The Federal Reserve bank just froze bank reserves within Russia. This step has been taken before from what I read in WW2. We are dancing on the edge of something big in the USD financial system. Dare I say that the cascading consequences of asset devaluation in Russia, and counter party risk, plus assets unable to pay debts, we are lighting a fuse.
I know the US must take such steps to discourage Russia from aggression. Ukraine is paying the highest price right now, but the world may also suffer with economic consequences. I still think the market rebounds to form a mega right shoulder, but it wouldn't surprise me if the market throws in the towel from here.
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