Jim Rickards helps explain to Bloomberg the difference between Russia's corporate and sovereign debt. Where is the corporate debt actually located, meaning who lent to these Russian companies? It was emerging markets and American 401k's, which will feel the impact of the contagion involved with coming defaults (remember how U.S. lenders packaged and sent subprime mortgage time bombs to countries all over the world?).
As he eloquently puts it, "if you want a financial war United States, you have it."