Janet Yellen Warns China on Russia and Creating a Bipolar Global Financial System – Mish Talk

YouTube Video Clip

Those wishing to watch the Full Presentation can do so at the preceding link.

Video Statements of Note

• She warned those countries that were still “sitting on the fence, perhaps seeing an opportunity to gain by preserving their relationship with Russia and backfilling the void left by others” that their motivations were short-sighted.
• “The future of our international order, both for peaceful security and economic prosperity, is at stake,” she said. “And let’s be clear, the unified coalition … will not be indifferent to actions that undermine the sanctions we’ve put in place.”
• Washington and its allies have sought to pressure India, China and other “fence-sitters” to take a clear stance opposing Russia and what it has called a “special military operation.”
• In a question and answer session, Yellen said that the United States needed to work hard with China to avoid a bipolar global financial system that pits democracies against autocratic countries. China has benefited from the U.S.-led financial architecture but its reliance on state-owned enterprises and other economic practices puts U.S. national security interests at risk.