Yellen made this admission during a House Financial Services Committee on July 9th.
Rep. Blaine Luetkemeyer (R-MO), when given his turn to query Yellen, he said that he believes a package of prepared sanctions needs to be ready when China inevitably looks to invade Taiwan. Yellen denied having any real knowledge or discussions about this. Luetkemeyer was of the strong opinion that China needs to be sanctioned.
The GOP member then asked Yellen what her “biggest concern” is when it comes to international financial relationships and issues.” The Treasurer conceded that U.S. sanctions to punish other countries are helping to erode the strength and parity of the U.S. dollar.
In the realm of sanctions, we have very powerful sanctions that are available because of the important role of the dollar in international transactions. The ability to cut off foreign banks or other businesses or individuals from the ability to transact through the U.S. financial system…
The more we have used sanctions, the more countries look for ways to engage in financial transactions that don’t involve the dollar.
Yellen said
However, it was not even a month ago that Yellen defended the use of sanctions and seizure of over $300 billion worth of frozen Russian foreign assets, and roughly $50 billion would then reallocated to fund Ukraine.
There is no sense at all in which it’s theft. The Russian assets remain in this institution, they’ve been impounded. The Investments that Russia have matured so Russia’s funds are sitting in cash, but they’re generating income for the institution which Russia has no claim on, so there’s no legal issue here.
Yellen said at the time when questioned about the move
The implications of this statement extend beyond just seizing Russian assets and spending the interest earned on it. Lena Petrova, CPA, referred to Yellen’s statement as “Orwellian double-speak,” and warned of the great precedent this sets for Americans and anyone else who places their money in a bank or financial institution.
Our U.S. Treasury Secretary just said that […] the interest that your savings account generates is actually not yours to keep. Instead your savings account or any other investment that you hold in the financial institution actually works to generate revenue for that institution, not you.
So then, using her logic, by default there’s no issue in taking that money from you, it never will be, because it wasn’t yours to begin with.
She explained
AUTHOR COMMENTARY
Proverbs 18:11 The rich man’s wealth is his strong city, and as an high wall in his own conceit.
Oh, so now you admit it? Now you admit that your actions are leading to the dollar’s erosion – just as you perpetuated the nonsensical lie that “inflation is transitory?”
So, will they stop sanctioning? We already know the answer; and it will further drive de-dollarization trends and the rapid rise of BRICS.
Ezekiel 22:12 In thee have they taken gifts to shed blood; thou hast taken usury and increase, and thou hast greedily gained of thy neighbours by extortion, and hast forgotten me, saith the Lord GOD. [13] Behold, therefore I have smitten mine hand at thy dishonest gain which thou hast made, and at thy blood which hath been in the midst of thee. [14] Can thine heart endure, or can thine hands be strong, in the days that I shall deal with thee? I the LORD have spoken it, and will do it.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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Yellen is where she is due to stunning incompetence. She needs to stick with being a Grandmother with limited and supervised time with her grandchildren. She’s dangerous.
Yes she is dangerous. I’d say she shouldn’t be anywhere near her grandkids or her kids.
Now if Russia was not sanctioned, this would’ve never happened.