Visa, Mastercard block Russian financial institutions after sanctions
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Re: Visa, Mastercard block Russian financial institutions after sanctions
#2The actual title of this article could be "MasterCard complies with the law".
Re: Visa, Mastercard block Russian financial institutions after sanctions
#3The actual title of this article could be "MasterCard complies with the law".
True. That part is beyond what's required by law, right?
It also promised to contribute a $2 million for humanitarian relief.Re: Visa, Mastercard block Russian financial institutions after sanctions
#4The actual title of this article could be "MasterCard complies with the law".
True. That part is beyond what's required by law, right? It also promised to contribute a $2 million for humanitarian relief.
I wonder how many of those promises will actually be fulfilled before Putin gets frustrated.
Re: Visa, Mastercard block Russian financial institutions after sanctions
#5sigh
Fifty years ago, the dollar had value because America was the one-stop-shop for everything. Cars, electronics, appliances, all of it.
Nowadays, that's China. China makes everything, or the parts to make everything, and increasingly to a higher standard than can be produced in the US. Go watch Project Farm and think on those results.
The dollar has value now because it functions as a medium of exchange. That's it. The machinery of international purchasing and banking works in dollars, but that's not a given.
Kicking Russia out of SWIFT undermines that entire system. Doesn't matter if it's expedient or warranted or if you just really fucking hate Ivan. It is now very clear to every single bank on the planet that the USG is willing to use commercial entities as a weapon against your country. Not just banks, either: technology companies, medical suppliers, all the rest.
That has very real long-term consequences, and I wouldn't be surprised if China and Russia jointly rolled out a competing standard within the next decade. The combination of "you're using this if you want to buy from us" and "can you really trust the Americans?" is not going to have good consequences for the USD.
Re: Visa, Mastercard block Russian financial institutions after sanctions
#6Re: Visa, Mastercard block Russian financial institutions after sanctions
#7sigh Fifty years ago, the dollar had value because America was the one-stop-shop for everything. Cars, electronics, appliances, all of it. Nowadays, that's China. China makes everything, or the parts to make everything, and increasingly to a higher standard than can be produced in the US. Go watch Project Farm and think on those results. The dollar has value now because it functions as a medium of exchange. That's it…
All valid points, but...using military force to seize control of another sovereign, democratic nation also undermines the entire economic system.
I don't see this as driven by the US government and as something that will be held against the USD, it is just as much motivated by the Europeans and the Euro. The point of these sanctions is to say - a country is not allowed the benefits of integration with the global economy if they are willing to use military force against it.
Re: Visa, Mastercard block Russian financial institutions after sanctions
#8Not only does Russia have its own financial interchange system but they have their own credit card network as well. Visa and MasterCard were forced to integrate with them early on in order to get a toe hold in the country. This will do more to hurt MasterCard then Moscow.
Hindsight being perfect, one of the worst blunders the US ever made was turning their backs when the Soviet Union collapsed. That was their one chance to jump in and shape things in their favor, instead they opened Pizza Huts.
Re: Visa, Mastercard block Russian financial institutions after sanctions
#9sigh Fifty years ago, the dollar had value because America was the one-stop-shop for everything. Cars, electronics, appliances, all of it. Nowadays, that's China. China makes everything, or the parts to make everything, and increasingly to a higher standard than can be produced in the US. Go watch Project Farm and think on those results. The dollar has value now because it functions as a medium of exchange. That's it…
50 years ago the dollar had value because of a massive and extremely temporary economic opportunity while the rest of the world played catch up from world wars, civil wars, and imperialism. Now we're closer to a level playing field and America doesn't get to play on easy mode.
Regardless, manufacturing isn't the primary measure for economic strength anyway.
Re: Visa, Mastercard block Russian financial institutions after sanctions
#10sigh Fifty years ago, the dollar had value because America was the one-stop-shop for everything. Cars, electronics, appliances, all of it. Nowadays, that's China. China makes everything, or the parts to make everything, and increasingly to a higher standard than can be produced in the US. Go watch Project Farm and think on those results. The dollar has value now because it functions as a medium of exchange. That's it…
All valid points, but...using military force to seize control of another sovereign, democratic nation also undermines the entire economic system. I don't see this as driven by the US government and as something that will be held against the USD, it is just as much motivated by the Europeans and the Euro. The point of these sanctions is to say - a country is not allowed the benefits of integration with the global econ…
> All valid points, but...using military force to seize control of another sovereign, democratic nation also undermines the entire economic system.
History disagrees.
> The point of these sanctions is to say - a country is not allowed the benefits of integration with the global economy if they are willing to use military force against it.
What happens when that country is no longer interested in the trade-offs required to "integrate into the global economy"?