Saturday, April 20, 2024

Well, When You Are A Thief...

 ... you are a thief. Old habits die hard. 

The House passed a foreign aid package on Saturday as well as what's called the REPO Act that will allow the Biden administration to confiscate billions of dollars’ worth of Russian assets sitting in U.S. banks and transfer them to Ukraine for reconstruction. “By delivering urgently needed aid to Ukraine, the United States has reasserted itself as the leader of the free world and as a reliable partner to its allies," said Rep. Ritchie Torres, D-N.Y.  "The US has a singular obligation to help freedom fighters fight for their freedom, and nowhere more so than in Ukraine, whose self-defense against Putin’s aggression must prevail." The REPO Act, which would authorize Biden to confiscate the frozen Russian assets in U.S. banks and transfer them to a special fund for Ukraine, is part of the foreign aid package that was stalled for months in the House. More than $6 billion of the $300 billion in frozen Russian assets are sitting in U.S. banks. Most of the $300 billion are in Germany, France and Belgium.

It was expected eventually, so, I am not surprised. Now, let's see what is coming next. One thing for sure, however, Moscow knew it will happen, so, the dedollarization will accelerate greatly now. Europe will give up those funds and that will be it for Europe. US will follow after that.

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