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For the first time in 20 years, the euro and the dollar have equalised, indicating that the market believes that the Russian invasion of Ukraine will cause a severe downturn in the European economy. Currently, 1 euro is equal to 1 US dollar.
The biggest effect on the world's economy right now is the crippling effects of the unjustified strong dollar.
Couldn't agree more Spot, but why is it so high , because the the FED and bank Cartel controls the worlds reserve currency and the market regulation!
Because everyone else's currency is in bigger trouble than the $ is atm lol.
Or to put it another way other countries economies are in a worse state than the US it would seem.
next step for the EUR is parity with the AUD, LOL
the gnome
Hi Halfpenny,
Unfortunately the rest of the world's economies are still influenced by the master set of levers in the FED and the Wall Street rhetoric!
Whilst the dollar remains the worlds reserved currency the USA will always be able to exercise dominance or influence of the rest of the worlds economies.
But then although regimes may claim to be anti US and intend to break away from US dollar dominance in behind the scenes their political leaders and master are keen to quire dollars for their own self interests and self preservation should they wish to have the options of living elsewhere
https://www.nytimes.com/2022/02/26/world/europe/putin-sanctions-money-assets.html
Reporters found dozens of interconnected companies and nonprofits that are tied to Bank Rossiya and use the LLCInvest.ru domain.
They hold assets worth at least $4.5 billion. Many of these, including an enormous palace on the Black Sea, have been connected to Putin in previous reporting. But they have not been known to be connected to each other.
Though the companies operate in very different spheres, leaked emails show their employees discussing common business, as if they were part of a single system.
These companies have a variety of owners, including wealthy bankers and oligarchs — but also the children of Putin’s friends and even his alleged mistress.
“[The group] looks most of all like a cooperative, or an association, in which its members can exchange benefits and property,” an expert on corruption in Russia says.
https://www.occrp.org/en/asset-tracker/mysterious-group-of-companies-tied-to-bank-rossiya-unites-billions-of-dollars-in-assets-connected-to-vladimir-putin
“This is the nuclear option,” economist Adam Tooze told the New York Times. According to Tooze, it previously "made perfect sense" for Russia to think of its foreign reserves “as a source of stability,” because they had been when Russia attacked Ukraine in the past.
https://fortune.com/2022/03/03/russia-sanctions-central-bank-ruble-us-eu-foreign-reserves/
https://www.forbes.com/sites/forbeswealthteam/2022/01/27/as-biden-mulls-sanctions-three-theories--on-how-putin-makes-his-millions/?sh=e97302b5b436
Unjustified? How dare thou?
Can you please read Exorbitant Privilege (Eichengreen) , 4 times, ...
The UK's mindless attempt to rejoin the gold standard at the overvalued, pre-war rate. Vindictive French domestic politics and the hyperinflations in continental Europe. Vindictive French attempts to humiliate the Germans over reparations. Bank runs in Germany and Austria. French and American attempts to bend the rules of the Gold Standard for their own national interests. Wild swings in capital flows from Europe to the US and back again. And the cataclysmic days of 1931 when the whole system collapsed under the weight of banking crises and currency contagion - in ways very similar to Asia in 1997.
After the crash, we get down to the Great Depression and who fared the best. This part is much shorter since it isn't as complicated. Basically, those countries that devalued quickly and went the free market route fared much better than those that didn't. Sweden was a star performer. The US can be found towards the back of the class. Dear old Blighty gets full marks for going solo, although more recent evidence shows this had more to do with throwing in the towel than playing with new ideas.
Strangely there's little mention of Japan. Nippon took a beating in the late 1920s while the yen remained fixed to gold. Once sterling devalued, the Japanese followed suit. The recovery was swift and full blooded. But the central bank forgot to stop the printing press once growth returned and ended up fighting hyperinflation in the late 1930s. So Eichengreen's line that giving up was the great panacea isn't quite as true as he'd have you believe....
and so on and so forth
we dont learn
we dont learn
we dont learn
etc
the gnome
it's always the ordinary people and investors that lose out, the "Rulers" always win!
In our country, by historical standards, this is generally a new word, and until it takes root completely, you can safely replace it. For example, with the phrase "head of state" or the word "ruler". Both are more understandable to the Russian ear," the LDPR said, as per a Russian state-run news outlet.
https://www.republicworld.com/world-news/europe/putin-to-be-called-russias-ruler-instead-of-president-proposal-reaches-parliament-articleshow.html
Putin's title should be "ruler," not "president," a pro-Kremlin Russian party has argued.
State media reported Sunday that Russia's Liberal Democratic Party proposed the archaic "pravitel."
https://www.businessinsider.com/russian-party-calls-for-putin-president-title-change-to-ruler-2022-7?r=US&IR=T
https://www.businessinsider.com/russian-party-calls-for-putin-president-title-change-to-ruler-2022-7?r=US&IR=T
Shareholders have been warned they are unlikely to see any return from a sale
https://www.thisismoney.co.uk/money/markets/article-11005051/Russian-gold-miner-Petropavolvska-set-administration.html
Rosneft said the move “destroys the successful 30-year cooperation” of the two companies. “The decision was made under unprecedented pressure from politically engaged forces,” it said in a statement on its website.
https://www.bloomberg.com/news/articles/2022-02-27/bp-to-exit-its-20-shareholding-in-russian-oil-producer-rosneft
Have to get the gas pipeline switched on again which means vindication of Putin quelle surprise..