5min chapter

Foreign Policy Live cover image

Larry Summers on China, Russia, and the Global Economy

Foreign Policy Live

CHAPTER

The Right Thing to Do in the Global Financial System

West can use Russia's frozen funds, I think some $300 billion of it to rebuild Ukrainian infrastructure. We have already crossed the Rubicon of denying Russia access to the assets that it was holding in Western capitals. The question is whether those assets are going to sit sterile or if they're going to be used to meet a debt that Russia has. If there becomes a precedent that if a country wantedly invades another country its globally held assets areGoing to be deployed to repair the damage they do. That will be a very positive thing and might contribute to deterring a future aggression. This is the right thing to do. I think this is infinitely easier politically. My only surprise is that

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