America's political establishment respects the U.S. dollar less than its foreign adversaries.

This was made clear in Tucker Carlson's recent interview with Russian strongman President Vladimir Putin, who explained how a single party in Washington can control America's largest strategic He clearly stated whether he was destroying currency, which is an economic asset. (Related: JD FOSTER: Here's one way to get Congress to actually do something about America's ballooning budget)

Last year, the chairs and ranking members of the relevant House and Senate committees led the Bipartisan and bicameral legislation Another $300 billion was introduced to Ukraine, this time in the form of confiscated US dollars owned by the Russian Central Bank and Russian citizens.

There are now renewed calls for the measure as domestic budget struggles and the conflict in Ukraine drag on.

The United States did not do this to the Soviet Union during the Vietnam War, the Korean War, or at any point during the height of the Cold War. U.S. politicians at the time, like their opponents today, understood that the dollar's reserve currency status was one of the United States' most important global assets, both economically and strategically. .

This firmly principled commitment helped expand our influence in postwar world affairs and commerce, directing investment to the United States, and keeping dollars in foreign exchange reserves around the world to reduce inflation. Ta.

Eager to destroy the foundations of America's global presence and the dam that restrains inflation, the United Party in Washington is rallying behind the next step to eviscerate the US dollar.

We have previously warned on this site that Biden's unprecedented freeze on the US dollar owned by foreign central banks fundamentally jeopardizes the US dollar's hard-won reserve status.In fact, that's the main factor right now kick out dozens of countries from the United States, countries they now consider dangerous and unpredictable, including France and Saudi Arabia.

Of course, China wants to exploit these fears and welcome its rapidly growing countries. BRICS anti-dollar bloc.

After months spent by the Biden administration scoffing at the slightest hint of de-dollarization, Janet Yellen released a bombshell last year saying that not only is de-dollarization happening, but that Americans should expect more. I casually admitted that.In her words, it is “Just nature” The world is a big place, so every country should run away from the dollar.

In fact, countries are running away from the dollar not because the world is big, but because Biden is using the dollar as a political football to cast doubt on the dollar, and if countries don't bow down and follow Washington, their national assets will be frozen. They are running away because they are running the risk of being attacked.

Countries that disagree with Biden on issues such as abortion, homosexuality and the use of fossil fuels are also at risk of having their dollar reserves stripped.As if on cue, the Biden administration threatened sanctions For countries with anti-sodomy laws like Uganda.

This asset seizure bill would significantly increase security deposits. If the United States were going to actually transfer the entirety of a country's dollar reserves to another country, rather than just freeze them, that would be a problem for any country that questions whether they can rely on the dollar or the United States in the first place. confirms his worst fears.

As more countries lose confidence in the dollar, they start selling it. If enough countries did this, trillions of dollars would flow into the United States — effectively 70 years of deficits almost simultaneously.

This tsunami could cause inflation of a magnitude not seen in 100 years. Imagine being given steroids and amphetamines and covered in nicotine patches over the past three years of price hikes.

At the very least, there will be several years of double-digit inflation of the kind we are used to seeing in Third World countries. In the worst case scenario, we'll have a full-fledged Weimar Republic, replacing wallets with wheelbarrows for carrying currency.

Of course, such an economic disaster would remove America from the world stage, not by choice but by necessity. The Unionist Party would have given Ukraine a gift of virtue at the expense of America's very status as a world power.

Simple calls for currency manipulation undermine the sanctity of the dollar and attack people's property rights. If a single party in Congress and the Biden administration push this issue further, it will mean a long walk from a short pier to a sea of ​​misery for Americans.

EJ Antoni is a financial economist and Peter St. Onge is a Mark A. Kolokotrones Fellow in Economic Freedom at the Heritage Foundation.

The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.

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