New Russian Sanctions from Washington DC Will Destroy the American Economy

New Russian Sanctions from Washington DC Will Destroy the American Economy from Russia-Insider

An astonishingly daft bill is now sitting on Donald Trump’s desk in the Oval Office—and signing it will all but guarantee the downfall of the US dollar as the world’s reserve currency.

Last night the US Senate almost unanimously approved the Countering America’s Adversaries Through Sanctions Act. Hailed by beacons of misery such as John McCain, the legislation is meant to punish Russia for all of its alleged election meddling.

In reality, by targeting Russia’s energy sector, the bill will instead compel Washington’s European vassals to abandon mutually beneficial energy cooperation with Russia. Meanwhile, Moscow will be free to solidify long-term economic and security cooperation with Beijing.

In other words: Washington is now insisting that Russia and China team up. Could anything be more short-sighted and self-defeating?

A few points:

1. To quote Max Keiser, “The so-called Washington consensus is disintegrating”:

The post-WWII order of the US dollar hegemony run out of Washington DC, the so-called Washington consensus – is disintegrating, it is falling apart. The US doesn’t seem to want to take on reality – they want to live in the past, and they want to believe they are the policeman of the world, and they are going to impose sanctions.

Germany is not going to go along with American sanctions quite obviously. They are just pushing Germany into the arms of Russia. Then you’ve got an enormous axis of power to Germany, Russia, and China, and they are going to get out of the US dollar. So then gasoline in America suddenly goes to $10, 11, 12 a gallon. How is that going to help the American economy if the US dollar loses its position as a reserve currency? 

2. Beijing has absolutely no obligation to honor US sanctions against Russia. On the contrary, China is likely to accelerate cooperation with Russia in the area of energy. 

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