The Decline of the West has Officially Left The Station
rogerboyd.substack.com
The utilization of the US$-centered global financial system as a weapon has now reached its natural conclusion, that system’s slow-motion death. The US and its Western allies have used this weapon against North Korea, Iran, Venezuela, Afghanistan and now Russia. In the latter three cases even stealing the assets of the national central banks. Russia is the “final straw that breaks the camel’s back”, given the scale of its connections with the global economy and its status as a nuclear-armed global power. If Russia can be cut-off from SWIFT and have its assets stolen, the same can happen to any other nation that does not comply with Western demands. The only solution for the non-Western Rest of the World (ROW) is to move to alternative payment systems and non-Western currencies (including gold and silver) for their reserves. This will not be a sudden process, apart from transactions related to Russia, but it will be an inexorable one that marks the end of global Western financial dominance. If Russia retaliates by requiring payments for its exports in rubles, and also perhaps yuan, the move away from the US$ payments system will accelerate.
The Decline of the West has Officially Left The Station
The Decline of the West has Officially Left…
The Decline of the West has Officially Left The Station
The utilization of the US$-centered global financial system as a weapon has now reached its natural conclusion, that system’s slow-motion death. The US and its Western allies have used this weapon against North Korea, Iran, Venezuela, Afghanistan and now Russia. In the latter three cases even stealing the assets of the national central banks. Russia is the “final straw that breaks the camel’s back”, given the scale of its connections with the global economy and its status as a nuclear-armed global power. If Russia can be cut-off from SWIFT and have its assets stolen, the same can happen to any other nation that does not comply with Western demands. The only solution for the non-Western Rest of the World (ROW) is to move to alternative payment systems and non-Western currencies (including gold and silver) for their reserves. This will not be a sudden process, apart from transactions related to Russia, but it will be an inexorable one that marks the end of global Western financial dominance. If Russia retaliates by requiring payments for its exports in rubles, and also perhaps yuan, the move away from the US$ payments system will accelerate.