U.S. Treasury Secretary Janet Yellen has asserted that the American government is ready to take the steps necessary to make sure its financial system remains the world’s most secure and powerful. Yellen The administration has also reaffirmed that it won’t hesitate to punish Chinese organizations that breach the laws concerning Russian sanctions.
U.S. Set to Shore Up Financial System
At the Johns Hopkins University’s School Yellen of Advanced International Studies, the Treasury Secretary said that while the U.S. financial system was still in a good state, the nation was willing to take “any necessary steps” in order to protect its financial dominance. According to a recent report, it is important that the industry remains at the top.
The comment from Yellen comes amidst a rising chorus of support for an alternate currency as a reserve asset. As has been reported by Bitcoin.com News, several nations headed by Russia and China have already abandoned the use of the U.S. dollar for cross-border payments. These countries have accused the United States of weaponizing the greenback and using its economic clout to punish perceived enemies.
As a result of these allegations and ongoing de-dollarization initiatives, economists have cautioned that the U.S. currency may one day lose its status as the world’s most powerful currency. Such a loss would limit the United States’ ability to project its financial power internationally.
However, Yellen and the U.S. government have promised to take action in order to ensure the nation’s financial system remains the strongest and safest in the world.
“The U.S. banking system remains sound and we will take any necessary steps to ensure the United States continues to have the strongest and safest financial system in the world,” Yellen said in a statement.
Despite her recent acknowledgement that the weaponization of the U.S. dollar could have adverse effects on her country, Yellen in her address also noted that the government will not be hesitant in punishing Chinese companies that breach the sanctions imposed on Russia. Her government has also promised to impose human rights sanctions.
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