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E.J. Antoni and Peter St. Onge: Is the Biden administration trying to destroy the dollar?

Section: Daily Dispatches

By E.J. Antoni and Peter St. Onge
The Heritage Foundation, Washington
Monday, April 15, 2024

Confidence in Western financial markets has already been shaken enough by the 20% devaluation of the dollar over the last few years. But now the European Commission wants to hand Ukraine $300 billion seized from Russia. Doing so likely would sound the death knell for the dollar and eventually the euro.

Treasury Secretary Janet Yellen, who has worked for literally decades to undermine the strength of the dollar, recently urged world leaders to take this disastrous step of outright theft.

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But financial leaders worldwide, including those who adamantly support Ukraine, are sounding the alarm, citing the unprecedented fallout that would stem from further violating the sacrosanct nature of the dollar.

When Russia invaded Ukraine two years ago, the United States and  its European allies seized $300 billion in Russian Central Bank assets. Relative to the size of the Russian economy, that’s the equivalent of $4 trillion in U.S. financial holdings.

The goal was to instigate panic in Russian markets, culminating in bank runs and general unrest, perhaps even leading to the ouster of President Vladimir Putin himself. 

It didn't work.

Instead, American banks had a cliffhanging spring last year that included the collapse of Silicon Valley, Signature, and Silvergate banks, while countless regional banks held on thanks to emergency loans from the Federal Reserve.

Apparently not content with sowing chaos in domestic financial markets, the federal government's push to steal Russian financial assets would plant the seeds of pandemonium abroad. ...

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