This has all been theory. Now its becoming clear. Putin just blunted the dull tool of using economic sanctions as a weapon (always thought they were being overused...you can't use the same tool for all problems!). If there are new sanctions then Europe will freeze, economic activity will ground to a halt and due to the global economy we'll all probably be facing a recession borderline depression.
BREAKING: Russia’s Federation Council warns Europe will not receive gas if Russia is suspended from SWIFT— Samuel Ramani (@SamRamani2) January 25, 2022
The weird thing?
By attempting to deter Putin we might have in effect pushed ourselves a few steps closer to conflict.
Ain't the 2020's grand?
Note. I hope that policy makers aren't crazy enough to actually push this. Protest in the US over mask and vaccine mandates has been getting all the attention (no debate at all just being used by both sides as political weapons...reason left the building long ago). If you add extreme discomfort in the form of rationing of energy AND layoffs as a result of declining economic activity because of the lack of energy then you're liable to see govts topple. Not being alarmist. Society is on the edge!