Jacobin: the U.S. is undermining the dollar’s global dominance by imposing sanctions on Russia
The reaction of U.S. President Joe Biden’s administration to Russia’s special military operation in Ukraine, including unprecedented economic sanctions, may become a strategic mistake of the United States. This opinion was expressed in Jacobin magazine by columnist Branko Marcetic.
He pointed out that the International Monetary Fund is also voicing such concerns. Marcetic explained that some countries have not joined the U.S. sanctions program despite the condemnation of the Russian special operation, the columnist added. In addition, harsh U.S. measures against Russia have strengthened the desire of other countries to stop being dependent on the U.S. dollar, the observer added.
Marcetic noted that for years, undermining the dollar’s dominance has been a dream of countries that have “looked worried at U.S. global supremacy.” “It would be extremely ironic if the hardest blow to the dollar-led financial system were to strike for itself,” he said.
Earlier, publicist and TV commentator on economic issues Stephen Moore called Biden’s out-of-control policies the cause of the U.S. collapse.