[Marxism] Charles Freeman worried about dollar hegemony

Bob Hopson bobhpsn at yahoo.com
Thu Apr 2 14:43:06 MDT 2009

An interview with Charles Freeman, who's appointment to the National Intelligence Council was scuttled by the Israel lobby. I thought this was kind of interesting because of what this ruling-class figure has to say about dollar hegemony:


IPS: What about longer-term strategic issues that may not be getting enough attention?

CF: One is very apposite today, and that is the future of the U.S. dollar as a reserve currency. At Bretton Woods, the dollar became the global reserve currency, backed by gold. A quarter century later, Nixon eliminated the gold backing for our currency.

Dollar hegemony has been central to our ability to basically go off the tracks fiscally and financially here. It has enabled us to avoid addressing all sorts of problems with which we’re now afflicted, and it has enabled us to avoid having financial discipline being imposed on us of the sort we have insisted be imposed on every other country under IMF (International Monetary Fund) guidelines.


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