...that I am interested in writing about US Banks, including the fate of hapless SVB "invested" into the fashionable fields (hint: it provides good big words at PPP such as "leveraging", "future technologies", "climate sustainability" and other tinsel verbiage) such as IT, medicine and "climate tech"--I am not. I, together with many others, many of them are way better economists than I ever will be, wrote about this whole debacle for years. And what many of us have been talking and writing about for years is happening, and SVB is not even the start of it. But Deputy Foreign Minister of Russia Drobinin who bluntly summarized today what people with IQ above room temperature were talking about at least since 2008, in reality--even earlier.
Translate: The short-sighted actions of the United States and its partners have accelerated the process of demonopolizing the dollar as the main means of international settlements and investments, the dollar is nothing more than a "trust-based paper," said Alexei Drobinin, director of the foreign policy planning department of the Russian Foreign Ministry.
There you go. He said it. As to how to deconstruct this trust--it is the job of professionals from all kinds of fields of real statecraft which ranges from diplomacy, economy to military. Precisely the fields in which the United States is not competitive anymore. Drobinin also stated the obvious fact that "The US government will never pay off its galloping debt which exceeds now $31 Trillion." Anyone has doubts in veracity of this statement? I don't, people with the basic abilities and knowledge of a compound interest and calculator with x^y button (function) knew it all along.
So, under these circumstances, the US has nothing better than...
WASHINGTON (AP) — The U.S. has begun an aggressive new push to inflict pain on Russia’s economy and specifically its oligarchs with the intent of thwarting the Kremlin’s invasion of Ukraine. From the Treasury Department to the Justice Department, U.S. officials will focus on efforts to legally liquidate the property of Russian oligarchs, expand financial penalties on those who facilitate the evasion of sanctions, and close loopholes in the law that allow oligarchs to use shell companies to move through the U.S. financial system. Andrew Adams, who heads the KleptoCapture task force, designed to enforce the economic restrictions within the U.S. imposed on Russia and its billionaires, told The Associated Press that the group is prioritizing its efforts to identify those who help Russians evade sanctions and violate export controls. “These illicit procurement networks will continue to take up an ever-increasing amount of our bandwidth,” said Adams, who also serves as acting deputy assistant attorney general.
The idiots, evidently, cannot even grasp a simple fact that doing so they, actually, work FOR Russia and overwhelming majority of Russians applaud them for nailing down the remnants of once mighty Russian "oligarchy" thus accelerating already massive return of stolen assets under Russian state's control. Yes, they are that dumb.