Following Hurricane Helene’s catastrophic damage throughout Florida’s gulf coast, U.S. Senator Marco Rubio (R-FL) met with the Florida Farm Bureau as well as local agricultural producers, farmers, and growers to discuss the storm’s impact. Photos are courtesy of...
Following Hurricane Helene’s catastrophic damage throughout Florida’s Gulf Coast, U.S. Senator Marco Rubio (R-FL) met with local officials and volunteers from the barrier islands to discuss the storm’s impact and current recovery efforts. Photos are courtesy of...
Hurricane Helene made landfall as a Category 4 storm, causing catastrophic damage along Florida’s Gulf Coast. It’s crucial for the federal government to expedite state-requested resources and authorize key policy flexibilities in order for Floridians to make a swift...
U.S. Senator Marco Rubio’s (R-FL) office will host two in-person events to assist constituents affected by Hurricane Helene and help navigate applications for FEMA assistance. Food, water, and additional resources will be available at the events. Event...
U.S. Senator Marco Rubio’s (R-FL) office will host in-person and virtual Mobile Office Hours next week to assist constituents with federal casework issues in their respective local communities. These office hours offer constituents who do not live close to one of...
Following the impacts of Hurricanes Helene and Debby, some local governments in Florida face looming budget shortfalls that could disrupt disaster recovery efforts. If these local governments receive reimbursements for past hurricanes from the Federal Emergency...
Tyrannical China wants to topple the US dollar
U.S. Senator Marco Rubio (R-FL)
May 16, 2023
Telegraph
When the Soviet Union fell, the US became the world’s preeminent superpower…. Chief among the tools at our disposal were financial and banking sanctions…. [T]hey were both symbolically and tangibly effective because every major nation was plugged into a global financial system built on the US dollar and US banks.
However, that system is increasingly being challenged…. In 2022, Russia launched a transfer system to trade with China independent of Western banks. The yuan has since surpassed the dollar as the most traded currency inside Russia. Meanwhile, this January, Russia and Iran linked their financial systems….
This alternative financial system is currently limited by its scope…. Nevertheless, it is providing a lifeline to Vladimir Putin as he resists punitive measures in the wake of his invasion of Ukraine. It also creates a blind spot in which other actors – including nations and companies doing business with America – can hide questionable behaviour from the global community. Moreover, as China’s economy continues to grow, more nations will enter Beijing’s orbit and this emerging system….
Two policy conclusions should follow from these developments. The first is that we need to revitalise domestic manufacturing…. To survive and thrive in a multipolar era, we need to be able to make things again – from semiconductors to pharmaceuticals and everything in between.
The second takeaway is that the US needs to get better at making and keeping friends. We can no longer count on foreign countries to follow our lead by default. To balance Beijing’s growing anti-American coalition, and to keep the dollar as strong as possible, the US must build a coalition of its own….
That will be hard, but…it’s a lot harder to let the world change under your feet and live with the consequences of doing nothing about it.