Storm clouds gather over America’s financial supremacy. Its payments firms may be the first casualties
https://www.economist.com/finance-and-economics/2026/07/12/storm-clouds-gather-over-americas-financial-supremacy
169 points · 28 comments · view on lemmy.world
28 Comments
Apocalypteroid@lemmy.world · 62 pts · 29d
The American empire is on the verge of collapse. It won't be missed.
pelespirit@sh.itjust.works · 22 pts · 29d
The entire world will have to rebuild. Not sure why everyone wants the US to be as bad as Russia.
Akh@lemmy.world · 32 pts · 29d
Nobody wants it except republicans, but Americans are hell bent on letting republicans destroy their country.
kreskin@lemmy.world · 2 pts · 27d
Seems to me that many/most Americans are lulled into a stupor by their lifestyles. They will complain right up until the nearest mcdonalds might shut down or they loose access to their favorite breakfast cereal, or gas goes up 25 cents a gallon. Then its a national emergency and we're willing to do human sacrifice to get back to normal.
blartcap_@lemmy.dbzer0.com · 17 pts · 29d
Nobody wanted it. It's the Americans who stupidly and ignorantly chose that path without even thinking they did.
Pollo_Jack@lemmy.world · 6 pts · 29d
To be fair, Trumpstein and gang had multiple opportunities to be arrested for child sex trafficking in other countries too. No one puts criminals where they belong, eventually they will end up where they don't belong.
TheIvoryTower@lemmy.world · 15 pts · 29d
These days I feel like its not Russia vs USA, its Russia & USA vs China.
Personally I'm all-in on the EU though.
pelespirit@sh.itjust.works · 12 pts · 29d
I'm not saying we're competing, I'm saying we don't want to compete for the bottom and be like russia. They're really hurting right now.
TheIvoryTower@lemmy.world · 6 pts · 29d
Gotcha, agreed.
ExLisper@lemmy.curiana.net · 12 pts · 29d
Will it? The trade relations with US will not disappear suddenly. US will still import/export whatever they can and the rest of the world will reorganize slowly. New military alliances will be forged and this will also be a gradual process. US will be left isolated, the world will move on. The world will see some changes but it will not be destroyed.
architect@thelemmy.club · -2 pts · 28d
How can Europe maintain itself without aligning with even worse countries?
ExLisper@lemmy.curiana.net · 3 pts · 28d
They will invest heavily in defense to become independent from US. It will take 5-10 years but it's doable.
They will forge new relations with Canada, UK, South America, India and Africa.
They will expand and invite new members like Ukraine, Moldavia and the Balkans.
tangeli@piefed.social · 12 pts · 29d
Why do you think everyone wants the US to be bad? Let alone as bad as Russia?
Unfortunately for almost everyone, in many ways, the US is already worse than Russia.
I want the US to support the rule of law, negotiate with honesty for mutual benefit, respect human rights, reform its political system to achieve democracy internally and stop invading, threatening to invade or otherwise interfering in the affairs of sovereign nations. But the US is what it is.
CapuccinoCoretto@lemmy.world · 4 pts · 29d
Can't happen fast enough.
kreskin@lemmy.world · 1 pts · 27d
Well. When you next need pineapple and ham pizza dont come crying to the US, because none will be forthcoming.
HowRu68@lemmy.world · 39 pts · 29d
Regional Powers like Brazil, India, China and the EU are moving away from Swift which is under US majority control , and/or the US owned Mastercard/Visa system ( #E):
"The rise of “sovereign” systems, especially in Europe, a big source of Visa’s and Mastercard’s international business, could erode their enviable operating margins of over 50%. In their latest annual reports, both companies brought up “preferential” treatment of domestic payments systems as a risk to business. That may be one reason why investors have lately been lukewarm about the two giants, despite healthy earnings. After a sustained climb starting in 2023, their share prices have declined in the past year (see chart)."
#edit see comment
FarceOfWill@infosec.pub · 19 pts · 29d
Swift isnt visa/mastercard its something else. Its based in europe so despite being dominated by american banks the eu would be ok using it, but china etc. do not want to rely on it and are making an alternative.
The eu is planning alternatives to visa/mc, not swift.
HowRu68@lemmy.world · 4 pts · 28d
Yes, I should have put it down more nuanced. I'll update it.
RecursiveParadox@piefed.social · 4 pts · 29d
Indeed we already have a "swift" system: SEPA and T2 for EUR-EUR settlements.
DigDoug@lemmy.world · 38 pts · 29d
It's almost like putting tariffs on everybody who looks at you strangely and threatening to annex your allies will cause them to stop trusting you.
Pollo_Jack@lemmy.world · 4 pts · 29d
Exactly what a Russian puppet president would do to isolate us for a rival country.
rollerbang@lemmy.world · 2 pts · 29d
Who looked at them strangely? This was all just trying to look though for no reason. And for the situation they've created themselves in the first place.
P1nkman@lemmy.world · 14 pts · 29d
Let it burn.
phutatorius@lemmy.zip · 13 pts · 29d
Good. Fuck 'em.
SaveTheTuaHawk@lemmy.ca · 7 pts · 28d
Canada has Interac. We had secure chip cards long before the US, doing money transfers person to person is trivial.
At one point, I had to travel in the US with a burner credit card because the card number was stolen every time.
funkajunk@lemmy.world · 4 pts · 29d
Paywalled
naught101@lemmy.world · 10 pts · 29d
https://archive.is/20260712175132/https://www.economist.com/finance-and-economics/2026/07/12/storm-clouds-gather-over-americas-financial-supremacy
funkajunk@lemmy.world · 4 pts · 29d
Thanks!