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The IMF Just Entered The Cold War, Forgives Ukraine's Debt To Russia
Authored by Michael Hudson, originally posted by The Saker, author of The Essential Saker: from the trenches of the emerging multipolar world,
On December 8, the IMF’s Chief Spokesman Gerry Rice sent a note saying:
“The IMF’s Executive Board met today and agreed to change the current policy on non-toleration of arrears to official creditors. We will provide details on the scope and rationale for this policy change in the next day or so.”
Since 1947 when it really started operations, the World Bank has acted as a branch of the U.S. Defense Department, from its first major chairman John J. McCloy through Robert McNamara to Robert Zoellick and neocon Paul Wolfowitz. From the outset, it has promoted U.S. exports – especially farm exports – by steering Third World countries to produce plantation crops rather than feeding their own populations. (They are to import U.S. grain.) But it has felt obliged to wrap its U.S. export promotion and support for the dollar area in an ostensibly internationalist rhetoric, as if what’s good for the United States is good for the world.
The IMF has now been drawn into the U.S. Cold War orbit. On Tuesday it made a radical decision to dismantle the condition that had integrated the global financial system for the past half century. In the past, it has been able to take the lead in organizing bailout packages for governments by getting other creditor nations – headed by the United States, Germany and Japan – to participate. The creditor leverage that the IMF has used is that if a nation is in financial arrears to any government, it cannot qualify for an IMF loan – and hence, for packages involving other governments.
This has been the system by which the dollarized global financial system has worked for half a century. The beneficiaries have been creditors in US dollars.
But on Tuesday, the IMF joined the New Cold War. It has been lending money to Ukraine despite the Fund’s rules blocking it from lending to countries with no visible chance of paying (the “No More Argentinas” rule from 2001). When IMF head Christine Lagarde made the last IMF loan to Ukraine in the spring, she expressed the hope that there would be peace. But President Porochenko immediately announced that he would use the proceeds to step up his nation’s civil war with the Russian-speaking population in the East – the Donbass.
That is the region where most IMF exports have been made – mainly to Russia. This market is now lost for the foreseeable future. It may be a long break, because the country is run by the U.S.-backed junta put in place after the right-wing coup of winter 2014. Ukraine has refused to pay not only private-sector bondholders, but the Russian Government as well.
This should have blocked Ukraine from receiving further IMF aid. Refusal to pay for Ukrainian military belligerence in its New Cold War against Russia would have been a major step forcing peace, and also forcing a clean-up of the country’s endemic corruption.
Instead, the IMF is backing Ukrainian policy, its kleptocracy and its Right Sector leading the attacks that recently cut off Crimea’s electricity. The only condition on which the IMF insists is continued austerity. Ukraine’s currency, the hryvnia, has fallen by a third this years, pensions have been slashed (largely as a result of being inflated away), while corruption continues unabated.
Despite this the IMF announced its intention to extend new loans to finance Ukraine’s dependency and payoffs to the oligarchs who are in control of its parliament and justice departments to block any real cleanup of corruption.
For over half a year there was a semi-public discussion with U.S. Treasury advisors and Cold Warriors about how to stiff Russia on the $3 billion owed by Ukraine to Russia’s Sovereign Wealth Fund. There was some talk of declaring this an “odious debt,” but it was decided that this ploy might backfire against U.S. supported dictatorships.
In the end, the IMF simply lent Ukraine the money.
By doing so, it announced its new policy: “We only enforce debts owed in US dollars to US allies.” This means that what was simmering as a Cold War against Russia has now turned into a full-blown division of the world into the Dollar Bloc (with its satellite Euro and other pro-U.S. currencies) and the BRICS or other countries not in the U.S. financial and military orbit.
What should Russia do? For that matter, what should China and other BRICS countries do? The IMF and U.S. neocons have sent the world a message: you don’t have to honor debts to countries outside of the dollar area and its satellites.
Why then should these non-dollarized countries remain in the IMF – or the World Bank, for that matter. The IMF move effectively splits the global system in half,between the BRICS and the US-European neoliberalized financial system.
Should Russia withdraw from the IMF? Should other countries?
The mirror-image response would be for the new Asian Development Bank to announce that countries that joined the ruble-yuan area did not have to pay US dollar or euro-denominated debts. That is implicitly where the IMF’s break is leading.
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And what is the IMFs grid coordinates?
Russia will deal with this the same way any utility vendor would do.
I feel sorry for the pacifist Ukrainians who will freeze, but they had plenty of time to flee.
Winter is coming said Lord Vladimir Stark.
My God how could they be so stupid!? This will lead DIRECTLY to Russian and China (and others) dumping ALL of their US debt onto a market whose size has just been slashed by what, half? Nevermind the fact that the remaining half isn't buying.
This looks like the death knell of the dollar. That currency has only been propped by the international system, and the IMF just destroyed that, like a petulant child knocking over the game board in anger.
"Should Russia leave the IMF."
The IMF just threw them out.
I have done a quick search to see what the IMF loan portfolio looks like. I cannot find any hard numbers for how much is outstanding. I am wondering how much blowback risk this has. Venezuela, Brazil, South Africa, Iraq, Syria, <fill in the blank>stan, etc. could leave their debt to the IMF in the dirt and take future loans from the new BRICS bank.
This may be just as stupid as Turkey shooting down the Su-24.
god, what bunch of Russki propaganda. Journalist rule #1: You can't just put something you belive in quotes and attribute it to someone else, someone has to actually say it.
Exactly.
I've witnessed the various waves of obsessions on this site through the years, but this Russophilism is really getting out of hand. Extreme views are represented as facts, and anyone who disagrees is a shill or a nazi, or Victoria Nuland. The only thing scarier than nationalism is foreign nationalism.
The line it is drawn
The curse it is cast
The slow one now
Will later be fast
As the present now
Will later be past
The order is rapidly fadin’
And the first one now will later be last
For the times they are a-changin’
-Bob Dylan
Five to one, baby
One in five
No one here gets out alive, now
You get yours, baby
I'll get mine
Gonna make it, baby
If we try
The old get old
And the young get stronger
May take a week
And it may take longer
They got the guns
But we got the numbers
Gonna win, yeah
We're takin' over
Come on!
Yeah!
Your ballroom days are over, baby
Night is drawing near
Shadows of the evening crawl across the years
Ya walk across the floor with a flower in your hand
Trying to tell me no one understands
Trade in your hours for a handful dimes
Gonna' make it, baby, in our prime
-The Doors
...New Reality is...
USSA, IMF, European community.....declaring they are now broke & bankrupt.
...This is the monetary Archduke moment...
W W #3 has been unofficially declared.
Everyone knows the IMF is just a puppet of the US so absolutely no surprise they threw out all the Asian countries in an attampt to continue to revive the cold war.
Outrageous financial terms imposed on militarily-sophisticated warrior culture in a time of tremendous global financial stress.
So apropos LaGuarde is a Frenchie.
That's fine if they cut supplies to Ukraine - there's a new LNG port that opened in the Baltic, now accepting Qatari NATGAS & Saudi crude oil as we speak :)
Nuland wears a Maidanform girdle over her one decended testicle.
Strengthens the will.
This again just highlights teh need for an apolitical transfer of payment system that cannot be manipulated by one party at their convenience. Blockchain and P2P is teh future, get used to it.
“a new LNG port that opened in the Baltic,”
OK.. around the Arabian Peninsula, up the Suez Canal, across the entire Med, up to the North Sea and then into the Baltic.. way better and cheaper than a pipeline across friendly territory.
F’n psychopaths.. and they need to have this as their official honorific..
I suggest the abbreviation Psyp.
Psyp. Juncker
Psyp. Obama
Psyp. Dimon
Psyp. Blankfein
Psyp. Cameron
Psyp. Draghi
And it’s gender neutral...
Psyp. Nuland
Psyp. Lagarde
Psyp. Yellen
Psyp. Powers
Psyp. H Clinton
Psyp. W. Clinton
Etc etc etc.
It's a long way from Riga on the Baltic to Kiev.
Is the LNG going to ge transported to Kiev on the backs of unicorns?
Yes, with the aid of the Texas communist party :-)
But seriously LNG is a lot more expensive than piped gas so how will Ukraine pay for this gas?
And how many ships per week will they need?
The ships generally go where tehy can get the highest price so I can't see that being Ukraine.
Some large actor in that area really needs to be slipping arms to W. Ukraine opposition.. they have got to be there somewhere. They should take out those nutbag Right Sector idiots and then challenge Kiev. I would be willing to bet at least half of the Uke military would flip and help take out the western puppets that have wrecked the country.
Freezing and starving can be a pretty good motivator towards action,
So lemme get this right.
The US has been neutered by and large, by Pootie in the ME, where now Pootie's influence runs from Iran, through Iraq into Syria and Lebanon.
Nice, Barry. Mission Accomplished. He said that's what he wanted to do when he was stumping in 2007, FFS!
And with respect to the Petro-Dollar, it's only enforceable if everybody's in the system so in order to stiff the Rooskies with $US2 or 3 billion to write off, it also drives everybody outside the Dollar System into the Asian whatevernewbank it is.
Nice Barry, Mission Accomplished!!!!!! Kudos! Achieving established goals. You should be proud! Betcha Mooch and the Ghost of Sal Alinsky are!
Disclosure: Methinks we oughta get out of all foreign entanglements and that institutions like the World Bank, IMF, BIS, etc., are Neo-Con, NWO organizations which man would be better without, just so there are no lingering doubts.
Nice Job, Barry.
Mission Accomplished
Including all the new wars .....
NWO says Order through Chaos
Barry's a success!!!!!!!!
From what I understand, the IMF and World Bank are US contrivances designed to extort money and resources from developing nations.
I think the jig is up for them.
First, a lot of third world and EM types are hip to the scheme and don’t want to go there.
Second, it seems that China is just about everywhere nowadays and willing to lend a helping hand without the onerous intrusions of the western Hydra.
Third, much of what the IMF, World Bank and big western banks have done in the last few years seems to be a blast horn that screams for smart people to stay away.
RIP IMF.
This is a pretty feeble "spite check". Nothing left now but more pigeon moves...
Don't lend money to folks you know ain;t payin gback.
Corollary; Don't sell stuff to folks whom you know ain't paying back.
Looks like Barry just broke another level of trust.
"Change you can believe in."
Hey friend, can you spare some "change"?
Ucraine will pay by laying down for old loose balls Uncle Sam and please him and his zio masters:
http://goo.gl/1Bi3rt
The IMF knows who butters its bread. So they do exactly what America tells them to. America says jump, and the international banksters ask, "How high?" It's a beautiful thing. Capitalism. Learn it, live it, love it.
Curious a story about the IMF, the Dollar, debt, and oligarchs, with no mention of Central Banks or the BIS?
I'd think 3 Billion for Crimea is a steal for Putin, no?
Crimea voted themselves out of the Ukraine before the provisional coup tried to stick it in their dunbass. And why not? They wouldn't have been allowed to vote in the next election either.
"Since 1947 when it really started operations, the World Bank has acted as a branch of the U.S. Defense Department"
this statement is bassackward...the us defense dept is a branch of the fedres, imf, world bank, etc.
surely zhers are more intelligent than to let that get by them...
nothing at this level happens by chance, this is all planned.
has anyone stopped to think what will happen to us if war does break out, and the ussa can't get any imports from china? we are not set up like we were in wwii, we have been gutted by these same bankers who have positioned china as the new superpower...
ask your friends if they want to play golf for money, with the only caveat being that whatever their score is at the end of the game, your score is 9 less...what? no one wants to play a game where the score is pegged to the other score? you think china is the brainchild that is keeping their currency pegged to the frn$ without the world bankers implicit assistance?
the citizens of the world are continuing to be played by the bankers who are in it for complete power...
Gott mit uns...
when over 90% voted to go back to russia, how is that theft?
what does it take for you to accept a mandate? 98% ? 100% ?
"what does it take for you to accept a mandate? 98% ? 100% ?"
Some precinct's voted 110% for Obama in the last election. That is a mandate? LOL
That's just American elections. Not all nations are so juniour and incompetent at running elections.
I have not seen that IMF loan to Ukraine announced anywhere.
Has anyone on here?
Russia is still saying it is probably heading towards the courts in London to sue Ukraine for the $3B. Ukraine is saying it will counter attack.
Not likely if anyone had given the money to Ukraine to pay off Moscow.
The IMF haven't paid Ukraine the money due Q3 yet either.
That's the thing with these pigeon chessboard moves, there is the mainstream media all along trumpeting: "The pigeon is winning!" #winning
maybe the lawsuit can take place this winter, and russia can shut off the gas for a day or two during the proceedings...
Driving a ship loaded with 'kilotons' of LNG through the ME. That doesn't sound like something I'd like to pilot on that particular route.
I'm sure Russia would be prepared to lease out some of its icebreakers to make a passage through the Baltic during winter. For a fee, a very, very, big fee.
"This again just highlights teh need for an apolitical transfer of payment system that cannot be manipulated by one party at their convenience."
Obviously you didn't read the article, have not been paying attention for the last 112 years, and are only here to shill for electrons. Payment systems need to be maniplutable or they are worthless to TPTB.
"Payment systems need to be maniplutable or they are worthless to TPTB."
Who gives a flying fuck about TPTB? Did you miss my entire point? TPTB are largely irrelevant and becoming more so with each passing day.
The Australian franchise of TPTB is about to become very relevant to your boy, Craig Wright.
Speaking of Australia:
Australian dollar could fall to US50cents: economistshttp://www.smh.com.au/business/markets/currencies/australian-dollar-coul...
whaddya mean 'speaking of' when u post a 3 month old article?
Ignore the coming train wreck. Argue over the seat.
@Joe Trader: "Qatari NATGAS & Saudi crude oil as we speak :)"
· Qatar and Saudi's natgas is 3-5 times higher than Russia's
·
· the Baltics now pay for what they don't take per their rush agreement with Saudis'.
·
For the EU to pay for gas 3-5 times more means to destroy their economies and de-industrialization.
LOL indeed
Yea, the only problem is that Qatari natgas is 2 times more expensive ...
Hey, that LNG tanker developed a hull leak and sank.
Standard Disclaimer: Must have struck one of those guyots/seamounts in the Mediterranean...
An LNG tanker is a massive floating bomb.
The terminals don't float, but they are massively expensive and extremely dangerous.
LOL. This assumes that there will be no 'mishaps' along the way.
Especially while going through key, narrow straits.
"That's fine if they cut supplies to Ukraine - there's a new LNG port that opened in the Baltic, now accepting Qatari NATGAS & Saudi crude oil as we speak :)"
What is the price delta between landed LNG and Russian pipeline gas? I am quite certain that the IMF will be more than happy to loan Ukraine the money to buy LNG. What I am also quite certain of is that there will be some serious strings associated with those loans and the West's money masters will be picking the Ukraine's bones clean in short order.
Where exactly is that? And what is the relevance?
Would Ukraine have to pay for it?
That's fine but LNG costs 400% more and with tanker rates skyrocketing maybe 500% more
The IMF crossed the Rubicon. This will prove to be the turning point of events in this century, the most important article of our day. Russia’s move into Syria stepped up the game as it disrupted years of effort/planning (albeit failing) by the west.
As the elbows start to fly, the masks slip off.
First they fight with paper then with guns.
When Goods Don't Cross Borders, Armies Will
-David Henderson
Does Europe really want another European war?
No, but the US sure does. Remember that it was the previous 2 World Wars that sent America to the top of the manufacturing industry. If all your fancy European factories are constantly being leveled by invading armies you have no choice but to move to a place free of wars with no neighbors capable of invading them.
In the past that was the US; but this century? Manufacturing capital may well flee to China instead this time. That would be the ultimate death knell for the West.
China will sell us tanks. Especially after we declare war. Go to the East parking lot at Wal-Mart and say tanks? alot.
it doesn't matter if europe wants another european war, it matters what the bankers want in their global chess game...
we are all ants in thie global ant farm, and we need to tell the ants that create the money we use to survive to kiss our big ant asses! we aren't going to go shoot ruskies because the imf forgave ukraine's debt and pissed off vlad...
what if this war is designed to take europe and the united states back to the stone ages, and start a pax china as the world superpower with the new reserve currency? russia and the united states in a cage match, lobbing tactical nukes at each other to take out population centers, but leaving the farmland untouched to feed the new masters...
Gott mit uns...
That's pretty fucking grim.
It's also pretty fucking likely.
Beware the Lamb!!!
As the congregation grows
The lung of solitude deflates
To my ears the greatest sin
Feel a bit like Beethoven
Simultaneous they speak unbeknownst
Exiled to the inner voice, difference is...
He had no choice.
--- MR BUNGLE
So what is wrong with Nationalism?
Don't expect a rational or logical reply from that poster.
Funny, all we hear in America everyday is Trump, Muslims and mass shootings. Meanwhile, the world is rapidly changing and Americans have no fucking clue what's going on.
shut the fuck up Donny.
What's wrong with nationalism is the state goes to war with the consent of the people it brainwashes, thus everyone has a responsibility to use their head instead of rallying behind flags, religions, and other symbols which tend to transfix their minds.
I have no problem with the good people of Russia, Syria, or China, yet we're on the verge of war with them. That's the danger of nationalism.
Banksterism is the danger per usual.
Which is a symptom of Tribalism, which is a symptom of Zionism
I have been on this site a long time. Almost since day one. Since the vast majority of commenters in that time could not be termed 'russophiles', what has changed? I'll tell you what changed. Levels of awareness, knowledge, understanding of history... The behavior of the US and Russian government respectively these last 10+ years... And we all love Keynes so much (/s!) that "when the facts change, [we] change our mind".
Herd Redirection: As another one of the oldest generation of commenters, allow me to second you. Very well said.
As have I although I didn't register for a few months. I will say I completely agree. Honestly my opinion of Russia hasn't moved up nearly S much as my opinion of NATO/EU/Israel has moved downward at breathtaking speed. The reckless endangerment of all higher life forms on this planet by those three makes politicians like Putin appear levelheaded and beacons of common sense real Politik by comparison. Boy does the MSM hate Putin and Russia right now. That tells me nearly all I need to know right there.
So we go to war if we adopt nationalism, as opposed to what we have been doing for the last XX number of years?
Nationalism is a response to outside aggression. Outside aggression also causes wars. This is a case where correlation is not necessarily causation.
Nationalism is the predetermined, conditioned response to perceived aggression, but that ship is sailing away. People are waking up. It's getting harder and harder to convince the general populace to go to war (ie: Syria). That's why we just have "operations" now with "advisors", instead of battles with soldiers. Americans don't want to kill Russians, especially after importing so many brides. Only governments can cook this shit up.
In the psychology of Identity, anything which usurps our basic humanity with a lesser division, be it national ethnic religeous philosophical is unethical and leads to inhumanity
You seem unable to differentiate between (a) healthy Nationalism (defensive), and (b) unhealthy Imperialism (offensive) -- where the latter masquerades as the former.
Sadly, most GIs can't tell the difference either, or they'd no longer enlist (i.e. Useful Fools). Unless they're (a) Economic Desperados (80%?), or (b) Psycho Mercs (5%?).
Unless they're (a) Economic Desperados (80%?), or (b) Psycho Mercs (5%?)
Option b is for those that want to buff out their CV to become US cops.
Globalism is being forced on us. That is the cause of the problem. Global Corps, Global Banking, Global rules and regs. Once size does not fit all.
Effin' down-voter, accountable, human scale institutions do not deliver god-like power to the globalist. Forcing govt and corporations to live in your neighbourhood is the natural way to make them beholden to the people.
The people are the point of this exercise called civilization. Nationalism is the first step in the right direction away from Globalization with free and empowered individuals being the ultimate destination.
Nae, that way lies violence
A pan-global decentralisation movement needs to hold sway placing common shared humanity and self-determination above it all
there's no point replacing Genocide A with Genocide B
But I like Genocide B more better.
Are you kidding??
You guys have been declaring legiance to the flag every day since you were able to get your hand on your hearts.
The one thing about US citizens is that they have been set up for war with the "Boogey Man" Country leader their entire lives. Nationalism is the blood flow of America.
As far as your leaders are concerned the greatest weakness they can show is to appear unpatriotic or weak. To appear weak is cancer and how do they appear weak over there??? They just have to question the logic of going to war. As soon as they do that, they are deposed, assasinated or impeached.
Nationalism IS the USofA. A flag flies in every home and you think that's normal throughout the world. It AINT! That planted flag you or you rparents planted IS the genesis of your continued foreign wars and aggression!
I'm sure it has nothing to do with standing armies, the Deep State and International banking interests hijacking our country just prior to our huge imperialist push (1913). Nope, it's probably nationalism not greed and lust for power. Oversimplification is oversimplification.
Zionist, tribalist, banksterism looks a lot like a supremacist, nationalism on steroids. Globalism is how they kill off the competition.
Well, my flag is rolled up in a closet. I didn't get it out this last 4th July as always before. Many who fly it, especially on 7/4 are celebrating a festival of barbeque, beer and broads (the new American ideal). Cheap China stuff, Kim K's butt and welfare queens are the order for the day. Older folks think it still stands for what it did for them 50 years ago. In reality, it should be flown upside down=distress.
Of what nationalism do you speak/serve?
Here is one definition of many of nationalism/patriotism:
A willingness to kill or be killed for the most trivial of reasons.
"So what is wrong with Nationalism?"
You bring up a great point. They do have the snazziest outfits.
And flags. Sometimes the flag doubles as the uniform.
"Your shit's fucked up."
-Warren Zevon
Well Jo'anna she runs a country
She runs in Durban and the Transvaal
She makes a few of her people happy, oh
She don't care about the rest at all
She's got a system they call apartheid
It keeps a brother in a subjection
But maybe pressure will make Jo'anna see
How everybody could a live as one
I hear she makes all the golden money
To buy new weapons, any shape of guns
While every mother in black Soweto fears
The killing of another son
Sneakin' across all the neighbours' borders
Now and again having little fun
She doesn't care if the fun and games she play
Is dang'rous to ev'ryone
She got supporters in high up places
Who turn their heads to the city sun
Jo'anna give them the fancy money
Oh to tempt anyone who'd come
She even knows how to swing opinion
In every magazine and the journals
For every bad move that this Jo'anna makes
They got a good explanation
Even the preacher who works for Jesus
The Archbishop who's a peaceful man
Together say that the freedom fighters
Will overcome the very strong
I wanna know if you're blind Jo'anna
If you wanna hear the sound of drum
Can't you see that the tide is turning
Oh don't make me wait till the morning come
Eddy Grant
Who let the dogs out? [Who, who, who, who?!]
Who let the dogs out? [[who, who, who, who?!]
Who let the dogs out? When the party was nice, the party was bumpin' [Hey, Yippie, Yi, Yo]
And everybody havin' a ball [Hah, ho, Yippie Yi Yo]
I tell the fellas ", start the name callin', " [Yippie Yi Yo]
And the girls respond to the call the poor dog show up! [ha ha ha ha] Who let the dogs out? [Who, who, who, who?!]
Who let the dogs out? [Who, who, who, who?!]
Who let the dogs out? [Who, who, who, who?!]
Who let the dogs out? [Who, who, who, who?!] I see ya' little speed boat head up our coast
She really want to skip town
Get back ruffy, Get that scruffy
Get back you flea infested mongrel [pant] -- Some stupid band
This will not end well friends.
Provocative to say the least. No wonder Vlad was talking about nukes and subs yesterday.
I think the nuke message was especially for Erdogan.
And his handlers. As close to the chest as Russia has played this is a very disturbing statement out of the Kremlin.
Between their commercial plane getting blown up, Ukraine, various sanctions, Syria and now this IMF thing maybe Russia has concluded there will be no end to this. It is pretty disturbing having a bunch of corrupt bankers trying to put a nuclear power into a corner.
Have you heard what they said on the news today?
Have you heard what is coming to us all?
That the world as we know, it will be coming to an end
Have you heard, have you heard?
He sees them in the distance when the darkened clouds roll
He could feel tension in the atmosphere
He would look in the mirror, see an old man now
Does it matter they survive somehow?
They said there's nothing can be done about the situation
They said there's nothing you can do at all
To sit and wait around for something to occur
Did you know, did you know?
As he stares across the garden looking at the meadows
Wonders if they'll ever grow again
The desperation of the situation getting graver
Getting ready when the wild wind blows
Have you seen what they said on the news today?
Have you heard what they said about us all?
Do you know what is happening to just every one of us
Have you heard, have you heard?
There will be a catastrophe, the like we've never seen
There will be something that will light the sky
That the world as we know it, it will never be the same
Did you know, did you know?
Iron Maiden
Here's a thought. Maybe, just maybe, we are right and Russia is the newest iteration of Reagan's "shining city on the hill". It sure as fuck ain't DC.
Oh go put some Vagisil on that itchy pussy, progs have been demonizing their contra's since inception as a fucking policy. It's a daily routine for El Presidente Zero and you voted for the con twice so stuff it.
You really are dense. It is not about Russophilism but Establishmentphobia. In my book you advocate for the Establishment.
One interesting fact is that Putin (when a young boy/man) met Reagan and spoke very highly of him later in life.
The darkest places in hell are reserved for those who maintain their neutrality in times of moral crisis.
- Dante
i'll take dr,michael hudson's opinion over your truth anyday
If you like your Ukraine debt, you can keep your Ukraine debt.
Putin is doing Gods work.
If the Russian government behaved like the US government, I'd hate them, too.
Right now we have a unipolar axis of evil (though the UK does try to help out in its own sad, little way).
When you can't argue the facts, then slander your opponent, right BKbroiler?
Can't Langley come up with a more convincing argument for their trolls to use than just the tired old "Russophilism" BS?
coming from the geopolitical-objectivity master
I think that Russia is now appealing to a mass of people who want to live in a world of sound principle and logic. Russians are a very measured and sicence driven, yet modest by todays standards. I thinkn what a lot of people, including myself, are coming to the defence of, is the principles behiinds Russias actions. i dont think we will ever live in a world devoid of culture, religion or nations. as much as despise some of them, I just dont think it is possible in humanities current evolutionary state. I dont have the time or effort to wax poetical about my entire philosophies on humanity over the internet, its more of a personable experience in my opinion. i do understand where ou are coming from and i understnad waht you are saying. i dont think you are a troll or government agent. I do think that eventually though only measured resposes to what are presented as facts is what most people are trying to defend. no one is defending Russia as a whole or deriding america as a whole, we are mearly observing and making what we can of that observation. whats unique is that humans now have the internet and instant exchange of information. This time its different for the global players this time we can watch it in real time and we can judge it and fact check things in seconds, where as 2 decades ago, it would take me months or years to follow what the world players are doing. but im rambling. Peace,
This isn't pro russian. This is saying that the fact the IMF is no longer dealing rationally with other nations LIKE russia, that we will potentially see some changes and that's a little scary.
So the Financial nuke has been dropped.
Last I heard Russia owed half a trillion dollars externally. The financial nuke will be when they tell all westerners holding those notes to fuck off.
Russia balance of trade latest 10 billion USD +
Russian external debts all 521 billion USD
Government foreign reserves 360 billion USD
Private corporate net worth and it's ability to service their debts does not seem to be an easily calculated number. But loans are made to private entities based on ability to pay. So several 100 billion of debt should be being serviced and up to date. Thus presenting no problem.
Nothing here shows any major problems. What is the tade balance of the USA. Positive 10 billion? I think not.
Real question, not sarc. How much was written off when Russia defaulted?
Irrelevant asshat, they went through hell, they actually defaulted!!!!
That's what bankrupcy is all about fucknut!!!
Now it's 'merica's turn!!!
I think we have been functioning in Bankruptcy since 1933. Hence the legality of using FRN instead of Treasury notes.
Kick 'em when they're up
Kick 'em when they're down
Kick 'em when they're stiff
Kick 'em all around.
I would imagine that Timing of a hypothetical Russian default will be vital here also, as it is so often in life.
When China finally brings its version of BIS (CIPS?) online, then I could imagine, the time would be ripe for a series of Debt Repudiations or Defaults by a range of BRICS or Emerging Market countries.
The problem is, that China does not want them to do this, as that would crash the USD -- and with it all the US Debt they hold would become meaningless also.
IMO, no matter what we think 'China' wants, I use the working assumption that China these days is just a collective of self-serving Oligarchs -- which makes them the same as their US/Western counterparts, and equally predictable: "Where your treasure is, there your heart is also".
I would actually think the opposite. They could use the 'crisis' to reset their internal economy without a revolution. The sell to Xi-six pack is that the pain they feel is from the great white devil, America. It is all in the marketing.
Exactly. I think the Chinese will use this (engineered) crisis to depeg from the dollar; float all US treasuries; and then reveal that they have FAR more gold on hand to back the Yuan as an international currency than believed. This will happen once the FED raises rates, and maybe after another false flag event showing how 'evil' the US and the west are.
revalue gold at $50,000 and oz, introduce the gold backed yuan, and problem solved...........
Speaking as a gold miner, I could dig it...
Todd?
why not just burn the Tbills and print some Yuan? and then demand rubles and yuan for everything you export? and not accept USD!
The IMF wants Russia to not pay back it's US$ debt so Owe-bama can blame them for bankrupting...what?
That would be a symetrical "tit" for the IMFs "tat."
Senator hiriam Johnson circa 1918
Why are statements like this on ZeroHedge never backed up with concrete references and examples? Who misattributed a quote? The author of the article ZeroHedge linked to? The person above you that you replied to? Who?
"god, what bunch of Russki propaganda. Journalist rule #1: You can't just put something you belive in quotes and attribute it to someone else, someone has to actually say it."
Why then is the MSM full of "unnamed souces", authority figures close to the action who conveniently have to speak anonymously yet say exactly what the media wants you to hear?
They can be trusted because of your confirmation bias?
There are a number that go overboard in cheering on a Russian government. However, the bottom line is Russia appears to be far less corrupt than the US and NATO in this day and age. At least Russia has more clearly identified an unrighteous enemy to world nations.
These morons who speak of nationalism in a negative light ought to live in the middle of multicultural Europe.
It wasn't the US that dumped GMOs for their people's health sake, that a was Putin.
DD moron, Due Diligence.
You are a dumbass if what you read on ZeroHedge is your only source of reference.
Other sources --such as Reuters, InstaFOREX, AFP Foundation, and MarketWatch-- have quoted the same IMF Spokesperson saying the same.
Continue being this dumb and the IMF will continue giving your taxes to nazis in the ukraine.
@ BKbroiler: Are you in kindergarten? It takes like 30 seconds:
IMF rule change keeps Ukraine support; Russia complains (Rooters)
IMF allows lending to countries with arrears; Russia prepares to go to court over Ukraine debt (RT)
IMF changes rule on debt as Ukraine faces Russia deadline (AFP)
Do it yourself next time. Don't be a burden.
So what part of the article is Russian propaganda?
Surely nobody expects any of the $ to be repaid?
https://thinkpatriot.wordpress.com/2015/11/11/dynamics-of-national-colla...
@BlindMonkey
Try to enter your search terms in reverse.
eg.
Reverse Text – esreveR txeTYou'd be surprised what you will find. They want it on the net, they just don't want it to be searchable.
Try this site for tools:
http://textmechanic.com/Reverse-Text-Generator.html
For anybody paying attention this should come as no surprise.
We will have to see if this accelerates the timetable, certainly China and Russia saw this coming, yes?
The IMF just lost all credibility with BRICS. Also include Iraq, and Syria. Expect these countries to increase their abandonment of the US dollar reserve currency. Pay close attention to China.
In case nobody has noticed.. they have their own financial system now which, has just been given a big boost thanks to the psychopaths in charge everywhere nowadays
Stick a fork in the petrodollar.. FRN’s will be headed towards kindling soon.
“We only enforce debts owed in US dollars to US allies.”
As far as I know the IMF doesn't "enforce" shit.
All they can do is not require borrowing countries to use IMF loan proceeds to payoff debts owed to non dollar non US ally creditors.Before this decision debtor countries would need to make ALL scheduled payments to its creditors to qualify for additional IMF funding. Now, not so much.
But it doesn't mean jack shit as far as a sovereign's non IMF debt goes. A country's non dollar bonds and loans made to non US allies are still contracts "enforceable" under international law. Fuck the IMF.
China has made progress in getting an alternative to SWIFT going, Russia has not. All Russia did was finally getting a system together that allowed Russia's internal banks to do business between themselves without SWIFT (but even that might not be 100%).
Putin still uses the dollar to settle accounts for most of Russia's trade. He does so to maintain profits and avoid any disruption of those profits. But by doing so Putin is supporting the Dollar and is supporting the US/NATO/ZIONIST. It seems to me that since russia's currency has been attacked and devalued that Putin should demand payment in his own countries currency while using those US bonds russia holds to make payments in US dollars until all dollars are expended.
Bottom line for non US allie nations, do not give out loans to countries you cannot trust or do not have leverage on. The Uke's can siphon the gas until Putin has to cut it off bit by bit, then the EU claims it is Putin's fault. And Putin and the elite of Russia want those profits and need those dollars coming in to support the Russian economy to support their profits indirectly so they are conflicted.
If even Russia refuses to dedollar effectively why believe the others will?
The IMF just let the Renminbi in and now pulls a stunt like this?! Are they trying to force China into a difficult decision? *reaches for copy of Art of War*
Like wheather or not to leave the Russian alliance and instead play with NATO?
Offer them a seat at the table in exchange for hanging Russia out to dry?
I am sure they did.
The IMF isn't throwing Russia out because
1) the IMF would have to pay Russia in hard currency, their balance sheet is a fiction of currency receivables and loan receivables from members; and
2) Russia would no longer be bound by Article 9 of the Articles of Association (the immunities of the IMF and its staff).
This was my first thought as well.
This is perhaps the loudest shot in the currency wars yet.
Obligatory TL;DR: Long physical precious metals and cryptocurrencies..
Even if Russia loses these 3 billions, it was a cheap victory, for now we have two worlds.
I live in the wrong one, but somehow i feel, that Russia will save Germany a second time from the vultures.
Couple this with a rate hike, and bye-bye dollar. Oh, and a few massive false-flag attacks, too. All of this has been PLANNED.
Stock accordingly...and that means, get the FUCK OUT OF STOCKS NOW.