Play by the Rules by Michael Pembroke

Author:Michael Pembroke [Michael Pembroke]
Language: eng
Format: epub
Publisher: Hardie Grant Books
Published: 2020-06-18T00:00:00+00:00

It’s been a key element of America’s post-war geopolitical dominance. Its reserve currency status has enabled the US to use the dollar to impose punishing sanctions on countries and individuals.

There is resistance to this extra-territorial overreach, which is administered by the Orwellian-named Office of Foreign Asset Control in Washington. Its eager staff are able to dedicate unparalleled resources to a brew of sanctions, designations, implementation and enforcement in every conceivable corner of the world. A few have urged restraint. United States Treasury Secretary Jack Lew warned four years ago that America’s unilateral sanctions risked creating a larger problem:

The risk that sanctions overreach will ultimately drive business activity from the US financial system could become more acute if alternatives to the United States as a center of financial activity, and to the US dollar as the world’s preeminent reserve currency, assume a larger role in the global financial system…the more we condition use of the dollar and our financial system on adherence to US foreign policy, the more the risk of migration to other currencies and other financial systems in the medium-term grows.

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