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.

  • @knfrmity
    link
    92 years ago

    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.

    • @cfgaussian
      link
      42 years ago

      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.

    • @whoamiOP
      link
      22 years ago

      yeah I remember Hudson; he’s really informative

  • @cfgaussian
    link
    82 years ago

    Afaik this is actively being worked on at the moment by joint Sino-Russian initiatives. It’s still going on somewhat in the background because drawing too much attention to it in the early phase would be unwise. But Russian economist Sergey Glazyev, one of the top people at the Eurasian Economic Union, has laid out in a lot of detail a concrete plan for introducing a new international reserve currency. Alternative interbank payment systems already exist and Russia and China’s (e.g. CIPS) are already partially integrated and their reach is being expanded. For instance Russia’s MIR card is already accepted in Turkey and Iran. A lot is happening through the Shanghai Cooperation Organization as well, and it is currently expanding and accepting new members just like the BRICS+ will be. There is a ton of stuff going on at the moment on this front but you won’t hear about it in the western media until it’s already too late for the West. One journalist who writes a lot about this is Pepe Escobar, i’d highly recommend following him. The knock on effects of this conflict will be huge, Feb 24 represented a global paradigm shift, the end of an era.

    • @whoamiOP
      link
      22 years ago

      thanks…I remember Escobar, I’ll have to follow his work again