Vladimir Putin on what’s bothering Russia 23 Feb Posted on February 23, 2022February 23, 2022Author steel city scribe 4
Meanwhile, pure class from Paul Craig Roberts on the sanctions from Hades:
“We [PCR & Michael Hudson] pointed out to the [Russian] central bank that when it receives a loan in dollars or euros, it puts the foreign exchange in its reserves. To finance the project, the central bank creates rubles, just like a private bank does when it finances a project. All the foreign loan does is to saddle Russia with interest payments to foreign creditors. As the central bank can finance the projects, and does finance the projects, by creating rubles, there is no point in the foreign loan. All Russia does when it takes a foreign loan is to incur a liability without acquiring an asset. (The central bank makes the same kind of mistake when it advises the Kremlin to sell Russian assets to foreigners in order to acquire foreign exchange which then makes Russia subject to sanctions! As Russia doesn’t need foreign exchange, she should keep her natural gas for the development of Russia and China’s economies and not deplete her reserves by selling to her Western enemies who impose sanctions and issue threats at the drop of a hat. If Russia does sell, she should price in rubles in order to strengthen the ruble.)”
The only people who are going to be impacted by these sanctions are ordinary working people in the West – particularly UK and Europe – whose energy and food costs are going to go through the stratosphere. Not to mention what remains of any industrial or productive enterprise as that sector also struggles with these self inflicted energy costs.
Its dead easy to cut off someone else’s nose to spite your face. And that is exactly what Western Government’s and elites are doing because, after half a millennium of getting their own way and dissin’ anyone they want to with impunity someone has had the temerity to stand up and dish out the same kind of treatment back.
Among the elite with effective decision making powers of the so called political divide that is Western ‘democracy’ there is not a single voice worth listening to. They are lining up to have a serial televised hissy fit which they are insisting that everyone else except themselves pay for.
On top of all this those same Western elites, including, amazingly, a growing and vociferous self referencing ‘Official Left, are increasingly seeking to impoverish any and all citizens who have the temerity not to go along with any official narrative from TWAW through to poorly implemented and contradictory shambolic pandemic mandates.
In some circumstances setting worrying precedents goings as far as permanently cancelling ordinary citizens from access to a bank account because they have donated small sums of money to challenge official narratives and policies which impact on them negatively.
The only financial tips worth making right now is to advise investing in rope manufactures.
my sentiments entirely.
A great pity that I have only recently stumbled upon Michael Hudson and his incredible insight.
Anyway, as an alternative I am investing my meagre funds in blades….
Particularly those used in the guillotine.
For a moment there I got a bit excited, Billy, thinking you were putting money into my local football team the mighty Blades (Sheffield United).
Thank you for this Philip. After some unpleasant exchanges with friends and family, I learned just to keep quiet. And I am referring to general issues and not just the Ukraine matter. I also hear the most inane comments from work colleagues and also keep schtum. Well, to echo Basil Fawlty, what’s the bloody point?
But tonight whilst my wife was having a rant about the Evil Putin, she noted my dogged silence and demanded I speak. So I did and then wished I hadn’t. I had already read about the situation – and could pretty much guess what it was about anyway. But actually hearing Putin say it was different – and that’s why the TV medium is so powerful. You can hear it and see it … but only what they choose to show you.
Did they ever show this Putin response? And if so, did they translate it correctly?
You refer to the “false moral equivalence” of “the ‘plague on both houses’ piece on World Socialist Website”. Yes that was disappointing. But I’d long since parted from them anyway and was even delighted to find that they’d banned me from commenting. To echo an equally banned TV series which my possibly estranged wife gave me for Christmas: “Oh dear, how sad, never mind!”