Don't get too excited. The IRR has been declining for literally my entire life. It's just an endless free-fall with no silver lining.
Opt out.
The combo of:
a) this Politico oral history with Biden admin officials marking the one year anniversary of the war in Ukraine - in which sanctions against Russia are described in terms of 'shock-and-awe' and collective punishment, with Treasury officials imagining themselves as warfighters deterring enemy behavior and blithely ignoring collateral damage
https://www.politico.com/news/magazine/2023/02/24/russia-ukraine-war-oral-history-00083757
and
b) this Bloomberg article published on the same day, quietly admitting that sanctions proponents have given up on them having any impact on Russia's behavior
has convinced me we're in the final stage of the decline of the dollar system, in a "where are we going and why are we in this handbasket?" kind of way.
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