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Alasdair Macleod: Financial war takes a nasty turn
By Alasdair Macleod
GoldMoney, Toronto
Thursday, May 5, 2022
The chasm between Eurasia and the Western defence groupings (NATO, Five Eyes, AUKUS, et al.) is widening rapidly. While media commentary focuses on the visible side of the conflict in Ukraine, the economic and financial aspects are what really matter.
There is an increasing inevitability about it all. China has been riding the inflationist Western tiger for 40 years and now that it sees the dollar's debasement accelerating wonders how to get off.
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Russia perhaps is more advanced in its plans to do without dollars and other Western currencies, hastened by sanctions. Meanwhile, the West is increasingly vulnerable with no apparent alternative to the dollar's hegemony.
By imposing sanctions on Russia, the West has effectively lined up its geopolitical opponents into a common cause against an American dollar-dominated faction. Russia happens to be the largest exporter of energy, commodities, and raw materials. And China is the world's supplier of semi-manufactured and consumer goods. The consequences of the West's sanctions ignore this vital point.
In this article we look at the current state of the world's financial system and assess where it is headed. It summarises the condition of each of the major actors: the West, China, and Russia, and the increasing urgency for the latter two powers to distance themselves from the West's impending currency, banking, and financial asset crisis.
We can begin to see how the financial war will play out. ...
... For the remainder of the analysis:
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