US Treasury Chief Affirms Aid to Ukraine For ‘As Long as it Takes’
The Treasury Building is viewed in Washington, May 4, 2021.
US Treasury Secretary Janet Yellen weighed in on risks of a recession, surging inflation and the developments in Ukraine, which Washington continues to pump with weapons, as she appeared in a lengthy media interview on December 11.Days after Joe Biden announced another military aid package for Ukraine, his Treasury chief, Janet Yellen, confirmed that Washington was in for the long haul when it comes to propping up the Kiev regime.Asked in an interview how long the US was prepared to continue billions of dollars-worth of support for Ukraine, Yellen quipped, “For as long as it takes.”Her words echo President Joe Biden’s recent verbal commitment of continued security, economic, and humanitarian aid for Ukraine in a telephone call with President Volodymyr Zelensky. Earlier, on December 9, Biden announced $275 million-worth of additional ammunition and equipment for the Kiev regime.The head of the agency overseeing the sweeping sanctions introduced on Russia’s banking, energy and military industries over its ongoing special operation in Ukraine struck an upbeat note, claiming that Moscow’s ability to supply its military had been “very significantly eroded by the sanctions and the export controls.”In actual fact, a plethora of recent reports have indicated that it was the American defense industry’s ability to replenish stockpiles that was severely stressed due to continued funneling of weapons to Ukraine. Conversely, Yellen reiterated in the interview that ending the conflagration in Ukraine was “the single best thing we can do for the global economy.” When asked if she could “see any evidence that that end is in sight,” America’s chief financial officer said:“Yes. We’re doing everything we can to bring this war to a conclusion. Of course, we are providing considerable help – to Ukraine, both military and economic.”From the very outset of its military operation in Ukraine, launched on February 24, Moscow has warned Washington and the so-called collective West that maintaining a steady stream of weapons’ supplies to Kiev authorities only served to prolong the conflict.
WorldNew US Sanctions to Target Transnational Network Helping Russian Military, Yellen Says14 November, 04:27 GMTJanet Yellen also weighed in on the scheme that recently came into force, cobbled together by the G7 plus Australia, to cap Russian oil exports at $60 a barrel. Coming part and parcel with an EU ban on seaborne shipments of oil to the Old Continent (and prohibition of deliveries of petroleum products in February 2023), it was tailored to slash Moscow’s earnings and cripple Russia’s economy.“… So far, so good,” Yellen summed up the effect of the price cap mechanism, which experts believe will make Europeans feel more pain at the pump soon.The price cap deal prohibits EU and UK companies from transporting or insuring ships carrying crude oil from Russia to anywhere in the world – unless the buyer pays the price below the proposed level of $60 a barrel. Starting from February, Russia’s petroleum products will also be subjected to the price cap rule. Furthermore, a mechanism has been contrived to reconsider the price cap limits every two months, to ensure that it is at least 5% below average market rates.Russia has slammed the non-market decision, with Russian President Vladimir Putin emphasizing that the country “will not suffer losses – no matter what.” Putin also warned that the step may undermine global energy markets, resulting in an oil industry collapse worldwide.As it is, backfiring sanctions on Russia have been accelerating the surge of oil and gas costs and feeding into the energy crisis.
WorldUS May Reportedly Halt Military Aid to Ukraine If Congress Fails to Agree on Budget Bill4 December, 15:07 GMTElsewhere in the US media interview Janet Yellen went on to insist that she was doing everything in her power to avoid a recession, adding that the surge in inflation would be a short-term one, in her opinion.“There are always risks of a recession. The economy remains prone to shocks. But look, we have a very healthy banking system,” Yellen stated, while admitting that economic growth was “slowing substantially”.The upbeat pronouncement struck a dissonant note with warnings coming from veteran American investor Jim Rogers. He recently told Sputnik that he believes that there will be an economic recession in the coming years.”There’s going to be a period of good, something will cause optimism to return. After the optimism, you should be extremely worried because we’re going to have economic problems again sometime in the next two or three years and they will probably be the worst in my lifetime,” Rogers said.The US investment guru pointed out that so much debt worldwide has built up since 2009, that the next time we have a problem, “it’s going to be very very bad. So, be worried.”
EconomyUS Investor Rogers Warns of ‘Worst Economic Problems in Lifetime’ in 2-3 Years00:07 GMT
