It appears that the US may be in a Zugzwang (a position in chess when any move made by a one side puts that player in a worse position than by not moving at all) when it comes to Ukraine. The latest move of JPM halting transfers of Russian owned entities backfired yesterday when Russia announced an oil deal to be done with Iran not using Petrodollars (USD). This may be the US and the band of central banks greatest fear. It is what drove the US to Iraq in 2003 when Saddam Hussein was threatening to sell its oil in Euros. If USD falls from its grace as the world’s reserve currency, demand and thus valuation of USD could very well collapse. Being the world reserve currency is what propped up the USD when Nixon took America off Bretton/Woods in 1971. It basically created a forced demand amongst foreign nations as they needed USD to purchase oil and other commodities. The halting of transfers by JPM lasted less than a day before they halted the halting of the Russian transfer. This makes the US look completely powerless. Call it irony or perhaps karma that with each move against Russia the US gets weaker and weaker. And now the US is likely too involved to do the right thing by eating crow and walking away from the unwarranted involvement in Ukraine. And so we will continue to watch the US policy makers make fools of themselves at the delight of Mr. Putin.