US Dollar Dominance Fuels Oligarchic Grip on Economy

The US dollar's status as the world's reserve currency is causing problems for American consumers, according to a recent opinion piece in the Los Angeles Times. The article argues that this situation will not be resolved by simply reversing America's industrial decline.

Contributing writer James Galbraith highlighted the drawbacks of the current monetary policy, including the fact that it prioritizes the interests of oligarchs over those of ordinary people.

Billionaires are using their wealth to subvert politics and create a race to the bottom in terms of wages and working conditions. The author suggests that governments must act immediately to rein in these powerful individuals and implement a New Deal for the 21st century.