check out the latest news on zero hedge - chinese start paying for oil only in yuan starting June 1st.
I can guarantee that useful alternatives to SWIFT are coming quickly. SWIFT is the only way we can enforce sanctions. Its a huge billy club.
Once there are useful alternatives to SWIFT, kiss dollar reserve currency goodbye. It will take 20 years of pain to dedollarize world trade, but the pain will start immediately.
What is the effect if Washington needs to pay 6% on its debt instead of 1 1/2% ?
What is the effect of Washington can not run budget deficits ?
What is the effect of Washington can not run budget deficits ?
You're talkin' the end of the world, here.