Indeed the end of the aristocracy. Not such a bad outcome.

I guess that today, it implies the end of the US (dollar) hegemony over the world. Kicking off banks off SWIFT and freezing assets has woken up the rest of the world. They are actively freeing themselves of Western financial imperialism.

"On Friday [March 11], after a videoconference meeting, the Eurasian Economic Union (EAEU) and China agreed to design the mechanism for an independent international monetary and financial system. The EAEU consists of Russia, Kazakhstan, Kyrgyzstan, Belarus and Armenia, is establishing free trade deals with other Eurasian nations, and is progressively interconnecting with the Chinese Belt and Road Initiative (BRI)."

"The Eurasian system is bound to become a serious alternative to the US dollar, as the EAEU may attract not only nations that have joined BRI … but also the leading players in the Shanghai Cooperation Organization (SCO) as well as ASEAN. West Asian actors – Iran, Iraq, Syria, Lebanon – will be inevitably interested."

"Sharing the reserve currency load would have the effect that sanctions are having on the Russian economy – nurturing domestic industries as a tariff would, allowing the American manufacturing base to be rebuilt. "

So even in the long run goods certainly will not become any cheaper.

The lowering of our Western standards of living will be the final result of this process of global rebalancing. Which too is not such a bad outcome. With every step, the world becomes a bit fairer