For all the commentary over Congress' $95 billion giveaway to Ukraine, at least one aspect was almost completely overlooked: Every fresh dollar that comes out of Washington these days was borrowed.
Printing money out of thin airFor all the commentary over Congress’ $95 billion giveaway to Ukraine, at least one aspect was almost completely overlooked: Like every fresh dollar that comes out of Washington these days, every penny of that $95 billion was borrowed.
When Congress spends money it doesn’t have, it tells the Treasury to borrow it. Because the Treasury is trying to borrow more than people are willing to lend, it turns to the Federal Reserve, which effectively prints it out of thin air. What did we buy for $95 billion? Most will be flushed down Ukraine’s meat grinder, which is sacrificing a generation of young Ukrainians. And $26 billion goes to the Middle East, where, bizarrely, we fund both sides of the conflict. A final $8 billion goes to Taiwan, a rich country that can pay its own bills and — it’s worth noting — has both a border and clean, safe cities.
The law allows the president to “confiscate” the dollar-denominated assets owned by the Russian central bank. However exciting this might be for the Ukraine flag-wavers in Congress, this puts every country in the world on notice that U.S. dollars are dangerous to own.
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