from Armstrong Economics:
Russia responded to the threat of sanctions the United States. The sanctions against Russia would also lead to the “collapse of the U.S. financial system” and end the dominance of the U.S. in global financial markets. Russia could continue to carry out its international transactions in other currencies and refrain entirely on the dollar. While Russia’s reserves of dollars is tiny and this threat is more like an ant threatening an elephant, there is a trend growing ever since the NSA that the US has been the evil empire that terrorizes the world, disregards international law, and assumes it is the new Rome. With respect the US constant attempt to impose sanction on nations and then to abuse any bank OUTSIDE the USA who dares to refuse the USA demands, the resentment is growing in leaps and bounds. As in a memo surfacing from Standard Charter bank in the UK reveals – “You f—ing Americans. Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians.”
Putin’s economic adviser said ”We would not only find a way to reduce our economic dependence on the United States to zero, but pull for us a great advantage of it.”
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