destroying financial independence in Africa, Asia and South America might not seem like a priority to most Americans, but their concerns matter little on Wall Street.