Biden Administration Backs Legislation to Seize Frozen Russian Assets
Biden Administration Backs Legislation to Seize 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.
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.
If world trade bypasses US-dominated institutions, then the only leverage the Americans have is their military. And that doesn’t bode well for civilian rule.
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.
The US would be shooting itself in the foot.
Do you like being the global economic superpower with hegemonic influence over the world economy? Because this is a good fucking way to get other nations to tell you and the World Bank to fuck right off. Can't seize assets that are not part of your banking regime, and this definitely incentivizes de-dollarization.
Why only Russian Assets? There are probably a few $Trillion assets in tax-shelters within America's own borders. Charities, Churches and Foundations, and that's before you even get to shell companies and holding companies.
More then enough money to pay for literally anything, including paying down the federal deficit if you don't understand monetary policy and you feel like that is important for some reason.
Because you can't do self-harm. The state would never allow for its own hand to be cut off. Russian assets are from a whole different pool of capitalists.
Because Russia is the one killing Ukrainian civilians and should be the first to pay reparations?
I'm pretty sure executives at Lockheed, McKinsey, Honeywell, as well as the senators on the FISA court who authorize civilian targeted drone strikes also have foundations here in the US that we can and should draw reparations from as well.
Let's not forget the late Henry Kissinger as a board member for the National Endowment for Democracy or Kissinger and Associates Board, that should certainly be on the list too.
But your missing a step. You need a bill to make that illegal before you can support a bill for the government to seize it.
These are frozen Russian assests. There is an interloctary injunction on this money. That's why it is simpler to seize this money than to start seizing money from churches.
Edit: I'm sure as shit with you that we should start collecting money from churches, but this isn't that.