Dollar system in crisis: Why the US bailed out Japan
About this episode
Ben Norton discusses the US government's bailout of Japan and its implications for the dollar system.
The US government quietly bailed out Japan. The Treasury intervened in the foreign exchange market to try to stabilize the yen, the Japanese currency. Ben Norton explains how this reflects a larger, structural problem with the dollar system. Japan is the largest holder of US Treasury securities (US government debt), and Washington doesn't want other countries to sell its bonds, fearing that yields could rise and cause a debt crisis. VIDEO: https://www.youtube.com/watch?v=ngGQrWxNdV4 Topics 0:00 USA bails out Japan 1:04 Japanese yen falls against USD 1:29 USA will "do whatever it takes" 2:21 Japan's holdings of US Treasuries 3:03 China de-dollarizes 3:31 US empire and Japan 4:26 Japan's role in dollar system 5:32 Carry trade 7:24 Wall Street benefits 8:24 Real reason for US intervention 9:39 US fears sales of its bonds 10:37 US bond yields rise 11:38 US government debt 12:14 Inflation in US 12:56 Foreign demand for US bonds 14:35 Seizure of Russian assets 16:06 Central banks buy gold 16:55 US bond market problems 17:58 US Treasury sells euro 19:37 Crisis in dollar system 22:07 Dollar dominance in decline 24:30 Why the yen is falling so much 24:51 Energy crisis and Iran War 26:57…
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