The collapse of Silicon Valley Bank was bad enough but it was already clear then that this is a structural problem.

People with lots of money benefit from high interest rates, and they’re an important weapon in class warfare. Higher interest rates push more people into accepting worse labour conditons.

USD is based on the extraordinary privilege of global hegemony. That privilege has an expiry date coming up soon.

Meanwhile other countries are starting to trade with their own currencies, which are based off the production within their own borders. They’re dedollarizing and they’re creating new international norms based on the principle of respectful cooperation and mutual benefit.

It’s very clear which model is more stable and sustainable.

The US has already demonstrated, by seizing Russian central bank assets denominated in USD, that the USD isn’t worth the paper it’s printed on and can’t be trusted further than you can throw it.

The Euro is already getting hit hard by the growing trade and balance of payments deficit with regards to the USD, showing the world the Euro isn’t a safe and trustworthy currency by unilaterally seizing the assets of a sovereign central bank would only make the problem worse and add longer term consequences.