Echoing our main argument in De-dollarization the New York Times argues that the US increasing reliance on economic sanctions to solve foreign policy problems is fueling concern that the US is abusing its financial power and prompting some governments to seek ways to evade American measures.
in the article Steve Mnuchin acknowledged that over “a long period of time” there was a risk that the rest of the world could shift away from the dollar as the reserve currency and that the United States must be responsible with how it wielded sanctions. But he suggested that, for now, other countries have little choice but to comply. “The reason why they are so effective is because the dollar is the reserve currency of the world,” Mr. Mnuchin said. “Other countries may not like adhering to our sanctions, but because the dollar is the reserve currency and their banking systems are attached to dollars and dollars are a major component of trade, that’s why people have to cease activities [with Iran].”