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Mike Norman: Sanctions will destroy the dollar

Section: Daily Dispatches

By Mike Norman, New York
Tuesday, August 8, 2017

The United States has been on a sanctions spree.

Sanctions on Russia. Sanctions on North Korea. Sanctions on Iran. Sanctions on Syria. Sanctions on Venezuela. Sanctions proposed against China. Sanctions even obliquely placed on our allies in Europe as a result of sanctions on Russia.

Sanctions, sanctions, sanctions.

Our leaders are stupid. They cannot see beyond their ill-conceived sanctions, which in most cases are illegal and violate the norms and rules of international trade.

The United States is increasingly using sanctions as a form of warfare. When we can't attack militarily, we use sanctions. In many cases the result is the same as bombing supply lines only without the bombs. It's a form of soft warfare that targets a country's economy and its ability to transact business and safeguard its financial wealth in today's dollar-based economy.

Do you know what the result of these sanctions will be? The dollar will get crushed.

Something like 80 percent of all international transactions take place in dollars. The global financial system rests on a dollar architecture. That includes funds transfer, clearing, payments, etc. There's a special unit set up in the Treasury Department that is the war room where such measures are designed and meted out -- just like any war room where military tactics and strategies are implemented to defeat an enemy.

How long do you think the rest of the world will operate under such a risk -- a risk that at any moment if you fall out of favor with the fools in Washington, your entire economy and lifeline to the world's financial system can be shut down? ...

... For the remainder of the commentary:


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