The US government's decision to apply more sanctions on Russia is a grave mistake and will only escalate an already tense situation, ultimately harming the US economy itself. While the effect of sanctions on the dollar may not be appreciated in the short term, in the long run these sanctions are just another step toward the dollar's eventual demise as the world's reserve currency.
Not only is the US sanctioning Russian banks and companies, but it also is trying to strong-arm European banks into enacting harsh sanctions against Russia as well. Given the amount of business that European banks do with Russia, European sanctions could hurt Europe at least as much as Russia. At the same time the US expects cooperation from European banks, it is also prosecuting those same banks and fining them billions of dollars for violating existing US sanctions. It is not difficult to imagine that European banks will increasingly become fed up with having to act as the US government's unpaid policemen, while having to pay billions of dollars in fines every time they engage in business that Washington doesn't like.
Add this page to your favorite Social Bookmarking websites
Disclaimer: The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of FUTURE FASTFORWARD. The contents of this article are of sole responsibility of the author(s). FUTURE FASTFORWARD will not be responsible or liable for any inaccurate or incorrect statements contained in this article.
Copyright Notice: This web site contains copyrighted materials the use of which may or may not have been specifically authorized by the copyright owner. These materials are so critical to the understanding of the present and the future problems and challenges that we are facing, that we feel that everyone should be aware of these materials.
We believe this constitutes a 'fair use' of any such copyrighted material as provided for in the relevant copyright laws of the jurisdiction from which it is taken. Other than specific downloads for which payment is specifically requested, all other materials on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. An entry to this website is deemed a request for information.