Vastly premature.
Maybe when China’s per capita consumption doubles. And the long march there has run into inherent roadblocks it seems.
As for the rest, they are hugely dependent on western makets and arent going to replace them with home consumption anytime soon.
The wealth difference between the west and the rest is extreme. And the difference in value of markets is even more so. And as for private flight capital, assuming your money is safer in Shanghai vs New York is beyond unrealistic.
Russia including Siberia is a major portion of the planet's land surface. It produces all manner of materials including rare gases and metals that are necessary for modern industry and that neither Europe nor the US has other access to.
https://mronline.org/2022/04/16/russias-sergey-glazyev-introduces-the-new-global-financial-system/
Leading Russian economist Sergey Glazyev says a complete overhaul of the western-dominated global monetary and financial system is under works. And the world’s rising powers are buying into it.
Posted Apr 16, 2022 by Pepe Escobar
Sergey Glazyev is a man living right in the eye of our current geopolitical and geo-economic hurricane. One of the most influential economists in the world, a member of the Russian Academy of Sciences, and a former adviser to the Kremlin from 2012 to 2019, for the past three years he has helmed Moscow’s uber strategic portfolio as Minister in Charge of Integration and Macroeconomics of the Eurasia Economic Union (EAEU).
In a bout of Russophobic hysteria, the ruling elite of the United States played its last “trump ace” in the hybrid war against Russia. Having “frozen” Russian foreign exchange reserves in custody accounts of western central banks, financial regulators of the U.S., EU, and the UK undermined the status of the dollar, euro, and pound as global reserve currencies. This step sharply accelerated the ongoing dismantling of the dollar-based economic world order.
Currently, the U.S. is fighting to maintain its dominance, but just as Britain previously, which provoked two world wars but was unable to keep its empire and its central position in the world due to the obsolescence of its colonial economic system, it is destined to fail.