Russia has refused to recognize the sovereignty and property rights of Ukraine, so it has few legs to stand on while complaining about having its lunch money stolen. But these sanctions will also permanently undermine the widespread assumption that global banking is a merely neutral and rules-based system. Adam Tooze, writing in Chartbook, argues that “To do this [reserves freeze] to a fellow central bank involves breaking the assumption of sovereign equality and the common interest in upholding the rights to property.” As Matt Levine pointed out with predictable brilliance at Bloomberg, the sanctions have driven home that the global banking system, like most monetary systems, amounts to “a way to keep track of what society thinks you deserve.”
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March 03, 2022 at 02:10AM
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Bitcoiners Were Right: Weaponized Finance Just Created a Post-Dollar Planet - CoinDesk
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