Yellen Says Funding Ukraine War is Good for Economy
I’ve always heard that war is a money racket. That’s why there are so many warmongers in Congress. It’s a massive way of making money and that’s exactly what the Biden administration just confirmed to us through Janet Yellen.
The war between Ukraine and Russia has been ongoing since 2014. The global economy has been affected by the conflict, with food and fuel prices soaring. Janet Yellen, the United States Treasury Secretary, has said that redoubling financial backing for Ukraine is the single best way to aid the global economy. In addition to this, she also believes that boosting emerging economies and tackling debt distress also have a role to play.
Janet Yellen has emphasized that ending the war between Ukraine and Russia is first and foremost a moral imperative. The conflict has led to the loss of thousands of lives, displacement of people, and destruction of infrastructure. Yellen believes that the only way to end the conflict is to provide financial support to Ukraine. She has said that it is the single best thing that can be done for the global economy. The war has affected the global economy, with food and fuel prices soaring.
Since the war began, the United States government has provided more than $75 billion in assistance to Ukraine. The assistance includes humanitarian, financial, and military support. The Kiel Institute for the World Economy, a German research institute, has provided these figures. The Biden administration and the United States Congress have directed the aid to Ukraine.
Japan’s Finance Minister, Shunichi Suzuki, has confirmed the G7’s unshakeable support for Ukraine. Speaking after a G7 meeting of ministers, Suzuki said that the G7 confirmed that Russia-owned assets under the G7’s supervision would not be transferred until Russia pays damages to Ukraine. He added that Moscow should also pay long-term reconstruction costs.
The conflict between Ukraine and Russia has affected the global economy. Ukraine and Russia are global breadbaskets that together exported almost a quarter of the world’s wheat supply. The conflict has led to economic uncertainty around wheat and associated supply chain issues, which continues to shake the global economy as the Ukraine-Russia confrontation shows no sign of ending.
Janet Yellen has warned that it is premature to talk of lifting tariffs on China. The tariffs were imposed by the United States government under President Trump. Lifting the tariffs could have a significant impact on the global economy.