1. Banks don‘t need assets to create liabilities, so basically the Russian reserves are irrelevant for the funding of the Western financial system imho

2. To my knowledge all treasury coupon payments and redemptions clear through the fed reserve system exclusively … if the Americans want to shut the Russians out, no problem. Same is true for the Bundesbank as far as I know

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Next Chartbook should look into this spike in Bitcoin as all the people who definitely aren't Russian oligarchs liquidate their onshore Russian assets to try and get away from Putin.

The irony being that Bitcoin at heart is worth nothing and that they are selling real assets which denote ownership of something (albeit in Putin's Russia so not exactly secure property rights) for an asset which is intrinsically worth nothing.

So Bitcoin becomes the way for Oligarchs to get their money out of Russia. So the next set of sanctions is on Bitcoin?

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In your opinion, are you looking for the dollar to retreat, and how severely?

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