Washington’s economic D-Day against Iran may become an economic D-Day for the dollar.

A reserve currency cannot remain universal when access to it is conditional on political obedience. Every new secondary sanction gives governments, banks and trading companies another reason to move their payments and reserves beyond US reach.

This discussion goes beyond de-dollarization. Radhika Desai and I trace how the same system that weaponises international payments also directs credit away from production and into asset-price inflation, stock buybacks and speculation.

The emerging struggle is not simply dollar versus yuan. It is unproductive finance versus credit used to build industry, infrastructure and economic independence.

Thank you to everyone supporting these discussions. Your Patreon support makes it possible to keep examining the monetary changes now taking shape beneath the headlines. I hope to see you at next week’s Roundtable.