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Tag Archives: Russia

Michael Hudson Talks with Katie Halper and Aaron Maté About the Broader Ramifications of the US/NATO Conflict with Russia

Yves here. The transcript below is only of the portion of the Michael Hudson podcast with Katie Halper and Aaron Maté that is outside their paywall, but Michael assures me that the rest was almost entirely a personal chat. But you should consider subscribing! Note I would have embedded the podcast and/or the YouTube clip, but the YouTube embed blocked local viewing, and the ways I use to copy over podcast codes didn’t work. So apologies. Originally published at Useful Idiots KATIE HALPER: ...

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Gas Flares: Europe Has a Hissy, Flails About as Russia Imposes Gas Payment Countersanctions and Economies Already Feel Blowback Bite

On the whole, European and US leaders are continuing to make a very poor showing of the situation they instigated with Russia. The Biden Administration decided to seize $300 billion of Russian foreign exchange reserves, overconfident that they would crater the Russian economy. Ironically, however, the sanctions greatly reduced the Russian need for foreign exchange for trade, since respectable US and European companies took it upon themselves to stop or limit exports to Russia. And Russian...

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Jaishankar Calls Out Europe’s Selective Concern on Rules-Based Order

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. Indian minister for external affairs Subrahmanyam Jaishankar continued to chart an independent multi-alignment policy for India in public remarks yesterday. Jaishankar appeared at the Raisina Dialogue, a multilateral conference held annually in Delhi since 2016. The event is hosted by the Observer Research Foundation, an independent think tank,in...

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Euro and Sterling Slumps Extended

Overview: Russia's decision to cut gas supplies to Poland and Bulgaria and the sharp sell-off in US equities yesterday casts a pall over the markets today.  But not the dollar. The euro punched through $1.06 for the first time in five years and the greenback turned higher against the yen after falling to a seven-day low.  The major bourses in the Asia Pacific region fell by more than 1% except China and Hong Kong.  The Hang Seng eked out a minor gain, but China's CSI 300 rose nearly 3%. ...

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How to End the War in Ukraine

Lambert: “Once the world’s courts establish such a precedent in Ukraine v. Russia (X), would-be strongmen might have to think twice before invading another country, knowing that wars of choice now come with a prohibitive price tag.” As, for example, Iraq, Libya, Syria, etc. By Alfred McCoy, Harrington professor of history at the University of Wisconsin-Madison. He is the author of In the Shadows of the American Century: The Rise and Decline of U.S. Global Power (Dispatch Books). His new book,...

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Beyond Macro: Firm-Level Effects of Cutting off Russian Energy

Lambert: If you’re exposed to Russian energy, more volatility for you. By Raphaël Lafrogne-Joussier, PhD candidate in Economics, CREST-Ecole Polytechnique and Economist, INSEE, Andrei Levchenko, Professor of Economics, University of Michigan; CEPR Research Fellow, Julien Martin, Professor of economics ESG UQAM, and Isabelle Mejean Professor of Economics, Sciences Po. Originally published at VoxEU. What are the potential costs of cutting Russian energy imports as a further tightening of the...

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Yen Blues

Overview: Benchmark 10-year bonds yields in the US and Europe are at new highs for the year.  The US yield is approaching 2.90%, while European rates are mostly 5-8 bp higher.  The 10-year UK Gilt yield is up nine basis points to push near 1.98%. The higher yields are seeing the yen's losing streak extend, and the greenback has jumped 1% to around JPY128.45  The dollar is trading lower against the other major currencies but the Swiss franc. The dollar-bloc currencies and Scandis lead the...

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Naive Questions About Russia’s War Economy

Yves here. Helmer’s post about the competing and radically different plans for restructuring Russia’s economy so it can better cope with the impact of sanctions is timely. Not only is the legislative debate in full swing, but central bank President Elvira Nabiullina also gave an update. She depicted Russia as having weathered the initial impact of the sanctions on the financial system fairly well, but as on the verge of starting to feel the real economy effects bite. This is consistent with...

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External Affairs Minister Jaishankar: India Has Concerns About U.S. Human Rights Record

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. Indian prime minister Narendra Modi and U.S. president Joe Biden met virtually last Monday to discuss their bilateral relationship, especially U,S, insistence that India not increase  its oil and gas imports from Russia, according to the New York Times, Biden Urges Modi Not to Increase India’s Reliance on Russian Oil and Gas.  Russian oil currently...

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Greenback Starts New Week on Firm Note

Overview: With many financial centers, especially in Europe, closed for the long holiday weekend, risk-appetites remain in check.  Most Asia Pacific markets fell, and poor earnings from Infosys and Tata Consultancy, saw India pace the decline with a 2% drop.  US futures are also trading with a heavier bias.  Interest rates remain firm.  The US 2- and 10-year yields are up a couple of basis points to 2.47% and 2.85% respectively.  China's GDP inexplicable rose though March details were poor...

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