WTFinance The End of the American Empire with Professor Richard Wolff
Feb 6, 2026
Professor Richard Wolff, economist and critic of contemporary capitalism, and founder of Democracy at Work. He discusses the decline of U.S. power and dollar dominance. He explores China’s rise and the yuan as a reserve currency. He warns about strained alliances, Europe's economic strains, the manufacturing base needed for defense, and the disruptive risks and geopolitics of AI.
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U.S. Empire In Decline
- The U.S. is a declining empire losing dollar dominance and global economic primacy to China and its allies.
- This decline reduces privileges tied to reserve-currency status and weakens American capitalism.
Yuan As Global Currency
- China is preparing to offer the yuan as a global reserve and transaction currency.
- The dollar will no longer hold virtual exclusivity in international finance.
Elites Shift Costs During Decline
- Elites protect their wealth during imperial decline by shifting the costs onto middle and poor classes.
- Expect austerity for social programs while military spending increases to maintain control.