Dedollarization Now Underway Because of US Policies, Says Senate Hopeful
WASHINGTON (Sputnik) - The de-dollarization of the global economy is already underway and it is happening as a direct result of US policies, independent candidate for the US Senate Diane Sare told Sputnik.
"I think that is happening. It is happening. And it doesn't have to be that way, but because of our policies, I think people really don't have a choice," said Sare, who is running for one of New York's two US Senate seats.
When asked whether this process can be reversed, Sare said a "rational" US government might be able to reverse the tide.
"Or maybe not. You know, maybe it shouldn't be," she said. "Maybe it makes more sense to have a basket of currencies."
Sare noted that eight-time independent presidential candidate London Larouche, with whom she worked for 32 years, had called for fixed exchange rates to eliminate the ability of people to speculate against each others' currencies and destroy national economies.
"I think that if the United States would have a policy that was clearly intended by our founding fathers, by Hamilton, our first treasury secretary by John Quincy Adams, even Lincoln or John F. Kennedy, this would not be happening. But at the moment it is," Sare added.
In an interview with Tucker Carlson, Russian President Vladimir Putin called the US's use of the dollar as a foreign policy tool one of the biggest strategic mistakes by the US leadership. Even American allies are now downsizing their US dollar reserves, Putin pointed out.
Russian Foreign Minister Sergey Lavrov said in February that the de-dollarization of Russia's foreign trade is underway, with about 90% of all mutual payments with China and about 50% with India being made in national currencies.
US Federal Reserve Governor Christopher Waller said that the US dollar’s dominance is likely to stay despite headlines about trade blocs, cryptocurrencies and sanctions supposedly undermining its standing as the world’s reserve currency.
US, Russia Have Productive Ways to Cooperate For Benefit of Mankind
There are potential ways for productive cooperation between Russia and the United States that could benefit mankind, independent candidate for the US Senate from New York Diane Sare told Sputnik.
"I think there are very, very productive ways in which Russia and the United States and other nations with advanced scientific capabilities could cooperate, which would have great benefits for mankind," Sare said. "If we began promoting that and relating to each other on that basis, we could put this war rhetoric and war actions behind us."
Sare pointed out, that an example of a successful cooperation between the countries was the work on the International Space Station.
In addition, Sare said that Moscow and Washington need to resume arms control talks.
"We really should be talking about getting rid of nuclear weapons altogether," she said. "You know, we do have certain threats that should be alarming to all of us, like comets, meteorites, asteroids, things that could collide with the Earth and be the end of us. And frankly, we don't have very good systems to detect all these things."
Earlier in April, NASA Administrator Bill Nelson said the space agency requested additional emergency funding from Congress to start preparing a spacecraft to deorbit the ISS and bring its remains safely to Earth after 2030 if space cooperation with Russia breaks down before then.
Current plans anticipate that NASA and the Russian state space corporation Roscosmos will work closely together to safely deorbit the ISS so that its debris does not threaten any populated areas on Earth. However, given the current tensions in US-Russia relations, NASA cannot take for granted that the ongoing cooperation with Roscosmos will continue safely into the indefinite future.
US Could Reform Global Economy With Russia, China Were It Not so Hostile
The United States could cooperate with Russia, China and other powers to transform the global economic system if it abandoned its hostility and financial warfare, independent candidate for the US Senate from New York Diane Sare told Sputnik.
"I think really, if we were not so hostile to many nations, we would be happy to collaborate with Russia, China, other major economic powers, Japan, to reorganize the transatlantic system. If we don't do that and we keep putting sanctions on people and stealing their money, we're going see what we are seeing," Sare said.
Some countries are now abandoning the US dollar and find other means of trade that are more reliable, she observed.
"That's not because people are against the United States per se, but because they have no intention of having major disruptions to their economy because of financial warfare that we're trying to impose on them," Sare said.
She also warned about a bubble of derivatives obligations held by London and Wall Street that is estimated at two quadrillion dollars.
Sare called it "sort of a driver of the war" and rejected the idea that the US "can still be the global hegemon somehow by military force, even though that's not working out so well either."
"We're gonna have to face the fact that there is not two quadrillion dollars to meet these obligations. And this is where the government can step in and sort through the banks," she stated.
At a plenary session of the St. Petersburg International Economic Forum, Russian President Vladimir Putin said that the US is breaking its own "tool of greatness" — the US dollar. The US "with its own hands" is pushing global economic players away from the dollar, he noted. The shift from the dollar will happen anyway due to the shrinking of the American economy, but the US is accelerating this process, Putin said.
Seizing Russian Assets to Backfire on Washington, Deter Business With US
The seizure of Russian assets in the West will create blowback for Washington as it will increase other nations' mistrust of the United States and deter business with the country, independent candidate for the US Senate Diane Sare told Sputnik.
"This is like our brilliant sanctions. Everything that we're doing in this way is just going to backfire, and that's what I'm saying about the delusional quality of some of our policymakers," Sare, who is vying for one of New York's two seats in the US Senate, said.
Sare likened the situation to one in which people put money in a bank that ultimately steals the funds.
"Pretty soon no one would want put their money in the bank," she explained. "So, if we are going to arbitrarily say that we can seize people's assets, then pretty soon, no one's going to trust us, and no one will want to have any business with us. I think that's sort of obvious, but somehow these people can't consider it."
Earlier in June, the G7 countries at a summit in Italy agreed on a loan structure to provide at least $50 billion to Ukraine by utilizing revenues generated from interest on Russia's frozen assets.
After the start of Russia's military operation in Ukraine in February 2022, the European Union and the G7 froze almost half of Russian foreign currency reserves, amounting to about 300 billion euros ($325 billion). Moscow has maintained that any attempts to confiscate Russian assets amount to theft and a violation of international law.
