Opinion | ‘Woke’ sanctions and countries abandoning the dollar will ruin the world, not just U.S. WashTimesOpEd
warned in recent congressional testimony, asserting that it’s “only natural” that countries would flee the dollar.that is chasing countries away from the U.S. dollar.
On May 29, President Biden called for the immediate repeal of Uganda’s new sodomy law, which raises the punishment for a variety of homosexual acts. Letting “woke” politics drive economic foreign policy is simply reckless. At a time when Mr. Biden’s unprecedented freezing of Russia’s central bank collars was already straining the dollar’s status as the global reserve currency, weaponizing America’s economic policy against allies — over “Pride,” of all things — could have serious consequences.
And with Washington increasingly imposing its radical LGBTQ agenda — not to mention needless deficits and inflation — the coalition is growing fast. Dozens of countries are clamoring to join. Worse, a study by the currency analyst Stephen Jen found that the dollar’s share of global reserves collapsed from 73% in 2001 to just 55% by 2021, then dropped off a cliff, falling 8 points to 47% in a single year.
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