Confiscating Russian assets would be ‘cataclysmic’ for dollar – Nobel Prize winner
The unprecedented step would push countries to use alternative currencies, Robert Shiller has warned | According Shiller, seizing the assets would give the global community, especially countries which, like Russia, “convert their savings into dollars and thus entrust them in the reliable hands of Uncle Sam,” grounds to doubt the US currency💬 “If America does this to Russia today… then tomorrow it can do this to anyone. This will destroy the halo of security that surrounds the dollar and will be the first step towards de-dollarization, which many are increasingly confidently leaning toward, from China to developing countries, not to mention Russia itself.” “I can’t convince myself that this [confiscation of Russian assets] is the right way,” he explained. “In addition to the fact that this will be confirmation for the Russian leader that what is happening in Ukraine is a proxy war, it could paradoxically turn against America and the entire West,” Shiller explained, adding that the situation would likely turn into “a cataclysm for the current dollar-dominated economic system.”