Time to put Chinese Banking in the US in check


Important Takeaways:

  • Our Response to China Must Be Overwhelming, Not ‘Proportional’
  • Biden meeting Xi at this time would be a mistake…. Anything Beijing wants cannot, by definition, be good for America.
  • How, exactly, can Biden “stabilize relations” with a militant regime that has declared America to be its enemy?
  • Worse, China’s regime thinks it is already at war with the U.S.
  • Now, therefore, is the time to use all the resources of the federal government. The Secretary of the Treasury, for instance, can designate, pursuant to Section 311 of the USA PATRIOT Act, Chinese banks to be of “primary money laundering concern.” Designated banks can no longer clear dollar transactions through New York, where every dollar transaction clears.
  • Such designations would put the large state banks out of business everywhere outside China. If large state banks were to fail, so would China’s state-dominated banking system. The failure of the banking system would undoubtedly mean the end of the Chinese economy and financial system. The end of the political system would soon follow.

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