Is Trump Crashing the Dollar Empire?

Economist Mona Ali on how the United States wields the world’s most powerful currency to shore up empire and its own ruling class — and how Trump’s careless moves might blow it all up.

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Luiz Inácio Lula da Silva speaks during a campaign rally in Rio de Janeiro, Brazil, on September 23, 2026.

The Stakes Are High in Brazil’s Upcoming Election

During Jair Bolsonaro’s term as president, he faced a liberal establishment that acted as a bulwark against his worst excesses. If his son Flávio beats Lula in the presidential election, he will encounter much less resistance from state institutions.

Michael Hardt and Antonio Negri’s Empire became a campus sensation because it offered a master theory for globalization at a moment when old Marxist categories seemed exhausted. But the capitalist internationalism they saw as permanent has now crashed and burned.

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Jacobin is a leading voice of the American left, offering socialist perspectives on politics, economics, and culture.

$29.95
1 Year / 4 Issues
Digital Subscription
$39.95
1 Year / 4 Issues
Print + Digital Subscription