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Sanctions have backfired on those described by Vladimir Putin as the unfriendly nations. It is setting in train a series of events likely to undermine the whole Western financial system, as prices rise driving interest rates higher, and economic activity shrinks. These developments alone are leading to contracting bank credit, crashing stock markets, and sharply higher bond yields.

https://www.lewrockwell.com/2022/06/alasdair-macleod/russia-is-winning-the-financial-war/