I couldn't possibly have any less sympathy for Russian oligarchs so this is no defense of theirs in anyway but I think that the asset seizures was the beginning of the end of the U.S. dollar empire. The system has to be neutral or participants will look for another system. In a sense, the US defaulted on its obligations when it picked sides and punished the side it didn't like. That will have consequences.
I couldn't possibly have any less sympathy for Russian oligarchs so this is no defense of theirs in anyway but I think that the asset seizures was the beginning of the end of the U.S. dollar empire. The system has to be neutral or participants will look for another system. In a sense, the US defaulted on its obligations when it picked sides and punished the side it didn't like. That will have consequences.
Live by the weaponization of the dollar, die by the response it elicits.
Great interview, Chris. I love your work.