Since the end of World War II, the dollar has consolidated its position as the central axis of international politics and economics. The debate over whether this position represents an “exorbitant privilege” or fits into the so-called Triffin dilemma is vast and influential, shaping a significant part of the literature on international political economy. Regardless of the theoretical perspective, it is clear that the current US administration is using this unique condition of the dollar in an unprecedented way, intensifying its role as a geopolitical instrument. Such use carries the risk of causing disruptions in the international financial system, with concrete impacts on the real economy.

To further this analysis, Hussein Kalout, International Advisory Board Member at CEBRI, and Roberto Simon, journalist and international analyst, Master in Public Policy from the Kennedy School (Harvard), discussed how economic sanctions, investment controls, and the use of mechanisms such as SWIFT are employed as instruments of pressure, analyzing their strategic and geopolitical effects, with an emphasis on the Brazilian case.