Globalisation may have ended the minute the first Russian soldier crossed into Ukraine, and with it, the idea of a centralised global currency. Read more here. crypto cryptocurrency bitcoin decentralise
As Russian tanks rolled into Ukraine for the “denazification” of the country, the veneer of global condemnation was pockmarked by its lack of a genuine, unified response.
And this could have important implications not just on the rules-based postwar global order led by the US, it could also have dramatic impact on the future of international finance, not least of which has been the move by the US and its allies to freeze Russia’s foreign currency reserves.
Yet by explicitly weaponising the dollar against a country the size of Russia, the US and its allies risk provoking a backlash that could ultimately undermine the greenback and decentralise the global financial system into blocs that would increase inefficiencies, raise the threat of currency wars and leave everyone worse off.
Even after the last paved road no longer led to Rome, Roman coinage was still being used in parts of the former empire. India for instance, which relies heavily on Russian arms and is eager to maintain the independence of its foreign policy, has been flirting with the idea of providing a payments backdoor to Russia.These “currency corridors” are likely to expand as more countries attempt to find viable alternatives to the dollar and as the global financial system becomes more fragmented.Decentralise This
The US economy is also the strongest and most innovative in the world, with independent institutions and robust checks and balances, attributes which no other country can claim to come close to, let alone unequivocally rival.
In the previous Bretton Woods, the dollar was guaranteed in gold, and other currencies took reference from the dollar, to avoid the ruinous currency wars that contributed to the outbreak of the Second World War.
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