Yet there is a risk that the commanding position of the United States—derived from its capital markets and the dollar—could be eroded over time by the overreliance on financial sanctions, because nations will find alternatives. Two years after the United States imposed financial sanctions on Russia, Obama treasury secretary Lew himself warned, “The more we condition the use of the dollar and our financial system on adherence to U.S. foreign policy, the more risk of migration to other currencies and other financial systems in the medium term grows. Such outcomes would not be in the best
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