More countries set to dump dollar holdings following U.S. “theft” of Russian reserves after Ukraine invasion
03/31/2022 // JD Heyes // Views

The Biden regime's foreign policy team is filled with amateurs and half-wits whose heads are filled with Ivy League nonsense about how the world is supposed to work, as evidenced by the administration's response to Russia's invasion of Ukraine.

As part of the regime's economic sanctions package, the Biden administration seized hundreds of billions in Russian currency reserves, which is going to have the unintended effect of knocking the U.S. dollar off its long-held status of being the world's reserve currency. That will mean disaster for Americans and the U.S. economy in general.

"Russia has condemned the United States and its allies of attempting to orchestrate a false default, despite the fact that the nation has the funds to pay its bills. This might ultimately lead to many countries cutting dollar holdings after Russian reserves were frozen, according to the [International Monetary Fund]," Great Game India is reporting.

In response to the freezing of more than US$300 billion in Russia's currency reserves -- an action that governments around the world regard as simple theft -- President Vladimir Putin set in motion the push to move much of the world away from the U.S. dollar.

In a video posted to social media this week, Putin blasted the “theft” of Moscow’s resources and mocked the notion that first-world currency reserve holders are “reliable.”

“Let me reiterate, the whole global economy and trade have suffered a major blow, as did the trust in the U.S. dollar as the main reserve currency” of the world, the Russian leader says in a translated clip.


“The illegitimate freezing of some of the currency reserves of the Bank of Russia marks the end of the reliability of so-called first-class assets,” he added. “In fact, the U.S. and EU have defaulted on their obligations to Russia. Now everybody knows that financial reserves can simply be stolen.”

He added: “And many countries in the immediate future may begin — I am sure this is what will happen — to convert their paper and digital assets into raw reserves of raw materials” such as “land, food, gold, and other real assets.”

Natural News founder and editor Mike Adams, the Health Ranger, remarked that regardless of what you may think about Putin personally, he is far more shrewd and clever than most American and Western diplomats, especially our 'leader,' Joe Biden.

"Astute economic analysts foresee a world coming soon which will once again be dominated by hard currencies like gold and silver, as well as other precious metals, in addition to physical assets like land and food because paper fiat currencies and ‘virtual’ currencies like bitcoin are not just increasingly unreliable, they can be — as Putin said — simply stolen from the owner as if they never really belonged to someone else," a Natural News analysis published this week noted.

"The point in all this is that if Putin enforces his demand of accepting only rubles, gold or bitcoin for energy exports, the dollar instantly loses significant utility in the world. Those nations that wish to buy energy from Russia — which includes most European nations — will need to first buy rubles, then trade rubles for energy. This gives rubles instant commodities backing," he added.

Putin is not the only Russian government official pushing for the end to U.S. dollar dominance.

Pavel Zavalny, the head of the Russian parliament, decreed last week after the freezing of Russian assets that if nations want to buy Russian energy and other commodities, from now on “let them pay either in hard currency, and this is gold for us, or pay as it is convenient for us, this is the national currency.”

All of this spells looming disaster for the dollar, thanks to the sheer ignorance of the Biden regime.

Deputy chief of the International Monetary Fund, Gita Gopinath, noted in an interview with Foreign Policy magazine: “We are likely to see some countries reconsidering how much they hold of certain currencies in their reserves." That would be the dollar.

If the U.S. dollar loses its status, foreign investment in our country and, importantly, the financing of our massive $30-trillion-plus debt, will dry up and our country will go bankrupt, crashing our economy likely for a generation.

Sources include:

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