Thanks Thomas. Very good and the links you provide are interesting. Did you happen to see this from Michael Hudson? His headline view on the impact for the US differs a bit from yours, but this part is interesting...
"Russia is discovering (or is on the verge of discovering) that it does not need U.S. dollars as backing for the ruble’s exchange rate. Its central bank can create the rubles needed to pay domestic wages and finance capital formation. The U.S. confiscations thus may finally lead Russia to end neoliberal monetary philosophy, as Sergei Glaziev has long been advocating in favor of MMT."
Thanks Thomas. Very good and the links you provide are interesting. Did you happen to see this from Michael Hudson? His headline view on the impact for the US differs a bit from yours, but this part is interesting...
"Russia is discovering (or is on the verge of discovering) that it does not need U.S. dollars as backing for the ruble’s exchange rate. Its central bank can create the rubles needed to pay domestic wages and finance capital formation. The U.S. confiscations thus may finally lead Russia to end neoliberal monetary philosophy, as Sergei Glaziev has long been advocating in favor of MMT."
https://michael-hudson.com/2022/03/the-american-empire-self-destructs/