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Russian Retaliation #1: Russia Largest Bank Halts Foreign Currency Loans

Tyler Durden's picture




 

It didn't take long for Russia to launch the first retaliatory salvo against the unexpected JPMorgan "act of aggression." Moments ago Bloomberg just reported that Sberbank,  the largest bank in Russia and all of Eastern Europe, just halted the issuance of consumer loans in foreign currency. Bloomberg adds that "Sberbank, Russia’s biggest lender, holds 43.3% of nation’s consumer deposits, 32.7% of consumer loans and 32.1% of corporate loans."

Why is this important? Well, it is possible that the biggest Russian bank is running low on foreign reserves with which to issue non-ruble loans, which is rather unlikely for a bank which is defacto part of the Russian financial system. Still, it would be problematic if Russia is indeed telegraphing its commodity-export driven economy is suddenly low on Dollars and/or Europe's artificial, life-supported currency.

And then there is another possibility: as we explained yesterday, "what JPM may have just done is launch a preemptive strike which would have the equivalent culmination of a SWIFT blockade of Russia, the same way Iran was neutralized from the Petrodollar and was promptly forced to begin transacting in Rubles, Yuan and, of course, gold in exchange for goods and services either imported or exported." And this: "One wonders: is JPM truly that intent in preserving its "pristine" reputation of not transacting with "evil Russians", that it will gladly light the fuse that takes away Russia's choice whether or not to depart the petrodollar voluntarily, and makes it a compulsory outcome, which incidentally will merely accelerate the formalization of the Eurasian axis of China, Russia and India."

Judging by the first retaliation, which just showed what Russia thinks of the petrodollar regime by voluntarily isolating itself from it, this is certainly a growing possibility.

 

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Wed, 04/02/2014 - 09:07 | 4616832 Smuckers
Smuckers's picture

Putin on the blitz.

Wed, 04/02/2014 - 09:09 | 4616843 Headbanger
Headbanger's picture

So this is the long awaited Black Swan!?

Block each others transactions, can't pay your bills and risk explodes!

Wed, 04/02/2014 - 09:12 | 4616861 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

This is what Putin wants, to reinstate a new version of the Soviet Union under his control. Stalin is jealously staring from the grave.

Wed, 04/02/2014 - 09:21 | 4616881 y3maxx
y3maxx's picture

...Economically, Things are getting so bad in the USSA, this JPM currency War tells just how desperate Washington and the Bankers are ready for a Military War...

Wed, 04/02/2014 - 09:22 | 4616917 kliguy38
kliguy38's picture

of course they do....why would anyone think that "this time its different"

Wed, 04/02/2014 - 09:35 | 4616974 SafelyGraze
SafelyGraze's picture

glad to have all that crypto-SDR in my digital BIS wallet

nice and secure

Wed, 04/02/2014 - 13:57 | 4617962 MillionDollarBoner_
MillionDollarBoner_'s picture

Paging FoneyStar!

Will Mr FoneyStar please come to the front desk!

I see BitCoin is crashing on this news.

Any comment for your fans, Sir?;o)

 

Wed, 04/02/2014 - 09:22 | 4616918 FinalEvent
FinalEvent's picture

<- My name?

<- Not my name

Wed, 04/02/2014 - 09:22 | 4616920 the not so migh...
the not so mighty maximiza's picture

yeah thats it, they were trying start a big war since last year, the shit is falling apart DC needs distractions or the guilty will be exposed.

Wed, 04/02/2014 - 09:57 | 4617058 gookempucky
gookempucky's picture

Vamp -what a comedian--try looking 360 as the west is just throwing darts hoping to score one point--this will get worse as the western companies have the marching orders.

 

http://www.detroitnews.com/article/20140401/AUTO0102/304010075/1361/Ford...

Wed, 04/02/2014 - 09:57 | 4617062 dogismycopilot
dogismycopilot's picture

peddle that bull shit some where else comrade of the USSA.

Wed, 04/02/2014 - 10:41 | 4617248 TheReplacement
TheReplacement's picture

I think Putin genuinely dislikes communists.  He is more of a simple authoritarian.  Russian Empire like under the czars is more likely his goal.

Wed, 04/02/2014 - 11:23 | 4617398 Bananamerican
Bananamerican's picture

Some cultures have that "strongman" DNA in them...Russia seems to be one of them. Having said that, Putin seems to be their Stonewall Jackson.
The right guy at the "wrong time" in their history.

You know what's weird? I find myself rooting for the bastard. (IS he a Christian?)
Our own, Satanic, banker infested, neo-totalitarian, fascist oligopoly makes me sick.

Wed, 04/02/2014 - 11:39 | 4617451 intotheblack
intotheblack's picture

Me too, dude. Globalists target Putin and we're all Russians now, yo. Not a reliable friend but you do what you can with what you have, righty-right?

Wed, 04/02/2014 - 11:42 | 4617462 Golden Rule
Golden Rule's picture

All Putin has to do is release the Lenin/Stalin records from 1917-1950's.  If people knew the truth of what really happened during that time frame, ie who supported the mass killing of Russian's, financially and otherwise there would be blood in the streets. 

Think also of all the records seized during the invasion at end of WWII in Poland and Eastern Germany.  The tribe would be destroyed.

 

Wed, 04/02/2014 - 12:16 | 4617574 topshelfstuff
topshelfstuff's picture

 

http://www.ibtimes.com/brics-are-making-their-own-development-bank-its-not-going-be-simple-1557617

BRICS Are Making Their Own Development Bank, But It's Not Going To Be Simple

February 25 2014

"""one of the benefits of the new association will be greater clout in a changing global economy run by institutions such as the World Bank and IMF that, some argue, disproportionately serve the economically developed nations that created them."""

BRICS Nations Plan New Bank to Bypass World Bank, IMF http://www.bloomberg.com/news/2013-03-25/brics-nations-plan-new-bank-to-bypass-world-bank-imf.html

 

“The deepest rationale for the BRICS is almost certainly the creation of new Bretton Woods-type institutions that are inclined toward the developing world,”

==========================================

 

 


another example of an item of major importance, an item behind much of the recent and increasing Push by the West for Any kind of War, disturbance, distraction ... its more than just the BRIC Nations, its All the BRICets <<< the BRICets represent over 100 Nations ready and willing to join in. This would take a lot to write about in order to explain, but one thing I can tell you, and I firmly believe ... opposite of another misdirection we've been fed, it's a STRONG Currency that will prove to be the smart and Power move ... think about all the BRICets Hard Pegging to China's Yuan, simultaneously, along with China Strengthening the Yuan to let's use 2 to $1/US.

And how that Strengthens Both the Countries and The People [ Purchasing Power and the ability to Buy Any Commodity at a huge Discount, resulting in Commodity Prices going way up in USD terms ]

a link showing CNY vs global currencies, looks like Ven. already made the move

http://www.x-rates.com/table/?from=CNY&amount=1

Venezuelan Bolivar = 1.013104

Wed, 04/02/2014 - 09:20 | 4616906 WVHillbilly
WVHillbilly's picture

Why are we in this basket?  And why is it getting so hot?

Wed, 04/02/2014 - 09:07 | 4616834 LawsofPhysics
LawsofPhysics's picture

"Full faith and credit" bitchez...

 

In other words, no faith=no more credit motherfucker...

Wed, 04/02/2014 - 09:21 | 4616912 Ignatius
Ignatius's picture

Was it over when the Russians bombed Pearl Harbor?

Wed, 04/02/2014 - 09:24 | 4616932 LawsofPhysics
LawsofPhysics's picture

Indeed, there's a hell of a lot of tangible resources in the Russian federation, now if there only a few other countries on that continent that felt the same way...

Wed, 04/02/2014 - 09:31 | 4616956 ssp2s
ssp2s's picture

If only the US had the ability to suppress the price of gold.  THAT would really hurt em.

Wed, 04/02/2014 - 09:38 | 4616983 ReactionToClose...
ReactionToClosedMinds's picture

no, wrong, India bombed Pearl Harbor to warn Pakistan

Wed, 04/02/2014 - 10:23 | 4617177 Carl Spackler
Carl Spackler's picture

Was it over when Russian algos front ran the squid and skimmed from Joe Sixpack?

NO

Wed, 04/02/2014 - 10:42 | 4617250 TheReplacement
TheReplacement's picture

The Russians didn't bomb Pearl.  They bombed Gettysburg.  Jeez.

Wed, 04/02/2014 - 11:09 | 4617350 manofthenorth
manofthenorth's picture

It was the Germans that bombed Pearl Harbor you "more-on" ! ;)

Wed, 04/02/2014 - 10:49 | 4617276 Mine Is Bigger
Mine Is Bigger's picture

Isn't it possible the bank stopped lending in foreing currencies because it can no longer hedge against exchange risks?

Wed, 04/02/2014 - 09:09 | 4616847 SheepDog-One
SheepDog-One's picture

Someone call prezdent Jamie! We be runnin low on burrito toppings and french fries!

Wed, 04/02/2014 - 10:11 | 4617120 WillyGroper
WillyGroper's picture

It's Freedom Fries, dontchaknow?

Wed, 04/02/2014 - 09:10 | 4616850 Bullwinkle Moose
Bullwinkle Moose's picture

Do you feel the love?

Wed, 04/02/2014 - 09:12 | 4616855 NaiLib
NaiLib's picture

...And of course the mighty west think it will not hurt any of our business. Well I think lots of participants eventually will realise that the west cannot afford any kind of "financial war" with anyone. 

Wed, 04/02/2014 - 09:13 | 4616871 NaiLib
NaiLib's picture

and btw, ATH on equities markets just feels a little bit odd right now

Wed, 04/02/2014 - 10:16 | 4616908 fonzannoon
fonzannoon's picture

Watch these in succession if you want a laugh. Especially non Americans. Sent to me by whiteshadowmovement

 

https://www.youtube.com/watch?v=o4wNMOapzyw
https://www.youtube.com/watch?v=u4L8QMNJyiU
Wed, 04/02/2014 - 09:23 | 4616926 astoriajoe
astoriajoe's picture

"Well I think lots of participants eventually will realise that the west cannot afford any kind of "financial war" with anyone. "

I would think they would all realize it already, which makes me wonder if they aren't just following a pre-written script.

Wed, 04/02/2014 - 12:58 | 4617725 SDShack
SDShack's picture

I think the West knows something is about to drop, and TPTB are worried big time about it. Just look at the headlines the last 48 hours. HFT is bad is all over the place. That is an absolute sea change from the last 5+ years. JPM (which is under investigation) just cancels Russian Payment Transfers in a pre-emptive strike "alledgedly" tied to US sanctions, when US sanctions don't prescribe such actions at all. Now we have Russian retaliation. All this against a backdrop of first Syria meddling, then Ukraine meddling, plus a Russian-China-India nexus potentially against the US Petrodollar. Something tells me all this posturing is in reaction to something bigger yet to come that hasn't been revealed yet. Makes me wonder what Russia has via Snowden that is possibly driving all this. Whatever it is, it must be big enough to make TPTB seriously consider war as an option given all the recent moves. 

Wed, 04/02/2014 - 13:21 | 4617800 astoriajoe
astoriajoe's picture

They don't need Snowden info, when they've got Gata info. I heard a Gata interview a week or so ago where the guy said that representatives from both China and Russia have been to gata conferences. Gata may be wrong and our actual situation may be closer to what Weir/Hudes say in terms of abundant gold supplies, but either way, I think it will make damn fine theater over the next year.

Wed, 04/02/2014 - 09:14 | 4616873 Truther
Truther's picture

FUCK JPM and crack that Dimon bitch wide open.

Wed, 04/02/2014 - 09:14 | 4616875 supersajin
supersajin's picture

Welcome the age of the Currency Wars!!

Wed, 04/02/2014 - 09:15 | 4616876 Calculus99
Calculus99's picture

The ruskies should just put a bid of $50billion under Gold and take delivery. That would cause more than a few problems for the US/UK big banks.

Wed, 04/02/2014 - 09:38 | 4616985 SheepDog-One
SheepDog-One's picture

See that's what I don't get here, there are so many things that could so easily be done to start the FED's canoe rockin.....mess with gold price, or bonds, it would be so easy to do yet Russia decides to 'halt foreign currency loans'? Big deal.

Wed, 04/02/2014 - 09:41 | 4616993 ssp2s
ssp2s's picture

Oh, I think both sides know where the MAD line is.

Wed, 04/02/2014 - 09:43 | 4617007 ReactionToClose...
ReactionToClosedMinds's picture

think you are on to something.

EEurope et al are genetically pre-disposed to math and chess (i.e., probabilities/outcomes, etc.)

are we starting to see some chess moves now?  If so, Team 44 with ValJar running the show is the least equipped regime in history to deal with this.  Maybe that is the calculation PootyPoot is scheming.  Hey, what would you do if the Winter Soldier is 'negotiating' with you and you know his real life dossier?

 

Wed, 04/02/2014 - 09:49 | 4617029 NoClueSneaker
NoClueSneaker's picture

Moment for PBoC to junk sum 200-300 BN. in treasuries ....

Wed, 04/02/2014 - 10:58 | 4617308 Titus
Titus's picture

The Russians aren't stupid. They know that this would mean immediate war. No one wants to lose assets or an all out war, they want the little proxy conflict until war is unavoidable. The western banking and political system started the conflict, Putin has been working extremely hard to avoid giving them reason to start a war. 

In case you haven't kept up they're picking back up with the Syria proxy war now that Russia is occupied in Ukraine. 

 

Wed, 04/02/2014 - 09:16 | 4616877 MFLTucson
MFLTucson's picture

I am glad to see that Putin has the balls to go after Dimon and the US Jewish led illegal, criminal and fraudulent banking sewer.  JP Morgan should have been dismantled by the US government after the LIBOR scandal but the US government is corrupt and all in bed with the banking sewage!

Wed, 04/02/2014 - 09:22 | 4616916 Infinite QE
Infinite QE's picture

Well, when you had the khazar bolsheviks murder 100 million of your people, that leaves a distinct memory in those that love their country. The time of the khazar is coming to a close as more and more people awaken to the myth of the chosen people and see what they truly are. Demonic, satanic aliens.

Wed, 04/02/2014 - 09:16 | 4616879 buzzsaw99
buzzsaw99's picture

JPM is living in the past. They and the usa ptb will be hoisted by their own (clownbux) petard.

Wed, 04/02/2014 - 09:40 | 4616991 SheepDog-One
SheepDog-One's picture

I sure wish these hoistings would hurry up and commence already!

Wed, 04/02/2014 - 09:16 | 4616882 Confundido
Confundido's picture

True, transparent monetary systems like the gold standard are the feature of liberty, individual rights friendly governments, leaders and institutions. Russia is not one of them. Even though the US is also not one of them. Therefore, any illusions that Russia will adopt anything beyond a fiat based monetary system is simply that: an illusion. Preventing non-ruble based credit can only harm the working Russian, because as with any other goods, the reduction of options, of competition in the supply, makes the productive process more expensive. It is irrelevant whether or not such higher cost will make Putin feel more independent. In any case, JP Morgan is completely unaffected by such action. But since the spirit of ZH is in favour of Russia, here's my two cents on how Russia could indeed affect JP Morgan and the petrodollar system: By establishing a new precious metals exchange, competing with Comex, but without any leverage, and forcing all miners within the Russian Federation to take the fix of such new exchange as legal metric for their contracts.

Wed, 04/02/2014 - 09:22 | 4616921 LawsofPhysics
LawsofPhysics's picture

Something like this will happen, simply because there are increasingly more real innovators and creators out there that need to bring their products to the market and increasingly more of them recognize that none of the currencies on earth today are transparent or trustworthy.  The astonishing rise in the formation of Co-ops in the U.S.S.A. is simply more evidence of this.  The big sectors I see are in agriculture and healthcare.

Wed, 04/02/2014 - 09:16 | 4616883 sudzee
sudzee's picture

EU would go dark if Putin asks gold for gas.

Wed, 04/02/2014 - 09:38 | 4616981 hungarianboy
hungarianboy's picture

It would be even funnier if it only applies to US and former EEG countries. :-)

Wed, 04/02/2014 - 09:17 | 4616887 Seasmoke
Seasmoke's picture

This is stuff That World Wars are started over.  WOW !!

Wed, 04/02/2014 - 09:32 | 4616958 BurningFuld
BurningFuld's picture

No kidding...and all over 5000 clownbux. Vlad you could have called me. To prevent a World War I would have helped out!

Wed, 04/02/2014 - 09:42 | 4616996 SheepDog-One
SheepDog-One's picture

Vlad's only asking for about $tree fiddy.

Wed, 04/02/2014 - 09:18 | 4616891 Last of the Mid...
Last of the Middle Class's picture

This is what Putin wants, to reinstate a new version of the Soviet Union under his control. Stalin is jealously staring from the grave.   Replace Putine with Obama and Soviet Union with US. There fixed it for ya

Wed, 04/02/2014 - 09:19 | 4616897 monopoly
monopoly's picture

Let the games begin and "May the odds be ever in your favor".

Wed, 04/02/2014 - 09:20 | 4616899 Caveman93
Caveman93's picture

I hope Russia, China and India all dump their Treasury holdings in one fell swoop!

Wed, 04/02/2014 - 09:20 | 4616901 NaiLib
NaiLib's picture

Let's see how much "liquidity" HFTs will be giving the markets when markets decide it's time to sell. :):)

Wed, 04/02/2014 - 09:23 | 4616913 buzzsaw99
buzzsaw99's picture

Putin is screwed too because the Russian internal economy will never grow. The people there are so jaded they will never try hard again. the usa people will wise up like that eventually too.

Wed, 04/02/2014 - 09:24 | 4616929 Winston Churchill
Winston Churchill's picture

Bit like the US then.

Wed, 04/02/2014 - 09:26 | 4616938 buzzsaw99
buzzsaw99's picture

yep. in the end the kleptocrats win and everything goes to hell. the only difference between us and them is that they know it better. stop breeding, stop consuming, stop working. just pretend to give a damn. why try, the kleptocrats have stolen it all.

Wed, 04/02/2014 - 09:44 | 4617009 SheepDog-One
SheepDog-One's picture

Yea right.

Wed, 04/02/2014 - 09:24 | 4616933 jefferson32
jefferson32's picture

Never underestimate the hardship the average Russian can bare.

Wed, 04/02/2014 - 09:35 | 4616967 yogibear
yogibear's picture

Many times greater than the current Americans. Millions perished in WWII,

Hitler ignored Napoleon's defeat, he paid a dear price for it.

Putin is an Ex KGB man but he isn't unreasonable, The neocons in Obama's office are making some grave mistakes by beating the war drums.

Wed, 04/02/2014 - 09:39 | 4616986 Wile-E-Coyote
Wile-E-Coyote's picture

Yes look how they coped in WW11, they lost 20 million people and still came back and won.

I admire Putin he's a mans man, not like our Western politcians who are a bunch of lady boys.

Wed, 04/02/2014 - 09:53 | 4617043 ReactionToClose...
ReactionToClosedMinds's picture

then you must really like Ukraine.......russkie bolsheviks (this is documented beyond argument) starved 5-7 million to death .....yet Kruschev (one of the 'organizers') becomes Premier and set Soviets up for epci fail

Wed, 04/02/2014 - 09:48 | 4617021 validate
validate's picture

Nice pun

Wed, 04/02/2014 - 09:25 | 4616937 swmnguy
swmnguy's picture

Somebody is going to buy Russia's oil and gas.  And they'll make some sort of payment.

Wed, 04/02/2014 - 09:36 | 4616976 A_Nejad
A_Nejad's picture

Absolutely, even if they have to barter with brand new BMWs.

Wed, 04/02/2014 - 11:35 | 4617440 Bananamerican
Bananamerican's picture

Or EMP's

Wed, 04/02/2014 - 09:29 | 4616951 yogibear
yogibear's picture

All the BRICs need to ban the Euro, Yen  an US dollar (Money Printers). Start playing by their rules.

Also get the middle east of the petro-dollar.

Wed, 04/02/2014 - 09:39 | 4616987 laomei
laomei's picture

Easy solution really... seize all JPM assets in Russia and sanction them by denying payments to JPM and all associated partners and banks for any reason.  It's not a default then, it's just sanctions you see.

Wed, 04/02/2014 - 09:40 | 4616989 elwind45
elwind45's picture

JPM got the early word years ago and hedged accordingly

Wed, 04/02/2014 - 09:47 | 4617019 Quinvarius
Quinvarius's picture

The US will be isolated with capital controls one way or the other.

Wed, 04/02/2014 - 09:48 | 4617023 NoWayJose
NoWayJose's picture

The Obama/Kerry crowd just will not let their failed Syrian plot rest - they keep coming up with pitiful new ways to toss pebbles at the Russian Bear...  The scariest thing is not simply ruble-based loans, but rather it is imagining what would happen if a country decides to become an algo-driven hedge fund that wants to get revenge on JPM and the highly over-leveraged and over-extended US Markets.

Wed, 04/02/2014 - 09:49 | 4617028 Iam Yue2
Iam Yue2's picture

Hmmm, really such a big deal??

"In 2013 the Savings Bank issued foreign currency loans amounting to 1.78 billion rubles, representing a mere 0.07% of all retail loans issued for the period (2.4 trillion rubles)."

Wed, 04/02/2014 - 09:50 | 4617036 HRamos_3
HRamos_3's picture

Babullish!

Wed, 04/02/2014 - 10:00 | 4617073 Ignorance is bliss
Ignorance is bliss's picture

I wonder if we are missing something. The bank cannot lend in foreign currency. Does that mean they will not continue to accept foreign currency on deposit? If not, then how will Gazprom accept Euros or Dollars? Perhaps the ploy is for Gazprom to convert foreign currencies into Rubles and to accept only Rubles for deposit. That would definitely increase the value of the Ruble. Just a speculative thought on how this might hurt western powers.

Wed, 04/02/2014 - 10:04 | 4617103 Savvy
Savvy's picture

We should just sit back and see what happens next. Don't think we'll be disappointed.

Wed, 04/02/2014 - 10:06 | 4617107 dogismycopilot
dogismycopilot's picture

this is a very good strategic move by Putin and let me tell you why:

the US and European banks are in Russia and they are selling smack and dope like it is Harlem. The banks are trying to hook the Russian consumer on that good shit known as 'easy money dollar loans'. They are slinging crack cocaine to kids, giving away credit cards, car loans, home loans...want to get the people on the hook so they be begging for that shit. I know this because a friend of mine works for one of these US banks and, like all drug dealers, DOESN'T USE THE PRODUCT THEY ARE SELLING CUZ THEY KNOW THIS SHIT WILL KILL YOU. My friend is (was) killing it financially. 

Putin knows he needs to lock this easy-dope-USD/EUR money shit up TODAY in anticpation of the mutherfucking destruction he is going to wreck on the US Petrodollar. 

I would gather he is A) trying to make a point to the bankers and B) pre-emptively ring fencing the pocket books of his people and C) Because as one of the least indebted consumer markets in the world he knows CONSUMER DEBT IS LIKE FUCKING HERPES OF THE FINANCIAL WORLD.

(note, if you are a Russian and have a foreign currency loan, yeah, well i hope that fucking Audi was worth it because you might be living in it)

Wed, 04/02/2014 - 10:57 | 4617306 gcjohns1971
gcjohns1971's picture

Credit from wester banks is being sold eagerly in Russia.  However, Russians are not overly disposed to pay relative the to western credit consumer, and Russian courts are not anxious to enforce debt contracts with western entities who refuse to pay.  So, there's a higher premium in the interest rates and fees.

I know this because my in-Laws are from Moscow.  They are visiting this week and currently playing soccer in my back yard.  They've been very open about what is going on with their friends neighbors etc.  But is their case representative?  From independent anecdotes it seems to be.

Wed, 04/02/2014 - 13:32 | 4617848 dogismycopilot
dogismycopilot's picture

true dat, but i hear the rent-to-own furniture stores in Moscow are taking this repossesion shit very seriously!

Wed, 04/02/2014 - 10:12 | 4617116 yogibear
yogibear's picture

Good time for the BRICs to require gold for payment.

Let's see... Germany want's it's gold back. They'll be scambling. Germany will have some harsh words to the US federal Reserve bank. Other countries in Europe will be scrambling as well.

The US and Japan may have problems as well. Well, well loks like fiat isn't lookin good in that instance.

Don't play by the rules of the western banksters, play by your rules.

If Russia and China play by the bankster rules they will lose.

Wed, 04/02/2014 - 10:11 | 4617124 WMM II
WMM II's picture

so, let's see.... you folks actually think jpm is anything but profit motivated? there is no helpin uncle sammy goin on here.

as for the russian bank....well.... the big bosses probably already have their personal money off shore.

nobody's stupid.

russkies fearful. yes. scared that if they don't bow to putintake. ubetcha.

and:

gosh the world ought to be eager to trust the value of the rubbletto over anything else on account of its performance since its default way back int the late '90s.

watch the market and see.

just a guess.

:)

Wed, 04/02/2014 - 10:12 | 4617129 Fix It Again Timmy
Fix It Again Timmy's picture

All this crap started years ago when Lichtenstein bombed Pearl Harbor...

Wed, 04/02/2014 - 10:30 | 4617210 Spungo
Spungo's picture

Saudi fly jets into buildings. Russians fly cruise missiles into buildings. 

Wed, 04/02/2014 - 10:41 | 4617244 shovelhead
shovelhead's picture

Is this starting to follow the plotline of 'Mean Girls'?

Wed, 04/02/2014 - 10:51 | 4617282 gcjohns1971
gcjohns1971's picture

Devil's advocate here:

Yes...JPMorgan is diabolical.

But in what way does a private company refusing to do business with absolutely anyone they choose, for absolutely any reason they choose equate to a warlike act?

I say this because while JPMorgan may be diabolical, evil, controlling, and a den of oligarchs holding much of the world in slavery, unless I've missed some cogent fact, there is nothing immoral or illegal about the right to choose with whom - or with whom not - to do business.

By highlighting this I hope to protect my, and everyone else's right to freely associate with whomever they choose - including business associations.

Wed, 04/02/2014 - 12:45 | 4617677 smacker
smacker's picture

Banks are notionally privately owned but are well and truly in bed with government. Corporatism.

Wed, 04/02/2014 - 10:54 | 4617294 Pullmyfinger
Pullmyfinger's picture

Jim Willie has always been way ahead of the game:

RUSSIA CANNOT BE ISOLATED
The West is in for a gigantic surprise in the sequence of events to unfold. They have placed criminal oligarchs into top government positions in Ukraine. Doing so might suit the West but not the Ukrainian people. The political brain trust in Berlin shows extremely errant strategy, still kowtowing to the USGovt and London Elite in an incomprehensible manner. The West cannot isolate Russia, which is the latest absurd bone-headed strategy. They need Russia in vital ways that will become apparent when the West faces energy supply cutoff or forced Gold payments during an open global USDollar rejection. The US will quickly feel the lost Petro-Dollar gear mechanisms. China has already aligned itself beside Russia, which makes isolation impossible. Consider the Russian commodity supply and Chinese industrial power, the new axis to the Eurasian Trade Zone.

http://www.silverdoctors.com/jim-willie-ukraine-is-the-waterloo-event-fo...

Wed, 04/02/2014 - 11:14 | 4617369 messystateofaffairs
messystateofaffairs's picture

It works like this. The west, operated from not so behind the scenes, slaps Russia across the face. Vlad utters calmy and quietly, "That is not acceptable, should we discuss this". In response the tribe instructs the west to slap Russia again. Suddenly Vlad smashes a Russian fist into western nose and utters quitely "can we discuss this" whilst the wests chief girly boy puppet runs around in circles, hands flailing from loose wrists.

Wed, 04/02/2014 - 12:52 | 4617711 Bub Ba
Bub Ba's picture

Europe now has to pay for Russian natural gas in rubles.  What was Obama thinking?

Wed, 04/02/2014 - 16:46 | 4618649 painlord-2k
painlord-2k's picture

Rubles, €, whatever just hope Russia do not start asking for gold in payment for gas.

Wed, 04/02/2014 - 13:54 | 4617953 omega_remixed
omega_remixed's picture

Actually, only 0.07% of Sberbak personal loans in 2013 were issued in foreign currency. The ban concerns personal loans only, btw

The measure does sound big, but is actually a pretty small step

Wed, 04/02/2014 - 14:07 | 4618019 b4real
b4real's picture

Tyler,

 

Take a look and put the pieces together for us slower folk please.

 

 

 

http://www.nakedcapitalism.com/2014/04/david-dayen-chase-bank-denying-services-condom-shop-really-deregulating-payday-lending.html

Do NOT follow this link or you will be banned from the site!