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China creating own digital currency will 'offset' US sanctions: Jonathan Ward

Fox Business logoFox Business 4/6/2021 FOX Business Staff

Atlas Organization founder Dr. Jonathan Ward, an expert on Chinese global strategy, discussed how the Biden administration can create competitive policies against China and argued that creating its own digital currency that is controlled by its central bank will “offset” U.S. sanctions, during an interview on FOX Business' "Mornings with Maria."

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JONATHAN WARD: There's an important need to invest in the United States and it's going to include spending on U.S. R&D. It's going to include measures to improve U.S. manufacturing a new office for the Department of Commerce to bring supply chains back to the United States from China and also a massive cash infusion industry, which is right at the center of what's going wrong in the Pacific... But the other side is it's not going to be enough to invest in the United States. I mean, this is what many people are saying, is that we have to run faster in order to compete with them. But unless we are also enacting economic containment measures on China, then we're simply improving our own capabilities while allowing our adversaries to pick our pockets. So it's going to be very important, I think, to restrict investment into China's key industries and emerging technologies, to start going after Chinese companies that have benefited from intellectual property theft, from American innovation and R&D and ultimately our companies to come back to the U.S. side and ultimately compete against Chinese corporations globally while also maintaining deterrence in the Pacific. Because at the end of the day, ... if we allow them to outproduce us, sort of outspend us and do all of that deterrence will fail in Asia. So so we're going to have to, on one hand, invest in ourselves, also get an economic containment policy on China...

Well, I think one key thing would be to export controls. I mean, this was a very important measure that we used in the Cold War to go multilateral. We need to be working with our allies and partners worldwide to make sure that the transfer of technology into China is restricted and then the other is going to have to be on investment. I mean, right now, China's growth is very hot on Wall Street, as we're all well aware. I mean, everybody wants to put money into China at this point. We have to start restricting that. I mean, we really can't be funding our adversary, and that should have to do with anything that's connected to civil-military fusion, to their strategic industries, to anything that can be converted into military power or domestic repression or surveillance at home. I mean, let's not forget, you know, both state departments, both the Trump administration and the Biden administration have called what China is doing and changing a genocide. And yet people are still invested in China with alacrity. So understanding those connections and making sure that that we're not paying money into this country... 

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It's going to give them significant insight into their own economy as one of their basic strategies now is to offset U.S. sanctions by creating a dual circulation economy, essentially boosting domestic spending at home, while at the same time tightening supply chains into China from the global economy. So it will give them the insight that they want to have in terms of watching their own economy as it grows and becomes a more consumer-oriented economy -- one of the objectives here. But then the other objective is it gives them an ability to move around U.S. sanctions. I mean, that is one of our most powerful tools, is the ability to place sanctions on adversaries. We've done it in Russia. We've done to Iran. We've done it to North Korea. We've done it in very limited ways to China. But the more that they're able to international... and create their own sort of digital currency and those offer small offsets to that... 

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