Cutting off Russia from the banking system will hurt the United States in the long run, Ken Griffin told Bloomberg.
The CEO and founder of Citadel was interviewed by David Rubenstein last week.
Russia has been subjected to a wide range of financial sanctions over the war in Ukraine. Russia has been stopped by SWIFT, the global system for interbank payments. According to Reuters, the SWIFT system is used by almost all financial institutions around the world to transfer sums of money to each other. SWIFT is fundamental to the international payment system.
Griffin said the sanctions “armed the dollar”.
“The US dollar is the world’s reserve currency. “It’s an incredible asset for our nation, especially since our nation is facing record levels of indebtedness,” Griffin said.
“When we put on the table that your dollars will be confiscated or you can’t move dollars, we tell the rest of the world to accept other currencies in their portfolio and reduce the value of the dollar as a world currency. American taxpayers will pay for this in the form of or higher interest rates on our debt. This harms our country in a profound way. ”
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