The problem with giving away the assets, and I’m just parroting Simon Whistler here, is that they have never been used this way while in war time. This would be essentially funding one side’s war machine and could come back to bite western countries if they opt to overthrow a bad actor in the future.

For example, what if Bashar Al-Assad decides on the heavy use of chlorine gas on the majority Sunni in his country. The West opts to overthrow. The West are then the aggressors. Does Euroclear then freeze US assets and give them to Assad according to the precedent set by Russia v Ukraine?

The judiciary likes to follow precedent and consistency, it fairs less well when there is nuance and subject to interpretation. From a geopolitical standpoint, do we really want the judiciary determining who the good guys and the bad guys are?

[+] DarkNightoftheSoul@mander.xyz 3 points 1 year ago* (last edited 6 months ago) (1 children)

[deleted]

[–] wildncrazyguy@kbin.social 1 points 1 year ago* (last edited 1 year ago) (1 children)

You are walking on the street in the public square of your town. You encounter a child and someone who you perceive as a parent having a struggle. The struggle escalates and you see the parent start bludgeoning the child with their fists. Other than the absolute trauma of the experience, you fear the child is going to receive some long term injuries from this. How do you act?

[–] dugmeup@lemmy.world 4 points 1 year ago (2 children)

No sure if your statement is sarcastic:) It reads like it? But yes it would be a good precedent - invade and lose your foreign assets.

[–] knfrmity@lemmygrad.ml 9 points 1 year ago (1 children)

Another straw on the back of the collapsing western financial and monetary system. We'll be glad to see it die.

[–] explodicle@local106.com -4 points 1 year ago (1 children)

Bitcoin will fill the power vacuum

[–] knfrmity@lemmygrad.ml 4 points 1 year ago (1 children)

[–] explodicle@local106.com 2 points 1 year ago (1 children)

What do you think is going to happen?

[–] knfrmity@lemmygrad.ml 3 points 1 year ago

Countries are already moving towards bilateral currency swap agreements where possible, and some regional blocs are proposing multi-currency baskets or a non-aligned unit of account for their settling of accounts. We will see this trend accelerate as more and more countries realize that they are now free to make these agreements with the US no longer able to convincingly enforce its Bretton Woods dollar hegemony across the world.

There are also discussions occurring around a sort of Keyensian Bancor for the 21st century, something that BRICS is positioning itself to be able to facilitate, realistically maybe beginning sometime in the 2030s.

There are likely more options being discussed, yet more theorized, and maybe some new ones will be born out of the experience and knowledge gathered in the trial phases of various systems. What I do know is there will not be one single currency taking the place of the US dollar as global reserve currency. Not only is it unsustainable, it's the opposite of conducive to a peaceful and prosperous humanity.

[–] stmcld@lemmy.ml 7 points 1 year ago

Let them do it, use the frozen Russian assets. I'm sure Russia knows that they won't be seeing that money again.

Let the western financial system finally fucking collapse.

[–] andyburke@fedia.io -2 points 1 year ago (1 children)

I know nothing about Euroclear or whose governmental auspices they operate under, but I would say this:

nationalize their asses if they don't like it.

[–] Badeendje@lemmy.world -2 points 1 year ago

Belgian.. they will wine and squeel, take it to court. And then be forced to fork over the cash plus interest.