The writer is a managing director at Frontline Analysts and author of ‘The Unaccountability Machine
There is an old central banker maxim that seems widely applicable to today’s geopolitical situation. As recounted in David Kynaston’s history of the Bank of England, it runs: “Wave the big stick if you like, but never use it; it may break in your hand. Better still, try wagging your finger.”
Among the many consequences of the stand-off in the Strait of Hormuz, it seems that we may look back on this as the week in which one of America’s most powerful geopolitical tools was shown to be a weakened stick. Threatening to limit access to the global dollar system now seems less fearsome.
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