Source: Libertarian Institute
by Thomas Karat
“In 2014 the French bank BNP Paribas pleaded guilty to processing transactions for Iran, Cuba, and Sudan and paid an $8.9 billion settlement, its dollar-clearing business barred for a year. No French court convicted it. No French statute was broken. A European institution was fined nearly nine billion dollars by a foreign government for conduct that was legal where it occurred. Every treasurer in every bank outside the United States understood the message, and has behaved accordingly ever since. It was not meant to be this. When the dollar emerged from the last world war as the axis of global settlement, its dominance was a matter of commercial convenience—the currency everyone happened to hold because everyone else held it too. Convenience hardened into infrastructure, and infrastructure, in the hands of a state that noticed what it possessed, hardened into leverage.” (08/26/26)
https://libertarianinstitute.org/articles/the-dollar-was-always-the-leash