The Federal Reserve can continue to print money indefinitely to service government debt – and to bail out people who make bad decisions – but it cannot expect other nations to continue to guarantee its value.
The attack on Russia’s financial system is a serious one and will certainly cause difficulties for Russia, but may yet backfire chiefly on those who are waging this financial war.
High-level international banking officials and organizations gathered last month for a global 'war game' exercise simulating the collapse of the global financial system. The tabletop exercise was reminiscent of 'Event 201,' the pandemic simulation exercise that took place just before COVID-19 entered the global scene.