I’m thinking specifically of the talk when the war started of India, China, and Russia, creating their own alternative to SWIFT. I’d also be interested to learn more about what other less talked about knock on effects (affects?) there have been as a result of the conflict.
Aside from Pepe Escobar, Michael Hudson writes and talks about this topic sometimes as well. This war looks to be the primary event triggering the end of US dollar hegemony and super-imperialism, the irony being it is a desperate attempt by the US to maintain their global hegemony.
In general talk of building non-USD financial systems has a long history, specifically because the USD as the reserve currency is a key element of global US power.
Hudson is more focused on specific issues like whether global south countries will default on their dollar denominated debt when they start having shortages and economic crises of the Sri Lanka sort, or if they will further surrender their sovereignty to the IMF. If enough countries refuse to pay their debts at once that would for sure break the dollar based global economic system, and that is growing increasingly likely as first decades of neoliberal mismanagement, then the botched western response to the pandemic, and now this sanctions war is hurtling a lot of the world toward a situation of food and fuel scarcity.
yeah I remember Hudson; he’s really informative