Pregnant students are sometimes discriminated against by their schools, either intentionally or unintentionally and there is a concerning lack of awareness about the resources and rights available to them. Due to a lack of services and discrimination, these women may...
Currently, intelligence community civilians are subject to certain tax penalties for job-related relocation requirements, but active-duty military servicemembers are not subjected to the same penalties. These tax benefits, including the ability to deduct moving...
Vice Chairman of the Senate Select Committee on Intelligence Marco Rubio (R-FL) delivered opening remarks and questioned witnesses at a hearing on countering China’s influence in the United States. Watch Rubio’s opening remarks here as well as Part I and Part II of...
Approximately 302,000 Americans live with spinal cord injuries. To help these people achieve a better quality of life, there is a need to increase education and invest in research. U.S. Senators Marco Rubio (R-FL) and Tammy Baldwin (D-WI) successfully led a bipartisan...
Foreign investment is one of the legal means that adversaries, like China, can use to collect Americans’ data, exasperating both privacy and national security risks. To counter this, U.S. Senators Marco Rubio (R-FL) and Raphael Warnock (D-GA) reintroduced the...
U.S. Senator Marco Rubio (R-FL) joined Special Report with Bret Baier to discuss the impending government shutdown, the possibility of a Saudi-Israeli normalization deal, and the indictment of Senator Bob Menendez (D-NJ). See below for highlights and watch the full...
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.