Watching and learning.

The war in Ukraine is costing Russia $20 billion per day, "The Russian rouble plummeted from 83 to $1 just before the invasion to 133 by day 17, a decline of nearly 40%," and there is a possibility of recession, even depression, in that country, wrote Narayan Ramachandran. The central bank has increased interest rate from 9.5% to 20% and the possibility of debt default looks increasingly probable. "The US has information suggesting China has expressed some openness to providing Russia with requested military and financial assistance as part of its war on Ukraine, a Western official and a diplomat told CNN." In a meeting in Rome, US officials warned top Chinese official Yang Jiechi of "significant consequences" if Beijing offers support to Russia, HT. China's reputation was already falling before the war, wrote Prof Harsh V Pant. "For all the talk of a declining West, its unprecedented economic crackdown on Russia underscores its economic heft that Washington still wields on the global economy." "Beyond economics a strategic convergence among Western powers will reshape global geopolitics, NATO and the EU have been given a new lease of life and European nations are more determined than ever to strengthen their security structures." For the US, "Rather than a direct war, the list of sanctions imposed on Russia is going to work in favor of the US. More than before, there will be an increasing urge on part of many countries in Europe, namely Ukraine, Finland, Sweden, Moldova, Kosovo etc. to become members of the EU. Without a shot being fired, the US action will ensure geopolitical victory," wrote Profs Nilanjan Banik and Guido Cozzi. Bond yields in the US have fallen as international investments have moved to US Treasuries and exports of US military hardware will increase. So, Russia should surrender to the US? "The Consumer Price Index -- a closely monitored measure of US inflation -- gained 7.9% in the year through February, the Bureau of Labor Statistics said," BI. The Producer Price Index, which measures wholesale prices, "moved up 10.0% for the twelve months ended in February", bls. "Almost all commodities have shot up. The Bloomberg Commodity Spot Index is up 27% this year," wrote Lisa Abramowicz. The breadbasket of poor developing countries are "being bombed" by skyrocketing food, fuel and fertilizer prices, said UN Secretary General Antonio Guterres. These include Egypt, Congo, Burkina Faso, Lebanon, Libya, Somalia, Sudan and Yemen. Whether such nations blame Russia or US sanctions remains to be seen. Banning Russian banks from the SWIFT system for international money transfer, Reuters, is the financial equivalent of a nuclear attack. The US is the only nation to commit nuclear genocide of Hiroshima and Nagasaki, wikipedia. Today nine countries are recognised nuclear weapon powers, wikipedia, and Iran is racing towards making them. "More importantly, a large group of nations look to sit out the new cold war between a hastily reunited West and Russia," wrote Pankaj Mishra. "The cold warriors who insist on being 'with us or against us' have never really appreciated the transactional and shifting relationships at the heart of non-alignment." Many nations will quietly want to develop an alternative to the SWIFT system so that their economies are not vulnerable to Western imperialist attacks. And many will also seek an alternative to the dollar, maybe something along the likes of Special Drawing Rights (SDR) of the IMF, but managed by Asian or African institutions and beyond control of white supremacists. This could be the beginning of the end of colonialism. Every government is watching. And learning.