Democracy Now has the interview Economist Jeffrey Sachs: U.S. Sanctions Have Devastated Venezuela & Killed Over 40,000 Since 2017. To say nothing of the impact of our economic war over the last 20 years against Venezuela.
More than 40,000 people have died in Venezuela since 2017 as a result of U.S. sanctions, according to a new report by the Center for Economic and Policy Research co-authored by economists Jeffrey Sachs and Mark Weisbrot. The report examines how U.S. sanctions have reduced the availability of food and medicine in Venezuela and increased disease and mortality. We speak with Jeffrey Sachs in our New York studio. In the report, he writes, “American sanctions are deliberately aiming to wreck Venezuela’s economy and thereby lead to regime change. It’s a fruitless, heartless, illegal, and failed policy, causing grave harm to the Venezuelan people.”
What people in the USA never consider is that if the USA is going to use the dollar as an economic weapon, then the world is going to try to free itself from the dollar as the world reserve currency. When they finally succeed, and the more we push, the more the world will push back. We will lose a lot of economic policy freedom when the world stops accepting the USA dollar as a means of payment.
I agree with the Modern Money Theorists when they say inflation in the USA is unlikely in any near term scenario, except they don’t talk about what will happen if we drive the dollar out as the world reserve currency. That is only one of two ways that I see that could drive inflation in the USA under the current circumstances.