Former US congressman Ron Paul says Washington’s increasing pressure on Moscow might force Russia and China to make a new currency to dethrone the US dollar.
In an article published on his website on Sunday, the former presidential candidate explained that President Vladimir Putin would react to the Obama administration’s anti-Russia policies.
“Continued economic pressure from the West may very well necessitate a Sino-Russian monetary arrangement that will eventually dethrone the dollar,” Paul wrote.
“The end result of this needless bullying by the United States will hasten the one thing Washington fears the most: a world monetary system in which the US has no say and the dollar is relegated to playing second fiddle,” he added.
The United States and its Western allies have imposed several rounds of sanctions against Russia over the Ukraine conflict. The West accuses Moscow of backing pro-Russian forces in eastern Ukraine, an allegation denied by the Kremlin.
Ron Paul also criticized the US government for desperately trying to cling to the notion of a unipolar world and to stay at the center to dictate foreign affairs and monetary policy while client states carry out instructions.
“But the world order is not unipolar, and the existence of Russia and China is a stark reminder of that,” he argued.
He also noted the US has benefited the world's reserve currency, the dollar, for decades, but this will not remain forever.
The ex-congress reminded President Barack Obama that Russia will not accept Washington’s dictates and will not tolerate economic sanctions.
He said the recent decisions by Belgium and France to freeze Russian state assets in their countries will provoke the anger of the Russian government.