Why the dollar still rules: US military power and the pricing of global resources – ft. Dr. KeeWee Tan

What are the implications of the war of Iran for Asian countries? Could we say that the war in Iran is for Asia what the war in Ukraine is for Europe?  We asked Dr. KeeWee Tan which are the similarities and which are the differences between the two scenarios. Based in Singapore, Dr. Tan helps us making sense of the likely effects of the energy shock on asian countries and contextualises them as part of a geo-economic strategy of the United States to both discipline allies and impact on rivals in the region. Here is a short extract for you all: “Now, if you can control Iran, then you can start selling Iranian oil in US dollars. Okay? And who else in the Middle East would happily sell in US dollars? Well, the GCC countries are all selling in US dollars: they’re all selling in US dollars. So suddenly you have Greenland, Venezuela, Europe, all trading using US dollar. Middle East, you kill dedollarization. Fantastic, isn’t it?” Carlo (99 Media): The only problem is that they don’t seem to have the military power to keep imposing the pricing of the main raw materials in their own currency. Possibly the Iran conflict has shown that this strategy is rational but possibly not viable? Couldn’t then the Iranian conflict be an acceleration of dedollarisation?” Dr Tan: “Yes, and I think that the US military has always been the one propping up the dollar, okay? Saddam Hussein tried to sell in Euro, he got thrown out. Gaddafi tried to come up with a gold currency, he got removed, okay?. Watch the interview to get more of Dr. Tan’s insights!