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and Europe. Europe should also decouple itself from the U.S. as much as it is possible, and not repeat the mistake of overreliance with China. not because China
by bpavuk 27d ago
and Europe. Europe should also decouple itself from the U.S. as much as it is possible, and not repeat the mistake of overreliance with China. not because China is somehow worse, but because you always should be able to say "no", no matter how good your partners are
- toomuchtodo 27d agoThey are. https://news.ycombinator.com/item?id=49225112 https://news.ycombinator.com/item?id=49225112
- RonanSoleste 27d agoEurope is decoupling itself all ready also. Using SEPA-Inst and wero.
- swiftcoder 27d agoUnfortunately decoupling payments within the EU is insufficient if the US can just threaten to sanction your bank, and in doing so force the bank to drop you as a customer. Even in the presence of an internal European payments network, those banks still need to transact with the US and other US-sphere countries...
- toomuchtodo 27d agoFor now, but not forever. Skate to where the puck is going to be. Decoupling continues, with the target being independence. Quote this comment five years from now.
- riffraff 27d agoNot forever but long enough: there's no foreseeable future where the USA becomes an economy small enough to not be worth trading in. For most banks the ability to sell financial instruments which end up interacting with the US financial institutions is fundamental.
- deleted 27d ago[deleted]
- mahkeiro 27d agoNo but then you can have local bank that will not have US interactions but can still serve you. Since the French judge of the IPC was sanctioned, it’s clear that the EU must completely decouple from the US.
- mitxela 27d ago[dead]
- Gigachad 27d agoThe more times the US uses this as a weapon, the less power it holds and the more effort other countries go through to decouple.
- mitxela 27d agoThe payment system has to be decoupled first, and then banks can have nothing to fear from US sanctions.
- swiftcoder 27d ago> The payment system has to be decoupled first, and then banks can have nothing to fear from US sanctions. I'm not sure the payment system is most banks primary concern. Being able to buy/sell US securities turns out to be a fairly fundamental part of the modern economy
- mitxela 26d agoAny EU back that's holding US securities deserves to fail. And then have its leader get jailed.
- david_draco 27d agoThe US pressured Europe last time, in 2019, into aligning with their sanctions. https://en.wikipedia.org/wiki/Instrument_in_Support_of_Trade_Exchanges https://en.wikipedia.org/wiki/Instrument_in_Support_of_Trade... The Iran situation could have gone better if trade and JCPOA nuclear oversight had continued.
- deleted 27d ago[deleted]
- iwontberude 27d ago[dead]