They Do Grow Them Stupid...

 ... in economic circles in the US. 

The dollar’s standing as a reserve currency would be jeopardized if the West confiscates frozen Russian assets to aid Ukraine, Nobel Prize-winning economist and Yale University professor Robert Shiller said in an interview with Italian news outlet La Repubblica published on Sunday. According Shiller, seizing the assets would give the global community, especially countries which, like Russia, “convert their savings into dollars and thus entrust them in the reliable hands of Uncle Sam,” grounds to doubt the US currency. “If America does this to Russia today… then tomorrow it can do this to anyone. This will destroy the halo of security that surrounds the dollar and will be the first step towards de-dollarization, which many are increasingly confidently leaning toward, from China to developing countries, not to mention Russia itself,” the economist warned. “I can’t convince myself that this [confiscation of Russian assets] is the right way,” he explained. “In addition to the fact that this will be confirmation for the Russian leader that what is happening in Ukraine is a proxy war, it could paradoxically turn against America and the entire West,” Shiller explained, adding that the situation would likely turn into “a cataclysm for the current dollar-dominated economic system.”

What rock did he sleep under? Now he just woke up, good God. Well, I have news for this guy--it is already over for US Dollar and if he doesn't know this, then he should find himself some actual job like a janitor in his very own Yale or nursing home administrator. Just one example out of very many from three days ago:

Россия сможет кредитовать другие страны вне зависимости от их кредитного рейтинга по версии международных рейтинговых агентств

МОСКВА, 22 декабря. /ТАСС/. Россия изменила условия предоставления государственных кредитов зарубежным странам. Постановление, корректирующее правила выдачи таких займов, утверждено правительством РФ. Так, теперь Россия сможет кредитовать другие страны вне зависимости от их кредитного рейтинга по версии международных рейтинговых агентств. Ранее для того, чтобы получить у Москвы заем, зарубежные страны не должны были относиться к шестой и ниже группам кредитного риска по версии Организации экономического сотрудничества и развития. Также кредит не могли взять государства с рейтингом долгосрочной кредитоспособности ниже уровня "В-" по классификации Fitch, Standard & Poor's или ниже уровня "В3" по оценке Moody's.К получению займов у РФ не допускались и страны, по которым средняя за предыдущие три месяца стоимость суверенных кредитных дефолтных свопов в долларах США на срок 10 лет превышает 800 базисных пунктов (по данным информационной системы Bloomberg при наличии соответствующих котировок). Теперь эти пункты правил признаны утратившими силу.Кроме того, в дальнейшем Москва не будет руководствоваться рекомендациями международных финансовых институтов при выдаче госкредитов.

Translation: Russia will be able to lend to other countries regardless of their credit rating according to international rating agencies MOSCOW, December 22. /TASS/. Russia has changed the conditions for providing government loans to foreign countries. A resolution correcting the rules for issuing such loans was approved by the Government of the Russian Federation. Thus, now Russia will be able to lend to other countries regardless of their credit rating according to international rating agencies. Previously, in order to receive a loan from Moscow, foreign countries did not have to belong to the sixth or lower credit risk group according to the Organization for Economic Cooperation and Development. Also, countries with a long-term credit rating below the level of "B-" according to the classification of Fitch, Standard & Poor's or below the level of "B3" according to Moody's could not take out a loan. Countries for which the average for the previous three months were not allowed to receive loans from the Russian Federation the cost of sovereign credit default swaps in US dollars for a period of 10 years exceeds 800 basis points (according to the Bloomberg information system when relevant quotes are available). Now these points of the rules have been declared invalid. In addition, in the future Moscow will not be guided by the recommendations of international financial institutions when issuing government loans. 

Most Western "economists", with the exception of such titans of economics like Michael Hudson, have no clue what real economy is and why what Russia does in SMO collapses US Dollar. Right, because US Dollar is based on the mythology of American military power which allegedly can enforce the use of the said Dollar. US cannot enforce the use of the US Dollar when it comes to Russia, because Russia in her turn can enforce the use of Ruble in the US. And so, those fake "Nobel" prize in economics (there is NO Nobel Prize in economics--it is a misnomer) winners begin to deal with reality of US (and Western) financial system, based primarily on coercion and legerdemain, being dismantled. 

This is what real military power and massive industrial economy give you--independence. As "rumor" has it, China also reorienting her economy away from the US and EU and now it seems these two markets stopped being critical for China. Asia is by far more important. Meanwhile Russia raises flags today on three ships and one of those ships is Admiral Golovko frigate--the carrier of those nasty 3M22 Zircons. Well, you already heard also how Russia simply kicked Western insurance companies to the curb, she insures things herself now and thus stopped economic espionage by all those Western insurance and audit companies. It hurts, I know, but that is what real economy and military superpowerdom gives you--you can tell anyone to go and pound sand. And this is exactly what Russia does. This is Mr. Volodin--Speaker of the Duma.

The US has lost its economic dominance, Russian State Duma Speaker Vyacheslav Volodin wrote on his Telegram channel on Sunday. Attempts to regain it by unleashing “military conflicts, sanctions and trade wars, organizing terrorist attacks and destroying the European economy” have not brought Washington the desired results, according to Volodin. Russia’s top lawmaker called the dollar the only remaining instrument of US influence. However, other countries are increasingly abandoning it because Washington is using the greenback as a weapon in a “political battle.” He added that US President Joe Biden was depriving his own country of its “last advantage,” since such threats do not build confidence in either the country itself or its currency. The global trend towards using national currencies in trade instead of the dollar began to gain momentum last year, after Ukraine-related sanctions cut off Russia from the Western financial system and froze its foreign reserves.

Hey, Biden wants to run again. Can you imagine how many wonderful things he can do to this country in his second term? Boy, that will be the show to behold.