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  1. #301
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    28 Jun, 2022 21:14 HomeWorld News

    China mocks G7

    With the eyes of the world on the G7, Beijing reminded the West that it’s outnumbered by its competitors.


    'Amid high-profile meetings of the G7 and NATO leaders, Chinese Foreign Ministry spokesman Zhao Lijian posted an image on Tuesday pointing out that despite being referred to as “international society,” the G7 countries actually account for a small percentage of the world’s population.

    Depicting the leaders of the G7 countries alongside the leaders of the BRICS nations, the image noted that the population of the former amounts to 777 million, while the BRICS countries are home to 3.2 billion people.

    “So next time when they [G7], talk about ‘international society,’ you know what they mean…”
    Zhao wrote.

    Lijian Zhao 赵立坚

    @zlj517

    China government official

    'So next time when they talk about "international society", you know what they mean..."


    Economic sanctions-brics-population-jpg


    After the summit in Germany over the weekend, the G7 leaders departed for Madrid, where the US-led NATO alliance is meeting to draft its new Strategic Concept – a document that outlines its mission and stance toward non-members. In its first update since 2010, the document will address China as a “challenge,” and according to NATO Secretary General Jens Stoltenberg, “will make clear that allies consider Russia as the most significant and direct threat to our security.”

    Just days before the G7 summit, Russian President Vladimir Putin, Chinese President Xi Jinping, and the leaders of Brazil, India, and South Africa, met virtually for the less-reported summit of the BRICS nations. The group, denoted by an acronym composed from the first letter of its member nations’ names, includes four of the world’s top ten economies and represents more than 40% of the planet’s population and 30% of its GDP.

    While the BRICS group is not a formal alliance in a military or economic sense, its members are often united in opposition to the Western consensus. Save for Brazil, none of the BRICS nations voted with the US and its allies to condemn Russia’s military operation in Ukraine at the UN General Assembly in March, for example, and China and India have stepped up their trade links with Russia since then.

    The bloc may soon expand too. Argentina and Iran applied last week for membership, with the Iranian Foreign Ministry describing BRICS as a “very creative mechanism with broad aspects,” and Argentinian President Alberto Fernandez said that the platform could “implement an agenda for the future that will lead to a better and fairer time.”
    During the BRICS summit last Wednesday, Putin said that the five-member group was working on setting up a new global reserve currency “based on a basket of currencies of our countries.”"

    https://www.rt.com/news/558031-china-g7-brics-tweet/
    A tray full of GOLD is not worth a moment in time.

  2. #302
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    Yea, more people, that's where power lies



  3. #303
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    That is where the worlds main economic growth lies, and BRICS GDP will almost certainly exceed that of the G7 by the end of this century. That's kinda important.

  4. #304
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    Behind the Tin Curtain: BRICS+ vs NATO/G7

    The west is nostalgically caught up with outdated 'containment' policies, this time against Global South integration. Unfortunately for them, the rest of the world is moving on, together.

    By Pepe Escobar
    June 28 2022

    Economic sanctions-img-20220627-wa0014-jpg


    "Once upon a time ....

    There existed an Iron Curtain which divided the continent of Europe. Coined by former British Prime Minister Winston Churchill, the term was in reference to the then-Soviet Union’s efforts to create a physical and ideological boundary with the west. The latter, for its part, pursued a policy of containment against the spread and influence of communism.
    Fast forward to the contemporary era of techno-feudalism, and there now exists what should be called a Tin Curtain, fabricated by the fearful, clueless, collective west, via G7 and NATO: this time, to essentially contain the integration of the Global South.

    BRICS against G7


    The most recent and significant example of this integration has been the coming out of BRICS+ at last week’s online summit hosted by Beijing. This went far beyond establishing the lineaments of a ‘new G8,’ let alone an alternative to the G7.


    Just look at the interlocutors of the five historical BRICS (Brazil, Russia, India, China, South Africa): we find a microcosm of the Global South, encompassing Southeast Asia, Central Asia, West Asia, Africa and South America – truly putting the “Global” in the Global South.

    Revealingly, Russian President Vladimir Putin’s clear messages during the Beijing summit, in sharp contrast to G7 propaganda, were actually addressed to the whole Global South:


    • – Russia will fulfill its obligations to supply energy and fertilizers




    • – Russia expects a good grain harvest – and to supply up to 50 million tons to world markets.




    • – Russia will ensure passage of grain ships into international waters even as Kiev mined Ukrainian ports.




    • – The negative situation on Ukrainian grain is artificially inflated.




    • – The sharp increase in inflation around the world is the result of the irresponsibility of G7 countries, not Operation Z in Ukraine.




    • – The imbalance of world relations has been brewing for a long time and has become an inevitable result of the erosion of international law.


    An alternative system

    Putin also directly addressed one of the key themes that the BRICS have been discussing in depth since the 2000s — the design and implementation of an international reserve currency.

    “The Russian Financial Messaging System is open for connection with banks of the BRICS countries.”
    “The Russian MIR payment system is expanding its presence. We are exploring the possibility of creating an international reserve currency based on the basket of BRICS currencies,” the Russian leader said.
    This is inevitable after the hysterical western sanctions post-Operation Z; the total de-dollarization imposed upon Moscow; and increasing trade between BRICS nations. For instance, by 2030, a quarter of the planet’s oil demand will come from China and India, with Russia as the major supplier.

    The “RIC” in BRICS simply cannot risk being locked out of a G7-dominated financial system. Even India is starting to catch the drift.

    Who speaks for the ‘international community?’


    At its current stage, BRICS represent 40 percent of world population, 25 percent of the global economy, 18 percent of world trade, and contribute over 50 percent for world economic growth. All indicators are on the way up.

    Sergey Storchak, CEO of Russian bank VEG, framed it quite diplomatically: “If the voices of emerging markets are not being heard in the coming years, we need to think very seriously about setting up a parallel regional system, or maybe a global system.”

    A “parallel regional system” is already being actively discussed between the Eurasia Economic Union (EAEU) and China, coordinated by Minister of Integration and Macroeconomics Sergey Glazyev, who has recently authored a stunning manifesto amplifying his ideas about world economic sovereignty.

    Developing the ‘developing world’

    What happens in the trans-Eurasian financial front will proceed in parallel with a so far little known Chinese development strategy: the Global Development Initiative (GDI), announced by President Xi Jinping at the UN General Assembly last year.

    GDI can be seen as a support mechanism of the overarching strategy – which remains the Belt and Road Initiative (BRI), consisting of economic corridors interlinking Eurasia all the way to its western peninsula, Europe.

    At the High-level Dialogue on Global Development, part of the BRICS summit, the Global South learned a little more about the GDI, an organization set up in 2015.

    In a nutshell, the GDI aims to turbo-charge international development cooperation by supplementing financing to a plethora of bodies, for instance the South-South Cooperation Fund, the International Development Association (IDA), the Asian Development Fund (ADF), and the Global Environment Facility (GEF).

    Priorities include “poverty reduction, food security, COVID-19 response and vaccines,” industrialization, and digital infrastructure. Subsequently, a Friends of the GDI group was established in early 2022 and has already attracted over 50 nations.

    BRI and GDI should be advancing in tandem, even as Xi himself made it clear during the BRICS summit that “some countries are politicizing and marginalizing the developmental agenda by building up walls and slapping crippling sanctions on others.”

    Then again, sustainable development is not exactly the G7’s cup of tea, much less NATO’s.

    Seven against the world


    The avowed top aim of the G7 summit in Schloss Elmau at the Bavarian Alps is to “project unity” – as in the stalwarts of the collective west (Japan included) united in sustainable and indefinite “support” for the irretrievably failed Ukrainian state.


    That’s part of the “struggle against Putin’s imperialism,” but then there’s also “the fight against hunger and poverty, health crisis and climate change,” as German chancellor Scholz told the Bundestag.

    In Bavaria, Scholz pushed for a Marshall Plan for Ukraine – a ludicrous concept considering Kiev and its environs might as well be reduced to a puny rump state by the end of 2022. The notion that the G7 may work to “prevent a catastrophic famine,” according to Scholz, reaches a paroxysm of ludicrousness, as the looming famine is a direct consequence of the G7-imposed sanctions hysteria.

    The fact that Berlin invited India, Indonesia, South Africa and Senegal as add-ons to the G7, served as additional comic relief.

    The Tin Curtain is up


    It would be futile to expect from the astonishing collection of mediocrities “united” in Bavaria, under de facto leader of the European Commission (EC), Fuehrer Ursula von der Leyen, any substantial analysis about the breakdown of global supply chains and the reasons that forced Moscow to reduce gas flows to Europe. Instead, they blamed Putin and Xi.

    Welcome to the Tin Curtain – a 21st century reinvention of the Intermarium from the Baltic to the Black Sea, masterminded by the Empire of Lies, complete with western Ukraine absorbed by Poland, the Three Baltic Midgets: Bulgaria, Romania, Slovenia, Czechia and even NATO-aspiring Sweden and Finland, all of whom will be protected from “the Russian threat.”

    An EU out of control

    The role of the EU, lording over Germany, France and Italy inside the G7 is particularly instructive, especially now that Britain is back to the status of an inconsequential island-state.
    As many as 60 European ‘directives’ are issued every year. They must be imperatively transposed into internal law of each EU member-state. In most cases, there’s no debate whatsoever.
    Then there are more than 10,000 European ‘rulings,’ where ‘experts’ at the European Commission (EC) in Brussels issue ‘recommendations’ to every government, straight out of the neoliberal canon, regarding their expenses, their income and ‘reforms’ (on health care, education, pensions) that must be obeyed.

    Thus elections in every single EU member-nation are absolutely meaningless. Heads of national governments – Macron, Scholz, Draghi – are mere executants. No democratic debate is allowed: ‘democracy,’ as with ‘EU values,’ are nothing than smokescreens.
    The real government is exercised by a bunch of apparatchiks chosen by compromise between executive powers, acting in a supremely opaque manner.
    The EC is totally outside of any sort of control. That’s how a stunning mediocrity like Ursula von der Leyen – previously the worst Minister of Defense of modern Germany – was catapulted upwards to become the current EC Fuhrer, dictating their foreign, energy and even economic policy.

    What do they stand for?


    From the perspective of the west, the Tin Curtain, for all its ominous Cold War 2.0 overtones, is merely a starter before the main course: hardcore confrontation across Asia-Pacific – renamed “Indo-Pacific” – a carbon copy of the Ukraine racket designed to contain China’s BRI and GDI.

    As a countercoup, it’s enlightening to observe how the Chinese foreign ministry now highlights in detail the contrast between BRICS – and BRICS+ – and the imperial AUKUS/Quad/IPEF combo.
    BRICS stand for de facto multilateralism; focus on global development; cooperation for economic recovery; and improving global governance.
    The US-concocted racket on the other hand, stands for Cold War mentality; exploiting developing countries; ganging up to contain China; and an America-first policy that enshrines the monopolistic “rules-based international order.”

    It would be misguided to expect those G7 luminaries gathered in Bavaria to understand the absurdity of imposing a price cap on Russian oil and gas exports, for instance. Were that to really happen, Moscow will have no problems fully cutting energy supply to the G7. And if other nations are excluded, the price of the oil and gas they import would drastically increase.

    BRICS paving the way forward


    So no wonder the future is ominous. In a stunning interview to Belarus state TV, Russian Foreign Minister Sergei Lavrov summarized how “the west fears honest competition.”

    Hence, the apex of cancel culture, and “suppression of everything that contradicts in some way the neoliberal vision and arrangement of the world.” Lavrov also summarized the roadmap ahead, for the benefit of the whole Global South:


    • “We don’t need a new G8. We already have structures…primarily in Eurasia. The EAEU is actively promoting integration processes with the PRC, aligning China’s Belt and Road Initiative with the Eurasian integration plans. Members of the Association of Southeast Asian Nations are taking a close look at these plans. A number of them are signing free trade zone agreements with the EAEU. The Shanghai Cooperation Organization is also part of these processes… There is one more structure beyond the geographic borders of Eurasia.”


    • “It is BRICS. This association is relying less and less on the Western style of doing business, and on Western rules for international currency, financial and trade institutions. They prefer more equitable methods that do not make any processes depend on the dominant role of the dollar or some other currency. The G20 fully represents BRICS and five more countries that share the positions of BRICS, while the G7 and its supporters are on the other side of the barricades.”


    • “This is a serious balance. The G20 may deteriorate if the West uses it for fanning up confrontation. The structures I mentioned (SCO, BRICS, ASEAN, EAEU and CIS) rely on consensus, mutual respect and a balance of interests, rather than a demand to accept unipolar world realities.”


    Tin Curtain? More like Torn Curtain."


    https://thecradle.co/Article/Columns/12393
    Last edited by OhOh; 29-06-2022 at 03:25 PM.

  5. #305
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    Posted on June 29, 2022 by M. K. BHADRAKUMAR
    G7: Cracks in Western unity on Russia

    "Ottoman Sultan Abdulmejid spared no expense to build the sumptuous Dolmabahce Palace in Istanbul during 1843 and 1856, which was constructed to impress the world. It had the largest Bohemian crystal chandelier ever installed and fourteen tonnes of gold to gild the ceilings.
    In subaltern history, that splash, which the Sultan could ill afford, was necessitated partly by the desperate need to confuse creditors who suspected that late Ottoman Empire might be drowning in problems, near bankruptcy, disrupted by inflation, compounded by imperialism.
    The three-day gathering of the G7 leaders in Elmau Castle in the Bavarian Alps from Sunday through Tuesday in a fairy-tale setting calls to mind the analogous past of the Ottoman decline. There is much public criticism that such an opulent spectacle is no longer in keeping with the times and an example of how out of touch, even decadent, these politicians have become.

    The German Chancellor Olaf Scholz, in his capacity as the host, made a final appearance before the media on Tuesday with a somewhat somber atmosphere that reflected his message to the assembled journalists, “A time of uncertainty lies ahead of us. We cannot foresee how it will end.”
    Scholz was referring to the Ukraine crisis and its consequences. Scholz spoke of a “long haul” and of consequences for everything and everyone. Gone was the triumphalist western narrative about the “cancel Russia” strategy.
    Indeed, the main point of contention among the G7 countries was how to deal with Russia. The G7 countries see that they have failed to isolate Russia and, perhaps, it is not even in their interests to entirely fall out with Moscow for economic reasons.

    The summit barely agreed to discuss a batch of new sanctions against Russia, but the deliberations underlined the limits of using economic tools to punish Russia. The Western strategy is in logjam — Russia is winning the war despite the US’ massive weapon deliveries to Ukraine; sanctions failed to deter Russia and are possibly hurting Europe more than Russia; and, ideas have run out.
    There was no sign of dissent on public display, but even as the G7 leaders pledged their unwavering support to Ukraine, it weighed on their mind that the unprecedented sanctions against Russia implemented by the G-7 and the European Union —targeting Moscow’s economy, energy exports and central-bank reserves—have caused global market volatility and raised energy costs. The Wall Street Journal reported,

    “Now high inflation, slowing growth, and the specter of energy shortages in Europe this winter are damping the West’s appetite for tougher sanctions against Moscow. Divergences among the leaders of the US, Canada, Britain, France, Italy and Japan prevented them from agreeing on concrete new sanctions, with the group only agreeing to start work on measures ranging from a price cap on Russian oil purchases to a gold embargo. With most immediately available options for punishing Russia largely exhausted, only more complicated and more controversial alternatives remain on the table.”
    The G7 communiqué read: “We will consider a range of approaches, including options for a possible comprehensive prohibition of all services, which enable transportation of Russian seaborne crude oil and petroleum products globally. We task our relevant Ministers to continue to discuss these measures urgently, consulting with third countries and key stakeholders in the private sector, as well as existing and new suppliers of energy, as an alternative to Russian hydrocarbons.”

    The G7 leaders also discussed a US proposal, which provides that buyers of Russian oil themselves determine the maximum price they are willing to pay for it. In the end, no concrete decisions were made against the backdrop of the European Union’s reservations. The US proposal will make sense only with the full participation of all EU countries, as well as China and India, who are unlikely to support such a decision. In fact, some EU countries are almost 100% dependent on Russian oil and if Russia does not agree to supply oil at a reduced price, then these countries risk being completely without raw materials.

    One main reason to invite India, Indonesia, South Africa, Senegal and Argentina to the G7 summit was to expand the global alliance against Russia, but the ploy didn’t work. According to the Journal, PM Modi told Scholz at a bilateral meeting that India couldn’t join any efforts against Russia, and also publicly defended the oil purchases from Russia.
    Similarly, a second area where the G7 hopes to reduce Russia’s income is by stopping the import of Russian gold. Even here, consensus was lacking. Scholz wanted the US proposal to be first discussed at EU level. But the head of the European Council Charles Michel was sceptical: “As for gold, we are ready to discuss the details and see if it is possible to hit gold in such a way as to hit the Russian economy and not hit ourselves.”

    The Kremlin spokesmen Dmitry Peskov was openly dismissive: “The precious metals market is global, it is quite large, voluminous and very diverse. As with other goods, of course, if one market loses its attractiveness due to illegitimate decisions, then there is a reorientation to where these goods are more in demand and where they are more comfortable and more legitimate economic regimes.”
    The low-key performance of US President Joe Biden at the G7 summit speaks for itself — he was content to let other leaders do most of the talking. On the final day of the summit, as the sun disappeared and dark clouds settled over the imposing mountain backdrop behind Schloss Elmau, Biden pleaded an impending thunderstorm to make a hurried departure for Munich airport, abandoning a speech he’d planned to deliver.

    Indeed, the disconnect is almost surreal. At the last G7 summit under the German presidency in 2015, the western leaders had pledged to free 500 million people from hunger by 2030, whereas, the numbers have only been rising since 2017, and in 2022, there are over 150 million more people suffering from malnutrition. Climate is another example.

    German chancellor Olaf Scholz has come under criticism for trying to water down agreements on international climate protection at the G7 summit. Because of the energy crisis, Germany is trying to reverse its voluntary commitment to phasing out public financing of fossil fuels by the end of 2022.

    Without doubt, this year is an important one for the climate. The international community has promised to update the national climate plans and adapt them to meet the 1.5 degrees Celsius target ahead of the UN climate conference in Egypt in November, and for this to happen, the G7 should set a good example.

    On the contrary, Germany is stepping up its imports of coal due to uncertainties over Russian gas supply. The G7 stressed the role of increased deliveries of liquefied natural gas, adding they “acknowledge that investment in this sector is necessary in response to the current crisis.” Scholz, again, warned of the real risk of energy shortages in German economy and a Lehman-like domino effect. No doubt, this is a blatant reversal of climate strategy.

    Fundamentally, what all this highlights is that the G7 is clueless how to navigate a way out of their “sanctions from hell” against Russia. The summit exposed that the existing sanctions against Russia have gone beyond most Western policy makers’ pain threshold. And the European leaders are discovering now that there is a price to be paid for further sanctions.

    To be sure, there is an urgent need to decide on a new Western strategy in case of a prolonged economic confrontation with Russia, and educate the voters about the possible consequences. Germany’s government warned last week of potential gas shortages that could trigger closure of factories and possible rationing of gas supplies to homes. "

    G7: Cracks in Western unity on Russia - Indian Punchline

  6. #306
    Thailand Expat harrybarracuda's Avatar
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    More chinky propaganda. Means fuck all of course.

  7. #307
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    Indian Punchline = more horseshit propaganda.

  8. #308
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    No more "Mr Putin be dying of cancer/ dementia/ lead poisoning" then?

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    Quote Originally Posted by OhOh View Post
    The G7 leaders also discussed a US proposal, which provides that buyers of Russian oil themselves determine the maximum price they are willing to pay for it. In the end, no concrete decisions were made against the backdrop of the European Union’s reservations.
    It appears that NaGastan and vassals are willing to suggest a group "decide": the price of Russian exports.

    One wonders how NaGastan and the EU courts will view this action.

    "What are the four main points of the Clayton Antitrust Act?

    The Clayton Act, authored by Alabama congressman Henry Clayton, outlawed, among other things, anticompetitive mergers and acquisitions, interlocking directorates, and price discrimination."

    ANTITRUST ENFORCEMENT GUIDELINES
    FOR INTERNATIONAL OPERATIONS


    1 INTRODUCTION

    2 ANTITRUST LAWS ENFORCED BY THE AGENCIES
    2.1 SHERMAN ACT
    2.2 CLAYTON ACT
    2.3 FEDERAL TRADE COMMISSION ACT
    2.4 HART-SCOTT-RODINO ANTITRUST IMPROVEMENTS ACT OF 1976
    2.5 NATIONAL COOPERATIVE RESEARCH AND PRODUCTION ACT
    2.6 WEBB-POMERENE ACT
    2.7 EXPORT TRADING COMPANY ACT OF 1982 ....

    Antitrust Enforcement Guidelines For International Operations

  10. #310
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    Quote Originally Posted by sabang View Post
    Heh, the Default that isn't.
    Here is a person explaining the alleged "Russian Bond default".

    1. Suitable for economic illiterates.

    2. No reading required for the non-English speakers on TD.



    Enjoy.

  11. #311
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    Quote Originally Posted by OhOh View Post
    alleged "Russian Bond default".
    It's a debt repayment default, not a bond default and its not alleged.

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    Quote Originally Posted by OhOh View Post
    1. Suitable for economic illiterates.
    Explains why you are watching it.

  13. #313
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    Quote Originally Posted by sabang View Post
    No more "Mr Putin be dying of cancer/ dementia/ lead poisoning" then?
    I don't know, I just want him to die like most people. He could swallow a fishbone, it doesn't matter.

  14. #314
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    Quote Originally Posted by bsnub View Post
    Explains why you are watching it.

    He walked into that one


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    Quote Originally Posted by sabang View Post
    That is where the worlds main economic growth lies, and BRICS GDP will almost certainly exceed that of the G7 by the end of this century. That's kinda important.
    Having billions in poverty is 'kinda important'.



    Quote Originally Posted by OhOh View Post
    2. No reading required for the non-English speakers on TD.
    Wtf are you on about now? Admittedly your English is quite good for a Mainlander.




    Quote Originally Posted by sabang View Post
    No more "Mr Putin be dying of cancer/ dementia/ lead poisoning" then?
    Someone took that off the table? Still good options.

  16. #316
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    Quote Originally Posted by OhOh View Post
    However, the EU may, or may not, be having second thoughts.
    More EU/Lithuania twists and turns on the Lithuania transit situation:

    June 29, 202210:10 PM GMT+7Last Updated 11 hours ago

    EXCLUSIVE EU nears compromise deal to defuse standoff with Russia over Kaliningrad


    By Andrius Sytas

    and John O'Donnell

    Summary


    • Kaliningrad depends on rail and road through Lithuania
    • Clampdown on sanctioned freight angers Moscow
    • EU seeks compromise with Lithuania to resume normal trade


    VILNIUS/BRUSSELS, June 29 (Reuters) -

    "Trade through Lithuania to the Russian exclave of Kaliningrad could return to normal within days, two sources familiar with the matter said, as European officials edge towards a compromise deal with the Baltic state to defuse a row with Moscow.

    Kaliningrad, which is bordered by European Union states and relies on railways and roads through Lithuania for most goods, has been cut off from some freight transport from mainland Russia since June 17 under sanctions imposed by Brussels.

    European officials are in talks about exempting the territory from sanctions, which have hit industrial goods such as steel so far, paving the way for a deal in early July if EU member Lithuania drops its reservations, said the people, who declined to be named because the discussions are private.

    The row over the Russian exclave's isolation is testing Europe's resolve to enforce sanctions imposed following Russia's invasion of Ukraine, fuelling fears of an escalation after other restrictions pushed Russia to default on its debt.

    While Western powers have pledged to stand up for Ukraine, reiterating their resolve at both G7 and NATO summits this week, it is proving hard for Europe both to stand by strict sanctions and avoid further escalation with Russia.

    That's why European officials, with the backing of Germany, are seeking a compromise to resolve one of their many conflicts with Moscow, said one of the people.
    If the traditional route for Russian goods to Kaliningrad, first via its ally Belarus and then Lithuania, is not restored, the Baltic state fears Moscow could use military force to plough a land corridor through its territory, the person said.

    Germany, meanwhile, has soldiers stationed in Lithuania and could be sucked into a confrontation alongside its NATO allies if that were to happen.

    Europe's biggest economy is also heavily reliant on Russian gas imports and would be vulnerable to any reduction in flows if the Kaliningrad dispute escalated.

    "We have to face reality," said one person with direct knowledge of the EU discussions, describing Kaliningrad as "sacred" for Moscow.
    "(Putin) has much more leverage than we have. It's in our interests to find a compromise," he said, conceding that the eventual outcome may appear unfair.

    COMPROMISE DEAL

    A spokesperson for Lithuania's foreign ministry said it will continue to consult with the European Commission about the application of sanctions and that any change by the bloc should not single out the Baltic state.
    "Sanctions must be enforced, and any decisions taken should not undermine the credibility and effectiveness of EU sanctions policy," the spokesperson said.

    "As Kaliningrad transit is possible through various EU member states, the European Commission's explanation of how to implement the EU sanctions ... cannot be limited to Lithuania."

    A spokesperson for the European Commission pointed to its June 22 statement that Lithuania was implementing EU restrictions and that the supply of essential goods to Kaliningrad remained unhindered.
    One of the people with direct knowledge of the matter said they expected a compromise deal would be found by July 10 and a second person said it could be announced next week.

    One compromise could see the movement of freight between Russia and Kaliningrad exempt from EU sanctions on the grounds it does not count as normal international trade because the exclave is part of Russia, said one of those people.

    That concession could only be made on condition sanctioned freight is used in Kaliningrad and not exported via its port, where Russia's Baltic Fleet is headquartered.
    That could be hard to guarantee and might put Lithuania, which is tasked with determining the end destination of goods, on a collision course with Russia, said the person.

    Another person said humanitarian grounds could be used to carve out an exemption for Kaliningrad, which is sandwiched between Lithuania, Poland and the Baltic Sea.

    He said, however, that Lithuania had serious reservations about making what could be seen as a concession to Moscow.

    ALCOHOL AND CEMENT

    Lithuania, formerly ruled from Moscow, is now one of Russia's fiercest critics in the European Union and has been at odds with officials in Germany and Brussels who want to defuse the row.

    So far, EU sanctions against Russia prevent the transport of iron, steel and metals to Kaliningrad through EU states.

    The list of sanctioned goods will extend to cement and alcohol from July 10, coal in August and oil products such as fuel in December. When the final phase kicks in, roughly half the freight sent to Kaliningrad from Russia will be sanctioned.

    Neither passengers nor food products are banned and Kaliningrad can still be reached by plane or sea.

    While the United States and European Union have promptly rolled out sanctions to curb Russia's access to international finance and its sales of coal and oil, the punitive measures have done little to temper Russian military aggression.
    In recent weeks, Moscow has also turned the tables on Europe by paring back critical gas supplies, prompting Germany to brace for rationing and watch the escalating row over Kaliningrad with increasing apprehension.

    Kaliningrad, which has a population of almost one million, was cut off from Moscow when Lithuania became independent during the break-up of the Soviet Union and residents must transit EU territory to reach the rest of Russia by land.
    Dmitry Medvedev, deputy chairman of Russia's Security Council, said this week that curbs on the shipment of goods to Kaliningrad were part of a Western proxy war and that Russia had numerous ways to retaliate.

    "There are many opportunities, a significant part of them are of an economic nature and are capable of cutting off the oxygen to our Baltic neighbours who have taken hostile actions," he told a Russian newspaper.

    "There is also the possibility of using asymmetric measures, which ... will cause a critical escalation of the conflict."

    Writing By John O'Donnell; Editing by David Clarke"

    EXCLUSIVE EU nears compromise deal to defuse standoff with Russia over Kaliningrad | Reuters

  17. #317
    Thailand Expat harrybarracuda's Avatar
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    The list of sanctioned goods will extend to cement and alcohol from July 10, coal in August and oil products such as fuel in December. When the final phase kicks in, roughly half the freight sent to Kaliningrad from Russia will be sanctioned.
    Good enough. The alcohol will hurt the most.

  18. #318
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    Dutch Farmers Livid Over EU's 'Green' Nitrogen Rule Block Border Between Holland And Germany

    by Tyler Durden

    Friday, Jul 01, 2022 - 10:30 AM

    "Thousands of tractor-driving Dutch protesters came out this week to continue demonstrations against the government's radical plan to cut nitrogen emissions by 30% - 70% as part of their 'green' agenda.

    Farmers from the world's 5th largest exporter of food are demanding that the Hague immediately reverse course, and have blocked the border between Holland and Germany over the rule which would lead to the closure of dozens of farms and cattle ranches.

    On June 10, the government issued a national and area-specific plan for curbing nitrogen emissions. Those emissions are heavily driven by ammonia from livestock manure.

    Some parts of the country would have to slash those emissions by 70 or even 95 percent.

    It openly acknowledged that “there is not a future for all [Dutch] farmers within [this] approach,” as reported by the U.S. Department of Agriculture’s Foreign Agriculture Service.

    The Minister of Nature and Nitrogen Policy expects about a third of the 50,000 Dutch farms to ‘disappear’ by 2030,” the New Zealand Ministry of Foreign Affairs and Trade reported in a June 23 Market Insight Report.

    The Netherlands is the world’s fifth-largest exporter of food, exceeded only by the United States, Germany, the United Kingdom, and China, according to World Bank statistics.

    The Dutch government offers a multibillion-dollar buyout arrangement for farmers.

    Christianne van der Wal, minister of nature and nitrogen policy, has left open the possibility that the government will expropriate land from farmers who do not comply, as reported by NOS Nieuws.

    The proposals and resultant protests come amid worldwide fertilizer and food shortages."

    Dutch Farmers Livid Over EU'''s '''Green''' Nitrogen Rule Block Border Between Holland And Germany | ZeroHedge

  19. #319
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    Chip Makers Stall On Building New Semiconductor Plants As Subsidies Bill Languishes

    by Tyler Durden

    Friday, Jul 01, 2022 - 07:10 AM

    "The Biden administration is laser-focused on sending Ukraine billions of dollars in weapons, including the latest round of anti-ship systems, artillery rockets, and rounds of 105 mm ammo for howitzer cannons that it has entirely lost focus on reshoring efforts to boost semiconductor production Stateside.

    Multiple manufacturers of semiconductor wafers have announced plans for new multi-billion dollar factories across the U.S. but are contingent on Congress allocating funds to aid in building facilities under the Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act.

    Congress passed the CHIPS Act in January 2021 as part of last year's National Defense Authorization Act, which proposed $52 billion in funding for increasing the domestic capacity of chip production, though the House and Senate have come to a standstill over disagreements on certain parts of the bill that have sparked so much uncertainty among companies set to build new factories.

    In a letter on June 15, dozens of technology executives from IBM, Intel, Microsoft, Analog Devices, Micron, Amazon, and Alphabet called on Congress to move quickly on the CHIPS Act. They wrote, "the rest of the world is not waiting for the U.S. to act," and funding for new chip factories must be achieved immediately.

    The uncertainty around Congress not formally allocating any budget to finance the CHIPS Act is causing concern among top chipmakers planning to build massive factories that might have to delay expansion plans.

    "Unfortunately, CHIPS Act funding has moved more slowly than we expected, and we still don't know when it will get done. It is time for Congress to act so we can move forward at the speed and scale we have long envisioned for Ohio and our other projects to help restore U.S. semiconductor manufacturing leadership and build a more resilient semiconductor supply chain," an Intel spokesperson recently said in a statement.

    Taiwan's GlobalWafers announced a new $5 billion factory in the U.S. on Monday, but contingent on subsidies from the federal government.

    "This investment that they're making is contingent upon Congress passing the CHIPS Act. The [GlobalWafers] CEO told me that herself, and they reiterated that today," U.S. Commerce Secretary Gina Raimondo told CNBC, the same day GlobalWafers announced its development plan.

    In 2020, Taiwan Semiconductor Manufacturing Corp. announced a new $12 billion plant in Phoenix, Arizona, and said some of the building costs would have to be picked up by the U.S. and Taiwan.

    The Biden administration has hailed the president's efforts to increase chip manufacturing capacity, but Congress appears to be holding things up, which may result in delays for planned expansion projects this fall.

    Currently, the U.S. only accounts for 12% of the world's chip supplies, a 40% reduction since the 1990s. The CHIPS Act is supposed to restore America's dominance in chipmaking -- but expansion plans appear to be on hold as funding Ukraine seems to be the top priority in Washington."

    Chip Makers Stall On Building New Semiconductor Plants As Subsidies Bill Languishes | ZeroHedge

    More NaGastan "promises" failing to deliver.

    More heavy rain due in Trat province today.

    It appears the NaGastan "state funding" for foreign and domestic commercial companies is in doubt.
    Last edited by OhOh; 01-07-2022 at 01:34 PM.

  20. #320
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    As G7 Quietly Shelves Russian Oil Price Cap Idea, Biden Will Beg Mideast Allies To Pump More

    by Tyler Durden

    Thursday, Jun 30, 2022 - 11:45 PM

    "To be honest we haven't spent much time discussing the timesink idiocy of the Biden/G7 "Russian oil price cap" idea because well, it is idiotic as Rabobank explained...

    The ‘oil cap’ is simple in theory:

    The G7 will refuse to provide insurance to any vessel that carries Russian oil unless the cargo is sold with an agreed price cap.

    Yet it won’t work and will just push oil prices higher.

    Russia will never agree. China and India will never agree either. Russia and China may offer their own underwriting services, which would force the West into physically blocking cargoes and confronting China - as a Russian-oil carrying ship is stopped in the US, says the Wall Street Journal.

    Plus, the G7 are already not taking Russian oil: they are taking Russian oil from India and China that is being on-sold.


    ... and it appears that finally even the dumbest people on earth, i.e. career politicians and economists, [and some TD members] have figured it out.


    Reuters reports that according to EU officials, the biggest price cap proponents - the governments of Germany and other European Union countries - voiced "caution" in a closed-door meeting about price caps on Russian oil, a day after the Group of Seven economic powers agreed to urgently start work on the matter,

    Here is the truncated timeline for those who missed it:

    On Tuesday G7 leaders agreed to explore “the feasibility of introducing temporary import price caps” on Russian fossil fuel, including oil, and tasked ministers to evaluate the proposal urgently.


    But just one day later, Germany’s envoy to the EU told his counterparts in a restricted meeting that the world should be “realistic” about the proposal, which he said was added to the G7 statement after “intense pressure” from Washington, according to one official who attended the meeting.

    And then, the envoy also said an agreement on whether to apply caps was not expected to come anytime soon... or any time for that matter as it is impossible.

    Then there are the holdouts: Hungary and Belgium also raised concerns at the meeting about the G7 statement on sanctions, the official said, with Hungary explicitly backing Berlin’s caution on oil price caps. A second EU official familiar with the talks confirmed that Germany and others had expressed wariness about oil price caps.

    A German government official said on Thursday that “success of this plan depends on international cooperation", which is precisely what we said.

    Of course, neither China nor India will ever agree to cooperate with the G7 if it means losing out on access to extremely cheap oil (the alternative is Russia just halting exports and sending the price of oil to $200+).


    Stefano Sannino, secretary general of the EU’s diplomatic service said on Thursday that a price cap would only be effective if universally applied, and so agreement would be needed across the G20 countries, not just the G7.

    “You need to be sure you do not have distortion of trade and then the only thing that is happening is that essentially oil goes to other places with other carriers and insured by other companies - and so the price remains the same,


    Sannino told an EU-UK Forum conference"


    Continues at:

    As G7 Quietly Shelves Russian Oil Price Cap Idea, Biden Will Beg Mideast Allies To Pump More | ZeroHedge

    More NaGastan "promises" failing to deliver.

    More heavy rain due in Trat province today.
    Last edited by OhOh; 01-07-2022 at 01:35 PM.

  21. #321
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    Welcome To The Recession: Atlanta Fed Slashes Q2 GDP To -1%, Pushing First Half Into Contraction

    by Tyler Durden

    Thursday, Jun 30, 2022 - 11:08 PM

    "A day after Fed Chair Powell crowed once again how the US economy was strong enough to cope with his hawkish rate-hike cycle (and President Biden told the world this morning that the US economy is the strongest in the world), the Atlanta Fed just stole the jam out of everyone's donut by confirming the recession has started.

    If you were curious why bond yields are plunging and rate-hike expectations are falling, then here's your answer, courtesy of the Atlanta Fed, which just confirmed the economy is in technical recession.

    The continued erosion in economic data has prompted The Atlanta Fed to slash its forecast for Q2 GDP growth from 0.0% to -1.0%+0.9% to 0.0%, meaning the US is now right on the verge of a technical recession (after Q1's confirmed 1.6% contraction yesterday).

    According to the Atlanta Fed's
    GDPNow model estimate for real GDP, growth in the second quarter of 2022 has been cut to a contractionary -1.0%, down from 0.0% on June 15, down from +0.9% on June 6, down from 1.3% on June 1, and down from 1.9% on May 27.

    Attachment 88887

    As the AtlantaFed notes,

    "The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2022 is -1.0 percent on June 30, down from 0.3 percent on June 27.

    After recent releases from the US Bureau of Economic Analysis and the US Census Bureau, the nowcasts of second-quarter real personal consumption expenditures growth and real gross private domestic investment growth decreased from 2.7 percent and -8.1 percent, respectively, to 1.7 percent and -13.2 percent, respectively, while the nowcast of the contribution of the change in real net exports to second-quarter GDP growth increased from -0.11 percentage points to 0.35 percentage points."


    In short: the US consumer is getting tapped out, just as we have been warning repeatedly.

    Welcome To The Recession: Atlanta Fed Slashes Q2 GDP To -1%, Pushing First Half Into Contraction | ZeroHedge

    More NaGastan "promises" failing to deliver.

    More heavy rain due in Trat province today.

  22. #322
    Thailand Expat harrybarracuda's Avatar
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    Russia's economy in numbers*


    • 17.1% Annual inflation in May
    • 8-9% Retail trade set to fall this year
    • 83.5% Car sales fall in May 2022
    • 7.8% Official forecast of fall in Russian GDP in 2022
    • 30% Unofficial forecast of GDP collapse by IIF


    *Official sources: Akort; economy ministry; AEB; Rosstat
    Warning: Be cautious if you are a fragile pink

  23. #323
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    Quote Originally Posted by harrybarracuda View Post
    17.1% Annual inflation in May
    8-9% Retail trade set to fall this year
    83.5% Car sales fall in May 2022
    7.8% Official forecast of fall in Russian GDP in 2022
    30% Unofficial forecast of GDP collapse by IIF
    That is the tip of the iceberg of what is coming. Sabwang has more humiliation coming on multiple fronts for that matter.


  24. #324
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    GT Voice: G7 is in no position to dictate nations’ oil trade with Russia

    By Global Times Published: Jun 29, 2022 10:33 PM

    "The so-called Group of Seven (G7) nations on Tuesday had "positive and productive discussions" with China and India about plans to implement a price cap on Russian oil exports, Reuters reported on Wednesday. The news came on the heels of G7 agreement on exploring imposing a price cap on Russian oil, apparently as part of the West's ever expanding sanctions against Russia.

    Details remain sketchy regarding the so-called "discussions." As of press time on Wednesday, there has been no official confirmation from relevant parties regarding Reuters' report, which cited an unidentified source. The report suggested that China and India would be able to buy Russian crude at even lower prices under the plan, but that would represent a significant shift for China and India as both have refrained from joining in the US-led sanctions against Russia and have continued normal economic and trade cooperation with Russia.

    China's Foreign Ministry has repeatedly stated that unilateral sanctions are not conducive to resolving issues, and that China and Russia always engage in normal economic and trade cooperation on the basis of mutual respect, equality and mutual benefit. India, despite pressure from Washington, has also continued energy trade with Russia.

    Although it remains unclear what the reported discussions were about and what the outcome was, one thing is very clear: The G7 led by the US is primarily seeking to increase pressure on Russia, as their previous moves fail to sway Moscow, and the interests of China and India, or any other country for that matter, is not their primary concern despite the so-called "attractive pitch."

    Over the past several months, the US and some of its allies imposed an embargo on Russian oil in an effort to maximize pressure on Russia, while the EU agreed to ban most Russian oil imports by the end of the year. But the sanction measure aimed at depriving Russia of oil revenues has proved counterproductive. According to the IEA data, Russian oil export revenues increased by $1.7 billion in May to about $20 billion, which is well above the 2021 average of roughly $15 billion.

    Then came the idea of creating a buyers' cartel, with the aim of keeping Russian oil supplies on the market to avoid a further price hike to limit its oil revenues. While a cap on Russian oil prices may sound like a great idea for the West when it comes to curbing Moscow's revenues from oil sales, implementing such a price cap could only be a fantasy with little feasibility if G7 cannot get the world's major oil importers on the same page.

    Yet, the problem is that G7 nations are no longer major buyers of Russian oil, and as an unrelated third party, the G7 has neither the qualification nor the market power to dictate energy trade among China, India and Russia.

    Western media reports so far suggested that the West may impose such a price cap through insurance. About 95 percent of the world's tanker fleet is insured through the International Group of Protection & Indemnity Clubs in London and some companies in other European countries. G7 could tell crude buyers that if they want to continue using the insurance service for Russian oil shipment, they need to agree to a "capped price."

    But even that could also fail to pressure Russia, as Russia has already prepared an alternative by offering insurance through the Russian National Reinsurance Company, according to media reports. The moves could also further disrupt already turbulent global energy trade by creating more barriers and chaos.

    As for China, stable energy prices are of great significance to its domestic social and economic development, and China and Russia are important partners in energy trade cooperation, with continuous practical progress recorded over the years. If there is a need for price adjustment in bilateral energy trade, China and Russia can discuss the issue through bilateral channels.

    G7 has no qualification to tell them how to conduct trade."


    GT Voice: G7 is in no position to dictate nations’ oil trade with Russia - Global Times
    Last edited by OhOh; 01-07-2022 at 06:22 PM.

  25. #325
    Thailand Expat harrybarracuda's Avatar
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    The G7 doesn't care if Puffy is having to give it away at bargain prices, that's their aim you witless fuck.


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