The dollar and its dominance over the world economy: why the USA can block our credit cards and put banks in difficulty
The article discusses the impact of U.S. financial sanctions on individuals and institutions and highlights a case where an ICC judge faced severe financial restrictions due to a legal decision against Israeli officials.
The article elaborates on the global influence of the U.S. dollar, particularly in financial sanctions wielded by the United States against foreign officials or entities. It begins with the case of Nicolas Guillou, whose banking and credit card services were completely blocked, crippling his everyday financial activities after he participated in a legal decision by the International Criminal Court (ICC) to issue an arrest warrant for Israeli leaders accused of war crimes. This incident exemplifies how the U.S. can exert control over financial markets globally, effectively making individuals reliant on the dollar vulnerable to punitive measures.
It further investigates the broader implications of such actions, where U.S. sanctions not only impact targeted individuals but also send a chilling message to international businesses that engage with those sanctioned. This creates a fear of retaliatory measures from the U.S., leading to a decline in international cooperation and a hesitation to engage with judicial processes that might conflict with U.S. foreign policy. This situation raises questions about the fairness and repercussions of imposing such sanctions on judicial figures and how these actions can undermine the autonomy of international institutions.
By highlighting Guillou's struggles and the precedent it sets, the article argues for a reassessment of how financial power can influence judicial independence and international relations, particularly in a world increasingly reliant on a singular currency for global transactions. It suggests that this dynamic requires urgent dialogue among nations to preserve the integrity of global justice systems against economic coercion.