Western sanctions on Russia are leading to trade being denominated in other currencies between eg, India and Russia. Iran and China are both in on this too.

Aside from a general undermining of the US, what are the implications?

As far as I can see, some would be:

  • The US ability to interfere with other countries’ foreign currency reserves is severely limited (since those reserves don’t need to be in dollars)
  • The US ability to print endless money might come under pressure, potentially endangering its ability to spend freely on its military
  • Financialisation and de-industrialisation bite harder as US financial services might become less useful and America has lost much of its advantage in actually making stuff.
  • Lessened capacity for the US to exert hegemony over other states via fiscal and monetary domination/coercion (a la gramsci)

Is that stuff right? And what else is there?

PS, sorry if this isn’t quite the right community, I’m new here.

  • GoLDElox
    link
    -210 months ago

    eh, tankie is a valid term to me at this point, i just love leftist infighting what can i say.

    and it’s a given because we are living in a totalitarian world run by those in power, if we perhaps somehow remove these structures of power then yes, efforts to remove blood money would be needed. But you know, thatll take a good while, and id personally prefer the west having this geopolitical stranglehold on the world.