The Left's Cultre Wars - The Castration Of A Gender And The Murder Of Democracy
Equality Institute: Don’t Say ‘Pregnant Women’ as ‘People of All Genders Can Fall Pregnant’ Sweden' Ruling Social Lunatics Plan A Politically Correct Army
Dapper Laughs Is Offensive. But So Is the Lefty Drivel that Passes for Comedy
The Authoritarian Left Was on Course to Win the Culture Wars... then Along Came #GamerGate
Massive Porotests Against COVID Lockdows, Masks and Vaccine Mandates Rock Europe
After a weekend of increasingly violent protests around Europe, similar to the one pictured above in London, against elitist plans to introduce new limitations on freedom, lockdowns and further steps towards compulsory vaccination (with a vaccine that does not immunise against a virus that makes very few people ill,) it is disappointing to see that in the US and UK, mainstream media is still doing its best to ratchet up the fear and panic ... Continue reading >>>
The culture war is real and we cannot afford to lose
The threat posed by the radical Left to our history and heritage is very different from anything that has come beforeby Douglas Murray, Daily Telegraph, 15 June 2021
There is a view, which occasionally gets an airing, that the current “culture wars” are a big fuss over nothing. This idea, which tends to be expressed by heads who would wish to be wise, claims that it will all go away soon. It often goes on to say that all this is nothing new and that we have seen it all before. Like Frank Drebin of Police Squad, such people stand in front of a burning fireworks factory, shouting “Nothing to see here” and urging the public public to disperse.
But just look at the fireworks in the last week alone. In fact take just one part of life in the last week: sport. At the start of the week the issue of whether young Ollie Robinson should be suspended for a set of decade-old tweets ripped through cricket. Solemn faces talked about appropriate penalties and much more. Then, amazingly, most of the England cricket team turned out to have also made off-colour jokes in the past. If this was to be the new standard for eligibility for the 1st XI then England was soon going to have to put up a squad of pre-pubescents, before firing them in turn.[ ... ]
But also this past week it emerged that 150 Oxford academics have said that they will refuse to teach students at Oriel College because of the statue of a benefactor, Cecil Rhodes, which is on their walls. If I were applying to Oxford now I would take a long look at the list of names and make sure to avoid those tutors at all costs. Could there be anything more against the spirit of pedagogy than charging students thousands of pounds to attend a university that is barely open only then to boycott them because of a statue on one of their college buildings?
In sector after sector the same phenomena can be found. And yet that is not why the people who pooh-pooh the culture wars are wrong. That is simply a question of volume. The thing that proves them wrong is that the issues in this war are so very deep-seated in a way that makes our current convulsions very different from anything that came before. ... Return to contents >>> Explore Greenteeth Digital Publishing [Daily Stirrer] ... [Boggart Aboad] ... [ Greenteeth Home ] ... [ Medium.com ]
Jess de Wahls on being ‘cancelled’ by the Royal Academy: ‘They’ve been wrong from day one’Her artwork was scrubbed from the RA Shop after online warriors branded her a ‘transphobe’ – but she refuses to be intimidated
Leading doctors working in the UK’s National Health Service have said they back taxpayer-funded womb transplants for biological males who identify as women and think a bit of surgery and a daily does of hormone tablets can turn them into real, child bearing women. Experts at parting the gullible and emotionally immature from their hard …Continue reading
Gay Rights Lobby Calls for Ban on LGBT Therapy After Finding Hundreds of Health Workers Believe in a Cure The Daily Stirrer has noted many times that sheeple on the left of the political spectrum get very confused on finding not everybody agrees with their world view. but rather than accept they are bigots they turn on those who dissent. No surprise then that gay activist working in the NHS are turning on African, middle eastern and east Europan colleagues who believe homosexuality is a sin.
Bakery Sued For Refusing to Produce Pro-Gay Marriage Cake A Belfast bakery has been threatened with legal action after its owners refused to accept an order for a cake with the words “support gay marriage” on it. Ashers Baking Company staff at first accepted the order but it was later reviewed by the owners who deemed the cake against their Christian beliefs.
Nonconformity and Freethinking Now Considered Mental Illnesses
We've been here before of course, shrinks and head quacks are now trying to say everything you do can be interpreted as a sign of mental illness. Its starange but the sickets, most dysfunctional people I've met have been psychatrists and psychologists - perhaps they want to make the rest of us as crazy as they are
How the gay-marriage campaign has unleashed a bureaucratic assault on people's identities
Do gooders, progressives and bleeding hearts hurl hatred at those who question gay mariage. But these politically correct fools have as usual wallowed in their own self righteousness too long without thinking of the social consequences of this law which will devalue mainstream society to set up the gay community as a precious little elite
Homosexuality: As a liberal society we have a duty to tolderate, not celebrate
Even though the government has accepted a very limited definition of same sex marriage the gay lobby keeps raving on about the greates non issue of all time. But in a free society should we be subjected to bullying if we do not show enough enthusiasm for homosexual and lesbian relationships? When did indifference become a hate crime?
Gay and same sex marriage: The Bigotry And Intolerance Of Those Who Describe Themselves As The Liberal Left
With same sex marriage made legal in Britain we face the same kind of witch hunts against businesses that do not want to deal with beareded queens in bridal gowns as the liberal bigots and gay nazis are launching in the USA. As many of us new media common sense merchants predicted, once the principle was accepted in law, nobody would be allowed to opt out of supporting these bullies.
Primary School Teacher Forced Out For Teaching It's OK To Be Gay
The thought police are well and truly embedded in the education system, the legal system, government and public services, everywhere you look in fact. Their dovtrines of multiculturalism and diversity and they sacred cows of human rights ad equality are suppressing freedom of speech and thought. But what do the politically correct thought police do when two of their sacred cows come into conflict ...
These stupid laws insult the public and threaten free speech When the law forbids us to insult or offend somebody, to insult or offend a religion, race, skin colour or sexual preference, free speech and other important democratic rights are under threat. When the law then goes on to say that anyone accused of these offences has no right to defend themselves and the word of the accuser is sufficient evidence on which to obtain a conviction then we have abandoned justice and are ruled by fascists.
Identities On ParadeEvery day we hear stories of the idiocies perpetrated by the Politically Correct Thought Police who in their zeal for being fair to ethnic, gender and sexual minorities only succeed in being unfair to everybody. This story of a Britisht army military tribunral and a case of discrimination against a woman soldier it is hearing reaches unprecedented levels of stupidity even for the Politically Correct idiots.
The Equalities BillThe Equalities Bill, passed by the previous Labour government before they were ejected from power becomes law today. This farrago is typical of the imbecilic mindset of the self righteous hypocrites who style themselves the progressive left. Presented as a law in support of equality in the workplace , in this era of pandemic joblessness and perpetual financial crisis it is nothing but an attack on the businesses that provide the real, wealth producing, revenue generating jobs in the private sector.
Is Criticising Black Gang Culture Racist
In Britain and America the left are always ready with the knee jerk reaction, crying raceism whjenever there is an opportunity. But do the facts justify the hysteria or is there more racism among poor black communities than mainstream society?
13-year-old fights school policy allowing ‘trans girls’ into girls’ changing room
February 7, 2020 (Paul Smeaton, LifeSiteNews) – A 13-year-old UK girl is taking her local council to court after it issued guidance that would allow boys who identify as “transgender girls” to access girls’ bathrooms, changing rooms, and dormitory rooms on student trips.
The guidance was issued last year as part of the Oxfordshire County Council’s “Trans Inclusion Toolkit for School 2019” project.
Transgender bullying is scaring respectable old organisations into silence
For years Katie Alcock had helped The Guide movemeny run Brownie and Girl Guide groups in her hometown, Lancaster. Then suddenly she was fired. The reason given in a statement by Girlguiding was that Dr. Alcock, had violated its policies on equality and diversity. Her offence was to suggest that science is correct and fashionable virtue signalling wrong, that people born male must be welcomed by a female-only organisation and, for instance, share tents or bathrooms with adolescent girls.
Oxford Academics Turn On Gay BLT Propagandists For Pushing Unscientific Claims
‘More than 30 Oxford academics have blasted Stonewall for pushing ‘tendentious and antiscientific claims’ in the trans awareness training it gives to universities according to a report in The Sunday Times (a more sensationalized version of the same story appears in The Daily Mail if you are blocked by The Times paywall). The professors and lecturers have taken issue with Oxford University’s compulsory training programme on Gay, Lesbian and Transgender issues ...
Kid's Company Financial Scandal Shows Politicians Are Too Naive For The Real World
The financial scandal that emerged after the collapse of Kid's Company, the 'charity' founded by Camila Batmanghelidjh and supported by in turn, Labour, Coalition and Conservative Governments is a perfect illustration of corruption in the public sector and the folly of outsourcing government responsibility to self - interested privateers.
Tacit Approval From US Liberals For Islamic Indoctrination In US Schools.
Some schools in US State Of Virginia are closed today, because parents objected to Islamic indoctrination by the state education system. The US Constitution's clauses on the separation of church and state forbid the promotion of any specific religious teaching, in fact US liberals tend to get their knickers in a twist over signs in classrooms that show the motto "In God we trust."
[ Sweden's dystopian dream] ... [ Immigration Omnibus ] ... [ Germany's migrant crisis ]
Homosexuality: As a liberal society we have a duty to tolderate, not celebrate.
Even though the government has accepted a very limited definition of same sex marriage the gay lobby keeps raving on about the greates non issue of all time. But in a free society should we be subjected to bullying if we do not show enough enthusiasm for homosexual and lesbian relationships? When did indifference become a hate crime?
A Seasonal Miracle
South African Mr. (got that, Mr.) Charles Sibindana has been fined ZA$140 for making a fraudulent claim for sick pay. Mr. Sibindana submitted a certificate from his wife’s gynaecologist to back up ... >
OFSTED, the quango responsible for overseeing England’s schools and child services has for years been so obsessed with form filling, box ticking and making sure targets were schieved so that the government statistics would look good, it became blind to the scale of systemastic abuse of young girls by gangs of adult males.
UK School that ‘canceled’ JK Rowling as a role model over transgender views replaces her with ex - Olympic athlete who has even stronger views
Managers and senior teachers at the exclusive Boswell's School in Chelmsford, UK faced a wave of criticism after withdrawing from Harry Potter author JK Rowling the honour of having one of the school's houses named after her and have now shot themselves in the foot again by naming as Rowling's replacement a former Olympic athlete, Kelly Holmes, who won two gold medals and who has recently voiced some strong opinions on the policy of allowing formely male transgender athletes to compete in women's events, ever though the athletes involved still have their male wedding tackle. Continue reading >>>
Is America Heading For Civil War?Authored by Brandon Smith via Alt-Market.com
In last week's article I discussed the issue of American “balkanization” and the rapid migration of conservatives and moderates from large population centers and states that are becoming militant in their progressive ideology. In my home state of Montana there has been a surge of people trying to escape the chaos and oppression of leftist states. Some are here because of the pandemic and the harsh restrictions they had to endure during the first lockdowns. Others are here because they can't stand the hostility of identity politics, cancel culture and race riots. Either way, they are fleeing places with decidedly leftist influences.
Uprooting and moving to an entirely new place is not an easy thing to do, especially in the middle of a pandemic. For many people, such an idea would have been unthinkable only a few years ago. Believe me, moving to a place like the Rocky Mountain Redoubt is not an easy transition for most. Hopefully these people understand that they will have to make extensive preparations for the rough winter and be ready to work hard in the spring and summer months to survive. Maybe they don't realize yet how tough it is here; maybe they know and don't care.
That's how bad the situation has become – Rational and reasonable people are willing to leave behind their old life and risk it all to keep a margin of freedom ... Continue reading >>>[Daily Stirrer] ... [Boggart Aboad] ... [ Greenteeth Home ] ... [ Medium.com ]
Lancashire Bans ‘Cruel' Halal Meat From Schools, But Some Councils ‘Kow-tow to Islam’ and Serve Halal
In the most encouraging example of politicians puttinmg British values first that we have seen for a considerable time, Lancashire council voted to cease serving meat from animals that are not stunned before slaughter in schools today (Thursday 18 October). Although it signals a step in the right direction after a decade in which politiucally correct pressure groups have pushed officials towards favouring Islamic communities over Secular and Christian citizens around one in 10 UK councils are still supplying sharia law-compliant halal meat to schools produced in a way considered cruel by major animal rights groups.
We were reporting the early stages of that to the Islamification of school lunches ten years ago.
So-called “non-stun” meat (i.e. from animals killed in the primitive way prescribed in ancient holy books,) is widely thought to cause unnecessary suffering to animals, and there is no obligation on schools or councils to inform parents of children when it is served. While some vegetarians would argue that all methods of killing animals for meat are cruel and unacceptable, the majority of Europeans feel the practice of stunning the animal before it is killed does not cause unnecessary suffering.
According to new research by the National Secular Society (NSS), around 18 councils are supplying at least 140 schools with non-stunned meat – most of which are not Islamic faith schools but have large proportions of muslim students. Fortunately a push a few years ago to ban the use of non halal meat in school kitchens, led by hard left extremists, has been defeated by parent power. The loony lefties claimed that non halal could not be used in schools which had Muslim pupils as according to extreme interpretations of the Koran, the mere presence of non halal food in a kitchen rendered all food passing through that kitchen unclean.
News of the Lancashire County Council move signals the end of a long political battle in an area where most towns have significant proportions of Muslim pupils. That battle has included calls by Muslim groups for boycotts of schools which refused to go halal only. The council voted in favour of stopping supplied non-stun meat to schools Thursday afternoon, with 49 vote sin favour and 23 against. Perhaps the councillors have got the idea at lat w=that whites have rights too.
Lancashire Council boss Geoff Driver said of the vote: “Today’s decision to ban the provision of meat from animals that were not stunned before they were slaughtered is purely an animal welfare issue. There is no other motivation. The county council will now work with the Lancashire Council of Mosques to mitigate against any unwanted and unwarranted consequences of this decision.”
Despite the vote, Lancashire council will continue to provide unstunned poultry meat to schools for now, but will “Undertake further investigations with the Lancashire Council of Mosques into the stunning of poultry before slaughter.”
Equality Institute: Don’t Say ‘Pregnant Women’ as ‘People of All Genders Can Fall Pregnant’
The politics of the left is the politics of insanity, we have been reporting on this for fifteen years (nine as The Daily Stirrer, before that as Little Nicky Machiavelli. And things are getting worse rather than improving. Every day we hear of some new politically correct idiocy from government or from NGOs set up to champion idiotic causes that can only be harmful to the societies we live in.
The latest of thyese comes from an organisation bcalling itself The Equality Institute, which we hear has been forced to delete a Facebook post advising the public to say “pregnant people” instead of “pregnant women” following a huge backlash from attracting social media users who responded in their thousands with the nature of comments being overwhelmingly negative.
The self-styled global human rights research agency, whose stated aim is to “advance gender equality and prevent violence against women and girls”, advised its over 10,000 followers to “start using the phrase ‘Pregnant people’ because people of all genders can fall pregnant”.
These, you must bear in mind are the same kind of shit-for-brains types who, when they engounter anything critical of climate science, genetic engineering or mass medication programmes will respond "but you have to believe scientists, they spend their lives studying this." So science is infallible when it supports their prejudices, but wrong when long esablished biological principles do not prop up the latest idiocy of the politically correct brigade.
“People of all genders can become pregnant, because people of all genders can have the reproductive organs to do so,” the institute stated, contentiously. One has to wonder why profiteering doctors are allowed to continue practicing when they are known to have performed gender reassignment procedures such as the strappadictomy, which creates an artificial dick and dangles it over the still ovulating minge of a fertile woman. It's a travesty. But not to the Equality Institute it seems. They seem to thin creating some freak with the gentials of both sexes somehow advances the cause of equality
“Consider all people when using language — including trans and non-binary folk — and ensure that your language is inclusive of everyone, when talking about pregnancy or anything else. Language matters,” the deleted post continued
The Equality Institute’s advice was not well-received, with thousands of now erased posts accusing the group of undermining what it means to be a mother, among more colourful descriptions of the Institutes position.
Sweden' Ruling Social Lunatics Plan A Politically Correct Army
Picture: The Local
The Swedish Armed Forces are determined to have a gender advisor in every regiment by 2016, as part of an ambitious action plan to help the military develop its gender equality policies. Not bad, you may think, until you remember that traditionally there were three gender and they apply only to latinate nouns, masculine, feminine, neuter. Man and woman are sexes.
Now, under our Politically Correct masters, genders are multplying faster that bacteria in a petri dish. man. woma, trans, bi, gay, lebian, queer, asexual, what next? Not long ago you might have bet the next step in Politically Correct left wing loonyness would come from California, the American state that gave us the equal rights for goldfishes campaign.
Lately however, the Loony lefties running Sweden have been giving crazy California a run for its money in the deranged world view stakes.
With the number of women applying to join the military on the rise, so called 'Gender Focal Points' (GFPs) will be appointed to help develop and implement gender action plans for their respective regiments.
Captain Anna Björsson, who supports the chief of operations on gender issues, said: “We've been working with this for ten years. It's nothing new, but what we want to do now is try to find concrete ways of working with gender issues.”
A course to educate the GFPs has just been held by the Nordic Centre for Gender in Military Operations.
Course leader Major Ola Nilsson said in a statement: "The course has by and large consisted of workshops and seminars. The goal is that we will have a GFP stationed at every regiment, by 2016 at the latest, who will use 10-20 percent of their work hours to focus on gender issues."
A prominent Swedish psychiatry expert and debater also commented, saying "Who needs Monty Python's Department of Silly Walks when we have the Swedish Ministry Of Gender Equality."Electoral Reform in Britain - Is It Time for True Proportional Representation?
Dapper Laughs Is Offensive. But So Is the Lefty Drivel that Passes for Comedy
by Arthur Foxake
James O'Reilly declared on Newsnight that his character, Dapper Laughs, was dead, never to be performed again, after a petition with almost 70,000 signatures resulted in the termination of his ITV2 show.
The character, a self-confident cheeky chappy with an eye for the ladies and no chat-up line too outrageous was, as he said himself on Newsnight, no more than a character, as many of his defenders have said, much in the same vein as say, Al Murray's the Pub Landlord.
But what was different in this case? Internet feminists decided that the mere presence of Dapper Laughs on television was going to cause men to commit rape.
In seemingly the only actual grilling of a guest on Newsnight since Paxman's departure left the show toothless, Emily Maitlis went at O'Reilly with no holds barred, reciting things the character had said but stripped of any context and accusing him of inciting rape.
She followed the "incitement to rape" line for some time, to the point where he was conceding he would "feel terrible if his act led anyone to go on to do something like that", despite the fact there is not and has never been any evidence to suggest that monkey see, monkey do, in the face of decades of moralising crusaders attempting to show just that, with study after study attempting to link violent video games with real world violence and 'disrespectful' porn to real world rape all bearing no fruit.
Perhaps Maitlis had access to some top secret files about some particular definitely-inspired-by-Dapper crimes that have been committed of late, but more likely, realising that there was going to be hysteria for daring to even invite him on, she had to make the interview a ritualistic slaughter, lest the net nannies click their mice to pull the plug on Newsnight too, for "spreading this sick filth".
At the British Comedy Awards, Jo Brand, when asked what her favourite type of man was, answered, "a dead one". Had James O'Reilly said this to an equivalent question about women he'd be arrested for psychically channelling Peter Sutcliffe. but as always left wing hypocrisy and double standards find ways to justify Jo Brand's sexism (which is funny) for what they would condemn in a man.
Personally I would like to get The Now Show taken off the air. I find its blatant left wing bias and constant sneering at UKIP (but never Labour) offensive. Unfortunately the BBC gets copper-bottomed funding from anyone who wants legally to watch live TV so they can just tell me to sod off. Complaining is pointless, The BBC has become a safe haven for left wing bigotry and prejudice.
The only way it's going to change is a UKIP Government removing the BBC's funding. If the BBC is as good as the left wingers say it is, it will have no problem relying on subscriptions. Sky's susbcription income is about £7bn, compared to the £4bn the BBC gets from the licence tax. Then we will see how many people really want to pay for 24-hour soft left multiculti propaganda, from The Now Show to The Archers.
We are living through truly frightening times where speech and expression is concerned. Frankie Boyle has said far worse than 'Dapper Laughs' and yet is given a free pass because he holds the "correct" anti-British, anti-white, anti-working class political views for the consumption of herd approval.
Similarly, even the slightest hint of violent language towards one of our poor darlings of the New Left and there's mass outrage. Expressing violent, lurid fantasies about anyone remotely associated with the 'right' is fine though.
You can carry out identical actions and yet in one case you'll get praise and the other you could be hounded out of your job, all according to whether you openly adopted the appropriate pose of political New Left Orthodoxy.
How did it come to this?
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Russia, Ukraine and the Petrodollar
Russia throws down the gauntlet: energy supply to Europe cut off; petrodollar abandoned as currency war escalates
The Authoritarian Left Was on Course to Win the Culture Wars... then Along Came #GamerGate
In all of the distracting, hysterical, evidence-free and unfair allegations of misogyny and bigotry hurled at supporters of GamerGate, the consumer revolt that continues to surface outrageous misconduct in the video games press, something is being forgotten.
GamerGate is remarkable—and attracts the interest of people like me—because it represents perhaps the first time in the last decade or more that a significant incursion has been made in the culture wars against guilt-mongerers, nannies, authoritarians and far-Left agitators.
Industry after industry toppled over in the face of politically correct fascism, putting up no more resistance than, say, France in 1940. Publishing, journalism, TV... all lie supine beneath the crowing, cackling, censorious, self - righteous, male and female supporters of the third-wave feminist and social justice causes.
But not gamers. Lovers of video games, on seeing their colleagues unfairly hounded as misogynists simply because the female caricatures freatured in computer games have unfeasibly large breasts, or on reading journalists credulously reporting scandalous sexual assault claims just because a person was perceived to be "right-wing" and played computer games and on seeing the games they love attacked and their very identities denied and ridiculed, have said: no. This will not stand.
The reaction in the press has been bewilderment and, then, apoplectic rage, driven at least in part by a media establishment that sees video gamers—the supposed dorks and basement-dwellers of popular imagination—mounting a credible and effective defence against the liars, frauds, neurotics and attention-seekers who have already destroyed morale and wrecked culture in the comic, sci fi and fantasy worlds.
In fact what has happened is the politically correct left, the social grouping who care most about the opinion of others (and who, in the time - honoured tradition of fascism assume everybody agrees with them) have come up against people who are confident, happy with themselves and actually don't give a flying fuck what other people think of them. Screaming "sexist, racist" at these people simply does not work.
The result is people are shocked that it took video gamers to say, "No more of this bullying, thank you, you lefties are doing that which you condemn in others which makes you hypocrites."
Because hard-core gaming is overwhelmingly male (don't believe cherry-picked statistics that tell you women now make up 50 per cent of gamers; it simply is not true in any meaningful sense) and because those men are often of a stubborn, obsessive, hyper-competitive and systematic mindset, it has produced a resistance capable of launching offensives against the self - appointed censors of the Politically Correct Though Police using the censors' own tactics, such as advertiser boycotts, against them.
And thus a front has opened up in the culture wars; an opening through which others might peek and from which others should be seeking inspiration. The language of the authoritarian Left is the language of 'hate speech' they are so quick to condemn in their opponents, you can regularly hear even mainstream feminist journalists talking about "killing all men" and excluding "all white men" from industries and cultures.
What the gamers have done is draw insistent, unapologetic attention to the fact that, were the tables turned, such language would be regarded as socially unacceptable. They have exposed it for what it is: bigotry and hate speech. And they have not shied away from revealing the personal shortcomings of some of the far-Left loons who seek to poison the world of gaming with finger-wagging about "sexism" and "racism".
For years, it was accepted that once the finger-wagging feminists moved in on your industry, you would capitulate quickly to their pseudo-academic treatises on the "male gaze."
The main critics of gamers include a former multi-level marketing scammer turned feminist heroine, who has never really been particularly interested in video games, but who can be seen at conferences revelling in her newfound fame and wealth which has come about not because her critiques are effective, but because she embarked on a massive press tour off the back of threats she says she received, not a single of which has ever been traced to a GamerGate supporter.
Also among them are unreconstructed rapists, people who claim to have murdered sexual partners, neo - Nazis and more than one former porn star who has made a new career out of turning on the industry that first gave them a little fame and written books / taken public speaking engagements in which they condemn 'right - wing' culture.
This is the pantheon of self-promoters, opportunists, freaks and oddballs who have joined with the new fascists to make gamers' lives a misery. And now the gamers are pushing back the authoritarian left do not like it by have little to offer in response than an increase in volume.
Swiss Decoupling Sets The Euro Adrift, Triggers Vast Losses For Banks, And Currency Traders
by Phil T Looker, 30 January 2014
Nobody is shedding any tears over the news that the deciusion by the Swiss central bank to sever the link that kept The Euro single European currency from the Swiss Franc, it is just another example of really important news you will never read of hear of from mainstream media. It is however bad news for all of us.
The decision by the Swiss National Bank to decouple from the euro sent shockwaves through the financial world and triggered billions of dollars worth of losses for banks, currency dealers and hedge funds all over the globe. Citigroup and Deutsche Bank both reported their losses were in the region of 150 million dollars; it is reported that a major hedge fund Everest Capital’s Global Fund had heavily bet against the Swiss franc, and as a result it now has lost "virtually all its money", in numbers that is $830 million dollars in assets at the end of December. The fund has now been forced to shut down. Several major global currency trading firms have announced that they are now insolvent.
These are only the headline stories we know of so far. The full extent of the financial damage caused by the Swiss National Bank will not be known for months. The same could be said of the slump in oil prices since the middle of last year. These two “black swan events” have caused a domino effect around the world and we can only guess at what the long term outcome may be.
How bad will the brewing financial crisis be? Everyone agrees it will be extremely bad, some say it will be even worse than that. For example, one economics professor at Boston University says that he believes the losses caused by the Swiss National Bank decision will eventually reach into the billions of dollars. And he is on the cautious side ...
“The losses will be in the billions — they are still being tallied,” said Mark T. Williams, an executive-in-residence at Boston University specializing in risk management. “They will range from large banks, brokers, hedge funds, mutual funds to currency speculators. There will be ripple effects throughout the financial system.”
Citigroup, the world’s biggest currencies dealer, lost more than $150 million at its trading desks, a person with knowledge of the matter said last week. Deutsche Bank lost $150 million and Barclays less than $100 million, people familiar with the events said, after the Swiss National Bank scrapped a three-year-old policy of capping its currency against the euro and the franc soared as much as 41 percent that day versus the euro. Spokesmen for the three banks declined to comment.
The enormity of the crisis for U.S. currency traders only became clear today (30 January, 2014) when New York-based FXCM, a publicly traded U.S. currency broker, the largest so far to announce it was in financial trouble after beig hit by a 90-percent drop in its share price. FXCM bosses said the firm would need a $200-$300 million bailout to prevent regulators declaring it insolvent.
Currency traders worldwide are allowed to leverage their accounts 100:1, meaning the customer can bet $100 in the currency exchange markets for every $1.00 the customer has on deposit in its account, this can result in huge gains from unexpected currency price fluctuations or massive and devastating losses, should the customer back the wrong currency.RELATED POSTS:
De - dollarization: dismantling America's financial dominance
America's debt disaster
Currency war driving EU and USA Apart
The debt markets are in shock
How the big banks rig financial markets
Feeding the monster
Russia Propositions Europe: Dump The US$ And I'll Show You My Eurasian Economic Union
contributed by Phil T. Looker, 5 January
The wheels of bureaucracy turn slowly but they grind exceedingly fine, goes an old business maxim (usually used to warn hot headed young businessmen that tax evasion is not a game for impulsive types). It seems the slow turning of the European Union's bureaucratic wheels is bringing Brussels round to understanding that as a result of the western economic and financial sactions on Russian, it is the European Union member nations that trade most with Russia, and the EU itself that is being hit hardest. Germany was first to publicly admit this in December 2014.
Due mostly to the US led economic war on Russia the German economy economy is now on the brink of recession. Other nations are catching on to the fact that the USA has little to lose as there is hardly any trade between America and Russia, while EU members have little to gain as the USA simply sees the destruction of the Russian economy as a step on the way to global economic hegemony. The former head of the European Commission, and Italy’s former Prime Minister, Romano Prodi told Italian newspaper Messaggero yesterday that the "weaker Russian economy is extremely unprofitable for Italy."
from Prodi's statement:
Lowered prices in the international energy markets have positive aspects for the Italian consumers, who pay less for the fuel, but the effect will be only short-term. In the long-term however the weaker economic situation in countries producing energy resources, caused by lower oil and gas prices, mostly in Russia, is extremely unprofitable for Italy, he said.
“The lowering of the oil and gas prices in combination with the sanctions, pushed by the Ukrainian crisis, will drop the Russian GPD by five percent per annum, and thus it will cause cutting of the Italian export by about 50%,” Prodi said.
“Setting aside the uselessness or imminence of the sanctions, one should highlight a clear skew: regardless of the rouble rate against dollar, which is lower by almost a half, the American export to Russia is growing, while the export from Europe is shrinking.”
The rest of the world is also starting to grasp the reality of the situation: it is not the financial exposure to Russia, or the threat of financial collapse should Russia suffer a major recession: it is the loss of trade that will cause the most economic damage for Europeean economies. Because while central banks can print money, leading to yet another asset bubble which may temporarily boost investor and consumer confidence, they can't conjure trade out of thin air. Keeping the fiat money moveing is the essential driver of confidence in the globalized economy. Trade became king long before central banks begant to print over $1 trillion in bonds each and every year to mask the fact that the developed world is in a deep depression.
Which is why anyone with a pension fund, savings or a job should read and take note of the following report written in yesterday's Deutsche Wirtschafts Nachrichten (German Financial News) with great interest because it goes right to the bottom line. In it Russia has a not so modest proposal to Europe: dump trade with the US, whose call for Russian sanctions has cost you another year of declining economic growth, and instead join the Eurasian Economic Union! Translated from the source (unfortunately in German but if you want to read the whole thing there's always Google Translate though the syntax is somtimes less than perfect):
A western free trade zone with Russia? Linking Europe to the eastern trade bloc being fashioned by Russia, China and Iran? It would indeed make more sense than pandering to Washinggton's global Empire dreams , but then how would Europe feign outrage when the American NSA is found to have spied yet again on its "closest trading partners"?
Because let's be honest with ourselves, the USA hs only ever been friendly to smaller nations while those nations were useful to them.
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Even The BIS Is Shocked At How Broken Markets Have Become
Dark clouds of retribution are gathering over the hubris of economic optimism
EU Cuts Growth Forecasts as Big Economies Falter
You’re not feeling the economic boom are you? Here’s why
China Stumps Up To Help The Beleagured Russian Economy
Things That Make You Boggle ... Like The Misplaced Confidence Of Academics
History Of The Debt Crisis
IMF Now Ready To Slam The Door On The U.S. And The Dollarvia blacklisted news
As I write this, the news is saturated with stories of a hostage situation possibly involving Islamic militants in Sydney, Australia. Like many, I am concerned about the shockwave such an event will create through our sociopolitical structures. However, while most of the world will be distracted by the outcome of this crisis (for good or bad) for at least the week, I find I must concern myself with a far more important and dangerous situation.
Up to 40 people may be held by a supposed extremist in Sydney, but the entire world is currently being held hostage economically by international banks. This is the crisis no one in the mainstream is talking about, so alternative analysts must.
As I predicted last month in “We Have Just Witnessed The Last Gasp Of The Global Economy,”severe volatility is now returning to global markets after the pre-game 10 percent drop in equities in October hinted at what was to come.
We expected such destabilization after the wrap-up of the Fed taper, and the markets have not disappointed so far. My position has always been that the taper of QE3 made very little sense in terms of maintaining the manipulated illusion of economic health — unless, of course, the Federal Reserve was implementing the taper in preparation for a renewed financial catastrophe. That is to say, the central bankers have established the lie of American fiscal recovery and then separated themselves from blame for the implosion they KNOW is coming. If the markets were to collapse while stimulus is officially active, the tragedy would be forever a millstone on the necks of the banksters. And we can’t have that now, can we?
This is not to say that individual central banks and even currencies are not expendable in the grand scheme of things. In fact, the long-term goal of globalists has been to consolidate all currency systems and central banks under the outward control of the International Monetary Fund and the Bank Of International Settlements, as I outlined in “The Economic Endgame Explained.”
That particular article was only a summary of a dangerous trend I have been concerned about for years; namely the strategy by international financiers to create a dollar-collapse scenario that will be blamed on prepositioned scapegoats. I have no idea what form these scapegoats will take - there are simply too many possible triggers for fiscal calamity. What I do know, though, is the goal of the endgame: to remove the dollar’s world reserve status and to pressure the American people into conforming or even begging for centralized administration of our economy by the IMF.
The delusion perpetuated in the mainstream is that the IMF is a U.S.-dominated institution. I have outlined on many occasions why this is false. The IMF like all central banks is dominated by the international corporate banking cartel. Central banks are merely front organizations for globalists, and I am often reminded of the following quote from elitist insider Carroll Quigley when I hear people suggest that central banks are somehow independent from one another or that the Federal Reserve is itself the singular “source” of the world’s economic ills:It must not be felt that these heads of the world’s chief central banks were themselves substantive powers in world finance. They were not. Rather, they were the technicians and agents of the dominant investment bankers of their own countries, who had raised them up and were perfectly capable of throwing them down.
The substantive financial powers of the world were in the hands of these investment bankers (also called “international” or “merchant” bankers) who remained largely behind the scenes in their own unincorporated private banks. These formed a system of international cooperation and national dominance which was more private, more powerful and more secret than that of their agents in the central banks.
No one can now argue against this reality after we have witnessed hard evidence of Goldman Sachs dictating Federal Reserve policy, as outlined here. MORE>>
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European Union Bosses Mad For TTIP Trade-Deal, Even Though Obama Vetos Publication Of Its Terms
As we have reported many time, the Trans-Atlantic Trade And Investment Partnership (TTIP) is a 'free trade' treaty negotiated in conditions of strictest secrecy between the U.S.A and the unelected bureaucrats in Brussels who run the EU ...
Oil price: Britain's North Sea Oil Industry 'Close To Collapse'
We were perhaps mistaken in calling this page 'Currency wars' and focusing initially on American attempts to undermine Russia's economy which is overly dependent on oil and gas. That of course is just a skirmish in a much wider economic war that is now hurting those nations that complied with Obama's diktat and imposed economic sanctions on Russia in retaliation for Moscow's refusal to surrender its strategiclly vital satellite state, Ukraine, to NATO and the EU.
Britain, because of our north sea oli interests is one of the hardest hit.
The price of crude oil began to collapse when The United states Of America, the swaggering bully of the world community decided to use its new status as a net exporter of oil, due to the shale boom, to flood world markets, finding because their oil is the most expensive to extract, that their wells were not economically viable, and damage Russia's oil dependent economy. Naturally prices in world markets dropped due to the law of supply and demand. With typical stupid arrogance the Americans demanded that the Arabs and other traditional oil producers cut production to hold up prices.
The arabs and other oil producing nations, sensing Amerca's push to become gobal hegemon had run off track and what they were threatened with was the empty bluster of a bully whose cowardice and weakness has been exposed in effect said, "Fuck the fucking fuck off," by pumping more oil and sending prices crashing even further. Result? Approximately $1trillion worth of new shale fracking projects planned in the USA have been cancelled. If it ended there the world would only have the minor problem of a US / Russia currency war.
Unfortunately the plunging oil price has brought about a "huge crisis" in energy markets, one of the worst hit is the UK's North Sea oil industry, expert have warned. With North Sea oil now selling at below $60 a barrel, it is "almost impossible to make money", Robin Allan, chairman of independent explorers’ association Brindex, told the BBC.
"It's a huge crisis. This has happened before, and the industry adapts, but the adaptation is one of slashing people, slashing projects and reducing costs," he said.
After several days of volatile trading in oil markets, Brent crude, the global benchmark, ended the day down 1 per cent at about $60 per barrel after having risen 3 per cent in early trading. In recent weeks, oil prices have crashed to their lowest levels in five-and-a-half years following falls demand due to weaking in major economies and concerns of a global oil glut.
Up to £55bn worth of North Sea oil projects scheduled for 2015 could be cancelled due to the falling prices, the Daily Telegraph reports.
Concerns over the financial state of the oil industry have increased since Opec voted not to cut production in an attempt to arrest sliding prices when they met in Vienna last month. Iran's oil minister has publically criticised Opec's inaction. Bijan Zanganeh told the country's state petroleum news agency: "The prolongation of the downward trend of the oil price in world markets is a political conspiracy going to extremes."
The US-based oil company ConocoPhillips has already moved to cut 230 out of 1,650 jobs in the UK and some analysts predict that other large firms will make similar cost-cutting announcements in the coming months.
However, the Department of Energy and Climate Change said yesterday that even though reductions in oil prices have proven "very challenging" for companies active in the North Sea, "we have seen very little evidence of new projects being cancelled or deferred in reaction to lower oil prices".
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From Keynesian Shangri-La To Outright War
Over the last few weeks drum beats could be heard signalling the coming of troops from abroad to lay waste to any foe ahead of them. However, unlike what we first conjure up as troops from an opposing force made up of men and weapons. This battlefield is being waged in the either of the currency markets.
The Dollar Versus The Roublecontributors: Ian R Thorpe, Phil T. Looker, Xavier Connolly 18 December, 2014
What a kerfuffle this week about the 'crisis' in Russia and the collapse of the Russian Rouble. To read mainstream media one might think the Rouble is the global reserve currency, whereas it is not even a traded currency on many exchanges (this is not the same as being able to buy Roubles from your bank.) American propagandists are trumpeting the crisis as a triumph for western corporatocracy and say it heralds the reassertion of US dollar supremacy.
Now I know some members of the neo Nazi left and the people who want Barack Obama anointed God - King of The Entire Universe And Everything Else Besides are going to hate me for saying this, they will accuse me of being a Putin fan (I'm not, I'm sure he's a complete bastards but he's Russia's bastard)and many other irrational accusations will be thrown my way, but I'm a realist and unlike lefties who live in la-la-land I look at real world evidence. And I tell you thins:
The Rouble is fundamentally a stronger currency than the dollar which makes what is going on seem very strange?
Russia’s attempt to defend the rouble by pushing up interest rates has inevitably failed miserably. The central bank’s intervention once the currency was on the slide was pointless because the economy’s problems cannot be dealt with by monetary policy alone.
The fall in oil prices has painfully exposed the Russian economy’s dependence upon world consumption at a time of falling demand. Ironically this is not a result of American led economic sanctions which have hurt EU members more than Moscow, but are a result of the Arab response to one of Obama's attempts to shaft Russia. By using the much hyped shale boom to flood the oil and gas market and drive down prices he has pissed off the Arabs who have responded not by cutting production to keep prices up (they're not fools) but by pumping more oil to create a glut. Boggart Blog reported on this yesterday. This has now made oil so cheap America's oil boom is completely fracked, it costs them more to get the stuff out of the ground than they can sell it for. One trillion dollars worth of investment in new fracking projects has been cancelled. Russia has also found itself at the mercy of the Saudis, who might have pushed OPEC to cut output and restore prices, but chose not to. As stated above that was mainly to see off the threat from American shale, but as a bonus also it allowed the Saudis to kick Russia's arse for supporting their enemies in Syria and Iran.
Think it through. OPEC decides to pump oil madly when there is massive over supply. Why? Perhaps to retain market share but there is more to this. The dramatic drop in the price has also been engineered between the US and the Saudis, Qataris and other Gulf states. The impact upon Russia has been planned as punishment for blocking America's path to global hegemony and for propping up Isalamic leaders who refuse to bow to the Wahabi supremacy desired by the Saudi and Qatari royal houses. The risks are truly appalling as many European banks have massive exposure in Russia, fracking development in the US is seriously hampered and Euroland depends on Russian fuel.
The US wild determination to direct the rest of the world by saving the reserve status of the dollar is imperial madness.
Will it work? I doubt Mr Putin and his oligarch mates are suffering any personal inconvenience. As for your ordinary Ivan Ivanovitch in the Russian street, the old 'enemy at the gate' scare will probably serve to justify local hardships. you can bet the reasons cited as to why Russia is at loggerheads with the west will sound very different in Moscow newscasts to those spun by Western news organisations.
But before we start listening to Professor want-War or any other academic idiots or self declared experts as they shill for war, we should think long and hard about the version of events we have been sold. It is the EUSSR and USA adventurism which is causing the problems. It is the unparalleled acts of economic war by the west which are causing his internal problems. Russians have the wit the Ukrainians didn't possess, they know that the fall of Putin would signal the slavery and plunder of their nation as the last obstacle in the west to American corporate hegemony collapsed.
It is sad our politicians have failed do the same for Britain. Their duty was to defend the interests of our country and its people rather than being servile puppets of the USA and EUSSR and obediently parroting the mantras of globalism and multiculturalism. The Russians have the brains to say NO. So should we now we have the chance. in France, Germany Italy and Sweden as well as here in the UK the tide is turning.
There is a bigger picture to all this however. A systemic crisis in emerging markets has been wrought by the massive amounts of new money "printed" (bonds issued by government and bought in by central banks) in the US, UK and EU after the crash of 2008. Small nations and businesses in emerging economies have been encouraged to take on substantial dollar-denominated debts, this has proved increasingly costly as the US currency gained in value. The Russian state is not indebted and is a net creditor to the rest of the world, its balance sheet cannot withstand a continuing drop in the rouble but if the Russians hunker down they are in better shape to ride out their crisis. Meanwhile we must sever the umbilical cord that makes the free world dependent on America. Over to our economics expert. (SKIP to next)
Are We About To Return To The Gold Standard
by Phil T Looker
If you listen to conventional financial news, they’ll all tell you that the ruble is in freefall, and that the dollar is the place to be. But if you look at the real data and I am a very data-driven person (so long at is not the fairy story data of climate science) take a stroll through the numbers and make an objective comparison between the US dollar and the Russian ruble. Better sit down though, if you are an Obama fan.
Start from the premise that ALL paper currencies are fundamentally flawed.
The global monetary system based on fractional reserve banking is insane — the idea of letting unelected, virtually unregulated central bankers pull as much new money as they can imagine, that money being underwriten by unsecured debt, out of thin air is simply irrational. But some fiat currencies have a more solid base than others. If you want to understand the health of a currency, you must look at the ISSUER of that currency, i.e. the central bank.
As with any business, one of the most important measures of its financial health is its level of solvency. In particular we look at the capital (i.e. net assets) as a percentage of the total balance sheet.
Meanwhile back in Moscow, the Russian central bank’s basic capital ratio is 12.5%—literally a much healthier figure than the Fed's.
A comfortably positive capital ration is muck like us ordinary punters having a stash of rainy day money. When the brown smelly stuff hits the fan it's what keeps you afloat. You might be able to keep on living hand to mouth for a considerable time, or even accumulating debt by borrowing against future expectations, but only until your car breaks down, or the domestic boiler blows up and you need a new heating system, for example. Then all of a sudden, your lack of capital can become a serious issue.
As it happens Russia is one of the most financially healthy nations in the world. Thus as they, along with China, have been leading a move to abandon the $US by concluding bilateral currency deals with their main partners, we must assume they have prepared for some response. Being the owner of the reserve currency has kept the American economy afloat for thirty years, they were never going to surrender that position lightly.
So where will this all end? I suggest you look at a central bank’s GOLD reserves as a percentage of the money supply, i.e. how much gold backs the money supply, because all the indicators suggest we will move back to a gold based global currency (why else would China be hoarding gold?).
In Russia, gold reserves are 6.2% on the money supply and rising. Last year it was 5.5%, and the central bank is continuing to heavily stockpile more.
How much gold backs the dollar? Precisely zero point zero percent. All that gold Bruce Willis and Samuel L Jackson prevented Jeremy Irons stealing from the vault at the Fed did not belong to the Fed, the Fed doesn’t own gold it merely looks after it for other people. It loudly proclaims this on its own website: "The Federal Reserve does not own gold. Eff off Irons, there's nothing here for you."
What the Fed holds is paper. Its capital is‘certificates’ which are redeemable for US dollars. But there’s not a single ounce of gold backing the US dollar.
So… with no gold and pitifully razor thin solvency levels, it really wouldn’t take much of a shock to topple the dollar.
By comparison, the ruble is much better capitalized and actually has something backing it.
Not that this means you should invest in Roubles, far from it. People who do that would be lucky to see their any of savings again. However hard, publicly available (but not online, for free) numbers clearly demonstrate the discrepancy between pro - western fervour and objective data.
Is The Chinese Cavalry About To Ride To The Rescue Of Russia's Economy
Ed Butt, The Daily Stirrer, 18 December, 2014
After the trials and tribulations of the Russian Rouble in currency markets this week (the Rouble has lost up to ten per cent of its value against the US dollar, excitable types in western media have been declaring the Third World War over. This is somewhat premature, buried under al the hyperbole was a news item that was far more significant that the scant coverage it received suggests.
While The White House, Whitehall and the leaders of western plutocracies crowed about how Putin had caved in, it was quietly announced that Russia had tied up bilateral trade deals with Turkey and India, though adding another two heavily populated nations to the growing club that have abandoned the US dollar as the reserve currency for international trades.
Retaliation was inevitable of course, our friends at Boggart Blog reported on how the American attempt to undermine the Russian economy by flooding the market with cheap oil available thanks to its shale boom has backfired in the longer term. The Arabs, pissed off with America's demands for co-operation in its games and Russia's support for Shia Muslims in the middle east, responded by pumping more oil and forcing prices down further. This has led to $1trillion worth of planned shale feacking projects being cancelled as uneconomic.
So what was loooking like a victory in an early skirmish for the USA is now shaping up to deliver a first round knockout for America's adversaries as the Russian leader prepares to play a trump card.
The Russians and their allies are not fools, they were bound to have kept a card or two un their sleeves as the Americans lashed out against nations involved in the move to abandon the Petrodollar. Amid the huge changes underway in the global economy which are a symptom of de-leveraging from the petro-dollar and the BRICS bloc turning it’s back on the west's wannabe hegemon, new alliances and economic partnerships are being formed. Russia and China are old pals of course so it is no surprise that the worlds second largest economy about to bail-out it’s partner?
From the South China Morning Post: "Russia could fall back on its 150 billion yuan (HK$189.8 billion) currency swap agreement with China if the rouble continues to plunge. If the swap deal is activated for this purpose, it would mark the first time China is called upon to use its currency to bail out another currency in crisis. The deal was signed by the two central banks in October, when Premier Li Keqiang visited Russia.
"Russia badly needs liquidity support and the swap line could be an ideal tool,” said Bank of Communications chief economist Lian Ping. The swap allows the central banks to directly buy yuan and rouble in the two currencies, rather than via the US dollar. Two bankers close to the People’s Bank of China said it was meant to reduce the role of the US dollar if China and Russia need to help each other overcome a liquidity squeeze.
The central banks of China and Russia signed a 3-year, 150 billion yuan bilateral local-currency swap deal today, according to a statement posted on PBOC website, which signals a fully funded deal in support of the currency. Either that, or Russia could sell it’s gold reserves.Bloomberg reports:
Russia’s surprise interest-rate increase failed to stop the plummeting ruble. Another tool available to repair economic havoc caused by sanctions and falling oil prices: selling gold.
Russia holds about 1,169.5 metric tons of the precious metal, the central bank said last month. That’s about 10 percent of its foreign reserves, according to the London-based World Gold Council. The country added 150 tons this year through Nov. 18, central bank Governor Elvira Nabiullina told lawmakers. The Bank of Russia declined to comment on its gold reserves.
Russia’s cash pile has dropped to a five-year low as its central bank spent more than $80 billion trying to slow the ruble’s retreat. The currency’s collapse combined with more than a 40 percent tumble in oil prices this year is robbing Russia of the hard currency it needs in the face of sanctions imposed after President Vladimir Putin’s annexation of Crimea. A fall in gold prices signals that traders are betting that the country will tap its reserves, according to Kevin Mahn, who oversees $150 million at Parsippany, New Jersey-based Hennion & Walsh Asset Management.
“Russia is at a critical juncture and given the sanctions placed upon them and the rapid decline in oil prices, they may be forced to dip into their gold reserves,” Mahn said. “If it happens it will push gold lower.”
As Winston Churchill once said, "This is not the end, it is not even the beginning of the end, but it is the end of the beginning. World war Three will be fought not in the skies over the Atlantic and Pacific, nor on the great plains of North America or the central asian steppes, but in the dealing rooms and currency exchanges of the world's financial centres. Well it will until the Americans realise they are losing.
Don’t believe American lies about RussiaOur sanctions caused Russia’s downturn. They protect Big Oil, the well-connected, and make the world more dangerous PATRICK L. SMITH - New York Times
It is true that Russians are besieged. Until you look south and east. China and Iran are long time partners, India and Turkey have just signed trade deals with Mocow. Sanctions the West has insisted on prosecuting in response to the Ukraine crisis — Washington in the lead, the Europeans reluctant followers — are hitting hard, let there be no question. but they are hitting the EU harder. Oil prices are at astonishing lows, probably if not yet provably manipulated by top operatives in the diplomatic and political spheres. This has cause $1trillion of investment in US shale facking projects in the US to be cancelled and now oil prices have fallen so far it is not economical for US producers to get the stuff out of the ground because the fracking process is ludicrously expensive in relative terms.
Russia is isolated. NOT! The USA has mede itself hugely unpopular around the world thuough its heavy handed attempts to dominate seconomically and influence culturally the smaller nations that must deal with it. Russians are hot everywhere. With an energetic activism just as astonishing as the oil prices, Russian officials, Putin in the very visible lead but with swarms of technocrats behind him, are building an extensive network of South-South relationships — East-East, if you prefer — that are something very new under the sun. Some of us were talking about South-South trade and diplomatic unity as long ago as the 1980s.
The siege of the Russian economy (sic), has become a significant catalyst in the the creative response of a nation under ever-mounting pressure. Timothy Snyder, the Yale professor whose fuckwittery on the Ukraine crisis is simply gobsmacking as he acts as cheerleader for those who think World War Three will serve their interests, was raving months ago that Putin is threatening to undermine the entire postwar order. In fact it is Obama who threatens the world order as he pushes trade treaties like TPP and TTIP that demand nations surrender sovereignty over their laws to global corporations.
The most gobsmacking lie is that the west is winning. In fact Russia is advancing this world-historical turn with a considerable assist from its adversaries in the West, where economists addicted to debt have driven nations to the brink of insolvency with no margin against sudden shocks as we reported above. For all the pseuds who pretend to know Schumpeter but know only one thing, the creative destruction bit, how is this as a prime example of the phenomonon?
Consider the size of the Russian economy. It is the world’s No. 2 producer of natural gas and No. 3 producer of oil. In terms of nominal gross domestic product — standard measure — Russia’s economy, at $2.1 trillion, is slightly larger than Italy’s. Another measure, purchasing power parity, values Russia’s economy at $3.5 trillion, but never mind: Even by nominal GDP, a totally false measure based on churn of currency rather than generation of wealth, Russia is the world’s No. 8 economic power. Weight againt that the proportion of Russian GDP that is generated by domestic consumption however and the picture looks very different and a lot more resilient than the western economies with their wafer thin capial ration.
Comfortable now with the sanctions regime, are we?
The cliques in Washington are because the U.S. trades very little with Russia and neither politicians nor academics have a firm grasp of limits. This is cynicism made flesh when you consider Europe’s vulnerabilities. The contagious economic and social crisis is already spreading to nations near Russia’s borders.
As Germans and a few other European nations understand, try to take down this beast and blood will flow everywhere. Now you can see, maybe, why one consequence of the Ukraine crisis is a serious deterioration of relations between America and those known as “the allies,” a term that has masked many complications since the Cold War’s onset.
And the more we learn of what is really happening in Ukraine, the worse the picture gets. And it is not just Ukraine.
Everyone thought that any major monetary policy surprises and/or capital controls today would come from Putin during his annual press conference. Boy were they wrong: just after 2 am Eastern, none other than the Swiss National Bank joined the ranks of the ECB in scrambling to stem the wave of capital flight, not to mention the cost of money, when it announced it too would start charging customers for the privilege of holding cash in its banks, when it revealed a negative, -0.25% interest rate on sight deposits: a step which according to the SNB was critical in maintaining the 1.20 EURCHF floor.
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Believe The Phoney Narrative Or Be Branded a Conspiracy Theorist.
Right now the west is in big trouble, the move led by Russia and China to dump the petrodollar as global currency has provoked the Americans to lead the wesern allies into an economic war that we cannot win. Why not? One word: debt. A shooting war is the only option but it's by no means certain the allies would win that.
EU imposes sanctions on Russian oligarchs
Russia, Ukraine, The Petrodollar War and the shooting war
USA Engineered Ukraine Regime Change
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