3 May 2026

In this episode, I am joined by Michael Hudson to discuss how the United States
is attempting to defend dollar hegemony at a time when its global financial
power is facing mounting pressure. We examine the role of swap lines, dollar
liquidity, sanctions, oil politics, and the Iran crisis in sustaining a world
economy still organised around the US dollar. Although swap lines may appear to
be a technical instrument of central banking, they reveal something much larger
about who has access to liquidity in moments of crisis, who remains dependent on
Washington, and how the United States continues to use the dollar as a tool of
geopolitical power. As more countries search for alternatives to the dollar
system, this conversation asks whether these new financial arrangements are
signs of strength or signs that the old order is beginning to crack.