Ep.118 Ordering the Global Financial Disorder

The trio started off our live recording by tackling sanctions: the role and use of Western sanctions before Russia’s full-scale invasion of Ukraine in February 2022; how the use of sanctions has changed since Russia’s full-scale invasion, particularly on this side of the Atlantic; what does this mean for the rest of the world; and how this expansive use of sanctions is reordering global finance.

The conversation then moved on to the question of markets and how they hold governments to account. Jason genuinely believes that the markets may be our last hope to save American democracy and that they can do what the supreme court and congress are supposed to do but cannot. Finally, we couldn’t discuss finance and security without mentioning the Donald’s favourite word in the English language that word that he seems not to realize comes directly from Arabic, 'Tariffs'.  We tried to unpack what really are tariffs; how we know they didn’t work with Smoot Hawley; and what does Donald Trump think tariffs are.

The main take away of the discussion overall was: The failure of economic tools of coercion such as sanctions and tariffs to achieve their stated aims and the power of 'markets' to reassert order.

Producer: George McDonagh

Read a recent article arguing for action on the Russian central bank assets

Read relevant work on Sanctions by RUSI here: