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I believe the war in Ukraine has permanently damaged the USD's dominance in the medium to long term. The use of a supposedly neutral financial network (SWIFT)

I believe the war in Ukraine has permanently damaged the USD's dominance in the medium to long term. The use of a supposedly neutral financial network (SWIFT) as a sanction weapon will make other nations who aren't on good terms with the U.S. and the West (and not just the "usual suspects" but many nations in Africa and South America too) seeking alternatives. As previously mentioned, Bitcoin is a viable alternative. But there may be others. In any case I see nations ganging up to create an alternative to the SWIFT network, potentially undermining its usefulness.

immibis 4y ago
Why would countries that don't plan to commit genocide need to be bothered by SWIFT cutting off countries that commit genocide? In fact, this is a good thing for countries that don't want to be genocided as it provides an additional incentive against genocide.
- ilammy 4y ago
  Because who knows what’s on the list of excommunicatable offenses. Today it’s war of aggression, 40 years later on not enough diversity and inclusion could qualify, or the eagle knows what else. Hope for the best prepare for the worst.
- spaceman_2020 4y ago
  > "No one knows with certainty how many people have been killed and wounded in Iraq since the 2003 United States invasion. However, we know that between 184,382 and 207,156 civilians have died from direct war related violence caused by the U.S" [0] Is it only a genocide if a non-western ally does it? 0: https://watson.brown.edu/costsofwar/costs/human/civilians/iraqi https://watson.brown.edu/costsofwar/costs/human/civilians/ir...
  - immibis 4y ago
    It's genocide when the goal is to wipe out a civilian population based on non-changeable characteristics.
    - from 4y ago
      I'm sure you were outside the embassy calling for Indonesia to be added to the OFAC list when they started massacring East Timorans. Or when Turkey invaded North Cyprus.
      - immibis 4y ago
        Why do you think it's only a genocide if I'm actively protesting it?
- tut-urut-utut 4y ago
  That depends on who decided what is a genocide.
samus 4y ago
The SWIFT network has been used that way against Iran in 2012 though. These sanctions have been lifted in 2016 and this usage has probably disappeared from popular awareness because of that.

immibis 4y ago

Why would countries that don't plan to commit genocide need to be bothered by SWIFT cutting off countries that commit genocide? In fact, this is a good thing for countries that don't want to be genocided as it provides an additional incentive against genocide.

ilammy 4y ago
Because who knows what’s on the list of excommunicatable offenses. Today it’s war of aggression, 40 years later on not enough diversity and inclusion could qualify, or the eagle knows what else. Hope for the best prepare for the worst.
spaceman_2020 4y ago
> "No one knows with certainty how many people have been killed and wounded in Iraq since the 2003 United States invasion. However, we know that between 184,382 and 207,156 civilians have died from direct war related violence caused by the U.S" [0] Is it only a genocide if a non-western ally does it? 0: https://watson.brown.edu/costsofwar/costs/human/civilians/iraqi https://watson.brown.edu/costsofwar/costs/human/civilians/ir...
- immibis 4y ago
  It's genocide when the goal is to wipe out a civilian population based on non-changeable characteristics.
  - from 4y ago
    I'm sure you were outside the embassy calling for Indonesia to be added to the OFAC list when they started massacring East Timorans. Or when Turkey invaded North Cyprus.
    - immibis 4y ago
      Why do you think it's only a genocide if I'm actively protesting it?
tut-urut-utut 4y ago
That depends on who decided what is a genocide.

samus 4y ago

The SWIFT network has been used that way against Iran in 2012 though. These sanctions have been lifted in 2016 and this usage has probably disappeared from popular awareness because of that.