The Twilight of America’s Financial Empire – with Abraham Newman

When Iraqi lawmakers voted to expel U.S. forces from the country earlier this month, the Trump administration’s response was swift and forceful: it refused to withdraw and, for good measure, threatened financial retaliation, saying it would freeze Iraq’s accounts at the U.S. Federal Reserve.

The threat seems to have been effective. Although Iraqi officials still seethe over a U.S. drone strike that killed a top Iranian commander in Baghdad on January 3, Prime Minister Adel Abdul-Mahdi has said that his caretaker government lacks the authority to push for a U.S. withdrawal, and American troops have

Henry Farrell and Abraham Newman, “The Twilight of America’s Financial Empire,” Foreign Affairs (online), January 24, 2020.

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Essay

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In August, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the cryptocurrency platform Tornado Cash, a virtual currency “mixer” designed to make it harder to trace cryptocurrency transactions—and a worldwide favorite money-laundering platform. Americans are now forbidden from using it. According to the U.S. government, Tornado Cash was sanctioned because it allegedly laundered ...
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Regulating Information Flows: States, Private Actors and E-Commerce

Growing interdependence between jurisdictions means that states are increasingly using private actors as proxies in order to achieve desired regulatory outcomes. International relations theory has had difficulty in understanding the exact circumstances under which they might wish to do this. Drawing on literatures in both international relations and legal scholarship, this article proposes a framework ...
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