Dollar system in crisis: Why the US bailed out Japan

The US government quietly bailed out Japan. The Treasury intervened in the foreign exchange market to try to stabilize the yen, the Japanese currency. Ben Norton explains how this reflects a larger, structural problem with the dollar system. Japan is the largest holder of US Treasury securities (US government debt), and Washington doesn't want other countries to sell its bonds, fearing that yields could rise and cause a debt crisis.

VIDEO: https://www.youtube.com/watch?v=ngGQrWxNdV4

Topics

0:00 USA bails out Japan

1:04 Japanese yen falls against USD

1:29 USA will "do whatever it takes"

2:21 Japan's holdings of US Treasuries

3:03 China de-dollarizes

3:31 US empire and Japan

4:26 Japan's role in dollar system

5:32 Carry trade

7:24 Wall Street benefits