{"id":67618,"date":"2024-04-26T15:44:17","date_gmt":"2024-04-26T20:44:17","guid":{"rendered":"https:\/\/olduvai.ca\/?p=67618"},"modified":"2024-04-26T15:44:17","modified_gmt":"2024-04-26T20:44:17","slug":"congress-just-supercharged-the-dollars-downfall","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=67618","title":{"rendered":"Congress Just Supercharged the Dollar’s Downfall"},"content":{"rendered":"
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Congress Just Supercharged the Dollar’s Downfall<\/a><\/h3>\n

Confiscation, Weaponization, and De-Dollarization<\/strong><\/p>\n<\/div>\n

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\u201cThe dollar\u2019s role as the world’s primary reserve currency is a boon for the United States but a bane for the rest of the world.\u201d<\/em><\/p>\n

~ Barry Eichengreen<\/em><\/p>\n<\/div>\n

The U.S. Senate has predictably voted to give $95 billion to Ukraine, Israel, and Taiwan, just three days after the House of Representatives green-lit the assistance in a rare Saturday session.<\/p>\n

But beyond the big spending, there was a little something tucked into the Ukrainian aid bill that’ll have major implications for you as an American: the confiscation of Russian dollar assets.<\/p>\n

The passage of the Rebuilding Economic Prosperity and Opportunity (REPO) Act, as it’s called, adds a whole new dimension to the story that Matt Smith brought to your attention on\u00a0Monday<\/a>.<\/p>\n

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The Dollar Weapon<\/strong><\/p>\n<\/div>\n

Once President Biden signs it into law, he’ll gain the authority to seize more than $6 billion in Russian assets held by U.S. institutions.<\/p>\n

Now, in case you’re wondering why Russia held these billions of dollars outside of Russia, it’s because that’s what countries do when they have surplus dollars; they put them to work in the safe and trustworthy nation of America.<\/p>\n

The joke’s on you, Russia\u2026<\/p>\n

But the $6 billion is just the tip of the iceberg.<\/p>\n

You see, it’s not about the amount; it’s about how the U.S. sets a precedent for other Western countries to confiscate the nearly $300 billion in Russian state assets currently frozen under their jurisdiction.<\/p>\n

To be fair, it\u2019s not the first instance of the U.S. government’s “weaponization” of the dollar\u2026 far from it.<\/p>\n

But it has become especially pronounced in recent years, targeting adversaries such as Iran, Cuba, Venezuela, Afghanistan, North Korea, China, and, of course, Russia.<\/p>\n

But it never affects just these countries alone…<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Congress Just Supercharged the Dollar’s Downfall Confiscation, Weaponization, and De-Dollarization \u201cThe dollar\u2019s role as the world’s primary reserve currency is a boon for the United States but a bane for the rest of the world.\u201d ~ Barry Eichengreen The U.S. Senate has predictably voted to give $95 billion to Ukraine, Israel, and Taiwan, just three […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[130,34235,33810,34198,694,1109,827,834,1796,839],"class_list":["post-67618","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-china","tag-crisis-investing","tag-dollar-weaponisation","tag-lau-vegys","tag-russia","tag-sanctions","tag-united-states","tag-us","tag-us-congress","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/67618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=67618"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/67618\/revisions"}],"predecessor-version":[{"id":67619,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/67618\/revisions\/67619"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=67618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=67618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=67618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}