Yellen Says Stealing Russian Assets Isn't Theft... Riiight
The G7 Decision, 'Generating Income for the Institution,' and Treasury Secretary's Orwellian Doublespeak (That Should Send Chills Down Everyone's Spine)
I've been tied up these past few days sorting out a new issue for our paid subscribers and planning our getaway to Argentina/Uruguay, so I haven't had much time for writing or research otherwise. But something just popped up that I really want to share with you because I think it's a big deal.
But first, a bit of background...
Last week, the G7, known as the global economic big boys' club with members including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, held a three-day meeting. It was during the session on June 14 that they decided to effectively seize assets of the Russian Central Bank. The idea is to use the interest generated by these assets (~$300 billion) to pay the annual interest on the $50 billion loan for Ukraine, which was also agreed upon in the meeting.
I’ve emphasized the word "loan" here so that nobody gets the wrong idea: this cash isn't just being handed over to Ukraine. It's a loan that will saddle the already penniless Ukrainians with debt for generations to come.
Alright, back to the G7 decision to take Moscow’s funds... However you feel about what’s happening across the pond in Eastern Europe, one thing is crystal clear: this is a seizure of sovereign assets. Call it theft, call it appropriation, call it what you will, but let's not pretend it's anything else.
But that’s not how Treasury Secretary Janet Yellen sees it.
The video excerpt below is from her interview with ABC News over the weekend, and it’s been going absolutely viral. It's very short, about 30 seconds long. But be advised, you may need a couple of rewatches. I certainly did because I literally could not believe what I heard. Just take a look – I know you may not believe it if I just transcribe it.
Now, if you think her monotone delivery didn't help, here's also the actual quote:
Janet Yellen: Well, there is no sense at all in which it's theft. The Russian assets remain in this institution. They've been impounded. The investments that Russia had have matured. So Russia's funds are sitting in cash, but they're generating income for the institution, which Russia has no claim on. So there's no legal issue here.
So, she's basically saying that theft isn't actually theft. Because, as she put it, "the assets generated income for the institution."
Ah, yes, a classic example of Orwellian doublespeak — describing something as the opposite of what it truly is.
But think about what this actually means.
The U.S. Treasury Secretary is suggesting that in our supposedly rule-of-law Western world, the interest earned on your savings account is not actually yours. Any investment or savings held in a bank simply generates profit for them, not for you. So, by that reasoning, taking that money from you isn’t really a problem either because it was never yours to start with.
Sounds far-fetched? Not according to Yellen.
Could this happen to regular folks like you and me? Who knows (probably, at some point). But it’s a stark reminder to think twice about where you put your hard-earned money. Because maybe, just maybe, it’s all just "generating income for the institution," which you never really had a “claim on” in the first place.
Regards,
Lau Vegys
PLEASE PARDON CAPS ALMOST BLIND
YELLEN: "...WHICH YOU NEVER REALLY HAD A CLAIM ON IN THE FIRST PLACE." IS THIS EARLY INNINGS OF THE GTEAT TAKING BY DAVID ROGERS WEBB?
SINCERELY,
LIAM
Ukraine is the most crooked country that there is, and started this by not adhering to the Minsk agreement. You do not go put tanks and arms on the border of Russia, and then expect them to do nothing. Zelensky will not stop this, and Russia has offered a peace plan time and again. This Old Bag holdout from the Obama days does not do anything but parrot the neocons who want an endless war as a distraction from the fact that the US is failing. I hope that everyone knows that Zelensky has a multi-million dollar estate in Florida, which he will come to when the end comes, if ever. Much of the Ukraine is comprised of Russian speaking people, who have never been allowed to speak their own language again or vote on what they want. When Biden went in, we destroyed our relationships with most of the world, and yet people are blaming Putin for his actions. I wish people would read history. The old communism is gone, and while Putin may be a thug, he has progressed his country in all ways. Angela Merkle of Germany admitted that Europe never intended to honor the Minsk agreement. We have been paying for this travesty for years, and supporting now every other place but our own! When Trump was elected, Putin was the first leader to call him to congratulate him. He wanted a relationship with America. We have done this to ourselves, and if we do not get rid of these people in office soon, we will all be destitute.