by Chris Black
The power of the US dollar is the power of the US military.
The reverse is also true.
Both have fallen on some very hard times.
RT:
US sanctions are pushing many countries to seek alternatives to the dollar for settlements, Treasury Secretary Janet Yellen admitted during her annual appearance on Tuesday before the House Financial Services Committee to discuss the state of the international financial system.
Asked about the risk of de-dollarization, Yellen acknowledged that the use of the dollar in the global economy is diminishing.
“It’s not surprising that countries that are fearing they can be affected by our sanctions are looking for alternatives to the dollar. It’s something that we simply have to expect,” she stated.
It’s an incredible admission from Yellen on some level, but it is also incredible that this would be downplayed.
What is incredible is how quickly it is happening.
The Ukraine war is less than a year and a half old.
The hilarious thing is that the sanctions didn’t even do anything to hurt Russia.
They hurt the West. Russia’s economy is doing great.