Michael Hudson notes the immense strategic damage the U.S. has done to itself:
The recent escalation of U.S. sanctions blocking Europe, Asia and other countries from trade and investment with Russia, Iran and China has imposed enormous opportunity costs – the cost of lost opportunities – on U.S. allies. And the recent confiscation of the gold and foreign reserves of Venezuela, Afghanistan and now Russia, along the targeted grabbing of bank accounts of wealthy foreigners (hoping to win their hearts and minds, along with recovery of their sequestered accounts), has ended the idea that dollar holdings or those in its sterling and euro NATO satellites are a safe investment haven when world economic conditions become shaky.
So I am somewhat chagrined as I watch the speed at which this U.S.-centered financialized system has de-dollarized over the span of just a year or two. The basic theme of my Super Imperialism has been how, for the past fifty years, the U.S. Treasury-bill standard has channeled foreign savings to U.S. financial markets and banks, giving dollar diplomacy a free ride. I thought that de-dollarization would be led by China and Russia moving to take control of their economies to avoid the kind of financial polarization that is imposing austerity on the United States. But U.S. officials are forcing them to overcome whatever hesitancy they had to de-dollarize.
This will not just happen with China or Russia but the whole world will over the next years turn away from the dollarized U.S. system:
Nobody thought that the postwar 1945-2020 world order would give way this fast. A truly new international economic order is emerging, although it is not yet clear just what form it will take. But “prodding the Bear” with the U.S./NATO confrontation with Russia has passed critical-mass level. It no longer is just about Ukraine. That is merely the trigger, a catalyst for driving much of the world away from the US/NATO orbit.
The next showdown may come within Europe itself as nationalist politicians seek to lead a break-away from the over-reaching U.S. power-grab over its European and other Allies to keep them dependent on U.S.-based trade and investment. The price of their continuing obedience is to impose cost-inflation on their industry while relinquishing their democratic electoral politics to subordination to America’s NATO proconsuls.
These consequences cannot really be deemed “unintended.”
All the consequences of the 'west's' reaction to Russia's move were foreseeable.
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WEF said start the ball rolling. Corona Virus did some damage but we need to de-dollar this world most skosh.
De-Dollarizing
It's almost as though "Gropin Joe Brandon", was installed purely to destroy America.
Imagine that. Imagine then since say JFK up to and including Mr. Bush of the CIA, Mr. Obama of the CIA and Mr. "Post-Communist" CIA Director John Brennan as well. And Donald Trump as well, though doubtlessly a different country club not integrated. CIA clubs are beyond law, lawless unto themselves and a hired gun.