Posted on 03/16/2022 9:15:18 AM PDT by marcusmaximus
Yup. Remember, if you owe the bank $10,000 and cannot pay, then you have a problem. If you owe the bank $100,000,000 and cannot pay, then the bank has a problem.
A Russian default does not really hurt Russia. It badly damages lenders and investors in the West.
You cannot “cancel” Russia.
It has large gold reserves.
It produces more grain than it needs to eat.
It produces more nitrogen fertilizer than it needs.
It produces more oil and natural gas than it needs.
It produces strategic metals in quantities allowing export.
Russia does not actually NEED U.S. currency which is headed downward to worthless value.
Russia can buy manufactured items from China using Chinese money.
Putin is asking the bank if they want to be repaid or not.
That does not sound like “hurting” to me.
The Western approach is like protesting the school bully by shooting yourself in the knee.
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