The Biden administration’s recent sanctions against Russia mark another instance of the U.S. leveraging the dollar’s global reserve status to further its foreign policy aims — but the strategy could result in economic chaos and worsening inflation for Americans, experts told the Daily Caller New Foundation.
The Treasury Department put fresh sanctions on Russia on Wednesday to stem the flow of money and goods that can fuel the country’s war against Ukraine, leading Russia to announce an immediate suspension of dollar trades on the Moscow Stock Exchange, according to Reuters. Russia’s continued pullback from the dollar is just the latest example of U.S. adversaries growing opposition to the current world reserve currency, and if the dollar is ever widely abandoned around the world, it could usher in huge levels of inflation and force the U.S. to deal with its mounting…
