Jimmy is joined by Jeffrey Sachs who argues that the growing use of U.S. sanctions is encouraging major countries, particularly BRICS nations, to reduce their reliance on the dollar and develop alternative payment systems. Sachs says the traditional petrodollar system is only part of a broader shift away from dollar-based international trade, as countries increasingly consider local currencies and China’s CIPS system for settling transactions.
He argues that weaponizing the dollar by threatening sanctions and asset confiscation is accelerating this transition, potentially reducing foreign demand for U.S. securities and contributing to higher interest rates. The segment concludes with Sachs warning that America’s debt, deficits, military commitments, and expanding sanctions are weakening its economic position, while Jimmy characterizes the trend as “endstage empire” for the United States.
Visit Jeffrey Sachs’ website here: https://www.jeffsachs.org/
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