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© Daily Mail
"Welcome to the digital world, where regions can achieve scale through cooperation within months. Inclusive globalization is clearly under threat", writes Patrick L. Young, an expert in global financial markets, in his article "Upside down: America's war on globalization?" Mr. Young believes that Russia has bright prospects regarding its future digital processing system that can become even more flexible than its American analog.

As a result of financial sanctions imposed by Obama on Russian financial institutions over Crimea, Visa and MasterCard stopped processing transactions for several Russian banks. Patrick L. Young thinks that this decision may hit back at the American economy. Obama has, in fact, undermined the idea of globalization: faced with a financial crackdown, Russia is likely to create its own payment processing system now, the expert says. That means that Visa and MasterCard are going to lose a big share of Russia's inner market.

Mr. Young is confident that Russia's domestic electronic payment system will be a success. The new digital networks are faster, cheaper and more efficient than the American payment legacy system based on analogue architecture, he says. For those who doubt that a Russian solution can be more flexible than the American one, Patrick L. Young cited the example of the Moscow Exchange:

"Recently, in order to attract more Western investors, the Moscow Exchange has had to change its settlement period from same day (T+0) to a two day window (T+2) because the Western banking system can't cope with a real time world! America is still playing the analogue globalization 1.0 playbook while we have moved into a digital world. In this sense Obama's Camelot has not progressed from JFK's 50 years ago."

According to the expert, Russia can develop its own digital card payment system in cooperation with China and other nations, while the US is gradually exposing itself to global obsolescence:

"America is free to trade (or not) globally, but its strength in withholding access to products is increasingly eroded by the ability for smaller blocs to achieve remarkable scale rapidly."

The US and EU should concentrate on economic growth through free trade, instead of focusing on their imperial ambitions, reasons Patrick L. Young.