Treasury Secretary Janet Yellen on Tuesday called for the US and its allies to hand $300 billion in frozen Russian central bank funds to Ukraine, a step that would significantly escalate the Western economic war against Russia.
“It is necessary and urgent for our coalition to find a way to unlock the value of these immobilized assets to support Ukraine’s continued resistance and long-term reconstruction,” Yellen said in Brazil, where Group of 20 finance ministers are meeting this week, according to The Associated Press.
The comments from Yellen mark her most supportive statement of the outright theft of Russian funds to finance the war in Ukraine. The call comes as the Biden administration is still struggling to get Congress to pass the $60 billion it’s seeking to fuel the conflict.
“I believe there is a strong international law, economic, and moral case for moving forward. This would be a decisive response to Russia’s unprecedented threat to global stability,” Yellen added.
The US needs the support of European Countries for the plan as the bulk of the Russian funds, about $200 billion, are held by European banks. The EU is still debating the idea but has approved a law to set aside profits made by the Russian central bank funds to potentially send to Ukraine.
About $67 billion of the Russian money is being held by the US Federal Reserve. US officials have previously expressed concern that spending the Russian funds could make other countries hesitant to keep funds in dollars, thus speeding up global de-dollarization.
Yellen insisted it was “extremely unlikely” that stealing the Russian funds would hurt the dollar or the currencies of US allies. “Realistically, there are not alternatives to the dollar, euro, and yen,” she said.
The White House has come out in support of the plan and says it needs “legislative authorities” from Congress to spend the funds. Legislation has been introduced in both chambers of Congress to create a fund for Ukraine using Russian money, and the bills have strong bipartisan support.
FJB the genocide king and his puppeteer POS obama !
MAGA POS is very angry today! Gonna kick something with his golden Trump sneakers!
Janet Yellen has the morals of a thief.
Well she is one of the usual suspects isn`t she , she would sell her soul to the devil for a shekel .
Is she another in the Hillary/Nuland Ladyhawk sorority? just being another bean counter re the overburdened US Treasury? or another in the all too typical Wall St. breed of Tim Geitner super-thieves?
Yes. You Incels need more women to hate. Putin-induced homoerotic behavior is gonna be strong today! (And that would be OK — if it weren’t that Putin is a homocidal f**khead.)
I’m floored, dumbfounded, by your erotic take on Janet Yellen ??
Of the Hilary pantsuit clan?
An evil gnome.
Yellen is driving the US economy off a cliff and like the senile demented evil POS Biden is not competent.
https://www.politico.com/news/2024/01/25/biden-administration-economic-growth-inflation-decrease-00137777
I’m sure the $500 Million Trump has to pay in fines (so far) will boost the economy even further. How ironic.
Just like sanctions against Russia, New York City will suffer because of this bogus ruling. No more development money for New York City.
Only retards do not understand blow-back.
Only MAGA a**wipes still use that word.
https://www.theguardian.com/us-news/2024/feb/18/trump-verdict-new-york-business-governor-kathy-hochul?ref=upstract.com
About the same value of western assets are held in Russia, so the rules based international order demagogues would get a rude awakening when they realize Russia will retaliate.
Western Assets in Russia and Globalization’s Collapse
Hahaha.
https://www.newsweek.com/putin-economy-ruble-western-sanctions-1838555
https://www.themoscowtimes.com/2023/11/21/why-the-russian-economys-luck-is-running-out-a83165
“As Putin rearms, he is forcing the Russian people to tighten their belts. Russia’s key economic weakness is its inability to control capital flight despite some capital restrictions. But the financial and energy sanctions imposed by the West are managing to limit Putin’s rearmament.”
What do you expect from the likes of Yellen just another CORRUPT BANKSTER like every US BANKSTER even more CORRUPT than Ukraine or Pakistan .
Google the memo she sent to Greenspan. In that memo she basically agreed with him that wage earners needed to be kep in a state of insecurity to keep their wages down, so corporations can earn more profits for the CEO and shareholders.
“US officials have previously expressed concern that spending the Russian funds could make other countries hesitant to keep funds in dollars, thus speeding up global de-dollarization.”
Gosh, do ya think? Empires tend to get really stupid in their later stages.
Yes, they’re getting stupid to trial and error everything…! And eventually to self defeat…!
It’s theft from people loaded with debt.
Rotting governments and dying empires go together.
The nation has no statesmen/women only psychopaths’ in charge.
Thanks to Yellen… The de-dollarization just got a boost…!
Where exactly is this “de-dollarization” happening? (I mean, outside of Russia of course.)
https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-currency-war-greenback-china-yuan-economy-2023-5?op=1
After Vietnam, Nixon took the $$$ off the gold standard, dropping the $$$ value substantially. Inflation is eating up the value of the $$$ based on the relentless increase in federal debt, mostly military spending and ever increasing interest of about $$1 trillion debt service PA. Lost wars, including proxy wars, are expensive.
Usually after lost wars inflation increases.
After WWI and Versailles and the debt obligations the Germans kept printing money to pay the debt and the inflation kept speeding up and finally crashed wiping out the wealth of the middle class making Hitler possible.
It took a century for Germans to pay off the war reparations, until 2020 or so.
Looks like the USA is doing the same thing in slow motion, small businesses have been wiped out, they deindustrialized the US economy, it became a service sector economy, finance and HIGH TECH on one end and fast food restaurants and other service chains with low wages and without benefits, even lacking affordable health insurance on the other end, and a shrinking working middle class.
And the government we have could not care less.
That’s a whole bunch of words that say nothing.
What is it you wanted to say?
So, outright theft has strong bipartisan support in Congress … why not? They are mostly a bunch of scammers and hustlers, so they recognize a good grift when they see it.
Ha ha ha … famous last words … it’s happening already, lady
My groceries and medical bills doubled, that means my grocery/medical $$$ went down 50% in value, that is devaluation of my $$$ bills.
The FTC is battling the merger of Kroger with the Albertsons grocery chain. The merger would make it a clear and present danger to workers and prices of products. Look up Kroger. The number of companies under its wings is mind boggling.
Big corporations are in control of the nation, even grocery chains are in it.
I recall the Reagan years and the big break ups and the take over of big companies with borrowed money and destroying jobs, and it was all to make them more competitive, so the big guys said. If I am not mistaken Nabisco was the biggest conglomerate they took apart. It was the end for family farms, and local industries like steel, the outsourcing of the US industry, much the same is happening in Germany now and with it the EU. The upper 1% are robbing the nations blind. The wars are funded with taxpayers money to end up in big MIC and other big SHAREHOLDER ACCOUNTS, not in paychecks for working people.
No, let’s give it back to Russia so it can continue waging war and taking more land from Ukraine.
For working class Americans the standard of living has gone down, poverty and homelessness has increased and many use CC to keep their living standard up, while the standard of living, quality of life went up for the Russian and Chinese people.
The Ukrainian people were used for cannonfodder,
they are the real losers, they had the option to be neutral and prosper but the American hegemon prevented that, it is Biden’s neocon war and the Ukrainians pay for it and so do working middle class people in Europe and America.
Criminal IDIOTS did it.
Zelensky didn’t have to listen to Boris. Then again, we probably would have assisted the Banderites in killing him. He has to walk the walk, or not walk ever again.
In essence, as you put it Zelensky had no choice if he wanted to enjoy the fruits of his treachery of the Ukraine and people.
You just wrote a big load of Kremlin BS.
Living standards are going up in Russia?
🤣
Ok, tell that BS to your Kremlin team here.
Are you guys finally getting eggs in Russia? How about your heating system?
Little Ukraine is kicking your ass and you guys are desperate.
Here’s an advice, dont waste your time telling me your trash.
It wont work with me. I know better.
Why did you bother to read and respond to my trash?
Granted your response is real trash, a train load of BS.
More than 30 nations funded the little Ukraine against poor little Russia and look at the scorched earth that is left of it. Ukraine, a big country with a rich soil and other natural resources is left in ruins.
They could have been neutral and prosperous like Austria.
“Free markets”
IN CONFIDENTIAL MEMO, TREASURY SECRETARY JANET YELLEN CELEBRATED UNEMPLOYMENT AS A “WORKER-DISCIPLINE DEVICE”
Yellen wanted this to be the best of all possible worlds, but the best world she could conceive of was terrible.
Yellen’s case, she is making the case for, as she writes, the positive “impact of heightened job insecurity.” A rise in worker insecurity in the mid-1990s meant everyone was too scared to ask for raises, which meant businesses wouldn’t need to hike prices, which meant even with the falling unemployment at the time, the Fed didn’t need to raise interest rates to slow the economy and throw people out of work.
https://theintercept.com/2023/01/24/unemployment-inflation-janet-yellen/
I am not an economist but I have noticed that decades of stagnating wages did not stop inflation, it was a depression for working people and did shrink the working middle class and increased poverty and homelessness. Yellen must be living on another planet. The SS INCREASE is not enough to cover the increase of Medicare health care increases. Basic living expenses food and utilities alone went through the roof. For the average people honest English language calls it a real depression
Basically, inflation is caused by the owners of businesses raising prices.
Inflation is an increase in the money supply (in the case of the US, due to central bank policy vis a vis fiat currency) relative to goods and services available for purchase. More money seeking less merchandise is effectively an auction environment. Prices get bid upward.
I am not an economist, in my layperson’s eyes I can tell my money lost value, I am getting less for my money. That for me is a real depression, not just on paper. English is not my primary language, but I understand when I get less for my money it is less value, deflation. My Wifi fee went up from $5.00 to $7.oo that is a 40% increase the way I see it. Biden can blow as much hot air in the balloon as he wants it is still only hot air.
She’s a cruel asshole.
That memo was sent to Greenspan. I have read it. One evil b*tch.
IKR?
The Western world is being governed by the worst criminal IDIOTS I can imagine. There has always been incompetence and criminality, but never like what we experience now, now we have 100% criminal incompetence. The whole establishment of the Western advanced nations, democracies, is intellectually and morally totally bankrupt, they are psychopaths.
In violation of the 4th and 5th Amendments to the Constitution.
The whole bureaucracy is made up of warmongers.
Lawless are they that make their wills their law. – Mr Shakespeare
Yellen has done such an outstanding job for Europe so far. I’m sure all of the leaders there will be eager to do whatever she wants. (sarcasm)