Old saw, you owe the bank $1000 and you don't repay. You are in trouble. You owe the bank $10M and don't repay. The bank's in trouble.
Maybe the western financial world should have thought about all of that before getting ourselves into this position.
I am much more worried about derivative instruments, where one failure can cascade into many in a chaotic fashion.
It may well be financial instruments where both parties have nothing to do with Russia that causes chaos in the international financial system.
The current clowns in the WH are just wildly throwing checkers around the room while Putin is playing chess.
You assume both that they would have realized the possibility of far reaching, unintended consequences, and that they would have let concerns about those consequences keep them jumping on the latest bandwagon.
I am somewhat skeptical about the first, and very skeptical about the latter. The only consequences most "leaders" seem able to discern are the career and social consequences of not jumping on the bandwagon. They are oblivious to the possibility that there may be something more at stake.
