Which is why efforts by China to stand up independent cross border payment rails are important. You have to cut the US out of any ability to control activities outside of their boundaries.

China, Egypt to do away with the use of the US dollar - https://news.ycombinator.com/item?id=49555056 - September 2026

China nears launch of mBridge as alternative to Swift - https://news.ycombinator.com/item?id=48636931 - June 2026

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bpavuk 3 hours ago | parent | next [-]

and Europe. Europe should also decouple itself from the U.S. as much as it is possible, and not repeat the mistake of overreliance with China. not because China is somehow worse, but because you always should be able to say "no", no matter how good your partners are

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RonanSoleste 3 hours ago | parent | next [-]

Europe is decoupling itself all ready also. Using SEPA-Inst and wero.

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swiftcoder 3 hours ago | parent [-]

Unfortunately decoupling payments within the EU is insufficient if the US can just threaten to sanction your bank, and in doing so force the bank to drop you as a customer. Even in the presence of an internal European payments network, those banks still need to transact with the US and other US-sphere countries...

	▲	mahkeiro 2 hours ago \| parent \| next [-]
		No but then you can have local bank that will not have US interactions but can still serve you. Since the French judge of the IPC was sanctioned, it’s clear that the EU must completely decouple from the US.
	▲	toomuchtodo 2 hours ago \| parent \| prev [-]
		For now, but not forever. Skate to where the puck is going to be. Decoupling continues, with the target being independence. Quote this comment five years from now.

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toomuchtodo 3 hours ago | parent | prev | next [-]

They are.

https://news.ycombinator.com/item?id=49225112

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iwontberude 2 hours ago | parent | prev [-]

[dead]

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graemep 25 minutes ago | parent | prev [-]

So the rest of the world has the option of relying on China instead? How is that better?

	▲	mandolingual 9 minutes ago \| parent \| next [-]
		A small third party at the junction of two giants is infinitely more powerful than a small third party obliged to be the client of one.
	▲	toomuchtodo 16 minutes ago \| parent \| prev [-]
		It’s a valid question. More options are better. China, Europe, etc. A component of my work has been securing these types of value movement rails, so I am familiar with the level of effort required to stand them up and operate them. Resiliency through diversity. You’re just moving messages (which represent value movement) around a message bus, fundamentally. Very similar to how “the Internet treats censorship as a defect and routes around it.” —- John Gilmore https://en.wikiquote.org/wiki/John_Gilmore