US Treasury Secretary warns countries of $34,000,000,000,000 surplus

According to Janet Yellen, US foreign policy is pushing countries to find alternatives to the US dollar.

In new testimony before the House Financial Services Committee, Yellen said America’s increasing use of sanctions to freeze the assets of sovereign states is causing many countries to turn away from the world’s reserve currency.

“In the area of ​​sanctions, we have very effective sanctions at our disposal because the dollar plays an important role in international transactions. The ability to cut off foreign banks or other companies or individuals from the ability to conduct transactions through the U.S. financial system …

The more sanctions we have imposed, the more countries have looked for ways to conduct financial transactions that do not involve the dollar.”

The use of sanctions came dramatically into the spotlight after the United States and its allies froze assets worth around $300 billion in response to Russia’s invasion of Ukraine.

Back in February, Yellen said she believed these assets should be released and transferred to Ukraine to finance the country’s long-term reconstruction efforts.

“It is necessary and urgent that our coalition find a way to unlock the value of these immobilized assets to support Ukraine’s ongoing resistance and long-term reconstruction.

I am convinced that there are compelling legal, economic and moral arguments for moving forward. This would be a decisive response to the unprecedented threat to global stability posed by Russia.”

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Generated image: Midjourney