Blog 3

 Chapter 22 of the textbook, specifically the section called Power Through Neglect, highlights how the United States weaponized the dollar standard after 9/11 and used its domination of the world’s currency to target hostile states. However, this article was written in 2015, and the world stage has changed quite drastically since then. Numerous countries have resented the weaponization of the dollar and have created a movement called de-dollarization in response. De-dollarization is a movement in which numerous countries are seeking to “dethrone” the dollar as the world standard and use an alternative method of currency. Frontrunners of this ideology are the BRICS nations, which consist of China, India, Brazil etc. This movement has gained support as the U.S. has again weaponized the dollar by refusing Russia 600 Billion in reserves from the World Bank. However, this is not the first time economics has been used in force. Chapter 27 of the textbook compares the IMF’s policies to pushing a rowboat into the roughest part of the seas, without a captain or crew or life vests. This analogy is made because a majority of IMF policies that are imposed on countries requesting relief funds often worsen the economy.  Underdeveloped countries do not have the infrastructure or economic structure in place to carry out a free market economy and often struggle when one is imposed on them. Consistent money is needed to develop a strong base economy, and this tactic was used in the past with the Marshall Plan in Eastern Europe and with FDR’s New Deal in the United States. Beginning economies need consistent monetary funding to build a stable base and once this is accomplished, then free market economy ideology can be used to boost trade networks and profit. However, the structure has to be there for this to work, and imposing this ideology on unstable economies only worsens the outcomes.