In the lead-up to the February 24, 2022 invasion of Ukraine, Western nations threatened Russia with severe economic sanctions, export controls, and other punitive economic measures if it proceeded with an invasion. These threats were ignored. Over a year into the invasion, Russia’s economy and war-fighting capabilities are hurting. Punitive economic measures by the West have shut Russia out of the global economy and challenged its ability to profit from oil sales, import critical technology, and finance its war effort.
#Reviewing Gold, Dollars, and Power: How U.S. International Monetary Policy Could Have Lost the Cold War
While certainly not a primer for domestic or international monetary policy, Gavin does a great job in connecting what seemingly could be disparate strategic policies –– security, military, economic, international relations, etc. –– and ensuring they are considered together. At a time when the U.S. is looking for innovative ways to exert power, any national security professional desiring a deeper understanding of how monetary policy could be both an opportunity and a vulnerability should read Gavin’s book.