Financial War and Its Discontents

In my latest monthly column for Canadian Dimension magazine, I discuss proposals being made in the West to confiscate Russian property and give it to Ukraine. I argue that coming on top of similar thefts of Venezuelan and Afghan money, the West may well be shooting itself in the foot by undermining faith in the international financial system that to date has brought it enormous benefits. Read here.

9 thoughts on “Financial War and Its Discontents”

  1. > But an order in which one set of people can change the rules whenever it suits them is hardly a “rules-based” one.

    That’s the point. The reason why the Western leaders invwnted this weasel phrasing that expunges any memtion of “laws” and replaced it with “rules” – because “rules” are not legally defined and can be changed as one sees fit.

    Were I to translate the phrase to Russian, I would do it as “миропорядок по понятиям”, if you know what I mean.

    Liked by 1 person

    1. The gentlemen always play by the rules! It’s just that when they’re starting to lose the game, they change the rules. After all, the rules that make the gentlemen lose by their very nature must be barbaric and thus ought to be changed.

      “Doublethink”, you say? Well, Orwell used to work for BBC, you know, so he knew his source material very well.

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  2. re: ” The Russians have illegally invaded Ukraine and caused tens, maybe hundreds of billions, of dollars of damage.”

    The above assertion needs justification. Some make the case that the Russians were justified in prempting West’s imminent attack on them and their resources via Ukraine.

    Ishmael Zechariah

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    1. One may argue that transferring Russian money to Ukraine is morally just …

      since…

      I have been puzzled by the wider US legal horizon in this context. But hardly grasped it. Let alone am I able to transfer whatever US legal context to the fields of international law.

      It feels Paul has a problem with that too. With all due respect, Ishmael, you may misread him. Or I do?

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    1. Ishmael, yes, easy to understand from a post 9/11 perspective.

      Less easy to grasp to what extent we are all neo-conservatives somewhat, somehow in the West. The question is how much on what precise matters. Was Trump anti-neocon? Is he justified to complain, after all I did for them they fight me. Not verbatim of course. 😉

      Do I recall correctly, you have a military background too? Why was there no other way to deal with matters?

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