Reminds me of an article by Yanis Varoufakis - a leftist economist / politician - I saw posted in an HN comment recently [1]. My interpretation of it was that t

Reminds me of an article by Yanis Varoufakis - a leftist economist / politician - I saw posted in an HN comment recently [1]. My interpretation of it was that the petrodollar effectively undermines middle class Americans by artificially inflating the dollar, undermining American workers with cheap imports and loss of jobs in favor of multinationals. That argument makes a lot of sense to me. The importance of financial sectors are exaggerated. Ever increasing federal debt acts as a tax on other nations though that wealth doesn't goto the average American. It skews wealth to a few sectors. E.g. The economic data is correct but measures a distorted system. > Their thinking [centrists] is hard-wired onto a misconception of how capital, trade and money move around the globe. Like the brewer who gets drunk on his own ale, centrists ended up believing their own propaganda: that we live in a world of competitive markets where money is neutral and prices adjust to balance the demand and the supply of everything. The unsophisticated Trump is, in fact, far more sophisticated than them in that he understands how raw economic power, not marginal productivity, decides who does what to whom — both domestically and internationally. 1: https://www.yanisvaroufakis.eu/2025/02/21/donald-trumps-economic-masterplan-unherd/ https://www.yanisvaroufakis.eu/2025/02/21/donald-trumps-econ...