Switzerland Cancels Putin-Biden Summit

June 3, 2021

Not really.

Russia is doing away with the U.S. dollar.

Russia plans to fully abandon the US greenback in the structure of the National Wealth Fund (NWF) and reduce the share of the British pound within a month, Finance Minister Anton Siluanov revealed on the sidelines of the St. Petersburg International Economic Forum on Thursday, adding that the share of euro and yuan will rise, gold will be added, but the portfolio of Japanese yen will remain unchanged in the NWF.

"We, just like the Central Bank, have decided to reduce the funds of the NWF invested in dollar assets. Today’s structure has around 35% of the NWF’s funds invested in dollars. We have decided to fully withdraw from dollar assets, replacing investments in dollars by an increase in the euro, in gold," he said, adding that the shift to a new structure of the NWF is expected within a month.

"[Investments] in dollars will equal 0%; in euro they’ll come to 40%; in yuan they’ll amount to 30%; in gold – 20%; and in pounds and yuan – 5% each. We have substituted dollars with an increase of 5% in euro, gold and yuan," the finance chief explained.

Russia's national wealth fund has a total value of some $120 billion. The Central Bank of Russia has likewise decreased its U.S. dollar reserves. It has also created an alternative to the SWIFT interbank transfer system that will be used should U.S. sanctions make SWIFT transfers impossible:

If the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is shut down in Russia, the country’s banking system will not crash, according to Central Bank Governor Elvira Nabiullina. Russia has a substitute.

"There were threats that we can be disconnected from SWIFT. We have finished working on our own payment system, and if something happens, all operations in SWIFT format will work inside the country. We have created an alternative," Nabiullina said at a meeting with President Vladimir Putin on Wednesday.

She also added that 90 percent of ATMs in Russia are ready to accept the Mir payment system, a domestic version of Visa and MasterCard.

Russia is clearly expecting that its relations with the U.S. will get worse. It is protecting itself from new U.S. sanctions.

This comes two weeks before Biden-Putin summit in Geneva If that summit happens at all:

If you think that this is a joke, don't:

Switzerland will not accept certificates on COVID-19 vaccination with Sputnik V for the media accreditation at the upcoming Russia-US summit in Geneva, Pierre-Alain Eltschinger, a spokesman for the Swiss Federal Department of Foreign Affairs, told Sputnik on Wednesday

Here is (in Russian) Russian official version from Ria. Considering the fact that Vladimir Putin and Russian delegation to summit in Geneva are all vaccinated with Sputnik V, Russians finally have their excuse to cancel a generally useless summit and not attend it.

The announcement today is a signal to Biden. It says: Your mighty dollar has no power over us. You can not beat us down with Russiagate blabber and sanction nonsense. Take us seriously or we will simply stop talking with you.

It is the deep state which runs the U.S. Russia policies and it would probably be okay with that state:

So far as one can make out, nasty events pointing to Russian malfeasance reliably occur prior to those occasions decisions must be made as to the nature of U.S. policy toward Russia. This is especially so when there is even a hint that bilateral relations might stand even a minimal chance of improving.

While Bountygate and the Navalny silliness proved flops, on the broader question of U.S. policy toward Russia one must conclude this pattern has been effective. This implies something awful: We must ask whether better relations with the Russian Federation have effectively been rendered impossible. One understands that the expression “Deep State” is a touch outré. But given the record since 2016, we surely must conclude that there is something behind our garish political spectacles that has a very great deal to say on matters that are supposed to rest with our electorate but don’t.

A distinction, in conclusion. During Trump’s time, the pattern of events I describe was preventive: Trump’s policy on Russia was clear, admirably so, and had to be subverted. In Biden’s case, it seems to work in inverse fashion. Biden being a Russophobe from way back, he now needs merely justification to maintain tensions at the highest possible level while professing to do his damnest to repair our devastated ties.

Let us watch as Geneva approaches, and watch again as this potentially momentous summit in all likelihood turns out to be other than.

Posted by b on June 3, 2021 at 16:16 UTC | Permalink

Comments

bizarre.. switzerland is the land of protonmail too… they are clearly a team player with the usa… if i was russia, i would de-invest from the euro as well… i guess that is not an option at this point… take away quote – “Switzerland will not accept certificates on COVID-19 vaccination with Sputnik V for the media accreditation at the upcoming Russia-US summit in Geneva, Pierre-Alain Eltschinger, a spokesman for the Swiss Federal Department of Foreign Affairs, told Sputnik on Wednesday.” switzerland really is a good subservient poodle.. their partiality is noted…

Posted by: james | Jun 3 2021 16:26 utc | 1

Is there anything Russia and China can’t supply each other? Maybe name brand luxury goods and that’s it?
A smart move on Russia’s part to quit the dollar early ahead of any problems, but I imagine these moves are going to see some retaliation from western banks, I’m just not sure how they will retaliate.

Posted by: Rutherford82 | Jun 3 2021 16:48 utc | 2

SWIFT (The Society for Worldwide Interbank Financial Telecommunication) is merely a messaging system, not a money transfer system. A SWIFT message is sent, then the funds are transferred using normal bank procedures. If two currencies are involved, then one bank does the conversion. SWIFT is only important because the US has mandated it.

Posted by: Don Bacon | Jun 3 2021 16:50 utc | 3

Russia has trade surplus with the U.S. of $10+ billion
The U.S. goods trade deficit with Russia was $16.5 billion in 2019, a 16.1% increase ($2.3 billion) over 2018. The United States has a services trade surplus of an estimated $3.4 billion with Russia in 2019, up 6.3% from 2018. Overall, the U.S. goods and services trade deficit with Russia was $13.1 billion in 2019.
U.S.-Russia Trade Facts
“U.S. goods and services trade with Russia totaled an estimated $34.9 billion in 2019. Exports were $10.9 billion; imports were $24.0 billion.
Investment
– U.S. foreign direct investment (FDI) in Russia (stock) was $14.4 billion in 2019, a 2.6% increase from 2018. U.S. direct investment in Russia is led by manufacturing, wholesale trade, and information services.
– Russia’s FDI in the United States (stock) was $4.4 billion in 2019, down 1.9% from 2018.”

Posted by: Max | Jun 3 2021 17:09 utc | 4

>>Switzerland will not accept certificates on COVID-19 vaccination with Sputnik V for the media accreditation..
Funny thing is the Euro puppets will shoot their moribund tourist sector in the foot, considering that one billion people are estimated to get russian vaccines.
Its like a dog that caught rabbies due to the thought of their and their master’s decline – they can not stop themselves from snarling.

Posted by: Passer by | Jun 3 2021 17:13 utc | 5

[Investments] in dollars will equal 0%; in euro they’ll come to 40%; in yuan they’ll amount to 30%; in gold – 20%; and in pounds and yuan – 5% each.
That correctly quotes TASS, but the TASS report evidently has an error. The above, I assume, presumably should read: “[Investments] in dollars will equal 0%; in euro they’ll come to 40%; in yuan they’ll amount to 30%; in gold – 20%; and in pounds and yen – 5% each.”

Posted by: BM | Jun 3 2021 17:18 utc | 6

Don Bacon | Jun 3 2021 16:50 utc | 3
SWIFT used to be important because transactions were supposed to be confidential. ie. Your competitors could not get ahead with “inside information”. That finished when the US declared that because a server traffic transited through the US that they had all the rights to the information. (It was a Belgian Company if memory serves me correctly)
It gave US corporations a head start, as they could work out the plans of others, but not reciprocally.(Helped the CIA etc as well.). It was touted to be “universal, ie, if a country left it by itself, then it could be “cut off” from International trade and banking, by the US.
Russia proposed to leave it some time ago. Doing so now means that they have calculated that enough countries will be willing to excape sanctions and unfair trade practises, to join them in another system.

Posted by: Stonebird | Jun 3 2021 17:30 utc | 7

The U$A has DEFAULTED thrice in the last century
U$A Defaults & Devaluations:
1933 – Dollar devaluation by 41%. Gold confiscation through the Emergency Banking Relief Act, March 9, 1933, to stabilize the banking system.
1971 – Nixon ended the Bretton Woods convertibility of 1945. “The dollar plunged by a third during the 1970s.”
2008 – Financial Crisis –> Default through inflation/quantitative easing (QE1, QE2, QE3, QE4… ). TARP, bank bailouts.
Inflation is the most invisible and painless option. In this scenario they increase the money supply, reduce interest rates and drive the stock market up through quantitative easings (QE1, QE2, QE3,….).
Key Takeaways from 1995 Bilderberg meeting notes:
– “NATO was designed to keep the Russians out, the Americans in, and the Germans down. This statement, made by one of the participants during the discussion, succinctly… summed up the purpose of NATO to date in one word: Russia.”
– “Ukraine is in the process of making a choice, which is made difficult because it is entirely energy-dependent on Russia. It must decide whether to follow the Belarus model of becoming a wholly owned subsidiary of Russia, move towards the West, or assume a middle ground position.”
– the EU, and the US, all of these entities will be better prepared to face the likely security issue of the next century — China.
– a world of five or six more or less equal powers which have lost their capacity to affect events and who are without a strategic or a clear-cut ideological enemy. The United States, for example, can neither dominate the world, nor withdraw from it. America may be the only military super-power, but the events that can be affected by military force are shrinking and are very specialized, such as the former Yugoslavia.
– The Bretton Woods system “exploded” at the beginning of the ’70s for many reasons: new technology, massive capital moves and the Vietnam War. The US decision to finance the Vietnam War in an un-disciplined way helped create a weak dollar, and there were wide fluctuations all the way up to 1985, when a new phase began, which might be described as “benign neglect.”

Posted by: Max | Jun 3 2021 17:34 utc | 8

We , in RSA, had to pay a supplier in the UK recently using USD as that is the currency they invoice us in, We had initially intended to pay on the 31/05/2021 but were informed by our bank that this was not possible as on that day there was a public holiday in the US.
That is what it means for the USD to be the reserve currency and why the US will use any means necessary to keep it that way.

Posted by: Down South | Jun 3 2021 17:43 utc | 9

I keep hearing that “deep state” is no longer the approved nomenclature, but to me it’s still pretty descriptive. What would they (the deep state?) have us use?
Also, I wonder whether Russia will build a new Iron Curtain to keep the US and its toadies out.

Posted by: NoOneYouKnow | Jun 3 2021 17:52 utc | 10

Russia is severing all ties to the US.
There no Ambassadors at either embassy and many consulates are closed.
Now, Russia is insulating itself from the US financial system and anymore interference from US Treasury or Department of “Justice”.
The question becomes if Russia is just doing this as a precaution or because they know, for a fact, something is about to happen that will infuriate the US so greatly, the US will force Russia’s removal from SWIFT and seizure of all Russian assets.
Also, there is the question of Russia perhaps knowing China’s secret timeline of crushing the US dollar reserve currency status and it is soon.

Posted by: Mar man | Jun 3 2021 17:52 utc | 11

I’d imagine the same sort of rule exists for all NATO/EU nations, so changing the venue to another EU/NATO nation won’t change the issue at hand. The question that matters is there such a restriction for entering Switzerland that would bar Putin and entourage?

Posted by: karlof1 | Jun 3 2021 17:57 utc | 12

It is interesting the pre-summit hardball in play. The US is only playing to the domestic audience, teetering on the brink of civil war. The hearts and minds of vassal states aren’t necessary, captured by their corrupt and decadent elites.
One wonders at the next few pre-summit throws of head high fastballs and hanging curves.
Putin has proven himself a world leader while the ‘leader of the free world’ has shown itself a level of buffoonery one hasn’t seen since silent films. The prospect of pre-summit tit-for-tat does threaten the summit from happening, from which nothing of significance would come anyway.
The Sputnik ‘vaccine’ thing? Priceless.

Posted by: gottlieb | Jun 3 2021 18:01 utc | 13

According to a January 2019 article “Russia shifts $100bn of its reserves into yuan, yen & euro in a great dollar dump“:

“The share of the US currency in Russia’s international reserves portfolio has dramatically decreased in just three months between March and June 2018, from 43.7 percent to a new low of 21.9 percent, according to the Central Bank’s latest quarterly report, which is issued with a six-month lag.
The money pulled from the dollar reserves was redistributed to increase the share of the euro to 32 percent and the share of Chinese yuan to 14.7 percent. Another 14.7 percent of the portfolio was invested in other currencies, including the British pound (6.3 percent), Japanese yen (4.5 percent), as well as Canadian (2.3 percent) and Australian (1 percent) dollars.”

So USD share that was 43.7% only a little over 3 years ago in March 2018 is going to 0%.
And I guess the Canadian 2.3% and Australian 1% shares that were mentioned in January 2019 are also going to 0%.
So out of the Five Eyes syndicate that just leaves the British pound with 5% share.

Posted by: Canadian Cents | Jun 3 2021 18:09 utc | 14

Oops, mistake on my part, looks like I confounded Russia’s National Wealth Fund (NWF) and the international reserves.

Posted by: Canadian Cents | Jun 3 2021 18:12 utc | 15

On the acceptable vaccines to enter Switzerland. While Sputnik V may not be acceptable, then a person as an alternative might have to present covid test results. Not sure but comments from other forums have mentioned this.
As for the summit itself, I hope it gets canceled. It will just end up like the US/China meeting where the US used the meeting to accuse and humiliate the Chinese. Biden will just end up insulting Putin, accusing Russia being the source of every problem in the world, and probably announce more and even harsher sanctions to teach the murderous man without a soul a lesson or two. Aside from making Biden look tough to NATO and a US audience, his actions will attempt to humiliate Putin as a “paper tiger” who can be bullied by Biden and company.
BTW, if Biden does not do a full frontal attack on Putin/Russia, the deep state will have Western media crucify Biden.
The end result of the summit will be relations close to a near war footing.

Posted by: Erelis | Jun 3 2021 18:36 utc | 16

Mar man | Jun 3 2021 17:52 utc | 11
Russia is standing up for its sovereignty. Name a democracy that isn’t a suzerainty.
Vladimir Putin and his confidants have repeatedly outsmarted the Global Financial Syndicate and its top layer (Five Eyes). The Syndicate thought Putin will be gone by 2008 (two terms). Nope, he fooled them and came back in 2012. The Syndicate thought he will go away by 2024 or sooner. Putin successfully extended his stay as a president until 2034. In his speech to this year’s World Economic Forum in Davos on 27 January, the Russian President Vladimir Putin warned of the dangers of a major war.
Russia has prepared itself for all eventualities, including war. Russia has built a SIEGE economy, stagnant but unusually resistant to sanctions. Its goal is to first win its sovereignty and firmly establish a multipolar order by ending dollar’s hegemony. Putin says U.S. is “parasite” on global economy…
Financial Empire’s goals:
“The goals we have towards Russia are very big: we want nothing less than a regime-change in Russia […]. If you really want to bring Russia to its knees economically, you will need a grand coalition of countries, because Europe alone cannot get everything it needs.”
Vladimir Putin to the Federal Security Service board:
“We are up against the so-called policy of containing Russia. This is not about competition, which is a natural thing for international relations. This is about a consistent and quite aggressive policy aimed at disrupting our development, slowing it down, creating problems along the outer perimeter, triggering domestic instability, undermining the values that unite Russian society, and ultimately to weaken Russia and put it under external control, just the way we are witnessing it transpire in some countries in the post-Soviet space.”
Which other nations are standing up for their sovereignty, other than China?

Posted by: Max | Jun 3 2021 18:46 utc | 17

The National Wealth Fund u$-end is certainly a step in the right direction, but what about Russia’s foreign exchange reserves, which currently amount to about 600 billion. What is the composition of these?

Posted by: pnyx | Jun 3 2021 18:51 utc | 18

——————————————————————————–
What happened to the Navalny deathwatch?
– CNN had been assuring us for weeks that Navalny was about to do a full Magnitsky. Their faces were contorted in agony over it. Is he still alive? I love how CNN just dropped the story. A big ‘never mind’ moment.
——————————————————————————–
Punishing Russia for cyber attacks (omnipotent Putin)
‘Experts’ and hosts in the U.S. smile as they say, ‘even if Putin didn’t order the attacks, they are not possible without his blessing.’
So I guess this means that Putin is omnipotent. That he has full control over 140M+ in his territory. He is the eye that never sleeps. Why do people make these statements. Do they think that in Russia, there is one IT lab, that building in St. Petersburg. Could we snap our fingers and eliminate all crime in the U.S. just as easily?

Posted by: Christian J. Chuba | Jun 3 2021 19:04 utc | 19

pnyx | Jun 3 2021 18:51 utc | 18
Russia slashes dollar & euro from reserves in favor of gold & yuan
“The Central Bank of Russia (CBR) said in its annual report that in 2020 it reduced the share of the euro, the dollar and the pound in the country’s international reserves in favor of gold, yuan and other currencies.
Thus, the share of the euro in Russia’s forex reserves decreased over the past year by 1.6 percentage points to 29.2% as of January 1. The share of the greenback dropped 3.3 percentage points, to 21.2%. The British pound’s share was also slightly down – by 0.2 percentage points, to 6.3%.
At the same time, Russia’s gold reserves surged to 23.3% from 19.5% a year earlier. The Chinese currency also saw a boost, with yuan holdings growing to 12.8%. The share of other foreign currencies increased by 0.8 percentage points to 7.2%, the regulator said.According to the CBR, the Japanese yen accounted for 3.9% of Russia’s foreign holdings, Canadian dollars for 2.5% and Australian dollars for 0.8%.
In 2020, the value of the central bank’s assets in foreign currencies and gold increased to $588 billion.
Russia has been steadily diversifying national reserves since Washington began imposing sanctions in 2014, in order to cut its economy’s reliance on the US dollar. In 2019, the share of bullion holdings in Russia’s reserves surpassed US dollar holdings for the first time.”

Posted by: Max | Jun 3 2021 19:15 utc | 20

I thought that empire was going to make nice with Russia to separate it from China…..Hmmmm
Does empire have a clue about attempting to face down both China and Russia at the same time?
But evidently according to some of the people b quotes from, all would have been well if only Trump would have won the (s)election…..the delusion of difference between the money parties runs deep
The civilization war we are in seems to be picking up the pace a bit. The next two weeks of Putin/Biden summit prelude shit show will have to compete with the shit shows happening in the ME as well as the COVID for profit debacle.
The smell of global instability is ripening into a stench.

Posted by: psychohistorian | Jun 3 2021 19:39 utc | 21

“Trump’s policy on Russia was clear, admirably so, and had to be subverted.”
nice try. like the F35, that shit don’t fly in the rain. troop buildups and military budgets are the truth, the policy of Maidan Sq (install Nazis to fight “commies”) never changed. Trump’s personality was inconvenient on the international stage. the benefits at home far, far outweighed the annoyance, the ennui, of other team NATO members.
Remember NATO: there is no “we” in team, but there are “meat” and “me” and “ate”. grammatically and topically, “me ate meat,” can only refer to one country.

Posted by: rjb1.5 | Jun 3 2021 20:11 utc | 22

“Switzerland will not accept certificates on COVID-19 vaccination with Sputnik V for the media”
We can’t have any uncontrolled media reporting on doddery old Biden making faux pas and forgetting where he is

Posted by: Ike | Jun 3 2021 20:13 utc | 23

“Trump’s policy on Russia was clear, admirably so, and had to be subverted.”
bush jr
obama
trump
biden
is there a pattern here? senescence, perhaps?
Unfit to live or die: O gravel heart! – “measure for measure”

Posted by: rjb1.5 | Jun 3 2021 20:16 utc | 24

to karlof #12
“I’d imagine the same sort of rule exists for all NATO/EU nations, so changing the venue to another EU/NATO nation won’t change the issue at hand.”
Switzerland is neither a member of nato nor of the EU….. this is its own way of being a poodle for the US-Empire. a bit late of a notice on their part if you ask me…
If Russia and the US become stuck on this point, I would suggest holding the summit in Helsinki in Finland.

Posted by: michaelj72 | Jun 3 2021 20:40 utc | 25

@michaelj72 | Jun 3 2021 20:40 utc | 25

If Russia and the US become stuck on this point, I would suggest holding the summit in Helsinki in Finland.

Finland is member of EU.
This ‘vaccine’ passport thing is the most draconian proof of the intentions behind the psychopaths pushing their totalitarian war against people.

Posted by: Norwegian | Jun 3 2021 20:53 utc | 26

I’m glad the Protonmail fiasco reared its silly head prior to this new fiasco.
I grew up believing that Switzerland was “neutral” whatever that means. So it’s quite a shock to learn that a Swiss spokesman has said…
“Switzerland will not accept certificates on COVID-19 vaccination with Sputnik V for the media accreditation at the upcoming Russia-US summit in Geneva, Pierre-Alain Eltschinger, a spokesman for the Swiss Federal Department of Foreign Affairs, told Sputnik on Wednesday.”
That’s not very “neutral” and not very sciencey.
It’s almost amusing that Due Diligence has no place in Swiss Statecraft.

Posted by: Hoarsewhisperer | Jun 3 2021 21:06 utc | 27

putin-biden meeting is set for june 16th..
“Russia is seeking WHO emergency-use listing for the vaccine developed by Gamalaya Institute. So far COVID-19 vaccines made by Pfizer (PFE.N) AstraZeneca (AZN.L) and Johnson & Johnson (JNJ.N) have been listed – an endorsement of their safety and efficacy that helps guide countries’ regulatory systems.
“Inspections for good manufacturing practices will take place from 10 May to 1st week of June ,” the WHO told Reuters in reply to a query.
A joint team from the WHO and EMA are currently carrying out inspections for good clinical practices related to Sputnik, it said.”
WHO and EMA to inspect Sputnik V manufacturing in May – WHO

Posted by: james | Jun 3 2021 21:16 utc | 28

Is there anything Russia and China can’t supply each other? Maybe name brand luxury goods and that’s it? Posted by: Rutherford82 | Jun 3 2021 16:48 utc | 2 Asia makes fakeries by tyhe boat load (via Spain). Me thinks that’s of little concern.

Posted by: David G | Jun 3 2021 21:17 utc | 29

I guess it is quite likely a reason will be found to cancel the summit and blame Russia for it. I mean, they could send a bomb threat via Protonmail or something nobody would question…
After all, even the US/EU should be able to see what a propaganda disaster the summit is going to be.

Posted by: Norwegian | Jun 3 2021 21:20 utc | 30

Divesting US assets protects from certain US sanctions, but secondary sanctions still do a lot of damage (look at Huwawei’s mobile phone market share). This article discusses some of the struggles Novatek is experiencing in building out a new LNG process. They are not on a US sanctions blacklist, but if they were to land on one, they would be impacted and probably lose replacement parts for existing equipment, in addition to access to new equipment. Localizing production is easier said than done and I wonder if soe of this arises loss of IP and manufacturing know-how from 1991-2005.
https://oilprice.com/Energy/Energy-General/Russias-LNG-Boom-Hinges-On-Foreign-Tech.html
I am fairly certain that Gazprom does not use this process, but I am unclear on Gazprom’s vulnerability to US sanctions, other than I believe they have been able to prosper (and keep chipping away at NordStream 2!) despite having certain sanctions restrictions.

Posted by: schmoe | Jun 3 2021 21:48 utc | 31

It is not a summit, there is no comprehensive agenda of treaties and agreements to sign.
It is a meeting on a mound in a muddy province of the EU.
It will be interesting to observe ~ if it happens at all.
Thanks to the Swiss vax visa rule, Russia can simply not go claiming idiot EU rules.

Posted by: uncle tungsten | Jun 3 2021 22:07 utc | 32

About that myth of the Swiss being neutral…
Switzerland is the home of the BIS (Bureau of International Settlements) which is the current Central Bank of the other Central Banks of the world…and it is privately owned and operated.
The BIS was supposed to go away as part of the Bretton Woods agreement but it is still here….Hmmmm The BIS will be front and center of the coming/existing foreign exchange war.
Neutral or totally bought. Which is Switzerland? I vote for the later.

Posted by: psychohistorian | Jun 3 2021 22:43 utc | 33

@ Max #17
Russia is standing up for its sovereignty. . .Which other nations are standing up for their sovereignty, other than China?
Iran has stood up for itself during forty years of US aggression, including years of explosions, assassinations, sanctions and whatever else the US/Israel cabal could toss to Tehran including the frequent warnings of “all threats are on the table” from brother Obama. In fact, Persians have served as the model for the gumption that Russia and China are now (finally) exercising which (along with other factors) has earned Iran a place at the Russia-China-Iran table.

Posted by: Don Bacon | Jun 3 2021 22:44 utc | 34

okay, slow down, says me to me: — Obama; “All options are on the table.”

Posted by: Don Bacon | Jun 3 2021 22:46 utc | 35

michaelj72 @25–
Thanks for your correction! Cancelling the “Summit” would be a face-loss for Putin and Russian policy since they’ve said for years that they are always ready to talk. So, I’m very certain a meeting will occur, but its duration might be rather short. Might Biden be used as a weapon–the killer handshake–to murder Putin in a manner similar to Chavez? And of course, Biden isn’t the man/men/group Putin needs to converse with as he’s just a figurehead.
Putin seemed very pleased during his short address at today’s Signing Ceremony at the SPIEF. A reminder that he will make an address during tomorrow’s Plenary Session, 1400-1600 local time.

Posted by: karlof1 | Jun 3 2021 22:55 utc | 36

Max @17–
Nice to see that someone besides me has kept a close watch on Putin since he took over for Yeltsin.

Posted by: karlof1 | Jun 3 2021 23:03 utc | 37

Along with the dollar dropping issue, I think these are the “strong signals” Mr. Ryabkov warned would be sent to Biden´s adminstration on the verge of the coming Geneva summit…
https://www.youtube.com/watch?v=0tZOtksMVSE
https://www.youtube.com/watch?v=MReJdLoo0kk

Posted by: Asha K. | Jun 3 2021 23:08 utc | 38

“Switzerland will not accept certificates on COVID-19 vaccination with Sputnik V for the media”
A proof, if more was needed, that they are planning some tricky thing,like infecting some Russian journalist so that he/she could then infect Putin…
Since Sputnik V, according to vaccination results on use of at least five of the available vaccines by the Hungarian government, provides the safest and longest inmunity against Covid-19.
Also the reasons why so many and increasing Western people do not trust their governments any more, as they are doing everything at their hand, at least at European Comission level, to avoid Sputnik V arriving in the EU, so that we fall prey of the US hedge funds after having been ruined by the lockdowns and forbading of travel.
Does not Thierry Breton, the Comissar for the European Internal Market seat at the board of Bank of America?
Why in the Earth would he be facilitating the arrival of the safest vaccines so far, no matter how many people die or get crippled for life by the serious side effects of his “vaccines”?
Whatever happens, he will reap his bonuses…

Posted by: Asha K. | Jun 3 2021 23:31 utc | 39

Remember how on 1 May 1960, just ahead of Eisenhower’s meeting with Khrushchev, Francis Gary Powers’ U2 was shot down deep inside the USSR? That flight was authorised by Eisenhower himself. Of course Bidet isn’t fit to clean Eisenhower’s shoes, but it proves that even an Amerikastani president will sabotage a summit that he himself allegedly wants.
And how was Trump’s Russia policy admirably clear? How was Trump’s policy clear on anything?

Posted by: Biswapriya Purkayast | Jun 4 2021 0:10 utc | 40

Regarding disinvestment in the fiat federal reserve note,
It’s about damned time.
Regarding the Swiss position on some bullshit covid passport (or whatever),
May all rational human beings on our planet politely invite them to go fuck themselves.
Regarding the make belive president of the united states,
That ‘whatever he is’ is not our fucking president.

Posted by: Josh | Jun 4 2021 0:51 utc | 41

Thank You.
Thank you for the relatively useful and relevant information presented here, it is appreciated.

Posted by: Josh | Jun 4 2021 0:59 utc | 42

Erelis @16: “On the acceptable vaccines to enter Switzerland. While Sputnik V may not be acceptable, then a person as an alternative might have to present covid test results.”
Doubtless you already understand it, but the point is not to find some loophole to work around the Swiss diktat concerning Sputnik V. The point of this is to force the Russians to crawl to the summit on their hands and knees. The very act of trying to find that loophole is the crawling part. If the Russians allow the diktat to stand and attend the summit via some special exception then they do so in the role of the weaker and subservient party. They start off having yielded to the empire before any negotiations even begin.
Russia should pick a primary school janitor at random and send him to meet the empire’s vegetative head of state. Treat it like a lottery for a vacation in Geneva.

Posted by: William Gruff | Jun 4 2021 1:07 utc | 43

Worthless meeting as the chinese one.
I hope Putin does take the vaccine excuse and just call it off.

Posted by: Smith | Jun 4 2021 1:20 utc | 44

It might also be a subtle warning from someone on the Swiss side who doesn’t agree with the Borg’s plans. Perhaps it is a way of warning the Russian side not to attend because the Americans are planning something crazy.

Posted by: Donbass Lives Matter | Jun 4 2021 1:24 utc | 45

@ Posted by: William Gruff | Jun 4 2021 1:07 utc | 43
I concede to your point. The Swiss can do anything they want with people with entering their country. With this sort of treatment, I doubt if they will ever host any summit again involving Russia. Putin should and his staff, etc. should cancel and embarrass the Swiss. Sorry, they would not let us into the country.

Posted by: Erelis | Jun 4 2021 1:47 utc | 46

Mr. Don Bacon | Jun 3 2021 22:44 utc | 34
I think Chinese & Russian leaders thought that they could appease the United States.
Iranians thought so too until US tried to destroy them through an economic war.
The possibility that the United States, indeed any powwrful state, may be appeased is avery powerful consideration that enhances the power of that state, e.g. US even more.
Once other international actors decide that appeasment is impossible with a particular state, then Resistance and War become the only viable choices.
The late Metternich is reputed to have asked, in exasperation,: “Will this man (Napoleon Bonaparte) ever be satisfied?”
The conclusion of the Axis of Resistance, a.k.a. the Shia Crescent, i.e. Iran & Allies, has been that neither Israel nor the United States can be appeased.
Once this conclusion is reached by other states, especially very powerful ones such as Russia and China, there would follow a Grande Alliance against the Mad King a d his minions.
Have we reached that inflection point yet? Yes, in my opinion.
The coming years and decades will see another futile struggle for hegemony by yet another fool, which onecwould hope, would peter out peacefully.

Posted by: Fyi | Jun 4 2021 1:57 utc | 47

One of the personal traits I admire in VV Putin is his commitment to keeping quiet when he’s got nothing to say. The Empire’s pseudo-Christians don’t know when to quit. In fact it’s tempting to conclude that they’re so in love with the sound of their own voices that they’ve forgotten how to listen. President Jaques Chiraq noticed this many years ago when, at the end of a long speech at a conference, he remarked to the person beside him…
“He missed a wonderful opportunity to shut up.”
And it’s gotten a lot worse since then.

Posted by: Hoarsewhisperer | Jun 4 2021 2:17 utc | 48

This so-called Putin-Pretender Summit in Switzerland is a complete waste of time and everyone knows it
I don’t know why Putin agreed to it.
I’m far more interested in the consequent Iranian Presidential Election at the moment than this “cacophony of sound and fury signifying less than NOTHING”.
If I was Putin I’d take the slightest issue and claim justification for cancelling the “Dummit”

Posted by: Julian | Jun 4 2021 2:38 utc | 49

@33 The NWF focus on gold is interesting and the timing (within a month) coincides with new BIS rules regarding unallocated gold positions of central banks known as Basel III, to come into effect this June 28th. Look into it..

Posted by: Lozion | Jun 4 2021 2:56 utc | 50

Putin agreed to the summit because he doesn’t (can’t) shrink from an encounter, especially with a lesser mind. Like, we can assume that right now he’s three steps ahead of any of us, or at least me.

Posted by: Don Bacon | Jun 4 2021 2:57 utc | 51

Real estate prices in USA governed America should rise, fall or stay the same over the next five years?
Recently i was advised inflation is likely to drive the prime property prices up, and the average to lesser priced properties way down because no one is going to have a job. . . but if Russia and China are no longer to buy treasuries or trade in USDs, what then?

Posted by: snake | Jun 4 2021 3:06 utc | 52

@ Lozion | Jun 4 2021 2:56 utc | 50 with the suggestion to me about the coming change to the Basel III unallocated gold positions.
Thanks for that. I have skimmed something about that in the past week or so and I don’t know enough about the existing highly manipulated structure to understand how this will challenge that dominance. Will the change really open the market to less manipulation? (whatever that means…seems like an oxymoron)
Humanity needs a stable store of value type of money as well as an accepted medium of exchange. The US dollar has not been the former since at least 1971 and is now becoming less of the latter.
When is the next Bretton Woods meeting and can I go?

Posted by: psychohistorian | Jun 4 2021 3:07 utc | 53

@ Don Bacon | Jun 3 2021 22:44 utc | 34… Yep, Iran is a good one. Thanks. One can add Venezuela and Bolivia too. How about Turkey working towards its sovereignty? It has increased its non-$ transactions and behaving independently.
@ karlof1 | Jun 3 2021 23:03 utc | 37… Glad to know that you have been following Putin. What one thing he doesn’t like the most? How would you describe Vladimir Putin in three words?
Fyi | Jun 4 2021 1:57 utc | 47 & Hoarsewhisperer | Jun 4 2021 2:17 utc | 48 … Most nations know that the U$A is a captured suzerainty of the Global Financial Syndicate, that is set on capturing nations for its dream of a global empire. In such a scenario, no appeasement or good conduct will work. The hypocritical hegemon wants global DOMINANCE. Henry Kissinger bailed out Trump in his trade deal with China. How many times has Henry Kissinger met Xi Jinping and Vladimir Putin in the last decade? Why?
De—DOLLARIZATION
“In Russia-China bilateral trade, the $ is now less than 50% versus 90%+ 4 yrs ago.” It looks like nation’s are moving their earned dollars in a circular flow, thereby reducing the demand for the US dollars. Also, nations have nearly stopped buying additional UST-bonds.

Posted by: Max | Jun 4 2021 3:08 utc | 54

@Psycho, I have become a big fan lately of the Kinesis Monetary System.
See below for some educational videos of this new sound money platform:
https://kinesis.money/learn-earn/
Regarding the specifics of Basel III, Andrew Maguire, a whistleblower on precious metals spot price manipulation and also director at Kinesis goes into greater detail here:
https://m.youtube.com/watch?v=G9uMmBnyZKo
Let me know what you think,
Cheers.

Posted by: Lozion | Jun 4 2021 3:31 utc | 55

@PH. Also this great article by Alasdair Macleod, but from the Chinese perspective:
“Under these regulations all banks will adopt a new method of calculating lending risk. They will apply a Net Stable Funding Ratio, with the objective of ensuring counterparty risk is contained by banks being forced to match their liabilities to their asset maturities.
Briefly, a consequence of the NSFR is that any bank operating in commodities or running an uneven derivative position bears a funding disadvantage, making these lines of business uneconomic. With respect to gold, they will effectively close down the London bullion market, virtually admitted in writing by the LBMA[iii], and because the Comex gold contract Swap category is populated with the same LBMA bullion banks, that will be similarly affected.”
https://www.goldmoney.com/research/goldmoney-insights/the-geopolitics-of-gold
*sorry if off-topic..

Posted by: Lozion | Jun 4 2021 4:07 utc | 56

What I’m surprised about is that Russia hasn’t worked on its national crypto yet.
China is already piloting it. Japan and South Korea area making it.
Would be damn swell if we have a Russian equivalence of Paypal except it’s crypto.

Posted by: Smith | Jun 4 2021 4:11 utc | 57

@ Fyi
Powerful words, and truthful.
A hungry beast cannot be appeased, you either feed it or beat it.

Posted by: Smith | Jun 4 2021 4:31 utc | 58

@ Lozion | Jun 4 2021 3:31 utc | 55 with the link to the Kinesis Monetary System.
I watched the first 3 segments and think it is a ponzi scheme because the owners are not sovereign governments….so it is just like what we have in the West now but supposedly with new owners….Oh Joy!
I am more inclined to support FOOD as store of value for money as commenter chu teh has written about a few times than gold and silver. A mix of FOOD and nations currencies and precious metals has been proposed multiple times over the years I have been following these matters. It still sounds like the most prudent approach.
And no derivative should be allowed to be created where parties don’t have skin in the game………

Posted by: psychohistorian | Jun 4 2021 4:32 utc | 59

@ Lozion | Jun 4 2021 3:31 utc | 55 with the link to the Kinesis Monetary System….again
I should have added that the blockchain they are proposing will not perform to their advertised level of real time because of the limitations of permissionless blockchain…same reason all the bitcoin type of permissionless blockchain crypto currencies don’t scale…..beside you don’t know who their daddy is with any of these….
It is my understanding the China is doing a permissioned blockchain crypto currency which can handle the expected transaction volumes. Their Digital Yuan also has an expiration date which adds interesting functionality to the medium like limited window of currency manipulation, for example.
Since this thread includes Switzerland which is the home of the current mother private bank of the Western system (BIS) and since it was proposed for the summit as neutral I think our conversation talks to the mythical neutrality of said location….and otherwise sorry for the OT

Posted by: psychohistorian | Jun 4 2021 4:45 utc | 60

@5 Passer by
A billion, really? Don’t the latest estimates rather point towards a quadribrillion?

Posted by: m | Jun 4 2021 4:55 utc | 61

Ph, I humbly beg to differ regarding non Govt involvement, case in point the Indonesian Shariah compliant partnership with Kinesis:
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/indonesia-eyes-greater-financial-inclusion-with-gold-based-blockchain-system-64423086
Regarding the Kinesis Blockchain, it is a Stellar fork that has the necessary scalability..

Posted by: Lozion | Jun 4 2021 5:30 utc | 62

Sorry people, haven’t read your comments, just in case someone already mentioned it:
… Considering the fact that Vladimir Putin and Russian delegation to (the) summit in Geneva are all vaccinated with Sputnik V, Russians finally have their excuse to cancel a generally useless summit and not attend it.
I surely can understand your and Smoothie’s cynicism. But in Switzerland as elsewhere in Europe a negative test might do as well:
via Google translate of RIA article:
“No. Recognized vaccines are those that have been approved by the Federal Office of Public Health and the European Medicines Agency,” Eltschinger said, answering the question whether Switzerland will accept certificates of full vaccination with the Russian drug Sputnik V for media accreditation.
Rapid tests for COVID-19 in the press center of the Russia-US summit will be free, the test itself will need to be done only once, before receiving the badge, added Pierre-Alain Eltschinger. “The rapid tests will be free of charge. The rapid tests department will be open at the same time as the press center,” he said.
Switzerland on Wednesday opened accreditation for journalists for the Russia-US summit in Geneva. To obtain accreditation, media professionals must provide either a certificate of complete vaccination with drugs approved by WHO, Switzerland or the European Medicines Agency (EMA), or a negative PCR test done no later than 72 hours before receiving a badge, or a negative detection test antigen taken no later than 48 hours before receiving the documents, or confirmation that the journalist has recently been ill with COVID-19.

**********
Otherwise, ‘short and sharp’ as always, forget who used that wonderful coinage: One the two Patrick’s: Bahzad or Armstrong???

Posted by: LeaNder | Jun 4 2021 5:31 utc | 63

psychohistorian | Jun 4 2021 4:32 utc | 59
Thanks for mentioning. FOOD as money has broad relevance,
so I posit v.2 as follows…
Only FOOD is MONEY; all other monies are only derivative and presuppose the availability of FOOD. This holds for human life on Earth .
The governing institutions of China, Russia et al surely have workable understanding of the above…because it it vital to their survival as shaped by having living-memories of severe, chronic starvation.
[Perhaps beyond human life, the common denominator of all life whether as bodies, as spirits or some other entity, is the intention to COMMUNICATE. That might be a definition.]

Posted by: chu teh | Jun 4 2021 5:38 utc | 64

@64 chu teh
It’s off-topic again, and I never did make it to an open thread with this – but I agree that food is the ultimate settlement of money.
I also submit that money is a measure, and that this is the prime function that money must perform in order to work. It must measure value or it’s not sound money – and anything that does this can work as sound money. And thus, inflating currency fails as a reliable measure and itself loses utility.
This is why in the US Constitution, the power to coin money is given in the same clause that works to regulate weights and measures – they had great experience with inflated currencies from 13 republics prior to that resolution of the problem.
And even more off topic – my understanding of how life and reality work would say that the common denominator of all life is the faculty of experiencing. The venture to communicate is a layer on top of this, and may not ever occur. And I could say paragraphs more about this, and would love to. But I’ll leave it there.
Gotta go – look forward to discussing this more in some on-topic thread.

Posted by: Grieved | Jun 4 2021 6:44 utc | 65

karlof1 @36
As well as the fast-growing suspicious cancer that apparently killed Chavez at the young age of 58, we have the recent example of reports from North Korea of an attempt on the life of their leader using a “biochemical substance”, which the North Koreans attribute to the CIA.
The accusations are quite lengthy and detailed (unusual for statements from the DPRK), though no evidence is provided.
It would be interesting if the nature of that substance was shared with Russia and/or China. Whatever it was, was tightly controlled by the CIA according to the accusations. They speak of no access to the victim being required and death occurring within six to twelve months.

Posted by: Billb | Jun 4 2021 6:46 utc | 66

Where I live (Tiraspol), we already have the MIR system on our ATMs.
Worth mentioning that, in the Russian language, “MIR” means both “peace” and “world.” Clearly, the name was chosen carefully.

Posted by: Sam | Jun 4 2021 6:59 utc | 67

Food as money is an interesting concept, I ponder this before, as food and drinkable water and air are ultimate necessity for any man, and the idea of making water and air a currency is just too dystopian for me.
The problem with food is that it is too perishable, but maybe that’s a good thing since wealth shouldn’t be permanent.
Then there’s the rice system implemented by Tokugawa Japan where wealth is determined by land and bags of rice, and rice is actually pretty sturdy. And it was a pretty good system that Japan strayed from ever since their forced-open up by the western power.

Posted by: Smith | Jun 4 2021 7:19 utc | 68

It is way too late for the strategy outlined here to work. However the extent of hubris necromania extant in the USA is such that they might actually think this way.
Thankfully New Eastern Outlook is back with a range of viewpoints. This one is remarkable, not that I concur with it but because it illustrates the fantasy land that some observers and no doubt troglodytes in the State Department, dwell in.

“Accordingly, when the US Secretary of State Antony Blinken recently met his Russian counterpart, the atmosphere prevailing in the meeting was completely different from the one that defined the US-China Anchorage meeting in which both sides primarily exchanged verbal hostilities and barbs. Lavrov, on the contrary, described the Reykjavik dialogue as “constructive”, while Blinken stressed that the world would be safer if Moscow and Washington “can work together cooperatively”. The atmosphere was also in complete contrast to the way the recently held G7 summit blamed Russia for its “irresponsible and destabilising” behaviour. What explains this shift?
While this is not to suggest that a fundamental change of heart has taken place in the US about Russia, it remains that there is an increasing sense in the US about redefining the estranged Russia-US relations since the 2014 Ukraine affair. Russia’s estrangement with the West has been concomitant with Russia’s growing ties with China. With the latter consistently defying the US and not showing any willingness to ‘respect’ or accept the US’ political, economic and technological domination of the word, it becomes logical for the US to devise a strategy that could wean China’s most powerful ally away from it. The sanctions waiver, therefore, is an “olive branch” the US has offered to Moscow.”

Now I hasten to add that I have not consumed my full measure of shiraz yet and my first response was LMFAO
So I figure if Xerxes Biden is beguiled to utter lines like this “we made concession man, get real, what more do you want, its a done deal we made concessions….” then he will get his arse kicked much harder than Blinken did in Achorage. Yet this is what I expect is about to happen. I have experienced hubristic yankee deal making up close and nasty and they actually believe if they farted in your presence it was a sweetener for the tacky deal they are offering and you should be grateful. Twelve days to go, shoot out at NOT OK coral.

Posted by: uncle tungsten | Jun 4 2021 9:16 utc | 69

Billb #66
Thank you. Do you have a more recent update on this as 2016 and 2017 is a few years ago.

Posted by: uncle tungsten | Jun 4 2021 9:33 utc | 70

Max #17

Which other nations are standing up for their sovereignty, other than China?

Cuba as usual and crippled by illegal sanctions. Myanmar Venezuela Palestine Bolivia Libya Iraq SYRIA!!! Zimbabwe. there are many more of course….

Posted by: uncle tungsten | Jun 4 2021 9:38 utc | 71

b said:

It is the deep state which runs the U.S. Russia policies.

But why is it the US and UK which run EU Russia policies? They are not even members.

Posted by: Petri Krohn | Jun 4 2021 9:44 utc | 72

Posted by: uncle tungsten | Jun 4 2021 9:16 utc | 69
We’ll get a preview today at 14:00 Moscow time, Putin will speak at the S.Petersburg conference, probably about economy but if questions are allowed which I think they will the summit and other matters will come to the fore.

Posted by: Paco | Jun 4 2021 9:44 utc | 73

uncle tungsten #70
No, the story just disappeared down the memory hole with no follow-up that I can see. You’d think at least one serious reporter in Beijing would have wangled a visa and hopped on the 2 hour flight to Pyongyang and checked it out, even if there were no journalists present in the DPRK. Maybe the unusual thing was that the BBC covered it at all.
Looking now, and with somewhat painful translation and using the Chinese search engine baidu, there was a bit of follow up in late June/early July after DPRK indicated the death sentence for those they deemed involved (which included the South Korean President Park). The Chinese press poo-poo’d it and seemed to me to be taking the South Korean side. Read for yourself if you like (Google Chrome does an okay job translating). Interesting that they performed what we would call “continuity of government” drills so they would be prepared in case an attempt succeeded.

Posted by: Billb | Jun 4 2021 10:12 utc | 74

All of the European pharma companies have branches in Switzerland, if not actually being Swiss:
AstraZeneca, Merck, Novartis, Roche, Sanofi, etc etc.
So why would anyone be surprised that the Swiss aren’t supportive of Sputnik vaccinations?

Posted by: c1ue | Jun 4 2021 14:07 utc | 75

Mr. Max | Jun 4 2021 3:08 utc | 54
The United States could have used that financial leverage to make money off the USD denominated transactions and/or financial services.
Americans are Masters of Transactions.
But that is not what they did – they used the financial nuclear bombs against Iran – by sanctioning the Central Bank of Iran and by kicking Iran out of SWIFT (twice).
Americans did that for their religious reasons – well, no one in the world is sympathetic to that.
All indications are that Americans are going to eject Russia out of SWIFT as well.
Stupid, as though Russians are going to roll over and die.

Posted by: fyi | Jun 4 2021 14:09 utc | 76

Well, at last.
Everyone of us has learned it from grandmas and mommies.
‘Com’on, kid, put the trash where the trash belongs.’

Posted by: augusto | Jun 4 2021 14:18 utc | 77

@ Sam | Jun 4 2021 6:59 utc | 67… thanks for sharing… is MIR like a chip on a bank card??

Posted by: james | Jun 4 2021 15:24 utc | 78

@ uncle tungsten | Jun 4 2021 9:38 utc | 71, … yes, there are many nations standing up for their sovereignty and they’re in the Non-$ Bloc. When will they unite to challenge the Financial Empire that wants to turn them into vassals?
@ fyi | Jun 4 2021 14:09 utc | 76,… unfortunately, America has been captured by the Global Financial SYNDICATE , like Saruman. The U$A serves this Syndicate’s dream of a global empire and has been bribed with the world reserve currency. Why did China & Russia support sanctions on Iran under the UN?
Russia continues to be ABUSED by this Syndicate over the last century in 1917, 1947, 1991, and now. However, in WWI & WWII, it fought for the Syndicate. Why? In 1917, head of the Red Cross mission to Russia, William Boyce Thompson , may have lacked the know-how to bandage a wound, but he was a director of the Federal Reserve Bank of New York and agent for J.P. Morgan’s British securities operation. How did he betray Russia? Even after realizing that this Empire is ‘agreement incapable’ it hopes for what? Let’s see it Vladimir Putin clearly defines the red lines and demand the Empire to withdraw its forces from its neighborhood and stop color revolutions. If Russia doesn’t make a strong stand that is worthy of shaking the world then it can’t blame others.

Posted by: Max | Jun 4 2021 16:09 utc | 79

max @ 79, thank you for the link. russia, raped twice by wall street & the red shield will not willingly allow it again.

Posted by: emersonreturn | Jun 4 2021 17:13 utc | 80

Considering the fact that Vladimir Putin and Russian delegation to summit in Geneva are all vaccinated with Sputnik V, Russians finally have their excuse to cancel a generally useless summit and not attend it.

Well, that would be the best option theoretically, and from the point of view of common sense.
But in reality, the Russian delegation will arrive in ~~not so neutral~~ Switzerland, and Putin will meet with Biden. Russia will not “notice” (for the umpteenth time) if its journalists are not allowed to attend the event. Nothing new. Good old “political expediency”.

Posted by: alaff | Jun 4 2021 17:54 utc | 81

But why is it the US and UK which run EU Russia policies? They are not even members.
Posted by: Petri Krohn | Jun 4 2021 9:44 utc | 72
Have a look here Petri
https://www.moonofalabama.org/2021/02/new-documents-reveal-more-british-efforts-to-undermine-russia.html?cid=6a00d8341c640e53ef026bdebdb385200c#comment-6a00d8341c640e53ef026bdebdb385200c

Posted by: John Cleary | Jun 4 2021 18:59 utc | 82

Divesting US assets protects from certain US sanctions, but secondary sanctions still do a lot of damage (look at Huwawei’s mobile phone market share). This article discusses some of the struggles Novatek is experiencing in building out a new LNG process. They are not on a US sanctions blacklist, but if they were to land on one, they would be impacted and probably lose replacement parts for existing equipment, in addition to access to new equipment. Localizing production is easier said than done and I wonder if soe of this arises loss of IP and manufacturing know-how from 1991-2005.
The MC-21 and SJ100 were sabotaged in this way. It took years, but Russia made domestic replacements for the affected parts. I anticipate that Russia/China will seize all NATO IP as liquidated damages for sanctions imposed by NATO allies.
Not mentioned are the LNG trains currently in production in Russia. How did that happen??
Answer: the companies in production, have better management.
NOVATEK should look inward… and use domestic technologies proven to work!
INDY

Posted by: George W Oprisko | Jun 4 2021 21:10 utc | 83

Posted by: Max | Jun 4 2021 16:09 utc | 79
Your link leads to an article that repeats the utter horsecrap that the Reds were the darlings of western bankers. I mean, you can criticize the Bolsheviks for a number of things, but accusing them that they served the banking cartels as they nationalized Russia’s banking system, closed the country to foreign bankers and proceeded to unilaterally erase the country’s foreign debt, well, that’s mental gymnastics on a supernatural level.
The notion that the very people who excluded foreign capitalists from exploiting Russia’s resources and finances allowed the looting of the country is nothing but far-right drivel that defies any rational interpretation. That looting took place AFTER the collapse of the USSR, when apatride parasites transformed Russia into a satrapy for the globalist/Anglo-American oligarchy and its local compradores.

Posted by: Constantine | Jun 4 2021 23:23 utc | 84

Constantine I’m not choosing a side in the debate but one easy possibility (again I’m not saying it is what happened) would be to remove competition and otherwise influence market values outside or USSR/Russia by removing or managing access to that which it could have provided “now or in the future” (at that time).
In some other comment elsewhere someone wondered how the privileged could survive the communist years (as if there wasn’t as much or possibly much more privilege to be had then) but anything is possible if someone is on all sides of a table or (if not) then at least pliant and useful enough, someone who says the right things, has the right connections, or have/provide the right opportunities and so on.

Posted by: Sunny Runny Burger | Jun 4 2021 23:48 utc | 85

John Cleary @82–
Thanks greatly for providing that link!! I’d forgotten much of that but have now saved it.

Posted by: karlof1 | Jun 4 2021 23:48 utc | 86

Mr. Max | Jun 4 2021 16:09 utc | 79
Russian & Chinese governments joined on UN Sanctions on Iran because:
They got things from US,
They were trying to appease US.
Both Chinese and Russian governments have consistently underestimated Iran.

Posted by: Fyi | Jun 5 2021 2:00 utc | 87

Posted by: Constantine | Jun 4 2021 23:23 utc | 84
I shared my link to support the assertion that, “head of the Red Cross mission to Russia, William Boyce Thompson… was a director of the Federal Reserve Bank of New York and agent for J.P. Morgan’s British securities operation.” This is a FACT. Are you denying this assertion? Also, I clearly specified the context. Maybe you can explain why this was the case of sending a Fed director in disguise.
One of the elements of a revolution is outside support (bankers and backers). If you know better then please share who were the outside bankers and backers of “the Reds.” The material (including from Russia) that one come across share theories that they were supported by the City and Wall Street cartels, . If you have a better theory then please share with supporting evidence and links. I am happy to be enlightened and not set on any particular theory.
Based on my learnings, the goal of the syndicate for the WWI was to end monarchical empires (Russian, German, Ottoman, Austrian-Hungarian …) that weren’t their vassals. They like installing their lackeys and don’t care about the structure initially. They’re okay with Saudi Arabia, Kuwait, and even communists. A nation only gets into trouble with them if they refuse to be their vassals. They want suzerain-vassal relationships.
In the communist structure the syndicate controls the state that controls enterprises. In the capitalist structure they control business elites/corporations that control the state. This is how they managed their two structures. Nikolai Storikov book “Rouble Nationalization,” would contradict your opinions. Please share additional work to back them.
In your engagement, please share theories with supporting material instead of generalizations, labeling and attacks. Only interested in learning, not propaganda or accusations.
@ Sunny Runny Burger | Jun 4 2021 23:48 utc | 85,… good points.
@ Fyi | Jun 5 2021 2:00 utc | 87,… what did China & Russia get from the U$A? Unfortunately, many nations have made mistakes. It is time that they lead by examples.

Posted by: Max | Jun 5 2021 4:53 utc | 88

Russia and China supported the Iran sanctions because both countries see the profileration of nuclear weapons as a serious threat to peace and because Iran is in most parts of the world generally distrusted and perceived as the Shia version of Al Quaida.
The impementation of the JCPOA by Iran proved that Iran might be ruled by religious fundmentalists but is also trustworthy, interested in compromise and willing to put it`s nuclear program under international surveillance for the sake of peace. It´s the Israelis and the American Neocons who are the liars. They use the Iranian nuclear program as a mere pretext in order to introduce economic sanctions.
The consequence of Iram implementing the JCPOA is that Europa assumed a neutral stance (perceived in Iran as anti-Iran and in Israel as pro-Iran) while Russia and China – who have tensions with the USA for reasons unrelated to Iran – started to openly side with Iran against the USA.

Posted by: m | Jun 5 2021 7:49 utc | 89

It almost seems like USA are intending to go for broke, hoping their current financial global dominance will carry them through.
Never have I seen a more reckless and more stubborn US leadership than what has appeared in the last 10 years.
Russia and China are for peace and will not take any bait from the Hegemon. Taiwan is also a small fish for China. They will take it over without a shot fired and without any pressure when time comes.
The West (i. e. USA and it’s most fervent NATO vassals) are playing the game with tools from 1950, while the rest of the world has moved on.

Posted by: Suave | Jun 5 2021 15:09 utc | 90

Mr. m | Jun 5 2021 7:49 utc | 89
The fact is that after 2009 Green Movement political crisis, Mr. Khamenei was in a weaker position politically than now. ( The crisis itself was caused because he had earlier quashed Mr. Khatami’s attempt at altering the electoral laws.). Many people also blamed the Islamic Establishment for the nuclear crisis, for ruining the relationship with West, etc.
The abrogation of JCPOA and the subsequent religious war to destroy Iran, the behavior of the West and the experience with them during COVID-19 pandemic (“The more Iranians are dead due to pandemic, the better.” ) & INTSEX, and the fact that the Iranian state could rise up to the challenges of war and pandemic have left the Mr. Khamenei and the Islamic Establishment in a very very strong political position domestically.
All the modern Western Oriented Iranians, like the Russian Liberals, are left with eggs on their faces. Yet again, the religious Iranians, such as those who walked over the minefields during Iran-Iraq War and those that fought against Jihadists were demonstrably shown to have saved Iran.
Mr. Ayatollah Khamenei will not relinquish the strategic freedom that Iran has gained by going back into JCPOA. Nor are Americans be willing to abandon their terrorism sanctions. Both sides will go through the motions of negotiations until interest in it is lost.
War against Iran, Syria, Shia Iraq, and Houthis will not end.

Posted by: Fyi | Jun 5 2021 18:46 utc | 91

Constantine @ 84, your comment seems a bit at odds with remarks made by Putin on Friday at the economic forum in Saint Petersburg:

“You know what the problem is? I will tell you as a former citizen of the former Soviet Union. What is the problem of empires — they think that they are so powerful that they can afford small errors and mistakes,” he said.
“But the number of problems is growing. There comes a time when they can no longer be dealt with. And the United States, with a confident gait, a firm step, is going straight along the path of the Soviet Union.”

Your final paragraph:

“…The notion that the very people who excluded foreign capitalists from exploiting Russia’s resources and finances allowed the looting of the country is nothing but far-right drivel that defies any rational interpretation. That looting took place AFTER the collapse of the USSR, when apatride parasites transformed Russia into a satrapy for the globalist/Anglo-American oligarchy and its local compradores.”

I don’t know how the ‘parasites’ had such easy access – before, during, or after – but Putin is saying there was continuity to the collapse from within the empire itself. He was there; he should know.

Posted by: juliania | Jun 5 2021 23:26 utc | 92

Paco @ 127 on the open thread below has provided the machine translation of the Putin quotation I used above @ 92. I had found the latter at euronews.com courtesy of nakedcapitalism links. Here is Paco’s fuller version with the omitted phrases bolded:

“You know what the problem is, I will tell you as a former citizen of the former Soviet Union. What is the problem with empires – they think that they are so powerful that they can afford small errors and mistakes. We will buy these, we will scare those, we will come to an agreement with these, we will give beads to those, we will threaten them with warships. And that will solve the problem. But the number of problems is growing. There comes a time when you can no longer cope with them. And the United States, with a confident gait, a confident gait, a firm step, is walking straight along the path of the Soviet Union”

Thank you, Paco.

Posted by: juliania | Jun 6 2021 1:28 utc | 93

Putin and Russia are preparing for what occurs right after Euro 2021. Euro 2021 is the third largest sporting event in the World after the Olympics and World Cup.
Russia did not even wait a week after the Sochi Olympics to make his moves into Crimea, and everything is being prepared for the end of Euro 2021. Note: First game in Saint Petersburg is June 12 (Belgium vs Russia) and last game in Saint Petersburg is July 2 (Quarterfinal; 2 days before July 4).

Posted by: TorontoSamIAm | Jun 7 2021 6:17 utc | 94

Not sure who will be around to read my response, but here it is.
First. Concerning revolutions: there are a number of factors that can lead to such, but claiming that this can be done strictly through foreign backing is nonsensical as it completely ignores internal social factors or contemporary historical developments. Russia as a country had a ton of problems accumulating for a century, but the mismanagement in the beginning of the 20th cent. made things even worse. It finally reached stratospheric levels in WWI, when the monarchists themselves denounced the empress as a German traitor as they could not find any other excuse compatible with their political convictions that explained the utterly disastrous misgovernance of the country. The developments within the imperial house of Romanov reveal the despair that had overtaken the ruling elite due to the downward spiral the country had entered. That was when no revolutionaries at all were in any positiob to influence the course of the events.
If there was an external factor of subversive support by foreigners, it would be indirect German funding of anti-war socialists in Russia in order to undermine the war effort and close the eastern front that was deemed of less importance by the Germans. But the real reason that led to the collapse of morale in Russia was the veritable horror show of mismanagement by the imperial government and post-February 1917, the Provisional Government.
Once the Reds took power (and it was by no means absolute in the early period), they came under concerted attack by the Entente. Despite the official right-wing and communist propaganda, there was NO Civil War in Russia until the conflict with the Czech Legion in late May 1918, the tentative emergence of an anti-Bolshevik coalition of liberals and concervatives and most importantly, the support by the Entente powers. Without the latter, there would be no Civil War at all. And not because the Reds had all the solutions for the mess the country was in, but because their opponents had none at all. The prominent explanation offered by the the most vocal anti-Bolsheviks was that it was all a Jewish plot.
Now, if one wishes to ignore that abundant material available as well as basic logic and claim that the western powers that moved to “strangle Bolshevism in its cradle” were actually acting against the interests of the very western bankers that influenced them or that the Reds who nationalized the Russian banks and erased unilaterally the country’s debt were somehow minions of said bankers, I can’t force one not to. The desire to come up with some lame conspiratorial interpretation and against all available data and reason overcomes all as per human nature.
To Juliania: Theoretically Putin’s assertion makes my point, as I mentioned the failings of the Russian empire led to the Revolution. If detachment from reality within the ruling elite along with class conflicts are the points he tries to make about the fall of the USSR, I concur.
I would suggest, however, to take Putin’s historical interpretations with a modicum of caution. VVP has consistently whitewashed the arch-traitor and sloberring subhuman Yeltsin from any responsibility for the disastrous dissolution of the country, while he didn’t hesitate to pin it to some extent on Lenin. That is gross bias and downright distortion of history to the point that it undermines Putin’s very own contribution to the history of Russia.

Posted by: Constantine | Jun 7 2021 23:52 utc | 95

@95 Constantine – “it undermines Putin’s very own contribution to the history of Russia.”
Forgive me for a blanket statement equal to your own, but I find that there is nothing that can undermine Putin’s contribution to the history of Russia. His telling of history must stand on its own merits, and your vilification of him regarding Yeltsin can leave no stain on that.
Putin saved Russia, so that it continued to have a history, as a nation instead of the fragments broken into plantations, as the western capitalists planned and desired.
Certainly, the scale of Russian experience is larger than most cultures can encompass – but saving a nation from the abyss of nothingness is surely equal to that scale?
You have to walk the rhetoric back a little if you want to persuade anyone of Putin’s failings. His accomplishments are stellar. Mere stratospheric failings can’t even compete.
The little historical notes you wish for that Putin didn’t supply? Maybe you should write the essays that demonstrate the truth of these things, and leave out the name-calling because other people didn’t say the things you wanted said.
For me, Yeltsin appointed Putin. And in his final months, he started to stonewall the west. There is a sense that he understood he was destroying his country, and that he gladly acceded to the demand of the only remnant of the security state still existing that he resign and appoint Putin. Personally, I think that he did this with great gladness – he was so out of his depth with the devils he was dealing with.
The fact is that without the action of Yeltsin, nothing about Putin would now have come to be.
So, not to lecture you, but please write out all the history you would like said about Russia, and stop blaming Putin for not taking the time to do it for you.
I’m happy with Putin’s record of achievement. I leave his non-achievements for others to strive for, in the future.

Posted by: Grieved | Jun 8 2021 4:10 utc | 96

Posted by: Grieved | Jun 8 2021 4:10 utc | 96
Read my post again. My very point was that Putin did indeed salvage Russia from the bring of a final dissolution. But the course to the latter was precisely the work of Yeltsin. If you believe that this scumbag, this slobbering, drunken subhuman who was farting nonstop in front of the cameras had anything but contempt for his office and the nation he was leading to extinction, then you are the one who needs to get a grip with Russian realities.
Putin was placed into office NOT because Yeltsin had any regard for Russia’s future, but for his family. It would help you to know through released e-mails and audio that he actually communicated with Bill Clinton to inform him and get approval for his choice of Putin as a successor. If you believe that this traitor – and that is a very charitable label – had second thoughts about the destruction and humiliation he heaped upon his people, then your post isn’t really about Putin’s sterling achievements, but about the rehabilitation of this puke, whose (mis)governance is, per the liberals, Russia’s ascent to the community of the democratic nations and similar crap.
Putin’s achievements are precisely impressive because he reversed the apocalyptic devastation that Yeltsin and his ilk had inflicted upon Russia AFTER he had assumed a very prominent role in the treasonous dissolution of the USSR. A generationof utterly ruined and humiliated people beg to differ with you when you try to paint a “somewhat flawed” picture of this walking neoliberal excrement.
Putin himself has repeatedly pointed out the miserable state of the country when he assumed power. What then? Was he lying? I definitely don’t think so, and neither do al those people irrespective of national origin in the multi-national country, who were subjected to the horrors and indignities of the 90s and early 00s.
So what exactly is the point of having a Boris Yeltsin institute, of praising this puke for his determination to transform Russia when this development led to the near destruction of the country? What is the point of bemoaning the subversion and dissolution of the USSR (very rightly so) and then praising the traitor who committed the criminal actions that led to all that?
As for the views I expressed about the Russian Revolution, they have been formed the last years after I researched the subject through the use of primary sources. Not sure where you disagree, but I surely don’t have to defer on Putin on that not least because he is NOT a historian, but a statesman who has studied law. Just as he isn’t a pediatrician, a nuclear physicist or an architect.

Posted by: Constantine | Jun 9 2021 17:04 utc | 97

Mr. Constantine | Jun 9 2021 17:04 utc | 97
To your fine summary I must add that scumbag, the late Yegor Timurovich Gaidar , who pauperized tens of millions of pensioners; old men and women who had worked all their lives and expected to live their retirement years in a dignified manner. Hell, I should like to hope, has a special place for him.
I differ with you on the interpretation of the events that led to the dissolution of the Soviet Union; I think the Russian people (the Rus) bear major responsibility for the destruction of the Soviet State. For decades, they believed that if the Soviet State was destroyed, it would be magically replaced by Democracy & Rule of Law. I still recall the Rus carrying large tricolor flags on the streets of Moscow and Leningrad, proclaiming their sovereignty.
(Very few, outside of the Party, were supportive of a multinational state – everyone was looking to gain power, like the warlords in China after 1905.) This was the same mechanism that destroyed Yugoslavia – the non-Serbs wished it be destroyed and achieved it. Almost certainly, in Iran, if the Islamic Republic is destroyed, so would Iran with it – no one could articulate why Iran should exist as a unitary state.
In all 3 countries, we are dealing with a precursor of one of the ideas of the late Bourgeois period, a form of immature cancel culture that wishes to live without history and its traumas.

Posted by: fyi | Jun 10 2021 20:35 utc | 98

Mr. Constantine | Jun 7 2021 23:52 utc | 95
I think when the Nobles murdered the late Stolypin, they sealed the fate of Russian Empire.

Posted by: fyi | Jun 10 2021 20:58 utc | 99

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