Loading ...Almost 10 years ago, I sat in a secure conference room at the Pentagon and explained to a group of U.S. national security officials from the military, CIA, Treasury and other agencies that the overuse of the U.S. dollar in financial warfare would eventually drive countries away from using dollars in international transactions for fear that they could become the next target of U.S. displeasure.
I said to the military and intelligence community, “I don’t think other countries can destroy the dollar, but we can do it ourselves. We are our own worst enemy.”
news to me…. and nobody has advised him…
its worse than I assumed…
playground bullies..second grade
Rickard’s warning from the past was accurate and the sanctions on Russia haven’t worked. Where I believe he is wrong is in this new warning to Speaker Johnson. The Russian money has been frozen for close to two years and no one expects the Dems to give it back regardless if it is just frozen or actually taken and used to rebuild Ukraine. The rest of the world already knows the US can’t be trusted and they are dumping treasuries and the dollar for gold. They aren’t going to change that except if Trump comes back as President. He would probably repay the assets stolen from Russia. Even if he did the rest of the world is no longer going to trust the US and the dollar. By the time Trump got back into office we will already have seen a revaluation of the gold price and the likelihood of being back on a metallic monetary system. So the damage was and is already being done. While I don’t agree with using the Russian assets to rebuild Ukraine, if it happens it isn’t going to change anything that is already in place and ongoing from the sanctions in place.
So Johnson wants to default on $300 Billion of US government debt.
Is there no one person among the US political class with any sense?
How is it a default? They already seized the assets. Anything less than giving it back to Russia means it has already happened. If it was a default and if the marketplace took it as such the dollar would have already collapsed. Trump will eventually give it back but that isn’t going to mean anything by the time 2025 gets here.