Here is where politicizing the financial system is getting us. The United States Treasury stepped in and stopped a $600 million payment by Russia to bondholders for its debt.
The Treasury blocked Russia from using USD that is has sitting in US banks.
In this video I discuss how politicizing the financial system is asinine. We are seeing American holders of this debt suffering as Russia is pushed towards default.
We see the motive is to get Russia to spend its other USD that it has. This is in an effort to pry that out of MOscow's hands. So much for Russia trying to get out of the USD>
▶️ 3Speak
Let them eat Rubles.
Politicizing financial things is an error. Both should not be mixed, since it is an error that the Russian people will suffer, but well, sometimes it is better not to say so much about the international policies of other countries.
They dicided to politicise financial system long before Russian invasion. Funny thing this FIAT money systems are tide to countries for some reason, aren't they?
It's a dumb move and won't this backfire on them? Countries will be skeptical about keeping USD if people can just block them from paying off their debts.
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Russia is a technological and an economic midget with sick and twisted delusions of imperial grandeur. It is jeopardizing security in the middle of Europe in a very serious manner. It's killing people on a mass scale right as we speak.
Russia must be crushed with all available means. Russia is currently incapable of manufacturing new tanks because of a shortage of components. The pressure must be kept on.
This is one example of why the freedom to transact is so important. I'm seriously worried that nobody even is looking at first order effects, let alone second or third order. So many nation-states trying to shoot themselves in the foot and "magic bullet" themselves in the head.