Many of the recent sanctions leveled on Russia have power because they're based on the U.S. dollar, which is the most widely used currency in global financial markets, trade and central bank reserves. However, some are cautioning that weaponizing the greenback in this fashion could erode its dominance, stoking fears that smaller currencies like the renminbi could gain a bigger role on the international stage. China is already buying Russian energy with the yuan, while India is looking into a rupee-ruble trade arrangement. Wars upend the dominance of currencies and serve as a doula to the birth of new monetary systems.

Down at the Bitcoin 2022 conference in Miami Beach, billionaire venture capitalist Peter Thiel is causing a stir, listing an enemies list for Bitcoin. Speaking in front of the attendees, Thiel named fellow billionaire Warren Buffett of Berkshire Hathaway enemy No. 1, describing him as a "sociopathic grandpa from Omaha.”

The 10 year treasury rate hit a fresh 3-year high this morning as investors continued to digest minutes from the previous Fed meeting.  The yield on the benchmark 10-year Treasury note is now 2.70% near its highest level since March 2019, as it continues its jump following recent comments from the Fed.