WWIII Vs The Global Financial System - Money Doesn't Matter Anymore
The global financial system tumbled last week following news of the eventual turn of events between Russia and Ukraine. The cryptocurrency market was not left out either, as many saw a percentage fall in price not imagined by them. Bitcoin for instance fell to less than 35k USD at some point, with many other cryptocurrencies doing far worse in percentage comparison.
The events of recent days seems to give credence to a statement by UN secretary general, where he said:
The price in human suffering, destruction and damage to European and global security is too high to contemplate.
True to that statement, various updates on social media has seen many who used to live a quiet peaceful life turned to refugees in a very short notice. Great thanks to many who've been of great assistance to humanity irrespective of Nationality. The image below shows a temporary shelter offered by one hotel to at least provide a resting place to people displaced due to the war tension
What about the currencies of Ukraine and Russia? Well, "when two elephants 🐘 fight, the grass suffers", is an addage that has shown itself applicable to the two currencies. Let's see what the chart is like for them.
All seems to be fairly well with the Ukrainian Hryvnia against the USD in the international exchange market until around sometime between 20th February and 26th February where there's a sharp decline as seen on the chart. The lives of many people around there has also been affected adversely.
What about the Russian ruble? Though they seemed to be the elder brother in resources and military power, a look at their currency shows that the sanctions by many in the international community has affected them also.
"Money doesn't matter anymore", is a statement reportedly made by someone in Ukraine, and if the events around the conflict aren't resolved anytime soon, the world may be on the verge of another global war.
Personally, I don't think I'm prepared for such outcome. That being said, I've been avoiding the news media some days ago in order to keep my sanity. The things I faced last month and the associated trauma still follows me like my shadow and it's quite energy draining.
We can all hope that things turn out for the better in the coming days. On the other hand, we can 'hope for the best and be expecting the worst'. On an anxious thought, what will happen if tomorrow Russia decides she wants to join NATO?