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Excuse my ignorance but how are frozen assets relevant? Isn't the utility of the dollar and the unassailability of US held assets a different thing? If we use
by jayd16 2y ago
Excuse my ignorance but how are frozen assets relevant? Isn't the utility of the dollar and the unassailability of US held assets a different thing?
If we used gold or yuan and the US froze those assets how would it devalue those currencies?
- njarboe 2y agoNot sure how the US would freeze gold in a Moscow bank. It can freeze dollars because it controls SWIFT and how dollars move. The dollars it froze were not a huge pile of physical bills in Russia but electronic chits.
- jayd16 2y agoWell, exactly. Is the US's influence over swift tied to the dollar or to the fact it's a superpower and has forged these relationships? If we used other currencies wouldn't that be the same situation or are you saying that the dollar's stability is tied directly to swift? Said another way, if there is a backlash to these frozen accounts, shouldn't it be against swift and for swift alternatives instead of against the dollar?