It's not banking
laws that are the issue you should know. It's the rest of the planet bankrolling the US debt by buying up money the FED
quantitatively eases for settling international trade,
and spending that money via interbank system the US is controlling. All while the US is exporting it's
inflation to all USD users.
That is the issue, and the fact that since the US Gov is so sanction-happy these days, it
de facto claims universal jurisdiction over each and every US Dollar in existence, no matter on which bank account these currently are. So in practical terms buying the USD is more like buying a software license then actual goods - you just buy
the right to use it rather then goods themselves
per se in conventional sense. And you may only use in US-approved ways, or sanctions.
That, is the problem.
China and Russia already have a system to avoid both in their trade, so it's only a matter of others joining up. The harder the US pressures, the more incentive to do so it creates. Famous quote by Princess Leia about clenched fist and systems slipping between the fingers comes to mind.
Heck, I recall reading about
Saudi Arabia of all the people selling oil to China against the Juan, as Iran
already does - which is more then likely why does the US itch for another Gulf war in case of the latter...
In either case, situation will get tricky when we get to the point where doing business in the Western (well, US) and Eastern Hemisphere will become mutually exclusive,
and China / SCO become a bigger / more lucrative market then the US one.
US dropping out of the Iran nuclear deal irked the EU something fierce, and as you probably saw the EU didn't back extension of Iran embargo even though US told us to.
Turkey these last days just went and ordered another batch of S-400 missile system from Russia despite US telling it not to. That is, a NATO country chose to deal with Russia over the US even though it got removed from the F-35 programme as result, and
still went through with it.
India turned to Russia, not US, for arms during their recent
border issues with China. More and more EU nations pass digital tax (or prepare to) on US giants despite White House telling them not to. Hell, Poland just passed a sugar tax on sweet drinks and is favouring a digital tax despite the US Ambassador (and I swear that one acts like she's a plantation overseer at times)
ordering us in all but name not to.
And the US wasn't even
invited to our latest arms procurement programme.
In the end it boils down to one simple question - when will it be more lucrative to choose the East, when having to choose between East and West? For the moment the US is the more profitable choice, but when that is no longer the case... Ham-fisted conduct of the White House certainly doesn't help either. Germany has already enough of US "leadership", especially over the Nord Stream 2 issue.
And right back at you - I am well aware of US point of view on this, be it Zeihan or Stratfor (which is basically a CIA outlet anyway...) but I'll offer you European POV in response - if you are withdrawing from the global market, well, then you are withdrawing and best of luck on your way out.
With you withdrawing we have no choice but to make do without you - seeing as we did manage to do so for absolute majority of our history, last century being an exception to the rule, we're certainly not going to stop you.
Good thing if this just might give the EU the much needed kick to get it's act together and form an uniform superstate.
We
certainly won't need the USD and US-controlled interbank system then, but without the EU and SCO good luck trying to find financial markets with the depth to buy all that money the FED prints then, because Mexico and Canada
sure as hell won't do.
We (EU) also don't need you to keep the shipping lines to China open anymore, between the One Belt One Road initiative from China the railway connections via Russia work perfectly fine, and are more then twice as fast as sea route to Europe (two weeks against four to five depending on EU port of destination). With the added bonus of:
1. being unblockable by US Navy,
2. giving access to
all of Euro-Asian landmass,
both ways.
Also, with the thawing of the northern ice sheets, there are new, northern sea routes going from Chinese waters, via Russian waters, "over" Scandinavia to EU. And faster then the old routes too, saving over a week worth of sailing while at it. No need for you to "protect them" in either case.
But just imagine the world with a protectionist (dare I say, Juche
) US on one side, and EU plus SCO - so all the actors that
matter on Euro-Asian landmass - on the other... We'll have un-sanction-able internal trade routes going by railway / roads / national waters, no need for US currency or US banking system, with the added benefit of not being pulled to US wars we need like JFK needed that parade in Dallas...
So anyway, best of luck to you, we'll manage from here.