Sanctions & the Dollar

Hallinan, Conn

Publisher:  CounterPunch
Date Written:  27/08/2014
Year Published:  2014  
Resource Type:  Article
Cx Number:  CX16710

The recent round of sanctions aimed at Moscow over the crisis in the Ukraine could backfire on Washington by accelerating a move away from the dollar as the world’s reserve currency. While in the short run American actions against Russia’s oil and gas industry will inflict economic pain on Moscow, in the long run the U.S. may lose some of its control over international finance.

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