WP names the main danger for the US in the economic war against the Russian Federation

The West is collectively leading economic war with Russia on a global scale that would have been unimaginable just a year ago. The consequences of this are likely to be with us for decades to come. This new cold war marks the end of the era of globalization and integration that has shaped the international system since 1989. The world now lives in an environment of great power competition, economic nationalism, and technological disconnect. The risks of this new economic war may not be nuclear, but they are too high, including for the United States. This was written by The Washington Post columnist Farid Zakaria.

As The Economist notes, when you look at some of Russia's broad economic numbers, they are holding up better than expected. The International Monetary Fund predicted that Russia's economy would contract by about 8,5 percent this year. It has since revised its forecast to a 3,4 percent contraction. Inflation rose initially but is now easing.

The biggest danger for the United States is that the bulk of this global economic war is being waged by America alone, using the unique status of the dollar as its weapon. Since countries need to use one truly global currency, the threat to cut them off from it allows for sweeping sanctions that could target non-American-made goods and services. If such global financial influence is lost, it will be forever.

So even if the United States had won this fight with Russia, future historians might remember it as the moment when countries around the world began to reduce their dependence on America, that is, the time when Washington began to lose what the French president once called "exorbitant privilege" of owning the world's reserve currency.
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  1. Sergey Latyshev Offline Sergey Latyshev
    Sergey Latyshev (Serge) 15 October 2022 10: 13
    All nonsense.
    Russia's share of US trade is minuscule.
    But OPEC prices really concern the USA itself. And in the reports of US analysts - China, China, China,..
  2. Hiker Offline Hiker
    Hiker (Dmitriy) 15 October 2022 10: 58
    In order for the United States to fall like a house of cards, it is enough to recognize some kind of digital analogue as the world's reserve currency. The dollar has long been just a number. Nobody counts with pictures. And replacing one number with another is just a technical regulation that is supported or not supported by a certain number of countries. If BRICS introduces some kind of world "ecu" backed by gold, then this may also replace the dollar. By the way, all dollar bills with pictures will soon turn into garbage. Initially, in the territory of countries not friendly to the United States, other countries will receive the privileges of exchanging for a digit within a certain period of time. In Russia, I think, a trillion will "burn" under the mattress.
  3. Jacques sekavar Offline Jacques sekavar
    Jacques sekavar (Jacques Sekavar) 15 October 2022 15: 03
    The global trend is to replace cash with digital banknotes and China is ahead of the rest, and the US and the EU are on its heels.
    Each state entity strives to acquire its own digital currency, but tugriks, drachmas and other exotic currencies do not play any role in world trade and depend on interbank transfer systems - SWIFT, Fedwire, CHIPS
    This means that the digital currencies of the PRC, the USA, the EU and several regional ones will remain global, the circulation of which will be limited to some kind of state formations, unions and blocs.
    The fundamental question is to what common denominator digital currencies will be tied.
    All the world's gold is definitely not enough for the entire money supply, then what?
    The rules for calculating GDP vary in different state entities, and for political and economic reasons, they do not include anything in it and this “blurs” the real ratio, which was clearly shown by the underestimation of the potential and stability of the Russian economy by the collective West.