The MoA Week In Review – OT 2022-25 (NOT Ukraine)

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March 13, 2022

Last week's posts at Moon of Alabama:

(Another week of all out Ukraine. I'd love to write on other stuff, but it is the world moving story of these day.)

Mar 7 – To Punish Russia The 'Liberal Order' Attempts To Suicide Itself
Mar 9 – The Sanction Backlash Will Push The 'West' To Accept Russia's Demands
Related:
– Boomerang Sanctions – Ghassan Kadi / Saker
– The American Empire self-destructs. – Michael Hudson
– ‘This Is What Liberal War Fever Looks Like’ – Alastair Crooke / SCF
– Is the West Laissez-Faire About Economic Warfare? – Esfandyar Batmanghelidj / War on the Rocks
– The Great Decoupling: How Western Sanctions Are Pushing Moscow East – Scott Ritter / Energy Intelligence

Mar 8 – Disarming Ukraine – Day 13 – Lies Do Not Win Wars
Mar 10 – Disarming Ukraine Day 15: A Curious Hospital Bombing And 'No-Fly Zone' Pressure
Related:
– A Russian antiwar view on things – Yasha Levin
– Asking Questions About Ukrainian Biolabs – American Conservative
– Twitter is censoring reporting on Ukrainian Nazis on the pretext of "abusive behavior" – Asa Winstanley

Mar 11 – Challenge-Response – How Russia Is Countering 'Western' Moves Against It
Related:
– The Americans Want a Long War – Gilbert Doctorow
– The Biden administration’s terrifying gamble – Responsible Statecraft
– Russia's “Special Military Operation:” Why it Went Wrong – Agitpapa
– Day Sixteen of the Russian-Ukrainian War: Changing Realities, Changing Mood – Gilbert Doctorow
– Eastern Ukraine has almost completely fallen, but Putin now needs a peace, fast – Intellinews
– John Mearsheimer on why the West is principally responsible for the Ukrainian crisis – The Economist
– Zelensky, Hunter Biden — and Their Sugar Daddy, Kolomoisky (vid) – Gonzalo Lira

—
Other issues:

Media:

Youtube has banned RT. You can still watch it on Odysee and Rumble.
Also removed by YT and now on Rumble: Oliver Stone: Revealing Ukraine and Ukraine on Fire
The US And Ukraine Have Every Reason To Lie About The War – Caitlin Johnstone

Iran:

Iran nuclear talks on hold as US gets cold feet – Middle East Eye
Iran ‘temporarily suspends’ direct talks with Saudi Arabia – Al Jazeerah
Iranian Precise Missile Attacks on Israeli Secret Places in Erbil video

Covid-19:

The Epidemic of Covid Complacency – Eric Topol
How Did This Many Deaths Become Normal? – Atlantic
Covid has slipped from the headlines – but with restrictions eased, cases are rising – Guardian

Use as open thread …

Posted by b on March 13, 2022 at 12:52 UTC | Permalink

Comments

Debsisdead #76
Noted and appreciated.

Posted by: uncle tungsten | Mar 14 2022 15:13 utc | 101

@BM #87
Well, all I can say is that 25 years ago – the extended testing period for new chips by automakers and their suppliers (i.e. Bosch) was primarily for reliability and resistance to environmental issues.
In particular: the temperature extremes experienced by a chip in a car are far, far greater than in a PC (CPUs have high temperature extremes generated by their own heat but are generally not in a high/low extreme environment).
There are also issues with ESD (static electricity), humidity, vibration.
Note that almost none of these have to do with performance as normally measured by consumer standards.

Posted by: c1ue | Mar 14 2022 15:53 utc | 102

It’s an infrequent occurrence for Canadian news to make it on to the Sputnik news website. Today it did — it’s controversy over Trudeau’s recent trip to Europe.
It’s All About Me tour: Trudeau faces backlash for Europe trip
https://sputniknews.com/20220314/its-all-about-me-tour-trudeau-faces-backlash-in-canada-over-his-photo-op-europe-trip-1093851099.html
“Canadian Prime Minister Justin Trudeau is facing a massive political backlash domestically amid widespread claims that his government has been milking the security crisis in Ukraine to distract the voters’ attention from pressing domestic concerns.”
I say, with the way of things, if he’d in fact done what he’s accused of, there would be less controversy. He must have done something.
Maybe there are clues in this just announced upcoming trip by Canada’s Governor General:
Governor General to travel to the Middle East
https://pm.gc.ca/en/news/news-releases/2022/03/14/governor-general-travel-middle-east
“The Governor General will visit the United Arab Emirates (UAE), Qatar, and Kuwait. In each of these three countries, she will meet with Canada’s ambassadors, Canadian Armed Forces members deployed to the region, as well as heads of state and other senior leaders of the three countries to strengthen our bilateral relations. In these times of uncertainty around the world, bolstering relationships between countries is of utmost priority.”
Maybe The Beaverton (fake news) has the real inside track on these “domestic concerns”:
“Economists worry sanctions on Russian oligarchs may depress housing market to point that Canadians can afford to buy homes again.”
https://twitter.com/TheBeaverton/status/1503379367174582273
Speaking of Russian oligarchs and homes, how about that sit-in at Oleg Deripaksa’s place?
https://nypost.com/2022/03/14/russian-oligarchs-london-mansion-liberated-by-protesters/

Posted by: Bruised Northerner | Mar 14 2022 16:18 utc | 103

A Biden approval two-fer
538’s comparison of Biden vs. past presidents
Note how poorly Biden compares to every single one except Trump – and even then, Trump started far lower and fell less. This is most obvious with net approval: Jimmy Carter is way ahead of Biden at day 419…
Forget Biden’s bump in the polls

But, unlike most presidents, Biden is not benefiting from the American tendency to rally around the president in times of crisis. Biden’s small polling bump from the State of the Union address is unlikely to be the beginning of a trend. The combination of bad underlying numbers, high probability of a worsening situation in Ukraine and a Democratic coalition constantly at odds with itself sets up Biden and the Democrats for worsening numbers heading into the November mid-terms.
And blaming Vladimir Putin isn’t going to save them.

NC made the point that past Presidents saw far higher jump in approval, but that isn’t clear from the 538 data.
But it is clear that Biden has gone “all in” with blaming Putin/Russia.
This is the key point

With inflation viewed as a problem by 85 percent of the public (61 percent say it’s “very serious”), this is a big problem for Biden. Blaming Putin might work with the hardcore Democratic base, but that argument will lose steam in short order.

Inflation is unquestionably the biggest concern of Americans, and the Biden’s administration’s response is…inconsistent

Biden’s own squabbling domestic political coalition is proving an additional drag. In response to rocketing gas prices, Energy Secretary Jennifer Granholm wants to increase oil production; Transportation Secretary Pete Buttigieg wants people to buy electric cars, and administration spokesperson Jen Psaki just wants to shift the blame.

Posted by: c1ue | Mar 14 2022 16:36 utc | 104

And in other news: the US is embargoing and sanctioning Cambodia for hosting a Chinese military base
A Superpower Struggle On The Cambodian Coast

The U.S. has repeatedly signalled concern as satellite images appear to indicate Cambodia is expanding Ream Naval Base with help from China.
The American government recently imposed an arms embargo and expanded export restrictions on Cambodia. In addition to increased military ties with China, the U.S. additionally cited human rights concerns in Cambodia as reasoning for the restrictions.
The rumoured base expansion first gained attention in mainstream Western media in July 2018, when the Wall Street Journal published an article titled, “Deal for Naval Outpost in Cambodia Furthers China’s Quest for Military Network.”
China has a limited number of overseas military bases. The first opened in 2017 in the East African country Djibouti.

Apparently military bases ARE a big deal…if it is some other nation’s base.

Posted by: c1ue | Mar 14 2022 16:37 utc | 105

And COVID news: China tamed COVID. Or not
China locks down Shenzhen as it battles biggest Covid surge since start of pandemic
Paywalled unfortunately, but another header for this article:

Apple supplier Foxconn shuts plants as Covid outbreak in China grows

I distinctly remember noting that a COVID outbreak in a manufacturing region of China could affect the factories…

Posted by: c1ue | Mar 14 2022 16:40 utc | 106

Interesting piece of news:

BELARUSIAN PM SAYS RUSSIA AND BELARUS WILL DITCH PAYMENTS IN U.S. DOLLARS FOR ENERGY SUPPLIES – BELTA
Mar 14, 2022 · 4:41 PM UTC

https://nitter.net/DeItaone/status/1503411000539820032
Hopefully this is a ban on companies accepting dollar payments for, which would invalidate the current contracts (with the exact same reasoning that the EU employed to get out of contracts with Russia, using their sanctions).

Posted by: Unnamed | Mar 14 2022 18:31 utc | 107

Zolysn Pozsar – ex-US Treasury, ex-Federal Reserve now Credit Suisse analyst, put out a note about a week ago talking about how recent events have “A New World (Monetary) Order” which means the end of the old, dollar one.
The full note can be seen here

Posted by: c1ue | Mar 14 2022 21:07 utc | 108

Relevant text from above

And from these crises [1997, 1998, 2008, March 2020] we also learned that…
…someone, somehow must always provide a backstop – or as Perry Mehrling would say, an “outside spread” (the IMF in Southeast Asia in 1997 in exchange for Washington consensus-type structural reforms; the Fed backstopping the shadow banking system with a range of facilities in 2008 in exchange for Basel III; and the Fed backstopping RV funds with QE and SRF in March 2020, in exchange for “we don’t yet know what,” but history says there will be a price).
Which brings us back to today – the present – and shipping freight rates.
If we are right, and if this is a “crisis of commodities” – a 2008 of sorts thematically, if not in terms of size or severity – who will provide the backstop?
We see but only one entity: the PBoC!
Western central banks cannot close the gaping “commodities basis” because their respective sovereigns are the ones driving the sanctions. They will have to deal with the inflationary impacts of the “commodities basis” and try to cool them with rate hikes, but they will not be able to provide the outside spreads and won’t be able to provide balance sheet to close “Russia-non-Russia” spreads.
Commodity traders won’t be able to either. Remember that Glencore rose from the ashes of Marc Rich + Co, and with Switzerland along with the sanctions, Swiss-based commodity traders will think twice about arbitraging the spreads.
But the PBoC can…
…as it banks for a sovereign who can dance to its own tine. To make things more complicated, China is probably thinking deep and hard about the value of the insude money claims in its FX reserves, now that the G7 seized Russia’s.
The PBoC has two “geo-strategic” = “geo-financial” options…
…sell Treasuries to fund the leasing and filling of vessels to clean up subprime Russian commodities. That would hurt long-term Treasury yields and stabilize the commodities basis and would give the PBoC control over inflation in China, while the West would suffer commodity shortages, a recession, and higher yields.
Yuck.
That can’t be good for long-term Treasury yields.
The PBoC’s second option is to do its own version of QE – printing to renminbi buy Russian commodities. If so, that’s the birth of the Eurorenminbi market and China’s first real step to break the hegemony of the Eurodollar market. That is also inflationary for the West and means less demand for long-term Treasuries.
Yuck.
That can’t be good for long-term Treasury yields either.
The idea behind going long shipping freight rates is simple: the price the PBoC will be paying to lease ships to fill them up with Russian commodities can in theory rise as much as the collapse in the price of Russian commodities: a lot. Renting boats is like renting balance sheet at a dealer to fund inventory, and if China does not have enough storage capacity on the mainland, it will store Russian commodities on vessels floating on the seas, encumbering not balance sheet (the PBoC is funding all this by printing money) but shipping capacity, which, for the rest of the world, will also be inflationary. Once again:
If you believe that the West can craft sanctions that maximize pain for Russia while minimizing financial stability risks and price stability risks in the West, you could also believe in unicorns. What G-SIBs are for financial stability…
…Glencore is for price stability.
In this instance, price instability (surging and collapsing commodity prices) feeds financial instability: margin calls may trigger the failure of some smaller commodity traders and maybe even some CCPs – the commodity exchanges.
Again, commodity correlations are at 1, which is never a good things…
The Fed and other central banks will be able to provide liquidity backstops…
…but those will be Band-Aid solutions. The true problem here is not liquidity per se. Liquidity is just a manifestation of a larger problem, which is the “Russian-non-Russian” commodities basis, which only China will be able to close.
Do you see what I see?
Do you see inflation in the West written all over this like I do?
The crisis is not like anything we have seen since President Nixon took the U.S. dollar off gold in 1971 – the end of the era of commodity-based money.
When this crisis (and war) is over, the U.S. dollar should be much weaker and, on the flipside, the renminbi much stronger, backed by a basket of commodities.
From the Bretton Woods era backed by gold bullion, to Bretton Woods II backed by inside money (Treasuries with un-hedgeable confiscation risks), to Bretton Woods III backed by outside money (gold bullion and other commodities).
After this war is over, “money” will never be the same again…
…and Bitcoin (if it still exists then) will probably benefit from all this.

The argument is basically a commodity version of Gresham’s law. The conversion of a previously agnostic commodities market into one with “good” i.e. non-Russian commodities vs. “bad” i.e. Russian commodities means enormous price instability increases in commodity prices – which leads to inflation in the sanctioning countries.
Russia won’t have this problem because they’re going to get hit with deflation in the form of relative devaluation of Russian commodity sales,a nd China will offset this by hedging Russian and non-Russian commodities to its own benefit. The ROW: major sellers can sell to both the US/EU and China but net buyers will cleave to China because lower commodity prices are to their benefit.

Posted by: c1ue | Mar 14 2022 21:52 utc | 109

Debsisdead | Mar 14 2022 10:56 utc | 93

It is sad that so few humans consider the way that amerika bullies small tryin to be independent nations whose only crime is to exist too close to somewhere/something amerika wants to steal.

Listen to this threat from the FUS proconsul..

In a direct threat, Lu made clear to Nepali political leaders during his phone call that Washington would use political corruption and human rights issues in Nepal to enforce its demands

Nepal has no resources, no industries and its landlocked.
UNlike Russia/China, an economic sanction would be lethal.
The ‘rule based’ FUKUS dont need no stinking evidence, when they declare someone guilty
of whatever crimes they care to cook up, thats it, there’s no recourse for the accused.
Besides, the Nepalese had bitter memory of
CIA/MI6/RAW skulduggery
Here’r just the biggies…
IN 2001, their beloved KIng Birendra’s entire family was wiped out in a CIA/MI6/RAW putsch, cuz the king was a panda hugger
IN 2008, nEPAL’s centuries old monarchy was toppled by Indian sponsored Maoists
in 2016, PM OLI was toppled in another CIA/RAW orchestrated coup
For the Nepalese, a warning of dire consequences from FUKUS is non trivial, not to be taken lightly.
This MCC ‘gift’ is virtually an offer that they cant refuse.

Posted by: denk | Mar 15 2022 2:48 utc | 110

I am reading at ZH about seeming tit for tat between Iran and Occupied Palestine.
The posting started out about Iran and was later updated to include Occupied Palestine
The quote from the Iran part
”
The attempted attack, which the IRGC described as a “major” sabotage attempt against an Iranian nuclear facility, was intended to be carried out before March 21, the Persian new year.
Earlier Monday, Iran captured two teams of “terrorists” linked to foreign intelligence services, Fars also reported. The six individuals sought to assassinate “several” foreign nationals working on infrastructure projects in the southeast province of Sistan and Baluchestan, Fars said.
”
The quote from the Occupied Palestine part
”
Update(1730ET): Within the last hours there have been growing reports that Israeli government websites have been hit in a major cyberattack.
Multiple regional correspondents are reporting that Israel has declared a “national state of cyber emergency” given it’s already being called the “largest-ever” cyber attack carried out against Israel’s infrastructure.
”
and earlier
”
According to Haaretz multiple government ministries saw their websites taken down, including those of the Prime Minister’s Office, as well as interior, health, justice and welfare ministries.
“A number of Israeli government websites went down on Monday in an apparent cyberattack. The Israeli cyber authority confirmed the attack was a DDos (Digital-denial of service) attack that had blocked access to government websites, and that all websites were back online,” the report said.
”

Posted by: psychohistorian | Mar 15 2022 2:52 utc | 111

@109 c1ue | Mar 14 2022 21:52 utc
Thank you for this. Please keep this kind of information coming.
I don’t understand the minutiae very well, but I know a sea change when I see one. And the shift was levered by the US in its unprecedented – or groundbreaking, depending how you view it – freeze on the foreign reserves of Russia’s central bank.
Here’s that note in pdf for anyone who wants a solid copy or who, like me, wants to absorb this fully at leisure:
Credit Suisse Economics – Bretton Woods III [PDF]
~~
To cut to the chase of what is being suggested here, Nasdaq reports:

“From the Bretton Woods era backed by gold bullion, to Bretton Woods II backed by inside money, to Bretton Woods III backed by outside money,” the strategist wrote.
Pozsar argues that the fall of Bretton Woods II ensued last week as G7 countries decided to seize Russia’s foreign exchange (FX) reserves, leading to a rise of outside money – reserves kept as commodities – over inside money – reserves kept as liabilities of global financial institutions.

More fallout from the US doing this to itself. What part of closing one’s fist around water does it not understand?
First there was gold-backed money. Then there was insider money. Now in the third iteration, there is to be outsider money. Amazing.
~~
I’m pretty sure I saw mentions somewhere in the last 48 hours about EAEU countries combining into a currency agreement for commodities trading, but it was drowned in the deluge of other data. Anyone know what that was?

Posted by: Grieved | Mar 15 2022 3:45 utc | 112

@112 more…
Of course, it was Martyanov in his latest, linked somewhere here by someone:

Translation: YEREVAN, March 14 – Sputnik. The member states of the Eurasian Economic Union (EAEU) and China will develop a project for an independent international monetary and financial system. This was agreed upon by the participants in the economic dialogue “A New Stage of Monetary, Financial and Economic Cooperation between the EAEU and the PRC. Global Transformations: Challenges and Solutions”, which was held on March 11 via videoconference. It is envisaged that the system will be based on a new international currency, which will be calculated as an index of the national currencies of the participating countries and commodity prices. The first draft will be submitted for discussion by the end of March. As Sergei Glazyev, Minister for Integration and Macroeconomics of the EEC, emphasized, China was the first in the world to move to the stage of national economic recovery.

Posted by: Grieved | Mar 15 2022 4:55 utc | 113

Debsisdead #76
You might appreciate this clip from Greanville Post:
First run on July 2021
It is a solid put down of the treacherous fraudsquad in the US Democrat Party. It will come in handy for the circ-us later this year.
Beware! sheepdog bait.

Posted by: uncle tungsten | Mar 15 2022 5:50 utc | 114

Again, this may be of interest to future (and current) historians in researching the Decline and Fall of the Windsor Empire.
Certainly the whole of the line down to William know the truth of the matter.
The horrible old woman died a few months later.
I like to think I may have put her into her grave.

C/ Eusebio Navarro, 12……………………….HRH Prince William of Wales
35003 Las Palmas de Gran Canaria……………………..St James´ Palace
Spain………………………………………………………..(By registered post A83052407)
4 January 2002
THE SECRET OF THE MONCKTON PAPERS
You Royal Highness,
Further to my Second Affidavit sworn 1 October 2000, and my Third Affidavit sworn 29 November 2000. What is the one thing that Martin McGuinness and the Queen Mother have in common? Answer: they both refuse to swear an oath mandated by law and the Glorious Revolution.
The Coronation Oath Act 1689 governs the conduct of the Crown. Queen Elizabeth II obeyed the Act and swore the Oath in 1953, as it is the law. That Act commands:
.
.
.
.
.
But Elizabeth, wife of George, swore no oath in 1937. She dominated her weak husband and simply refused to sign an English oath to law, justice and good government. Thus blackmailed they called her Queen all the same, for she had it in her power to destroy the Monarchy at just the time the Nation needed unity above all else.
Monckton was legal advisor to Edward VIII. Edward wanted his birthright back for himself. Elizabeth’s failure to swear the oath nulls the Coronation of King George VI and Queen Elizabeth. In 1940 Elizabeth damned Wallis as “the lowest of the low” for bringing “unimaginable trouble” in copying her own blackmail over the faulty Coronation. Through Halifax Elizabeth sought an “arrangement” with Hitler that same year – treason had she sworn the oath. There is no doubt whatsoever that the illegal nature of the 1937 Coronation is the subject matter of the missing Monckton papers.
The Bill of Rights 1689 governs the conduct of Parliament and requires a like oath of allegiance to the Crown. McGuinness, though elected by the People, cannot take up his seat in the Commons because he refuses to swear to be “…faithful and bear true allegiance to Her Majesty Queen Elizabeth her heirs and successors according to law so help me God”. This oath is enforced ruthlessly by successive Speakers on behalf of the Queen. It is deliberately ambiguous and refers to two persons. Queen Elizabeth II herself: and to her mother, who took the name “Queen Elizabeth” in breach of the Coronation Oath Act 1689. So until McGuinness joins the rest and swears to obey a fraud he is a non-person. And so are his Irish constituents.
The name of the Sovereign of this Kingdom is Queen Elizabeth II. That is how Commonwealth nations swear the oath and that is her lawful title. But this Sovereign has chosen to impose an ambiguous and illegal oath on Parliament, on the Judiciary and on the Constabulary. Each must swear an oath which includes a Shadow Sovereign, if they are to serve.
This secret, hiding in plain view, is suppressed with the Monckton papers. If they still exist. The Queen Mother is a fraud and has no right to use the name Queen Elizabeth. Far from lending support to her husband at his hour of greatest need, she left him alone. Far from doing her duty as wife, woman and subject, she flounced a selfish blackmail. Little wonder the poor man died so young. And her prize was hidden, unlimited power, completely unconstrained by any oath, and which she has since employed selectively to amass a personal fortune.
After Malcolm Wall, I recognize the impostor modus operandi. It is the hidden power of this Shadow Sovereign that lays behind the careers of Lord and Lady Archer, behind the meteoric rise of “Honest” John Major and “Trust Me” Tony Blair. It is the hidden power behind the Anglia Television fraud, behind the Lloyds insurance fraud and behind the suppression and destruction of so much evidence. It is the hidden power behind the disgraceful persecution and decimation of the Cleary family.
It is for Your Royal Highness to decide whether he wishes to associate with such infamy and corruption.
Yours sincerely,
John P.Cleary BSc. MA MBA
Freeborn Englishman and Citizen of Ireland
cc HH Prince Henry of Wales (by registered post)
enc. John Cleary to Janet Reno (Attorney General of the USA) 29 May 2000
*********************************************************
NOTE I’m not sure how to post a scan. In the original that space in the body of the letter contained the text from the original statute. It is quite impressive, including as it does an ancient typeface. Anyway, the wording is:
IVOath to be administered to
all future Kings and Queens
And the said Oath shall be in like manner Administered to
every King or Queene who shall succeede to the Imperialle Crowne of this Realme at their respective Coronations by one of the Archbishops or Bishops of this Realme of England for the time be to be thereunto appointed by such King or Queene respectively and in the Presence of all Persons that shall be Attending Assisting or otherwise present at such their respective Coronations Any Law Statute or Usage to the contrary notwithstanding

Posted by: John Cleary | Mar 15 2022 6:24 utc | 115

Since there is a lot of censorship in the west, I feel I should share this blog link, which may help people start thinking differently.
“Between Two Worlds”
Link to wordpress blog
Older US man, moved to Russia, writes about his experiences and happenings.

Posted by: Browser | Mar 15 2022 13:28 utc | 116

Everyone’s in the Arctic. Militarily. (Nobody de-escalates quite like NATO)
https://mobile.twitter.com/JFCNorfolk
https://thebarentsobserver.com/en/security/2022/03/russian-navy-announces-shootings-west-natos-ongoing-major-arctic-exercise
Except maybe for NORAD. Canada/US exercises in the Arctic
https://mobile.twitter.com/noradcommand
https://globalnews.ca/video/8682935/norad-performs-arctic-training-operation-amid-war-in-ukraine/
Canada/US sign renewal of agreement for care of Great Lakes
https://twitter.com/USCGGreatLakes/status/1503398533063483397
https://twitter.com/CoastGuardCAN/status/1503491676081467398

Posted by: Bruised Northerner | Mar 15 2022 13:46 utc | 117

@Grieved #112
The analogy used by Pozsar is the GFC: subprime mortgages and their associated MBS’s were a small part of the overall financial system – but their collapse reverberated throughout the whole thing and would have brought it down if it were not for the Fed’s massive QE.
Only this time: the Fed and ECB can’t do squat because they are walled off from acting due to US/EU sanctions.
This leaves the door open to China to do it.
The extra bonus is that by f’ing up the commodity markets, it will cause commodity prices to jump up and down – but generally up for “non Russian” commodities and down for “Russian commodities”. Countries sanctioning Russia will thus see higher commodity prices = inflation. China can offset this by buying both “Russian” and “non-Russian” commodities, but they can go even further: become a market maker for all commodities and use this to create a commodity back renminbi and eurorenminbi market. This will further accelerate de-dollarization.
The “currency market” you reference is a US/EU bankster attempt to forestall this, but is doomed to failure because these banksters are prevented, by their own laws, to put the Humpty Dumpty of the world spanning commodity market back together.

Posted by: c1ue | Mar 15 2022 14:29 utc | 118

Gas prices have stabilized so far: flat to $0.01 down in the past 4 days

Current Avg. $4.32
Yesterday Avg. $4.33
Week Ago Avg. $4.17
Month Ago Avg. $3.50
Year Ago Avg. $2.86

ditto diesel

Current Avg. $5.12
Yesterday Avg. $5.13
Week Ago Avg. $4.76
Month Ago Avg. $3.91
Year Ago Avg. $3.08

This despite crude oil prices dropping over 20% – retail prices are sticky, what a shock /sarc

Posted by: c1ue | Mar 15 2022 14:33 utc | 119

India buys 3m barrels of Russian Urals Crude

Posted by: c1ue | Mar 15 2022 14:56 utc | 120

German health minister says COVID situation in Germany critical

German Health Minister Karl Lauterbach said the impact of COVID-19 in the country had reached a “critical” level after the number of infections rose to a record high this week.
“We are in a situation that I would like to describe as critical,” Lauterbach said at the weekly coronavirus press briefing in Berlin on Friday. “We have strongly rising case figures again. […] I keep reading that the omicron variant is a milder variant but that’s only true to a limited extent.”
Despite planning to further relax COVID-19 rules, Germany logged a record high number of coronavirus infections in 24 hours on Thursday, and a figure almost as high, 252,836 cases, on Friday.
…
“We can not be satisfied with a situation in which 250 people are dying every day and the prospect is that in a few weeks more people will die,” he said.

Posted by: c1ue | Mar 15 2022 14:59 utc | 121

While I agree somewhat with Pozsar, I have a different geo-political perspective
As Grieved provided
”
“From the Bretton Woods era backed by gold bullion, to Bretton Woods II backed by inside money, to Bretton Woods III backed by outside money,” the strategist wrote.
Pozsar argues that the fall of Bretton Woods II ensued last week as G7 countries decided to seize Russia’s foreign exchange (FX) reserves, leading to a rise of outside money – reserves kept as commodities – over inside money – reserves kept as liabilities of global financial institutions.
”
I posit that the Bretton Woods era backed by gold bullion and the Bretton Woods II era (after 1971) backed by inside money (fiat) represent the same God of Mammon private finance system I continue to rant about.
I also posit that outside money speaks to two things
1. Outside money is value oriented money in contrast to fiat that has external definition of value established by the holders of the gold. In human history the connection of value based money to gold/silver provided some social store of
value function until factored to the benefit of the banking folk. Expanding the definition of outside money away from just gold has the potential to bring stability to all parties within/supporting the broader definition ( nations currencies as well as FOOD/resources)
2. All wars are private banker wars and having outside money defined by sovereign nations instead of a private cabal of humans, currently not subject to being held responsible for actions, is a game changer which is why we are seeing all this nuclear huffing and puffing by the God of Mammon side.
IMO, humanity in the West needs to get this sort of perspective on what is transpiring before us so we can better adapt and thrive.

Posted by: psychohistorian | Mar 15 2022 15:11 utc | 122

For those interested in updates on Zelensky’s speech to Canada’s parliament, journalist Mackenzie Gray is in the House of Commons gallery. Will post on his Twitter account. Scheduled to start any time now.
https://mobile.twitter.com/gray_mackenzie

Posted by: Bruised Northerner | Mar 15 2022 15:20 utc | 123

psychohistorian @123–
After discovering the existence of that PR via Escobar’s VK, I read it at Martyanov’s. Pepe also linked to this short news item that led me to dig around at the EEC and the provided eaeunion.org link where I found nothing additional. This morning, Pepe announced the Saudis will allow China to purchase its oil in Yuan, thus damaging the petrodollar. So, as you see, there’s lots of creative destruction happening which is a big facet of the Putin Doctrine with more to come.

Posted by: karlof1 | Mar 15 2022 15:30 utc | 124

“Imagine if the CN Tower in Toronto were hit by Russian bombs,” says Zelensky before pleading for Canada to close the airspace over Ukraine. No fly zone.
Probably not the best opening to enlist Canadian support. He gets a standing ovation though.

Posted by: Bruised Northerner | Mar 15 2022 15:43 utc | 125

@psychohistorian #124
I disagree with your characterization of Bretton Woods vs. post-1971 Bretton Woods. The original system had checks and balances via redemption of foreign currency excess into gold at a fixed rate – the idea was that this would curb excess deficits.
The abrogation in 1971 was the US exerting its hegemonic power.
I also disagree with your view that all wars are bankster wars. The people who benefit the most from wars, on the economic side, are not necessarily the banksters but the war profiteers like the Bushes.
Lastly, you completely misunderstand what “outside money” is as defined by Pozsar.
Outside money is absolutely not “value oriented money” – whatever that means. His definition of “outside money” is money from outside the existing ecosystem – i.e. the Fed QE bailouts in 2008 as an example.
Not only that: what Pozsar specifically speculated was the China could print renminbi in order to corner enough commodities to then gain enough hegemonic financial power to displace the dollar – so it would be the use of sovereign fiat currency issuance to buy value, not the other way around.

Posted by: c1ue | Mar 15 2022 16:06 utc | 126

UK repays 1970s era debt for tanks never delivered
Iran Set to release hostages after UK pays 400m gbp
And if you think this has nothing to do with JCPOA restart, I have a bridge to sell you…

Posted by: c1ue | Mar 15 2022 19:19 utc | 127

Here’s a transcript of Zelensky’s speech to the Canadian parliament. It is… really something. … I’m starting to wonder if was written either by MI6, PM Trudeau’s office, or some combination of the two.
https://globalnews.ca/news/8684223/volodymyr-zelenskyy-speech-parliament-transcript/
Two very scary Canadian dudes out of circulation among society.
The first, by a bullet (not the first time for him, but this one was fatal):
https://edmontonjournal.com/news/crime/edmonton-landlord-abdullah-shah-killed-in-southwest-shooting-sunday-night-police
The second, by arrest. (Oh Montreal and it’s angels of hell)
https://www.lapresse.ca/actualites/justice-et-faits-divers/2022-03-15/trafic-de-stupefiants/un-influent-hells-angels-arrete.php
Elsewhere in Montreal news, the police chief is resigning and Ukrainian refugee students wish to receive preferential treatment to study at English-speaking schools. Province replies: non.
https://www.lapresse.ca/actualites/education/2022-03-15/les-eleves-ukrainiens-iront-a-l-ecole-en-francais-tranche-quebec.php

Posted by: Bruised Northerner | Mar 15 2022 20:32 utc | 128

I don’t know if the formality has been reported here but below is a Xinhuanet story
”
MOSCOW, March 15 (Xinhua) — Russia on Tuesday sent a notice of withdrawal from the Council of Europe to the organization’s Secretary General Marija Pejcinovic Buric, Russian Foreign Ministry said.
“The states of NATO (North Atlantic Treaty Organization) and the European Union, abusing their majority in the Council of Europe, are consistently turning this organization into an instrument of anti-Russian policy, refusing equal dialogue and all the principles on which this pan-European structure was created,” the ministry said in a statement.
Nevertheless, Russia remains open to pragmatic and equal interaction with the members of the Council of Europe on issues of mutual interest, it added.
Russia announced on Thursday that it would no longer participate in the Council of Europe. Russia joined the council in February 1996 as its 39th member.
”

Posted by: psychohistorian | Mar 16 2022 6:36 utc | 129

an overview of bond repayment in rubles clause

A clause in recent Russian dollar and euro currency bonds – presumably written in anticipation of the possibility of sanctions from the US or the European Union — allows payments to be made in a currency other than Euros and US dollars under certain conditions. Russia’s 2019 bond issuances in US dollars and Euros says, for example, that the Russian Federation may, under conditions “beyond its control”, make payments in an “alternative payment currency.”
“Alternative payment currency” in the US dollar issuance is defined as “Euros, Pound sterling or Swiss francs or, if for reasons beyond its control the Russian Federation is unable to make payments of principal or interest (in whole or in part) in respect of the Bonds in any of these currencies, Russian roubles.”
What’s unclear is what makes a reason “beyond the control” of the Russian Federation in case it finds itself “unable to pay” in the specified currency.
…
Here is the rub. The Russian bond does not include a waiver of immunity or a clause submitting to the jurisdiction of foreign courts. These absences are incredibly rare in international sovereign bonds. However, as we talked about in our Clauses and Controversies podcast, to the extent the bond’s payment mechanisms run through New York or London, courts in these jurisdictions would probably be able to hear investor lawsuits even without the Russian government having expressly submitted to their jurisdiction.

Years and years in courts…all over the world.

Posted by: c1ue | Mar 16 2022 13:53 utc | 130

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