Paper Soldiers

More about the book

From Bloomberg News reporter Saleha Mohsin comes an incisive exploration of how the U.S. Treasury has utilized the dollar to shape America's global standing and economic future. In 1995, Treasury Secretary Robert Rubin established the mantra, “A strong dollar is in America’s interest,” which led to years of prosperity and affordable foreign goods. However, this strong dollar policy also contributed to the decline of America’s manufacturing sector. Mohsin reveals how the Treasury has wielded the dollar as a weapon, impacting both domestic policy and international relations in times of crisis. For decades, America's preference for a strong currency attracted foreign investment and satisfied consumers, but it also had unintended consequences, including rising populism and a trade war with China. This culminated in attacks on the dollar's status during the Trump presidency and the use of financial sanctions against Russia post-9/11. Drawing on exclusive insights from former Treasury officials like Rubin, Mnuchin, and Yellen, Mohsin argues that the dollar's power is now threatened, challenging long-held economic assumptions. Through first-hand reporting and analysis, she uncovers the Treasury's significant yet often overlooked influence on the nation's role as a democratic superpower and the future of the dollar itself.