by Karl Denninger
Market-Ticker.org
No, seriously, that’s exactly what she’s now promoting (although I doubt she realizes it):
WASHINGTON (AP) — Treasury Secretary Janet Yellen on Tuesday offered her strongest public support yet for the idea of liquidating roughly $300 billion in frozen Russian Central Bank assets and using them for Ukraine’s long-term reconstruction.
“It is necessary and urgent for our coalition to find a way to unlock the value of these immobilized assets to support Ukraine’s continued resistance and long-term reconstruction,” Yellen said in remarks in Sao Paulo, Brazil, where Group of 20 finance ministers and central bank governors are meeting this week.
In other words, steal the funds.
Yellen goes on to say she believes there is a strong international law case for stealing the funds. Well perhaps there is and perhaps not; I will not pass judgment on whether one can find justification in international law for such an action.