America's political establishment has less respect for the U.S. dollar than our foreign adversaries.
Eager to demolish this foundation of our global presence and dam that holds back inflation, the Washington uniparty is rallying behind the next step to gut the U.S. dollar.
After the Biden administration spent months scoffing at the mere hint of de-dollarization, Treasury Secretary Janet Yellen dropped a bombshell last year, casually admitting that not only is de-dollarization happening, but Americans should expect more-in her words, it's "Only natural" for countries to flee the dollar since the world is big.
Countries are not fleeing the dollar because the world is big, they are fleeing because Biden made them question the U.S. dollar by using it as a political football where countries must grovel and obey Washington or risk having their national patrimony frozen.
Also run the risk of seeing their dollar reserves taken away.
If the U.S. is willing to not just freeze, but actually hand over a nation's entire dollar reserves to another country, it confirms the worst fears of any country questioning whether they can count on the dollar or the U.S. at all.
As more nations lose confidence in the dollar, they will sell their dollars.
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