Many US companies, from energy firms to banks to pension funds had to sell or abandon their investments in Russia. How much will the Biden Administration spend of taxpayer dollars bailing these people out?
Billions? Trillions? Might be more expensive than the military aid we are currently giving to Ukraine.
Thomas Sowell: There are no solutions, just trade-offs.
Your point is well taken. One example is a public pension fund in Kentucky that invested heavily in Russia. Tom Massie (R Ohio) asked that very same question.
Visa and Mastercard have grandstanded and suspended business in Russia, where will that make up the shortfall?
With all the bluster about the economic sanctions no one is commenting on the fact that the BRICS countries are not participating in such. ( BRICS is an acronym for Brazil, Russia, India, China and South Africa it was established to counter the hegemony of the western world in the area of finance.) Mexico our southern neighbor also declined to out sanctions on Russia.
For those who have not had the opportunity to travel extensively throughout the world, there is much,much more than Europe.
The Central Bank of the Russian Federation announced on Sunday that several banks will switch to the Chinese card system following the suspension of Visa, Mastercard, and Paypal in Russia.
Union is the Chinese version of Visa and Mastercard. Most of its transactions are done in China, like 95%. They just entered into the Russian market and have no competition. How soon before other pariah states also drop American credit card companies and start using a Chinese one?
Thomas Sowell: There are no solutions, just trade-offs.
