The dominance of the US dollar as the global reserve currency has been gradually declining for years, but Donald Trump's policies could rapidly accelerate de-dollarization and the transition to a more multipolar international financial order, warn even mainstream American economists like Barry Eichengreen and Kenneth Rogoff. Political economist Ben Norton reviews the evidence.

VIDEO: https://www.youtube.com/watch?v=utvD1JiIgCM

Our related article - "Trump advisor reveals tariff strategy: Force countries to pay tribute to maintain US empire": https://geopoliticaleconomy.com/2025/04/10/trump-advisor-miran-tariff-pay-us-empire/

Topics

0:00 Dedollarization

0:43 Trump's policies accelerate dedollarization

3:50 Economist Barry Eichengreen

5:25 (CLIP) Barry Eichengreen on dedollarization

6:54 Gradually, and then suddenly

7:49 Erosion of dollar dominance

9:18 Decline of US economy

11:36 Rise of China

12:50 Gold: why central banks keep buying it

15:42 Western sanctions

17:57 List of reasons driving dedollarization

18:42 Trump's tariffs & US trade deficit

20:10 Trump pressures Federal Reserve

22:58 Why Trump wants low interest rates

24:56 US Treasury market volatility

26:03 Fewer foreigners want US government debt

29:32 US economy: a financial house of cards

30:34 High corporate bond yields

32:26 Reasons driving dedollarization

32:56 Inflation

36:31 Trump fires BLS chief

37:40 Mar-a-Lago Accord plans

38:54 (CLIP) Trump economic advisor Stephen Miran

38:59 Plaza Accord redux

40:30 Century bonds: de facto US debt default

44:46 Private investors de-dollarize too

45:25 Post-US dollar world

47:14 Economist Kenneth Rogoff

48:09 Trump's own Nixon shock

48:51 Multipolar financial world

50:46 Outro

How do China's government, political system, and socialist market economy actually work? How does China see democracy, the USA, and Donald Trump's trade war? Renowned Chinese scholar Zhang Weiwei explains the China model in this interview with Ben Norton.

VIDEO with subtitles here: https://www.youtube.com/watch?v=rkVyYvWezI0

Topics

0:00 Highlights

1:30 Introduction to Zhang Weiwei

1:51 The China model

3:23 Civilization-state

4:13 Meritocracy

5:01 Socialist market economy

7:52 US capitalism vs Chinese socialism

9:36 Foreign investment in China

11:15 How China sees democracy

13:46 How laws are made in China

15:59 Economic planning

16:59 Debate with Francis Fukuyama

20:11 US trade war on China

23:36 Dedollarization of financial system

28:17 The multipolar future

29:36 Outro

One of the main goals of the US political and economic system is to protect corporate monopolies. Silicon Valley Big Tech corporations fear Chinese competitors, so the US government is trying to ban them. Political economist Ben Norton explains how imperialism works, and what drives Washington's Cold War Two against China.

VIDEO: https://www.youtube.com/watch?v=9EVwFJ7sM6c

Topics

0:00 US government seeks political monopoly

0:51 Billionaire Peter Thiel defends monopolies

2:53 (CLIP) Peter Thiel: "competition is for losers"

3:18 Cold War Two against China

4:49 Uber's monopolistic business model

9:18 Corporate lobbyists & donors

10:02 Trump admin opposes antitrust cases

12:12 Money buys US politics

13:42 Trump backs billionaire Big Tech oligarchs

15:45 Trump green-lights white collar crime

17:35 Trump promotes bribery & corruption

19:30 USA wants to control global infrastructure

20:03 (CLIP) Trump threatens Panama Canal

20:14 BlackRock buys Panama Canal ports

20:36 (CLIP) Trump boasts of BlackRock deal

21:00 Trump helps BlackRock buy up ports

21:58 Second Cold War on China

22:23 US Big Tech targets TikTok

24:14 DeepSeek & Chinese AI competitors

25:00 OpenAI CEO Sam Altman

26:14 US states ban DeepSeek

26:57 Anthropic CEO Dario Amodei

27:29 US AI companies lobby to ban competitors

28:37 Silicon Valley seeks "unipolar world"

30:23 Biden's chip export restrictions on China

31:09 USA seeks to stop China's innovation

31:57 Biden's tariffs on China

33:55 How imperialism works

34:45 Global value chain (division of labor)

36:20 USA wanted China to stay subordinate

37:50 VP JD Vance wants Global South on bottom

38:45 (CLIP) JD Vance on China & value chain

39:30 Industrial policy: Made in China 2025 plan

41:32 China enters commercial aircraft industry

42:14 US politicians lobby to ban China's Comac

43:58 How Boeing was destroyed by finance bros

45:47 How Jack Welch ran GE into the ground

46:39 Boeing attacked unions & skilled labor

47:56 Boeing CEO was Blackstone exec

48:51 Boeing prioritizes stock buybacks, not R&D

50:17 Private equity is "looting America"

51:22 Goal of Washington's new cold war

52:11 Outro

The US government has tried for years to recruit India for its new cold war on China, but Donald Trump's aggressive tariffs have backfired, encouraging New Delhi to improve its relations with Beijing, strengthening unity in BRICS. Political economist Ben Norton explains the complex history of the foreign relations of the US, India, China, and Russia.

VIDEO: https://www.youtube.com/watch?v=BstijDvJT8Y

Topics

0:00 Donald Trump's contradictory policies

0:39 (CLIP) Trump threatens BRICS

1:05 Brazil pushes back

1:40 USA tries to use India against China

3:58 Goal of Trump's tariffs on India

5:34 (CLIP) EU chief on US trade deal

5:52 India buys Russian oil

7:46 Europe buys Russian oil - from India

9:10 India's trade surplus with USA

9:48 (CLIP) Trump trade advisor Peter Navarro

9:57 US trade with China

11:18 China restricts rare earth exports

12:03 US trade with India

13:35 India improves relations with China

15:41 Vietnam moves closer to China

16:35 BRICS expands to global majority

17:28 History of US-China relations

19:40 Kissinger's triangular diplomacy

20:47 Kissinger: divide Russia & China

21:21 (CLIP) Trump: divide Russia & China

21:37 Closest Russia-China relations ever

22:30 India-US-China relations

24:07 India: 3rd-largest economy on Earth

25:41 India & Non-Aligned Movement

27:03 India-USSR/Russia relations

28:39 India moves toward USA

29:50 Rise of Narendra Modi, BJP, RSS

31:22 US-India relations grow closer

32:59 Modi allies India with Israel

33:40 Modi: from banned to loved in USA

34:49 Trump's India policy

35:50 India's role in BRICS

37:59 India's foreign policy

38:52 India opposes dedollarization

42:21 BRICS' internal contradictions

45:05 Outro

Private equity funds and other Wall Street investors are buying up homes across the US and the West, driving up rent and the cost of living. Economist Michael Hudson explains how these corporate landlords are a result of the system of financialized capitalism, dominated by an unproductive rentier class. He is interviewed by host Ben Norton.

VIDEO: https://www.youtube.com/watch?v=qJd0d7Uda2M

Transcript: https://www.geopoliticaleconomy.report/p/corporate-landlords-rent-michael-hudson

Part 1 of this interview: https://www.geopoliticaleconomy.report/p/world-us-financial-colonialism-economist-michael-hudson

Read Michael's article "How the Global Majority can free itself from US financial colonialism": https://geopoliticaleconomy.com/2025/07/17/michael-hudson-global-majority-us-financial-colonialism/

Michael's website: https://michael-hudson.com/

Topics

0:00 Cost of living crisis in West

0:30 Blackstone: largest US landlord

1:07 Blackstone CEO is Trump donor

1:49 Investors buy up US homes

2:36 Wall Street buys single-family homes

3:54 Wall Street buys up neighborhoods

5:31 Homelessness rises in USA

6:06 Blackstone buys up homes in Spain

7:34 Introduction to Michael Hudson

9:12 Highlights

10:43 Interview starts

11:58 Feudalism, capitalism, & rentier class

16:58 Adam Smith, David Ricardo, & Karl Marx

19:10 Difference between value, price, & rent

21:33 Bankers, industrialists, & landlords

27:34 Theory of comparative advantage

28:20 Problems with economics education

30:57 Profits vs rent

32:48 Financialization and GDP

37:21 Adam Smith in Beijing

38:47 Peter Thiel defends monopolies

40:20 China's reform and opening up

43:06 China's public ownership of finance

44:25 Need to tax land rent

50:45 China's industrialization

53:54 Passive income (ie, rent seeking)

56:01 Mainstream "junk economics"

59:07 Outro

Economist Michael Hudson describes how the Western powers designed the international financial, legal, and political system in a way that benefits North American corporations at the expense of the countries of the Global South. He also proposes ways for the Global Majority to resist US neocolonialism, in this interview with host Ben Norton.

VIDEO: https://www.youtube.com/watch?v=tgBUbbTF5Sg

Transcript: https://geopoliticaleconomy.com/2025/08/06/world-us-financial-colonialism-economist-michael-hudson/

Read Michael's article "How the Global Majority can free itself from US financial colonialism": https://geopoliticaleconomy.com/2025/07/17/michael-hudson-global-majority-us-financial-colonialism/

Michael's website: https://michael-hudson.com/

The White House imposed 50% tariffs on Brazil and declared it a threat to US "national security". Donald Trump is blatantly meddling in internal Brazilian affairs, trying to undermine left-wing President Lula da Silva and help far-right former leader Jair Bolsonaro. The USA's attacks also aim to divide BRICS and discourage more countries from joining. Political economist Ben Norton explains how the US empire is attacking the Global South's multipolar project.

VIDEO: https://www.youtube.com/watch?v=niPNwB-0nQI

Topics

0:00 (CLIP) Lula condemns US meddling

1:06 Trump sanctions & tariffs Brazil

2:04 BRICS & Brazil

3:20 Lula resists US hegemony

4:39 (CLIP) Lula on US interference

8:41 Trump fears BRICS & dedollarization

9:56 (CLIP) Trump threatens tariffs on BRICS

10:24 Poll: Brazilians prefer BRICS over USA

11:42 Lula is leading 2026 election polls

12:33 Jair Bolsonaro, close US ally

13:25 Bolsonaro's failed coup attempt

14:35 Role of China

16:19 Bolsonaro fled to USA

18:02 Latin American right: US proxies

19:35 Trump declares Brazil a "threat"

20:50 Elon Musk & US Big Tech corporations

22:41 Trump imposes 50% tariff on Brazil

23:08 Lula defends Brazil's sovereignty

24:29 US coups in Latin America

26:33 Coups against Brazil's Lula & Dilma

29:06 USA has trade surplus with Brazil

29:55 Lula: Trade in other currencies, not dollar

31:00 China: Brazil's top trading partner

32:04 China: Latin America's top trading partner

33:07 China builds infrastructure in Latin America

33:50 China & Brazil plan transcontinental railroad

34:50 Brazil embraces multipolarity

36:46 Brazil boosts ties with Russia

37:14 Brazil & China peace proposal in Ukraine

37:50 Multipolarity & Latin America

39:40 Outro

The one-sided trade agreement that Donald Trump imposed on the EU illustrates how the US empire exploits its "allies" in Europe as vassals to benefit the American oil/gas industry, Big Tech corporations, and the military-industrial complex. This did not start with Trump, but he has accelerated the vassalization of the European Union. Political economist Ben Norton explains.

VIDEO: https://www.youtube.com/watch?v=lpf6ZeABP1I

Topics

0:00 Intro

1:04 US empire doesn't have allies, only vassals

2:14 US-EU trade deal & tariffs

5:19 China defended itself in trade war

6:19 Ursula von der Leyen on US energy

7:28 (CLIP) Trump on US-EU trade deal

7:54 USA benefits

8:15 (CLIP) Trump: "the biggest of all the deals"

8:28 Europe gets nothing

9:11 (CLIP) US makes no concessions to EU

9:57 (CLIP) Trump on US fossil fuel exports

10:20 US gets everything, EU gets nothing

11:02 Vassalization of Europe

12:27 BRICS expansion

13:22 NATO Secretary General Mark Rutte

14:03 (CLIP) NATO chief calls Trump "daddy"

14:17 Trump addresses "daddy" comment

14:42 (CLIP) Trump: I'm NATO's "daddy"

15:03 Trump leaks humiliating text messages

16:26 Failure of EU "strategic autonomy"

17:18 NATO demands military spending at 5% of GDP

18:42 US military-industrial complex benefits

20:14 Paying imperial tribute

20:48 Replacing welfare state with warfare state

21:44 EU spending on education

22:08 EU spending on healthcare

22:33 Trump & MAGA take off the mask

23:26 VP JD Vance attacks Europe

23:40 Kissinger: "to be America's friend is fatal"

24:20 Trump boasts of ending Nord Stream

25:39 (CLIP) Trump: "I ended Nord Stream 2"

25:59 US targets European infrastructure

26:26 (CLIP) Trump: US wants to sell oil/gas

26:53 US attacks European "allies"

27:27 Sabotage of Nord Stream pipelines

28:05 Who blew up Nord Stream?

29:20 West opposed UN investigation

30:06 Polish official said US blew up Nord Stream

30:47 Historical amnesia

31:17 Why Germany wanted Nord Stream

32:34 (CLIP) Trump: Europe must buy US oil/gas

32:48 Trump pressured Angela Merkel on Russia

33:15 (CLIP) Trump: Europe must cut Russia ties

34:12 Trump sanctioned Nord Stream

34:55 USA seeks to divide Europe & Russia

35:39 Biden threatened Nord Stream

36:02 (CLIP) Biden: We will end Nord Stream

36:36 Bipartisan vassalage

37:30 US energy exports to Europe

38:08 EU imports of oil

39:25 EU imports of natural gas

39:56 EU imports of LNG

40:45 Climate change catastrophe

41:20 Germany re-opens coal plants

42:00 Germany's pro-war "Greens"

43:19 US imperial strategy: divide Europe

44:56 Imperialist Mackinder's heartland theory

45:28 US fears of Europe-Russia alliance

46:23 NATO's goal: keep US on top

47:24 Deindustrialization of Europe

47:59 EU attacks top trading partner China

48:40 Why are EU leaders Atlanticists?

49:01 EU leaders are literally crying

49:26 EU elites invest in US financial assets

51:57 US Big Tech corporations

52:35 Comprador bourgeoisie

53:48 Western oligarchies

55:00 US empire fears Eurasian integration

56:15 Trump tries to divide Russia & China

56:33 Europe is at a geopolitical crossroads

58:36 Outro

As US president, Donald Trump's policies have served the interests of wealthy elites, while hurting average working people and splitting his own MAGA base. Geopolitical economist Radhika Desai discusses with economist Michael Hudson.

VIDEO: https://www.youtube.com/watch?v=0cUksS_aN_8

This is part of the program Geopolitical Economy Hour. You can watch other episodes of the show here: https://youtube.com/playlist?list=PLDAi0NdlN8hMl9DkPLikDDGccibhYHnDP

Radhika's website: https://RadhikaDesai.com

Michael's website: https://Michael-Hudson.com

China and Russia help formerly colonized countries in the Global South defend their sovereignty amid constant US meddling and aggression, argues Daniel Ortega, President of Nicaragua, a Latin American country that has been invaded and militarily occupied by the USA multiple times. Ben Norton reports on the history of the Sandinista Revolution, and the struggle against Western imperialism.

VIDEO: https://www.youtube.com/watch?v=M-xjUmwZxQY

Topics

0:00 Global South is Global Majority

0:54 US interventions in Latin America

1:59 US imperialism in Nicaragua

3:12 CIA-backed Contras

5:18 Coup attempts in Nicaragua

6:03 China builds infrastructure

7:58 Nicaragua praises China & Russia

9:22 (CLIP) Daniel Ortega on China & Russia

10:11 46th anniversary of Sandinista Revolution

11:04 (CLIP) Ortega on European colonialism

11:33 US colonialist William Walker

13:19 (CLIP) Daniel Ortega on US imperialism

13:47 US military occupation & Sandino

14:32 Somoza dictatorship

15:22 US Contra war

16:29 (CLIP) Ortega on the Contras

17:54 ICJ case Nicaragua v USA

19:20 Inspirations for Sandinistas

20:17 (CLIP) Ortega on Haitian Revolution

21:43 Simón Bolívar on US imperialism

22:34 Algerian Revolution

23:00 Russian & Chinese Revolutions

23:13 (CLIP) Revolutions in Russia & China

23:46 USSR & China defeated fascism in WWII

25:13 Remilitarization of Europe

25:54 (CLIP) Ortega: West prepares for war

26:34 Fascism has roots in European colonialism

27:36 (CLIP) Ortega on fascism & colonialism

29:57 Palestine

31:07 (CLIP) Daniel Ortega on Palestine

32:01 Iran

32:23 UN is dominated by Western powers

32:59 United Nations & Miguel d'Escoto

34:19 UN can't stop illegal US wars

34:56 (CLIP) Ortega: We need a new UN

36:03 Global South perspectives

37:21 Outro