From EJ Antoni and Peter St. Onge channel Vladimir Putin (Feb 2024):
America’s political establishment has less respect for the U.S. dollar than our foreign adversaries.
That was made clear when Tucker Carlson recently interviewed the Russian strongman President Vladimir Putin, who clearly articulated how the uniparty in Washington is destroying America’s greatest strategic and economic asset — her currency.
Article continues:
We warned on this site before how Biden’s unprecedented freezing of U.S. dollars owned by a foreign central bank has fundamentally jeopardized the currency’s hard-won reserve status. In fact, it’s a main factor now driving dozens of countries away from what they see as a dangerous and unpredictable United States — countries now including France and Saudi Arabia.
Of course, China is eager to exploit these fears and welcome countries into its rapidly growing BRICS anti-dollar bloc.
Here are some points with respect to Dr. Antoni and Dr. Stonge’s points. First, is there evidence that sanctions — either trade or financial — have significantly negative impact on US dollar holdings?
Source: Chinn, Frankel, Ito (JIMF, 2024).
Second, what do we know about BRICS dedollarization? Here is a picture of USD reserves held by the BRICS.
Figure 1: Share of foreign exchange holdings in USD, by central bank. Source: Ito-McCauley database,.
My advice: dedollarization might be occurring, but let’s not look to Vladimir Putin on what’s good for the dollar as a key international currency.
The Daily Caller! I bet Steven Koptis even publishes at this rag! Love the bios:
E.J. Antoni is a public finance economist, and Peter St. Onge is the Mark A. Kolokotrones fellow in economic freedom, at The Heritage Foundation.
I have read enough of Antoni to know this dude sucks at public finance. But yea – he is even worse at financial economics, labor economics, health economics etc.
I have no idea WTF a Mark A. Kolokotrones fellow even is but when did “economic freedom” become something anyone studies?
Time to answer my own question:
Mark A. Kolokotrones
Founder and President, Castle Knoll Investments LLC
https://www.heritage.org/staff/mark-kolokotrones
First of all this kid needs a haircut. Secondly, it seems all he does is spend money on right wing rag. Maybe this kid has wasted too much money to get a $25 haircut!
Vladimir Putin, noted economist and advisor to past Presidents, well one of them at any rate, said today “doing bad stuff to Russia, with which I have no connection whatsoever, is also bad for the U.S. So please stop for your own good, before somebody (besides me) starts to notice something’s going wrong.”
E. J. Antoni and Peter St. Onge, owners of much prime residential and commercial real estate in the Everglades and of several Brooklyn Bridges, led the cheers as this brilliant man – the equal of Keynes, Samuelson, and Friedman put together – talked to Tucker “T.C.” Carlson, noted social theorist, who agreed with everything he said.
What more proof do you need?