1y ago

Biden Administration Backs Legislation to Seize Frozen Russian Assets

www.bloomberg.com White House Throws Support Behind Seizing Frozen Russian Assets

President Joe Biden’s administration is backing legislation that would let it seize some of $300 billion in frozen Russian assets to help pay for reconstruction of Ukraine, a shift as the White House seeks to rally support in Congress to further fund the war against Vladimir Putin’s forces.

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This is one of those actions that is completely understandable and an unambiguously moral decision, but the blowback has the potential to upened the entire post-WW2 American centric global financial order. Maybe for the better, maybe for the worse, I don't know, but it'll probably depend alot on what your vantage point is.
- Don't matter. If you have enough guns to wipe any complaint out, payment is more of a formality.
  
  The blowback I'm referring to wouldn't be kinetic, it'd the loss of the monetary hegemony provided by American lead banking system and the USD being used as the global reserve currency.
  
  Except, they don't. They can't even keep up with the demand from both Israel and Ukraine. The MIC isn't spinning up fast enough, and local factory production is almost non-existent. Soon the bark is going to be more than the bite.

12 comments