Wednesday, February 7, 2024

Blog 3

 9/11 was a pivotal date in the economic policies of the world led by the US. After 9/11, the US "weaponized" the US Dollar in an attempt to target and economically hurt hostile states. Since the writing of the article, countries such as Brazil, China, and India have started a movement of de-dollarization as it is the standard currency in the world. This movement has gained momentum since the US refused Russia access to $600 billion in World Bank reserves. This is not the first time that the "weaponization" of currency has been used. Besides the "weaponization" of the dollar, the IMF has tended to act as a passive weapon in of itself. Its policies tend to make poor countries worse off as these countries don’t have the infrastructure to support a free market. The book compares these policies to a rowboat trying to navigate rough waters with the wrong equipment. After World War II, the Marshall Plan aimed to fund and build a stable base economy in Europe which would open the door to free-trade policies. Since World War II, the world economic stage has changed with China surpassing the US in market exchange rates and the US becoming the leader in technology and research through companies such as Google and Facebook. The global market has faced adversity through a shrinking trade footprint after the 2008 financial crisis and in post 9/11 attacks on the US payment system. 

 

1 comment:

Luca Smalley said...

9/11 changed many things on an economic standpoint and how airports in the U.S have became more strict. China's economy has been proving over the years, especially with their grasp in technology. After World War II, there was a massive rebuilding plan for Europe. The 2008 financial crisis put a huge dent in the housing market.