The second article from mises.org about the Ukrainian crisis that caught my attention is the one written by Tho Bishop. He argued that the Russian invasion of Ukraine is creating a financial world war. In this war, Bishop thinks, we are witnessing the reshaping of global alliances, with increased attention on alternative assets like gold.
The above article was published two years ago. The attention given to gold seems like old news to me. Moreover, I also wonder about the accuracy of Bishop's analysis. If such an "increased attention" is true, how come such a shift is not reflected in the price of gold for the last two years?
How about the narrative that cryptocurrency is a better option than gold? Will this type of digital asset find a place in reshaping geopolitics?
As for Western sanctions resulting from Russia's aggression, the outcome says Bishop has been limited due to the latter's leverage in oil and commodities. Furthermore, support for Russia from nations like Mexico, Brazil, and India has led to geopolitical shifts and coalition-building against Western demands. Bishop interprets that such a power shift is triggered by discontent with the American military interventions and the misuse of the dollar's global hegemony.
