More than any armed conflict, the current international monetary system has laid bare the folly of the romantic liberal portrait of globalization. The sanctions against Russia are the clearest manifestation yet of a distinct undercurrent of financial globalization that has become more pronounced in recent in years: geopolitical coercion through the central banking system. Over the past decade there have been a number of instances in which this form of financial compulsion—what one might call monetary warfare—has been used to devastating effect.