Prominent economist and author Prof Michael Hudson argues that the petrodollar system is collapsing because military conflicts, such as the war in Iran, are causing Opec nations to prioritise domestic development over recycling earnings into US financial markets.
He contends that the US has shifted toward a coercive ‘modern tribute system’ characterised by sanctions and asset seizures, which has ultimately led to the isolation of the American economy from the global majority.
Prof Hudson warns that the combination of energy shortages and rigid financial policies could bepushing the world towards a major depression. This makes it necessary to move towards a new economic order that treats money as a public utility rather than a tool for private extraction
Production: World Affairs In Context
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