Jun 042022

Andy Warhol Queen Elizabeth, Reigning Queens Series 1985


Putin Says US Decision To Print Money Is Behind Soaring Food Prices (ZH)
Biden: Ukraine Might Have To Give Russia Land In ‘Negotiated Settlement’ (NYP)
The Inexorable Path To War (ITT)
Truth Is on Our Side – About the Timing of the Special Operation (Patrushev)
The Ukraine War: a Colloquy (CP)
$9.8 Million Given Last Year by Fauci Agency to Test Monkeypox Treatment (CHD)
US COVID-19 Vaccination for Children Under 5 May Start by June 21 (ET)
Campaign Launched To Stop Musk Buying Twitter (AFP)
Elon Musk To Slash Tesla Jobs, Has “Super Bad Feeling” About Economy (ZH)
DOJ Declines To Prosecute Former Trump Chief Of Staff And Deputy (NBC)
The FBI Tried To Ambush My Source. Now I’m Telling The Whole Story (Risen)
The Complexity Trap (CoS)










Not just the US.

Putin Says US Decision To Print Money Is Behind Soaring Food Prices (ZH)

Earlier, we reported on the deranged, confused, false ramblings of a senile old man who is so out of his depth in running the world’s biggest economy, the catastrophic results will soon be obvious to even his most die-hard fans. Now, it’s time for his nemesis on the world scene, Russia’s Vladimir Putin to respond. Speaking in a TV interview on Friday evening, following a meeting with African leaders in Sochi, Putin accused Western leaders of trying “to shift the responsibility for what is happening in the world food market” and said that “restrictions imposed by the US and its allies against Russia and Belarus will only exacerbate the looming global food crisis by affecting fertilizer trade and sending the food prices further up.”

Instead of looking toward Russian, Putin said that the root causes of the crisis lie with the US decision to print record amounts of money which led to an increase in global food prices, as well as Europe’s over-reliance on renewables and short-term gas contracts, which have led to price hikes and rising inflation. High gas prices, the direct result of Europe’s catastrophic green/ESG policies which as we warned one year ago would spawn energy hyperinflation, resulting in under-investment in the traditional energy sector, have forced many fertilizer producers to shut down their businesses because of unprofitability; such developments have shrunk the fertilizer supply, which, in turn, has sent the food prices up, he added. This is another topic we have discussed extensively in the past (see our Oct 2021 article “Fertilizer Prices Hit Record Highs, May Pressure Food Inflation Even Higher”), and yes, Putin is correct again.

Yet, instead of making some real steps to remedy the situation, the western nations just pin the blame on Moscow, the Russian president remarked. The Russian president has dismissed all claims that Moscow is preventing the Ukrainian grain from being exported to other nations as a “bluff.” He has also said that Russia is ready to increase its own grain export up to 50 million tons. Putin has pointed to the fact that there are several ways to safely transport the grain from the Ukrainian territory, including through Poland and Hungary. He has also said that the Russian forces are about to finish demining the areas of the Black Sea it controls to facilitate safe transfer of goods through the Azov and Black Seas.

The Russian leader has also called the Belarus transport route “the cheapest way” of making the Ukrainian grain reach the customers around the world. Yet, using it would require western nations to lift sanctions they imposed against Minsk, he has added.

ECB Balance Sheet

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Zelensky’s best friend.

Biden: Ukraine Might Have To Give Russia Land In ‘Negotiated Settlement’ (NYP)

President Biden on Friday declined to rule out Ukraine having to cede part of its territory to Russia in order to end Moscow’s more than three-month-old invasion. “Does Ukraine have to cede territory to achieve peace?” a reporter asked Biden after his remarks on the May jobs report. “From the beginning, I’ve said and I’ve been — not everyone’s agreed with me — nothing about Ukraine without Ukraine,” Biden began his answer. “It’s their territory. I’m not going to tell them what they should and shouldn’t do. “But it appears to me that at some point along the line, there’s going to have to be a negotiated settlement here,” the president added. “And what that entails, I don’t know. I don’t think anybody knows at the time. But in the meantime, we’re gonna continue to put the Ukrainians in a position where they can defend themselves.”

Ukrainian President Volodymyr Zelensky said Thursday that Russian forces currently occupy roughly one-fifth of his country. Russian President Vladimir Putin’s war objectives remain murky, but Biden claimed in February that Putin was attempting “re-establish the former Soviet Union” by seizing territory that Moscow once ruled. Biden’s subordinates previously expressed an openness to Ukraine giving up land to placate Putin. For example, White House communications director Kate Bedingfield said in March that she would not “pre-judge” the matter. But it’s unclear if Ukraine would actually agree to be carved up.

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Part 6 of a series.

The Inexorable Path To War (ITT)

Russia can cite military considerations in the face of a national security crisis as justification for its actions. However, it seems that Russia’s military operation in Ukraine may have been motivated by more than just a response to a national security threat. In March 2021, the National Security and Defense Council of Ukraine approved Defense Council Decree no. 117/2021, which declared the Ukrainian government’s “Strategy for De-occupation and Reintegration of the Temporarily Occupied Territory of the Autonomous Republic of Crimea and the City of Sevastopol.” The Ukrainian state information news agency—Ukrinform—stated that the strategy focused upon: “[D]iplomatic, military, economic, informational, humanitarian and other measures aimed at restoring the territorial integrity, state sovereignty of Ukraine within its internationally recognized borders through the de-occupation and reintegration of Crimea.”

In the months that followed, Ukrainian forces steadily increased their presence in the Donbas and Southern oblasts. The Ukrainian Defence minister insisted that this reinforcement was purely defensive. Ukraine’s stated intention to use all possible means to regain Crimea and to defeat the DPR & LPR, combined with its build-up of forces, created a reasonable cause for concern on the part of the Russian government. For example, Russia’s access to the vital strategic port of Sevastopol appeared to be under imminent threat. Ukraine’s efforts to regain its claimed territory were financed by the IMF, World Bank, EU member states, the UK and the US. IMF loans of $700 million were part of a $5 billion total package. Money and Ukraine’s resultant national debt appeared to be no object to this funding cartel.

NATO simultaneously undertook a series of provocative exercises. DEFENDER-Europe 21, Locked Shields 21 (cyber), CAPABLE DEPLOYER 2021, Ramstein Ambition 21 (electronic warfare), Spring Storm, Breeze 21, Iron Wolf II 21 and Atlantic Resolve 21 all took place in the spring and summer of 2021. Every one of these exercises focused on defending Eastern Europe as NATO markedly increased its surveillance over Ukraine and the Black Sea. Among the most provocative, from a Russian perspective, was Exercise Cossack Mace which ran throughout May and June 2021. NATO and Ukrainian forces war-gamed an attack from a “fictitious” Eastern adversary. Another one, Exercise Sea Breeze, saw the US and Ukrainian navies cooperate.

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Secretary of the Security Council of the Russian Federation Nikolai Patrushev.

Truth Is on Our Side – About the Timing of the Special Operation (Patrushev)

The style of the Anglo-Saxons has not changed for centuries. And so today they continue to dictate their terms to the world, boorishly trampling on the sovereign rights of states. Covering their actions with words about the struggle for human rights, freedom and democracy, they are actually implementing the doctrine of the “golden billion”, which suggests that a limited number of people can flourish in this world. The destiny of the rest, as they believe, is to bend their backs in the name of their goal.

In order to increase the welfare of a handful of magnates in the City of London and Wall Street, the governments of the United States and United Kingdom, controlled by big capital, are creating an economic crisis in the world, dooming millions of people in Africa, Asia and Latin America to starvation, limiting their access to grain, fertilizers and energy resources. By their actions they are provoking unemployment and a migration catastrophe in Europe. Uninterested in the prosperity of European states, they are doing everything to make them disappear from the pedestal of economically developed countries. And for unconditional control over this region, the Europeans were put on a chair with two legs called NATO and the EU, disdainfully watching how they balance.

[..] Some experts express an opinion about the man-made coronavirus infection, believing that it could have been created in the Pentagon laboratories with the assistance of a number of major multinational pharmaceutical companies. Clinton, Rockefeller, Soros and Biden funds were involved in this work under state guarantees. Instead of caring for the health of mankind, Washington spends billions on the study of new pathogens. In addition, Western medicine is increasingly practicing genetic engineering, synthetic biology methods, thereby blurring the line between artificial and natural.

[..] As they say, a thief’s hat is on fire. Today it is easier to say which of the largest international terrorist organizations did not arise with American assistance. The United States widely uses them as an instrument of geopolitical confrontation, including with our country. Back in the mid-1980s, under the control of American intelligence services, Al-Qaeda was created on Afghan soil to counter the Soviet Union. In the 1990s, the United States created the Taliban movement to influence Afghanistan and Central Asia. Guided by their supposedly “national interests”, the United States overthrew objectionable regimes in Libya, Iraq by force of arms, and tried to do it in Syria. And the main striking force in all cases is radical groups, the further unification of which led to the creation of a terrorist monster called the Islamic State, following Al-Qaeda and the Taliban, which got out of control of the Americans.

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“..oldest living person active in anti-war struggles who is on record in print (school newspaper) at the time in opposing the 1938 Munich Agreement..”

The Ukraine War: a Colloquy (CP)

Russia’s invasion (illegal) of Ukraine has generated debate regarding how to end the war. It comes as no surprise that arguably the United States’ leading ant-war activist, Professor Noam Chomsky, has given extensive comment on this conflict. Committed already as a boy to opposing state aggression, now at age 93, Noam Chomsky likely is the world’s oldest living person active in anti-war struggles who is on record in print (school newspaper) at the time in opposing the 1938 Munich Agreement, which has become synonymous with appeasement of states engaging in military adventures.

In May of this year, four economists from Ukraine (Bohdan Kukharskyy, Anastassia Fedyk, Yuriy Gorodnichenko, and Ilona Sologoub) working in the United States took umbrage with Chomsky’s comments on the war, or at least what they assumed were the ideas (and “patterns”) he expressed. They held some of his statements to be either inaccurate, or even when true, irrelevant to the conflict and/or giving succor to Russia’s war effort. The Ukrainian economists invited Dr. Chomsky to respond. What follows at bottom are Noam’s responses to their assertions, their rejoinders to his answers, and his following comments.

In the ensuing exchange Professor Chomsky demonstrates several of the positions he was purported to hold by the economists, simply were never articulated by him. Provided with two chances to substantiate remarks attributed to Chomsky, the four economists often could not. Moreover, some points which the four economists asserted were either false or contested, Dr. Chomsky demonstrated were true, with any “contestation” of them chiefly evasions of inconvenient facts. Parts of their debate comes down to points of language and meaning, which the four economists at one point concede that Dr. Chomsky is more precise in his use of.

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To test it you must first have monkeypox?!

$9.8 Million Given Last Year by Fauci Agency to Test Monkeypox Treatment (CHD)

The National Institute of Allergy and Infectious Diseases (NIAID), directed by Dr. Anthony Fauci, last year paid $9.8 million to government researchers to test a monkeypox treatment, the National Pulse reported. According to the National Institutes for Health (NIH), which oversees the NIAID, the research began Sept. 28, 2020 and will conclude Sept. 27, 2025. Its goal is to carry out a “randomized, placebo-controlled trial of the safety and efficacy of tecovirimat for the treatment of patients with monkeypox virus disease.” It is unclear if the grant provided for any payments in 2020. The NIAID awarded the grant to the Frederick National Laboratory for Cancer Research, a federally funded research and development center in Frederick, Maryland, supported by the National Cancer Institute.

According to the grant abstract: “The similarity between monkeypox and the variola [smallpox] virus, coupled with concerns about the potential of the variola virus as a potential bioterrorism agent, have placed monkeypox treatments at the forefront of public health and scientific research agendas in many countries.” On May 25, SIGA Technologies Inc. announced that it received approval from the U.S. Food and Drug Administration (FDA) for an intravenous formulation of the antiviral tecovirimat (called TPOXX) for the treatment of smallpox. Although smallpox was eradicated in 1980, the treatment was developed in the event smallpox were to be used as a bioweapon.

The U.S., Canada and Europe have approved an oral formulation of TPOXX for treating smallpox, and Europe also approved it for treating monkeypox and cowpox. As of May 30, the NIH project had not generated any publicly available studies, papers or patents, according to The National Pulse. The National Pulse called the timing of the grant “curious,” as it comes while pharmaceutical giants including Pfizer and Johson & Johnson are making record-level profits due to the COVID-19 pandemic. Dr. Lori Dodd, a mathematical statistician in the biostatistics research branch of NIAID, is the project’s principal investigator. On a recent segment of The Hill’s “Rising,” co-hosts Briahna Joy Gray and Kim Iversen reminded viewers that Dodd was “exposed for her involvement in the agency’s reported data altering of remdesivir trials to make [remdesivir] seem more effective against COVID.”

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More madness.

US COVID-19 Vaccination for Children Under 5 May Start by June 21 (ET)

The White House said it expects its COVID-19 vaccination rollout for children under 5 years of age to start on June 21, in the event of a swift approval from the U.S. Food and Drug Administration (FDA). Ashish Jha, the White House COVID-19 response coordinator, on Thursday walked reporters through a hypothetical timeline of how things may play out within the next month regarding the vaccines for the young cohort, but pointed out he is not there to “pre-judge” the outcome of the vaccine vetting process. “I’m not here to pre-judge the outcome of the process, but the administration is hard at work planning all sorts of scenarios based on whatever the outcome is from the process that’s playing out,” Jha said.

“We’ve been working very closely with states, local health departments, pediatricians, family physicians, other health care providers, and pharmacies to get ready.” He said that “if and when” the FDA authorizes the vaccine, the administration will “move from planning to execution.” “FDA authorization will allow us to start shipping doses. These doses are specifically formulated for these young kids. These doses will be shipped to thousands of sites across the country,” he said. He said that the FDA’s independent advisory panel, the Vaccines and Related Biological Products Advisory Committee (VRBPAC), is set to meet June 14–15 to discuss requests for emergency use authorizations from Pfizer-BioNTech and Moderna for their COVID-19 vaccines for children.

“We expect FDA to make its decision soon thereafter. Once FDA authorized—if they have authorized vaccines, we can begin shipping,” Jha continued. “We expect some of the shipments to start arriving to in their destinations over that long weekend. Remember Monday is an important federal holiday and many doctors’ offices may be closed. And we can’t ship vaccines until FDA has authorized these vaccines. And vaccination can’t start until CDC has issued its recommendations. “So we expect that vaccination will begin in earnest as early as Tuesday, June 21, and really roll on throughout that week. It will take some time to ramp up the program and for vaccines to be more widely available.”

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Free speech is a threat.

Campaign Launched To Stop Musk Buying Twitter (AFP)

Advocacy groups on Friday launched a campaign to stop Elon Musk from buying Twitter as the proposed purchase cleared review by US antitrust authorities. Twitter said that the deal for Musk to acquire the company was a step closer to being sealed with the passing of a deadline for it to be challenged under a US antitrust law. The Tesla chief’s $44 billion deal to take the one-to-many messaging platform private still faces review by other regulators and must be approved by shareholders. A “Stop The Deal” campaign launched by a coalition of nonprofit groups aims to stop the takeover. “Elon Musk is a wolf in expensive sheep’s clothing whose Twitter takeover is motivated by ego and grievance,” Accountable Tech executive director Nicole Gill said in a release.

“If we don’t stop this deal, he’ll hand a megaphone to demagogues and extremists, who will cheer him as they incite more hate, harm, and harassment.” The campaign will involve pressing the Securities and Exchange Commission (SEC) and other agencies to closely scrutinize everything about the takeover deal. The coalition will also work to convince Twitter shareholders and advertisers to oppose Musk buying the San Francisco-based tech firm. The list of more than a dozen organizations involved in the campaign includes MoveOn, SumOfUs, Media Matters for America, and the Center for Countering Digital Hate.

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“pause all hiring worldwide..”,

Elon Musk To Slash Tesla Jobs, Has “Super Bad Feeling” About Economy (ZH)

Since mid-May, real-time indicators warned the labor market had hit a brick wall. Piper Sandler predicted last week that up to a million layoffs or more were ahead as the US economy is on the verge of recession. The latest sign of an impending job market shock is an email seen by Reuters from the world’s richest man, Tesla CEO Elon Musk, who told executives the electric carmaker needs to cut staff by 10% because he has a “super bad feeling” about where the economy was headed. The email, titled “pause all hiring worldwide,” was sent to executives on Thursday and is the latest sign of mounting macroeconomic headwinds as lower-than-expected US new car sales in May could be a harbinger of a recession.

In an another email Tuesday, Musk told employees: “Everyone at Tesla is required to spend a minimum of 40 hours in the office per week … If you don’t show up, we will assume you have resigned.” On Wednesday, Musk tweeted: “Recessions serve a vital economic cleansing function.” Tesla, which has EV factories worldwide, including ones in the US, Berlin, and China, employs about 100k staff, so reducing 10% of jobs could equate to 10k people. Musk’s stark warning of impending economic doom and the need for job cuts sent Tesla shares down nearly 4% in premarket, dragging down Nasdaq 100 futures about half a percentage point and other electric carmakers.

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But Peter Navarro, same situation?!, was dragged off a plane, and put in handcuffs and leg irons.

DOJ Declines To Prosecute Former Trump Chief Of Staff And Deputy (NBC)

Justice Department officials said Friday that prosecutors would not file criminal contempt of Congress charges against Mark Meadows, who served as White House chief of staff during former President Donald Trump’s last 10 months in office. The department also declined to prosecute Dan Scavino, who was deputy chief of staff, the DOJ officials said. The decisions were a defeat for the House committee investigating the Capitol riot. After both Trump officials refused to honor the panel’s subpoenas, the committee found them in contempt of Congress and referred the cases to the U.S. attorney in Washington, D.C., for prosecution. But even if prosecutors had charged them and obtained convictions, it would not have required them to cooperate with the committee.

It would simply have punished them for their refusal. A senior Justice Department official said the U.S. Attorney for the District of Columbia, Matthew Graves, notified the committee of its conclusions. The decisions were based “on the individual facts and circumstances of their alleged contempt,” according to the official. Meadows was “uniquely situated to provide critical information about the events of January 6,” the committee said in seeking his cooperation, as well as efforts taken by public officials and private individuals to spread the false message of widespread fraud in the 2020 presidential election. He was “with or in the vicinity of” Trump when word of the riot at the Capitol reached the White House, it said.

[..] Earlier Friday, former Trump White House adviser Peter Navarro was arrested at an airport on contempt of Congress charges — allegations he vowed to fight. Navarro, 72, was indicted by a federal grand jury Thursday after snubbing a subpoena from the House committee investigating Jan. 6 seeking testimony and documents.

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James Risen.

The FBI Tried To Ambush My Source. Now I’m Telling The Whole Story (Risen)

FBI agent Grayden Ridd had a confidential message for his informant. An FBI team had been given the green light by the Justice Department to ambush and derail a planned meeting between a reporter and a source, and the informant’s job was to let the FBI know when and where the meeting would take place. The reporter whose meeting they planned to target was me. It was January 2014, and I was an investigative reporter in the Washington bureau of the New York Times focusing on national security. The FBI wanted to stop me from obtaining documents that I’d been told would reveal the details of massive spying operations by the National Security Agency. The FBI was convinced that I was in contact with someone they had secretly nicknamed the “second Snowden,” who was about to give me an archive that they feared could go far beyond what former NSA contractor Edward Snowden had leaked about the agency’s spying operations the year before.

The FBI’s plan to grab my source at our scheduled meeting was approved by top officials at the FBI and the Justice Department during the Obama administration, according to audio recordings I obtained of several phone conversations between Ridd and his informant. At the time, Eric Holder was U.S. attorney general and James Comey was FBI director. “Right now, they are on board,” Ridd said in one phone conversation to plan the ambush operation, referring to top Justice Department and FBI officials. “I have to periodically go up to the throne room and recommit them. … We actually have a lot of buy-in and a lot of support, but I do need to feed the beast.” The FBI’s attempt to identify and catch my source came as the Justice Department was waging a seven-year legal campaign against me in connection with a separate leak investigation.

The Obama Justice Department had subpoenaed me and was demanding that I testify in court and reveal the confidential sources I had relied on for a chapter about a botched CIA operation in my 2006 book, “State of War.” I included the story in my book after the Times killed an article on the same topic under pressure from the White House and the CIA. The attempt to derail my reporting on the purported NSA leaks came during a critical period in my legal battle with the Justice Department. In January 2014 — just as the FBI was planning its ambush operation — the U.S. Supreme Court was asked to hear arguments over my subpoena in the leak case involving the mismanaged CIA program. At the time, I was facing the possibility of going to prison for refusing to reveal my sources if the Supreme Court did not rule in my favor. But the Justice Department did not disclose to the Supreme Court that the FBI was simultaneously targeting my reporting on a completely separate story.

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“..the smart thing to do today would be to simplify our way of life..”

The Complexity Trap (CoS)

Although we like to pretend that the technology which surrounds us is novel and world-changing, as physicist Tom Murphy has shown, much of it would be recognisable to someone in the USA of the 1950s: “Look around your environment and imagine your life as seen through the eyes of a mid-century dweller. What’s new? Most things our eyes land on will be pretty well understood. The big differences are cell phones (which they will understand to be a sort of telephone, albeit with no cord and capable of sending telegram-like communications, but still figuring that it works via radio waves rather than magic), computers (which they will see as interactive televisions), and GPS navigation (okay: that one’s thought to be magic even by today’s folk). They will no doubt be impressed with miniaturization as an evolutionary spectacle, but will tend to have a context for the functional capabilities of our gizmos.

“Telling ourselves that the pace of technological transformation is ever-increasing is just a fun story we like to believe is true. For many of us, I suspect, our whole world order is built on this premise.” The point is that most of these technologies have already reaped the cheap and easy, and, indeed, almost all of the hard and expensive improvements that are ever going to be made. In this respect, we are entering a period similar to the early twentieth century when we hit the limits to coal-powered technologies. The big difference today being that there is no even more energy-dense and easily available new energy source available to us to usher in a new suite of technologies in the way that oil-based technologies rapidly replaced coal in the years after World War Two.

From this viewpoint, the smart thing to do today would be to simplify our way of life – and write-off a large part of the monetary claims on future exergy growth which will not be arriving – in order to bring our economies into line with the declining surplus energy available to us. The paradox though, is that – even at today’s higher prices – energy does not appear to be the biggest problem before us. For all of the complaints about the rapid and steep rise in fuel and electricity prices, they remain low in comparison to the benefits that we derive from them.

[..] Several decades ago, sociologist Joseph Tainter observed that collapsing civilisations have a habit of unconsciously entering into complexity traps, adding energy-intensive complexity in a desperate attempt to sustain themselves. Our turn to energy-intensive automation in an attempt to overcome our growing woes and to maintain economic growth is likely repeating the same folly. The difference – at least for those who see the economy as primarily an energy rather than a monetary system – is that we have the necessary knowledge to avoid our complexity trap if only we are prepared to actively simplify away from an economy based on mass consumption in favour of one based around material simplicity… I’m not holding my breath though.

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Home Forums Debt Rattle June 4 2022

Viewing 19 posts - 41 through 59 (of 59 total)
  • Author
  • #109051
    John Day

    New interview with Michael Hudson is excerpted here:
    Today’s global fracture is dividing the world between two different economic philosophies: In the US/NATO West, finance capitalism is de-industrializing economies and has shifted manufacturing to Eurasian leadership, above all China, India and other Asian countries in conjunction with Russia providing basic raw materials and arms.
    These countries are a basic extension of industrial capitalism evolving into socialism, that is, into a mixed economy with strong government infrastructure investment to provide education, health care, transportation and other basic needs by treating them as public utilities with subsidized or free services for these needs.
    In the neoliberal US/NATO West, by contrast, this basic infrastructure is privatized as a rent-extracting natural monopoly.
    The result is that the US/NATO West is left as a high-cost economy, with its housing, education and medical expenses increasingly debt financed, leaving less and less personal and business income to be invested in new means of production (capital formation). This poses an existential problem for Western finance capitalism: How can it maintain living standards in the face of de-industrialization, debt deflation and financialized rent-seeking impoverishing the 99% to enrich the One Percent?

    The first U.S. aim is to deter Europe and Japan from seeking a more prosperous future to lie in closer trade and investment ties with Eurasia and the Shanghai Cooperation Organization (SCO, a more helpful way of thinking about the global fracture from the BRICS). To keep Europe and Japan as satellite economies, U.S. diplomats are insisting on a new economic Berlin Wall of sanctions to block trade between East and West.
    For many decades U.S. diplomacy has meddled in European and Japanese internal politics, sponsoring pro-neoliberal officials into government leadership. These officials feel that their destiny (and also their personal political fortunes) is closely allied with U.S. leadership. Meanwhile, European politics has now become basically NATO politics run from the United States.
    The problem is how to hold the Global South – Latin America, Africa and many Asian countries – in the US/NATO orbit. Sanctions against Russia have the effect of hurting the trade balance of these countries by sharply raising oil, gas and food prices (as well as prices for many metals) that they must import. Meanwhile, rising U.S. interest rates are drawing financial savings and bank credit into U.S.-dollar-denominated securities. This has raised the dollar’s exchange rate, making it much harder for SCO and Global South countries to pay their dollarized debt service falling due this year.
    This forces a choice on these countries: either go without energy and food in order to pay foreign creditors – thereby putting international financial interests before their domestic economic survival – or defaulting on their debts, as occurred in the 1980s after Mexico announced in 1982 that it could not pay foreign bondholders…

    ..The overriding U.S. policy is to fight against China, hoping to break of the Western Uighur regions and divide China into smaller states. To do that, it is necessary to break away Russian military and raw-materials support for China – and in due course to break it up into a number of smaller states (the Western large cities, northern Siberia, a southern flank, etc.).
    Sanctions were imposed in hopes of making living conditions so unpleasant for Russians that they would press for regime change. The NATO attack in Ukraine was designed to drain Russia militarily – by having the bodies of Ukrainians deplete Russia’s supply of bullets and bombs by giving their lives simply to absorb Russian arms…
    ..The effect has been to increase Russian support for Putin – just the opposite of what was intended. There is a growing disillusion with the West…

    ..There is a general agreement that Russia is making a long-term turn Eastward instead of Westward.
    So the effect of U.S. sanctions and military opposition to Russia has been to impose a political and economic Iron Curtain locking in Europe to dependency on the United States, while driving Russia together with China instead of prying them apart. Meanwhile, the cost of European sanctions against Russian oil and food – much to the benefit of U.S. LNG gas suppliers and agricultural exporters – threatens to create long-term European opposition to U.S. unipolar global strategy. A new “Ami go home” movement is likely to develop.
    But for Europe, the damage already has been done, and neither Russia nor China are likely to trust that European government officials can withstand the bribery and personal pressure brought to bear by U.S. interference…

    ..In effect, U.S. officials have asked Germany to commit economic suicide and bring on a depression, higher consumer prices and lower living standards. German chemical companies have already begun to shut down their fertilizer production, given Germany’s acceptance of trade and financial sanctions that prevent it from buying Russian gas (the raw material for most fertilizer). And German car companies are suffering from supply cut-offs.
    These European economic shortages are a huge benefit to the United States, which is making enormous profits on more expensive oil (which is controlled largely by U.S. companies, followed by British and French oil companies). Europe’s replenishment of the arms that it donated to Ukraine also is a boon to the U.S. military-industrial complex, whose profits are soaring.
    But the United States is not recycling these economic gains to Europe, which is looking like the big loser…
    ..The question is just how soon Russia will simply stop supplying Europe altogether.
    It looks like Europe is becoming an appendage of the U.S. economy, in effect bearing the fiscal burden of America’s Cold War 2.0, with no political representation in the United States…

    ..The US/NATO war in Ukraine is the first battle in what looks like a 20-year attempt to isolate the Dollar Area West from Eurasia and the Global South. U.S. politicians promise to keep the Ukraine war going indefinitely, hoping that this may become Russia’s “new Afghanistan.” But this tactic now looks like it may threaten to be America’s own Afghanistan. It is a proxy war, whose effect is to lock in Europe’s dependency on the United States as a client oligarchy with the euro as a satellite currency to the dollar…
    ..The effect has been that Russian imports from the West have declined, while its exports of oil, gas and food are soaring. That has raised the ruble’s exchange rate instead of hurting it. And as sanctions block Russia’s imports from the West, President Putin has announced that his government will invest heavily in import substitution. The effect will be a permanent loss of Russian markets for European suppliers and exporters.
    Meanwhile, the Trump tariffs against European exports to the United States remain in place, leaving European industry with shrinking business opportunities…
    ..In the medium and long run, the US/NATO sanctions are therefore aimed mainly against Europe. And Europeans don’t even seem to see that they are the primary victims of this new U.S. economic war …

    ..“Blocking Nord Stream 2” is really a Buy-American policy. The United States has persuaded Europe not to buy in the lowest-price market, but to pay as much as seven times more for its gas from U.S. LGN suppliers, and to spend a reported $5 billion on expanding port capacity – that will not even be available for… years.
    This threatens a very uncomfortable interregnum for Germany and other European countries following U.S. dictates. Basically, national parliaments are now subservient to NATO, whose policies are run from Washington…

    ..It looks like Europe and America will confiscate Russian investments in their countries, and sell off (or have Russia confiscate) NATO-country investments in Russia. This means a de-linking of the Russian economy from the West, and a closer linking with China – which looks like the next economy to be sanctioned by NATO as it becomes an Eastern Pacific Treaty Organization involving Europe in tis confrontation in the China Sea.
    I would be surprised if Russia resumes selling oil and gas to Europe without being reimbursed for what Europe (and also the United States) has seized…

    ..The common denominator of all socialist movements, from the right to the left of the political spectrum, was stronger government infrastructure spending. The transition to socialism was being led (in the United States and Germany) by industrial capitalism itself, seeking to minimize the cost of living (and hence the basic living wage) and the cost of doing business by government investment in basic infrastructure, whose services were to be provided freely, or at least at subsidized prices.
    That aim would prevent basic services from becoming opportunities for monopoly rent. The antithesis was the Thatcher-neoliberal doctrine of privatization. Governments turned over public utilities to private investors. Companies were bought on credit, adding interest and other financial charges to profits and payments to management. The result has been to turn neoliberal Europe and America into high-cost economies unable to compete in production prices…

    ..There will still be petrodollars, but also a variety of currency-area blocs as the world de-dollarizes its international trade and investment arrangements. In late May, Foreign Secretary Lavrov said that Saudi Arabia and Argentina want to join BRICS. As Pepe Escobar recently noted, BRICS+ may expand to include MERCOSUR and the South African Development Community (SADC)
    These arrangements probably will call for a non-U.S. alternative to the IMF to create credit and provide a vehicle for official foreign-exchange reserves for the non-NATO countries. The IMF will still survive to impose austerity on U.S. satellite countries while subsidizing capital flight from Global South countries and creating SDRs to finance U.S. military spending abroad.
    Summer 2022 will be a testing ground as Global South countries suffer a balance-of-payments crisis… SCO countries can offer oil and food – IF countries give assurances of repaying credit by repudiating their dollar debts to the West…

    ..My book Super Imperialism has explained how, for the past 50 years, ever since the United States went off gold in August 1971, the U.S. Treasury Bill standard has given the United States a free ride at foreign expense. Foreign central banks have recycled their dollar inflow resulting from the U.S. balance-of-payments deficit into loans to the U.S. Treasury – that is, to buy U.S. Treasury securities to hold their savings. This arrangement has enabled the United States to undertake foreign military spending for its nearly 800 military bases around Eurasia without having to depreciate the dollar or tax its own citizens. The cost has been borne by countries whose central banks have built up their dollar loans to the U.S. Treasury.
    But now that it has become unsafe for countries to hold dollar-denominated U.S. bank deposits or government securities or investments if they “threaten” to defend their own economic interests or if their policies diverge from those dictated by U.S. diplomats, how can America continue to get a free ride? …

    ..The euro already is a satellite currency to the United States. Its member countries cannot run domestic budget deficits to cope with the coming inflationary depression resulting from the U.S.-sponsored sanctions and resulting Global Fracture…

    ..U.S. propagandists call governments that keep natural monopolies as public utilities “autocratic.” To be “democratic” means to let U.S. firms by control of these commanding heights, being “free” of government regulation and taxation of finance capital. So “left” and “right,” “democracy” and “autocracy,” have become an Orwellian Doublespeak vocabulary sponsored by America’s oligarchy (which it euphemizes as “democracy”)…

    ..The world is being split into two parts. The conflict is not merely national by the West against the East, but is a conflict of economic systems: predatory finance capitalism against industrial socialism aiming at self-sufficiency for Eurasia and the SCO.
    The non-aligned countries were not able to “go it alone” in the 1970s because they lacked a critical mass to produce their own food, energy and raw materials. But now that the United States has de-industrialized its own economy and outsourced its production to Asia, these countries have an option not to remain in dependency on U.S. Dollar Diplomacy.

    Michael Hudson: Interview with the newly founded German magazine “ViER”

    John Day

    Vladimir Putin gives an interview about the global food and fertilizer problems, which began in 2020, and are exacerbated by $US trillions created by the US during COVID, which have raised global food prices. Embargos and sea-mines laid by Ukraine have further effects. Russia is ready to facilitate Ukrainian exports of grain, which are blocked by sea-mines and western sanctions. Russia is hopeful to increase Russian grain exports this year, but sanctions will affect this. Natural gas is essential to produce nitrogen fertilizer, which is now cost prohibitive in Europe. Russia and Belarus together provide 45% of global potash exports.
    Russia will seek ways to aid African and global south countries facing famine. (See above discussion by Professor Hudson, please. This summer is pivotal.)

    Vladimir Putin: Interview with Rossiya TV


    Pepe Escobar reports rumors of the Bilderberg meeting in Washington DC, unofficial, of course.
    A serious debate is raging across virtually all sectors of Chinese society on the American weaponization of the world financial casino. The conclusions are inevitable: get rid of US Treasuries, fast, by any means necessary; more imports of commodities and strategic materials (thus the importance of the Russia-China strategic partnership); and firmly secure overseas assets, especially those foreign currency reserves.
    Meanwhile Bilderberg’s “diverse group”, on the other side of the pond, is discussing, among other things, what will really happen in case they force the IMF racket to blow up (a key plan to implement The Great Reset, or “Great Narrative”).
    They are starting to literally freak out with the slowly but surely emergence of an alternative, resource-based monetary/financial system: exactly what the Eurasia Economic Union (EAEU) is currently discussing and designing, with Chinese input.
    Imagine a counter-Bilderberg system where a basket of Global South actors, resource-rich but economically poor, are able to issue their own currencies backed by commodities, and finally get rid of their status of IMF hostages. They are all paying close attention to the Russia gas-for-rubles experiment.

    Bilderberg does China

    Beijing Calls on US to Stop Trade Talks With Taiwan
    The trade talks are the latest example of the US taking steps to boost informal relations with Taiwan. Chinese Foreign Ministry spokesman Zhao Lijian said the US should “stop negotiating agreements with implications of sovereignty and of official nature, and refrain from sending any wrong signal to the ‘Taiwan independence’ separatist forces.”
    Zhao also called on the US to stop selling weapons to Taiwan in response to comments from Secretary of Defense Lloyd Austin. The Pentagon chief said the US “will make available to Taiwan defense articles and services necessary to enable it to maintain a sufficient self-defense capability commensurate with the Chinese threat.”

    Beijing Calls on US to Stop Trade Talks With Taiwan

    Russia has a low enough production cost for oil that its break-even cost is quite low, under $40/bbl, last I saw. Russia can deeply discount and sell at a good profit.
    There is room for middle-men to make profits on Russian oil, refining and rebranding, or just transferring it to other ships at night.
    Mish Shedlock, Russia Uses Chinese Ships and Indian Refiners to Stay Ahead of Oil Sanctions

    John Day

    “Joe Biden” fails to say that Ukrainian territory is sacrosanct when asked. He mumbles about “supporting Ukraine” and “supporting Ukrainian decisions”. That seems to mean that the position expressed by 99 year old Henry Kissinger, presumably the Rockefeller family position, that Ukraine should consider giving up territory for peace, is now dominant in US foreign policy. How will this be played?

    Same little fork in the tongue here… (I think “the long haul” is a bluff. Morale is low. $US debt defaults may begin this summer, and November elections loom.)
    Western Backers Of Ukraine Must Persist For ‘Long Haul War Of Attrition’: NATO Chief
    In a Thursday speech held just prior to Friday marking the 100th day of Russia’s invasion of Ukraine, NATO Secretary-General Jens Stoltenberg said that the alliance must prepare itself to support Kiev for the “long haul”.
    He made the comments just after meeting with President Joe Biden at the White House. “We just have to be prepared for the long haul,” Stoltenberg said, adding ominously, “Because what we see is that this war has now become a war of attrition.” …
    “Most wars – also, most likely this war – will at some stage end at the negotiating table, but what we know is that what happens around the negotiating table is very closely linked to the situation on the ground, on the battlefield,”

    Thanks Eleni. The secret Ukrainian military programs , by Thierry Meyssan
    In 2016, the United States committed to arming Ukraine to fight and win a war against Russia. Subsequently, the US Department of Defense organized a biological research program in Ukraine, and then huge amounts of nuclear fuel were secretly transferred to the country. These data change the interpretation of this war: it was not wanted and prepared by Moscow, but by Washington.

    Reports about this vary. Severodonetsk and several hill-towns in that area have been deeply fortified by Ukrainian military forces since 2014. These kinds of fortifications have been slow to give way. Ukrainians are reporting they trapped Russian forces with this counterattack. They have fortified positions nearby, so they can withdraw and attack Russian forces again. They have high ground for artillery.
    The AFU reportedly launched counter attack in the city of Severodonetsk

    Military Situation In Eastern Ukraine On June 4, 2022 (Map Update)

    Moon of Alabama: Ukraine Beyond Day 100, Breaking Resistance, Deep Operations, A New Country
    The Ukrainian army has moved seven brigades of its Territorial Defense Forces from the west into the area east of the Dnieper. If these were fully maned each will have had some 3,000 soldiers. That are a lot of troops but they are pure infantry without heavy weapons and with extremely little training. Col. Reisner also showed a collection of 15 videos in which members of such and other units describe hopeless situations, declare a retreat or call out their commanders for neglect.
    Morale is so bad because those troops do not fare well. (65% casualty rates)

    John Day

    Autopsies last year (pre-Omicron) of vaccinated and partly vaccinated (did not complete series yet) people who died of COVID showed very high viral-load levels compared to non-vaccinated (at all) patients who died of COVID. “Antibody Dependent Enhancement” is “discussed” as a possibility, with a hand-wave away, b y saying that it just occurs with previous viral infections (like Dengue, which it does) and discounting the molecular modeling that shows it occurring with spike-protein vaccines. The rest of the paper is reasonable, but the elephant in the room is not actually to be discussed. Viral loads were highest after one dose of Pfizer or Modern mRNA vaccine, corresponding to the 2 week period after first injection where chance of symptomatic illness is known to be higher. The immune system appears to be impaired. Pfizer and the FDA knew it, so always classified these people as “unvaccinated”. It is lost upon the researchers in this discussion, as they speculate on any other possibility at all. (Hey, they got it published. That’s the main thing!)
    High viral loads: what drives fatal cases of COVID-19 in vaccinees? – an autopsy study


    Scott Ritter as a “limited hangout” seems likely — his track record appears to be self-contradictory — but ambiguity is ambiguity.

    It interests me that his alleged sex with minors bothers people more than that he worked for the military for many years assisting in various murderous enterprises that were based on less than zero moral justification. We give our soldiers immunity via the Nuremberg Excuse: I was just following orders, but crucify anyone tainted with the pedo brush.


    In the pre-op before my last surgery, the admitting nurse’s first question was:

    “What pronoun do you prefer?”

    “Huh? Oh, I get it. Ummm… ‘It’.”


    This may warrant notice:

    Regional Comprehensive Economic Partnership

    Notice the date it went into effect:

    Type Free trade agreement
    Signed 15 November 2020
    Location Hanoi, Vietnam (virtual host)
    Effective 1 January 2022

    and this:

    “The 15 member countries account for about 30% of the world’s population (2.2 billion people) and 30% of global GDP ($29.7 trillion), making it the largest trade bloc in history.[3] Signed in November 2020, RCEP is the first free trade agreement among the largest economies in Asia, including China, Indonesia, Japan, and South Korea.[4]”

    It’s as if a very large star hove into the vicinity of our solar (global economic) system, discreetly affecting planetary (regional economic) orbits.


    As for talk of WWIII: if we cross Russia’s plainly drawn red line and find ourselvfes therefore being nuked, it will likely be all about these locales:

    “The current ICBM force consists of Minuteman III missiles located at the 90th Missile Wing at F.E. Warren Air Force Base, Wyoming; the 341st Missile Wing at Malmstrom Air Force Base, Montana; and the 91st Missile Wing at Minot Air Force Base, North Dakota.”

    Taking out DC would presumably trigger an all-out USA nuclear response via a ‘dead man switch’ or such. Besides, DC is busy taking itself out, and this Sun Tzu quote is becoming so popular it risks becoming a canard: “Never interfere when your enemy is busy destroying itself.”


    As for Ukraine, Russia is kindly helping the milindustrial $$$ complex make money by kindly blowing up most of the weapons we send there, requiring our defense contractors be paid more money for more moneys to give to the Russians to blow up.

    Veracious Poet

    “Dem Rep. Yells “Spare Me the Bullshit about Constitutional Rights” During Gun Debate”

    The Constitution is Federal Law. We know you don’t follow that. You can also change it. There are methods, but no one is trying to change the rules legally and properly. And this is Congress that is both not following the law and not passing legal rules, but only saying “Shut up, shut up, shut up!!!”

    75 years later…


    Exactly what I am teaching for over 20 years : do not burn it, save it for what we can not substitute.


    @JohnDay 109050,

    Bravo, great summation. Worth saving for the lemmings. Maybe one will see the reality and prepare their family.

    Veracious Poet


    That was an amazing post, you seem to have come full circle to an awareness of the “bigger” picture, I sincerely hope you can help/save your daughter from the trap she’s caught in…

    As we’re all limited finite creations, it is often difficult to overcome extreme propaganda/psyops from the CULTure that has miswired ALL of our brains.

    In addition to seeking spiritual progress from my previous faulty state of EGOcentricity, the community here @ TAE has been a continuous blessing to help me disavow my conscientiousness from external programming that’s still hidden in the foggy recesses of my gray matter…

    Also worth noting, the APEX of 20th century antisemitism was of course the Nazi’s “final solution”.

    Many forget that the early concentration camps were used for “political dissidents”, the mental/physically “unfit” (including homosexuals), which was EVIL except when protecting humanity from pathological monsters, who had knowingly harmed the Life, Liberty and the Pursuit of Happiness of another.

    Of course, that was not the Nazi’s intent, & even though they fomented a legal system to support their EVIL, every sane Child of the Infinite knew in their spirit the majority of those incarcerated in Nazi camps had done no harm ~ Later innocent Jews were then hunted, tortured & murdered by a CULTure that had become poisoned by propaganda/psyop into a state of mass psychosis…

    Sound familiar?

    As a strict adherent to Natural Law, I know that the Loving, Healing, Creative Power of the Infinite passes no judgment, but that the Infinite’s Rule of Law enables individuals and/or community to protect themselves from the sick & twisted that have harmed themselves and/or others.


    The Infinite loves ALL of his children, instructing them to Love one another. As I have loved you, so you must love one another, so everyone should be supported to follow their dreams, unless it damages others, in any way.

    Sociopaths, are at WAR with Natural Law (generally), modern CULTure has erred GREATLY by allowing them FAR too much leeway, to the point now that we have once again approached the debasement of Nazi Germany 😕

    Fast forward to the 1980s when I married my first wife who had “defected” from communist Poland ~ The entire family was antisemantic to the core, as was most of the emerging Polish community that I became a part of due to my inclusion into her family.

    It was one of the reasons that later I divorced her, as all of the baggage she was carrying was too much for my then innocent person to bear…

    Oh, that & her infidelity 🙄

    That experience helped awaken my awareness that there was something truly rotten in EUROtardistan + the real reality regarding the U$ Empire LLP…

    All the best to you & your daughter 🙂

    All prayers & love to my TAE family,



    Dr. D,

    Russia has the firepower and man power. So what gives? I can change my mind tomorrow, it’s not the Super Bowl for me, just would like to see it end. The Z-tards said it would be over by now, that the Russians had fire control over the highway into Severodonetsk. Not what I’m reading.

    I see quite a bit of this,


    But then there is this, pretty recent but needs confirmation.


    “We could always make a huge bet on it, and of course I already have.”

    What, me take the Nazis and you take the Orcs? Even odds?

    I’m not sure how to process that, so I will have fun with it.

    You can be Carey I will be the other guy.



    Was it you that said, “you only see what what your mind allows”?

    Anyway, Dr. D super nice and super smart. Why foster Ill will?

    John Day

    Tinfoilhatted Canuck said “Lemmings”

    John Day

    @Chooch: Thanks for including the link to the Severodonetsk “trap for the Russians” post. It is different from what I have been seeing and I will keep it in mind as events continue to unfold.

    John Day

    It says here that monkeypox, a slow mutating DNA virus with a large, stable genome, had 50 years of mutation in 4 years, but it was completely natural, because when it jumped to humans, the humans made it do that. The strains from around the world have a particular cluster of about 40 mutations in common with each other.
    Still, it’s a completely natural fluke, an oddity…

    What the surprising mutations in the monkeypox virus could indicate about the new outbreak

    Veracious Poet

    Doc Robinson

    bosco: ““What pronoun do you prefer?” “Huh? Oh, I get it. Ummm… ‘It’.”

    Pronouns for ‘spiritual’ people?

    One has a headache.
    One’s blood pressure is normal.


    Why do I get the hunch that “chooch” is just Deflationista pouncing on another hot topic? Because the posts make just as much sense.

    Veracious Poet

    Getting the same vibe, Deflationista Part Deux, but another topic 😯

    Field Able

    it’s not the Super Bowl for me,

    Don’t flatter yourself Chooch, your lazy use of the term “Z-tards” & overwhelmingly pro US Proxy war links shows a bias.

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