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Jim Rickards Blasts US Congress Confiscation Initiatives: 'The Drive to Create New Currencies Will Go Into Overdrive'

source-logo  news.bitcoin.com 17 October 2023 07:30, UTC

Renowned economist and best-selling author Jim Rickards has warned about the effects of a new U.S. congressional initiative that proposes confiscating Russian assets to reimburse itself for the aid given to Ukraine. Rickards believes that, if passed, this legislation will alert the international community about the need for creating new currencies.

Jim Rickards Explains Confiscating Russian Assets Will Reinforce the Need for New Currencies

Jim Rickards, renowned economist and best-selling author, has alerted about the possible effects of confiscating Russian assets.

In one of his latest posts on social media, Rickards stated that enacting a new legislative initiative introduced this week to confiscate these assets to help Ukraine in its conflict, could alert the international community about the need for new currencies to the detriment of the U.S. dollar.

The “Make Putin Pay” Act was introduced on Wednesday by Georgia Rep. Rich McCormick and would snatch $100 billion from the $330 billion in Russian assets currently frozen in the U.S. to pay for the help already delivered to Ukraine.

Another $200 billion would finance Ukraine’s aid until the conflict ends. The move would ostensibly allow the U.S. to stop bankrolling Ukraine with its assets, as it has done since day one.

Rickards opposed McCormick’s legislation due to its potential unforeseen consequences, explaining the difference between freezing and confiscating assets. He stated:

Freezing assets is one thing. Confiscating them is another. If the U.S. goes ahead with the Republican call to steal Russian assets, the drive to create new currencies will go into overdrive.

Nonetheless, according to the bill, these actions are justified, as it stresses that “for the survival of Western civilization, the United States must continue to face authoritarian regimes head-on.” Furthermore, it declares that “the United States must continue to support Ukraine in a responsible and effective manner.”

New Currencies Ahead

Rickards is not the only one who has recently predicted that the continued abuse of the U.S. dollar will change the world’s economic landscape in the future.

Jeffrey Sachs, another American economist, is predicting that dollar hegemony will end during the next decade because the U.S. “became reliant on using the financial system for the sake of achieving geopolitical goals.”

To substitute the dollar, central bank digital currencies (CBDCs), digital versions of current fiat currencies, will become the basis of payments, per Sachs’ statements.

What do you think about Jim Rickards’ opinion on the U.S. confiscating Russian assets? Tell us in the comments section below.