Will American Sanctions eventually come back to bite us in our Ass?
Taxpayers will bear the cost, says Citadel's Ken Griffin...
The Russian economy has taken a hit since the United States and its allies began to implement sanctions against them. However, Citadel CEO Ken Griffin claims the glorified sanctions imposed will have bigger consequences for the citizens of the United States.
"When we put on the table the possibility that your dollars will become seized, or that you can't move dollars, we're telling the rest of the world to embrace other currencies in their portfolio, and we diminish the value of the dollar as the reserve currency."
Griffin said in an interview detailing his primary concern: America is weaponizing the U.S. dollar…
For government officials and their die-hard supporters, the sanctions feel like some sort of victory. Long-term however, the impact won’t be positive at all. Eventually a shift away from the dollar-denominated assets around the world would result in drastic price shifts for the government. "American taxpayers are going to pay for this in the form of higher interest rates on our debt. It hurts our country in a profound way," Griffin said.
Griffin also went on to explain how the sanctions are limiting the ability of the United States to lead in the developing of technology throughout the world.