U.S. analysts
told TheBlaze that the sanctions announced Monday against seven of Russia’s wealthiest oligarchs and politicians may not be enough to stop Putin. Some
Russian leaders have even joked that these are insignificant measures from a weak U.S. administration.
“There is no doubt that Russia has been thinking long and hard about how to disrupt U.S. power and the value of the dollar in the global market,” a U.S. defense official said. “We’re mindful but I don’t think we’re mindful enough. One thing is certain the greatest threat to our stability is not a conventional war but the destabilization of our economy by an enemy.”
For the past five years, Putin has promised that he would take America’s role as the leading global financial mammoth away, vowing to create alternatives to the International Monetary Fund and the World Bank. In 2011, he criticized the U.S. debt load, saying the “U.S. is living way beyond their means and shifting a part of their weight of their problems to the world economy.”
“To some extent [the U.S. is] living like parasites off the global economy and their monopoly of the dollar,” Putin said.
Last week, the
Wall Street Journal reported a significant drop in foreign central banks’ Treasury bond holdings at the Federal Reserve. Analysts said they believed the drop was a result of Russia shifting Treasury bond holdings out of the Fed and into offshore accounts so it would be able to buy or sell its portfolio if the U.S. and its European allies imposed economic sanctions over Ukraine.
Earlier this month, Kremlin economic aide Sergei Glazyev made Russia’s intentions for economic warfare very clear, saying, “an attempt to announce sanctions would end in a crash for the financial system of the United States, which would cause the end of domination of the United States in the global financial system.”
Glazyvev said Russia could stop using the dollar, creating its own payment system with “our partners in the East and South.”