The United States Treasury Secretary, Janet Yellen has admitted that the “weaponization” of the U.S. dollar in the form of sanctions, could backfire. But Yellen says that won’t happen until another currency is ready to replace it.
The U.S. has overplayed its imperialist hand with regard to sanctions, the reserve currency, and the military-industrial complex. According to a report by RT, the role of the US dollar as the world reserve currency may actually diminish due to the US using its leverage on the global financial system to pursue its geopolitical goals through sanctions.
Yellen was asked during an interview on Sunday by CNN’s Fareed Zakaria about the efficiency of the anti-Russia sanctions and about Washington’s history of what he described as the “weaponization of the dollar.”
Zakaria cited recent statements by Brazil’s President Lula da Silva and other politicians about the risk of dependency on the US currency. He asked whether the present time would be remembered as the moment when “the dollar’s hegemony and its status as a reserve currency began to falter.”
Yellen acknowledged that the use of financial sanctions “could undermine the hegemony of the dollar” in the long run, but promised that Washington was using this “important tool” judiciously and with the backing of its allies. –RT
The collapse of the dollar is coming. It’s only a matter of time. The ruling class will need total failure of the current system to implement the endgame control system, which we all know is the central bank digital currency or CBDC.
“We haven’t seen any other country that has this basic infrastructure and institutional infrastructure that would enable its currency to serve the world like this,” Yellen explained. Yet. But the BRICS nations are working on it and Russia says it isn’t a coincidence.
“It’s not a coincidence that the talk about a switch to national currencies got spurred now,” Russian Foreign Minister Sergey Lavrov remarked in February during a discussion on Russia-Brazil trade. “Nobody knows who the US president could find unappealing after getting up on the wrong side of the bed.”