Renowned economist Steve Hanke has warned that the move by NATO countries to remove Russia from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) would ruin US$ based economies; “like Zimbabwe.”
“Weaponizing the SWIFT international payments system might cut Russia off, but risks eroding the dollar-dominated global financial system,” he says.
Hanke adds that the move will in fact strengthen Russia and the Chinese economies.
“Indeed, it will give rise to alternative systems developed by China & Russia. Just another example of why sanctions are counterproductive,” he adds.
Meanwhile, Zimbabwe’s economy is dollarised despite denial by the government.
The local currency is on a free fall.
Apparently, Harare blames sanctions imposed by the West.
However, critics say corruption is harming the country’s economy than the so-called sanctions.
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