The Three-Layer USD as the Primary Global Financial Infrastructure
This article expands on the argument that the “USD” is the combination of the US dollar and Eurodollars, which includes the petrodollars, recognizing that the US Federal Reserve is still the primary regulator of the global currency.
The US Stablecoin Pipeline: Funding the Core, Supplying the Periphery
The significance of the GENIUS Act therefore extends well beyond cryptocurrency regulation. It creates the legal foundation for a new international payment architecture in which Treasury-backed digital dollars circulate globally through smartphones and over blockchains rather than correspondent banks. This architecture has the potential to reduce one of the most persistent constraints on development. That is the limited access to reliable dollar liquidity.
Blockchain Significance for US Treasury-Backed Dollar Stablecoins
Treasury-backed USD stablecoins use blockchain technology for creating a shared, tamper-evident, programmable record of ownership and transfer. They deliberately leave the critical function of value stability to off-chain reserves and legal enforceability. The resulting system is robust for many payment and settlement purposes precisely because it does not ask the blockchain to do everything.
Marshall McLuhan and the Age of the LLM: The Medium is the Prompt
By outsourcing the labor of synthesis, drafting, and dialectical reasoning to an external electronic oracle, we are rewriting our internal cognitive architecture. The spreadsheet turned the economy into a quantitative model; the LLM is turning culture itself into an automated, editable simulation.
Petrodollars, Shock Therapy, and the Emergence of Global Spreadsheet Logic
The 1980s debt crisis was therefore not simply the failure of development economics. It was the birth of global spreadsheet capitalism, a system whose logic continues to structure the world economy today, and whose next phase may culminate in AI-mediated planetary monetary coordination.
Stablecoins, SACT-AI, and the Future of Global Liquidity for Sustainable Development
Citation APA (7th Edition) Pennings, A.J. (2026, Apr 28) Stablecoins, SACT-AI, and the Future of Global Liquidity for Sustainable Development. apennings.com https://apennings.com/political-economy-of-media/stablecoins-sact-ai-and-the-future-of-global-liquidity-for-sustainable-development/ Introduction The impending implementation of Treasury-backed stablecoins suggests a the onset of a profound shift in the architecture of global finance. What appears, at first glance, to be a technical innovation in digital […]
When Treasuries Went Digital and Built the Global USD System
The transformation of US Treasuries from paper to electronic form enabled scaling global liquidity, coordinating financial markets, and sustaining the vast network of dollar-based transactions that define today’s world economy.
Neutralizing the Milkshake Effect in SACT-AI Bancor/ICU Monetary Coordination
SACT-AI transforms the milkshake effect from an extractive force into a managed, symmetric flow. USD shortages are neutralized because liquidity is generated within the Bancor ledger rather than being pulled from peripheral markets.
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About Me
Professor (full) at State University of New York (SUNY) Korea since 2016. Research Professor for Stony Brook University. Moved to Austin, Texas in August 2012 to join the Digital Media Management program at St. Edwards University. Spent the previous decade on the faculty at New York University teaching and researching information systems, digital economics, and global political economy
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anthony.pennings@sunykorea.ac.kr
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