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Sanctions and the Decline of the Dollar*
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Aug 22nd 2022, Prabhat Patnaik
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The
hegemony of the US dollar was based on the fact that
the world's wealth-holders considered it to be "as
good as gold", even when it was no longer officially
convertible to gold at a fixed rate, as it had been
under the Bretton Woods system, after the collapse of
that system.
*
This article was originally published in People's
Democracy on August 21, 2022.
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