Starts with the headline that the Biden Administration leading a campaign to persuade leaders of G7 nations--UK, Canada, France, Germany, Italy, and Japan to sign off on this plan that it views as vital to to giving Ukraine a shot at turning around it's prospects against Russia. I recently had Jim Rickards on, the author of Currency Wars, and he says that the US is set to steal Russian-owned treasury securities have to G7 which he says this theft will not only destroy the US Treasury market overnight, but potentially do far more damage. What are your thoughts, Tom, on this US-led campaign, and do you agree with Rickards?
3:02. I frame it a more complicated way than that but I don't disagree with Jim that yes if the US were to take the catastrophic move to seize Russia's Frozen foreign exchange assets that this would be an unprecedented event change the nature of pretty much global finance and it would change the nature of pretty much of global finance. My problem with that view is that I don't want to let Europe off the hook hear first Ursula von der Leyen and her acceptance speech, for lack of a better term, winning another term as European Commission president, effectively made it abundantly clear yes we're going to take 1.7 billion dollars from Russian foreign exchange assets this month and the next month basically they're going to use they have set up a facility I've always viewed this. And I don't view the Biden Administration is working for the best interest of the United States I never have I never will I think there are a bunch of vandals and I think they're a bunch of vandals that take their orders from Europe.
Davos have claimed that they will be using Russian assets frozen in the United States to execute the war in Ukraine. This theft will not only destroy the treasury overnight but potentially do far mor
