US Senator Warns Sanctions Threaten Dollar’s Global Dominance

U.S. Treasury Secretary Janet Yellen has attributed the potential decline of the U.S. dollar to the country's frequent use of sanctions in foreign policy.

Speaking to the House Financial Services Committee, Yellen noted that these sanctions are prompting countries to distance themselves from the dollar, weakening its global standing and pressuring the U.S. economy.

Countries like Russia, China, and Hungary have labeled America an economic aggressor, and Yellen warned that unless the U.S. changes its strategy, de-dollarization will continue.

She highlighted that nations are diversifying their currency holdings to avoid U.S. sanctions, citing the growing cooperation between Iran and Russia as an example.

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Goldman Sachs predicts a bleak economic future for the U.S., forecasting that BRICS countries will occupy the top two global economic positions by 2075, with India and China surpassing the U.S.

Saudi Arabia, though not a BRICS member, is also expected to see significant economic growth. Recently, it warned the U.S. and UK against freezing Russian assets.

Alexander Stefanov