Pozsar assigns far too much weight to Russia. It’s an economically small country. He should be focused a lot more on large American companies that carry actual heft.

According to the article, Russia is just a precursor: "What had been viewed as having negligible credit risk suddenly carried confiscation risk. For any country potentially facing future sanctions, the calculus of holding large dollar reserve positions shifted." -- So the question is: what share of the global economy do these countries represent? If China is among them, this share is considerable.