Fox News host Tucker Carlson said Wednesday that President Joe Biden wrecked the dollar’s status as the world’s reserve currency through the sanctions imposed on Russia.
“For nearly 80 years, since the end of the Second World War, the U.S. dollar has been the currency of the world for our entire lifetime,” Carlson, a co-founder of the Daily Caller and Daily Caller News Foundation, said. “There is virtually no place on the entire globe you could go that would turn down a $20 bill. Andrew Jackson’s face beside the famous seal of U.S. treasury was probably America’s best-known export.”
Russia invaded Ukraine Feb. 24, launching a massive attack across the latter country, prompting Biden to impose sweeping sanctions on Russia that included cutting Russia off from the United States financial system. (RELATED: Tucker Carlson Blasts Biden Over ‘Reckless And Self-Destructive’ Handling Of Ukraine War)
“It was the West’s reaction to the Russian invasion that seemed ominous. Policymakers in the U.S. went insane. Joe Biden, helped by his Republican allies in the Senate, appeared to be determined not to simply topple the Russian government and regime change, but to blow up the post-war economic order that had served the U.S. so generously for so long,” Carlson said. “So, we thought at the time that the real threat to our future wasn’t just the billions were sending to President Zelenskyy, that was reckless, but probably not going to end America. The real threat was the unprecedented economic sanctions that Joe Biden was allowed to, in fact, encouraged to, impose.”
Carlson replayed a March 7, 2022 monologue in which he called Biden’s sanctions “reckless and destructive” as Russia, China, India and other countries began to pull away from the dollar based on what he called a miscalculation.
“Russian oligarchs do not get rich from credit default swaps. They get rich from selling actual things that people need in order to live. Oil, natural gas, iron, fertilizer, coal, wheat,” Carlson said. “By some measures, Russia has the largest resource economy in the world. Oh-ho-ho, okay. So they can barter if they needed to.”
“So, a year later, despite the sanctions you were told are the greatest ever devised, the Russian ruble is just as strong against the U.S. dollar as it was before the war in Ukraine,” Carlson continued. “So, we didn’t really hurt Russia with those sanctions.”
Carlson noted a Thursday Daily Caller New Foundation op-ed from by E.J. Antoni and Peter St. Onge outlining how Biden wrecked the dollar as the world’s reserve currency by “gutting” its “apolitical nature.”
“In response to Russia’s war with the Ukraine, the U.S. froze the dollar reserves of Russia’s central bank. To be clear, these were not American assets, but were dollars owned by the Russian central bank and the Russian people. The seizure was intended to cause bank runs and collapse Russia’s credit system. It didn’t work,” Antoni and St. Onge wrote. “Instead, it exposed the Biden administration’s willingness to violate the trillions of dollars foreigners rightfully own.”
Carlson noted that in addition to using the dollar as a “political weapon,” Biden had also triggered inflation with government spending.
“Printing too much of your currency causes inflation and that saps the value of the currency, no one wants to hold a currency that’s worth less consistently every year. That’s sixth-grade economics,” Carlson said. “But Joe Biden cannot be bothered with that.”
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