The Secretary of the Russian Security Council, Nikolai Patrushev, met with leaders of ASEAN recently – that’s the Association of Southeast Asian Nations – and warned that the US may default on its external debt, which many countries hold in US Treasury bonds.
“Given this dynamic, there is every reason to believe that in the foreseeable future countries will have problems servicing this debt. As a result, Washington will default, as it has already done, on its obligations to Russia. Financial assets of any state denominated in US dollars, and the euro will simply be stolen”
Patrushev apparently also said (although there is no quote, only paraphrased reports) that by the US Fed printing $5.9 trillion, and Europe printing €2.9 trillion over the past two years, the West is hoping that it can push the inflationary burden onto developing countries, that is, the postcolonial world or Global South.
This is what I mean when I say imperialism is and was always about the export of inflation, not the export of capital.