Thread: Economic sanctions

The damage to the world economy was happening before the invasion.

You take the sanctions against Russia not damaging their economy as much as predicted (though still causing crushing damage for decades to come), as a win. Kool-aid.

The U.S 'put' since WW2...you have 2 choices ....'we will bomb you back to the Stone Age..or 'we will make your economy scream'...is being tested..big time.

It's a Lose/ Lose- hardly a good outcome for a rational person.

Originally Posted by sabang

It's a Lose/ Lose- hardly a good outcome for a rational person.

Maybe irrational Putin shouldn't have invaded then, doncha think?

This war could and should have been avoided. ^^ No, I don't. An abject failure of diplomacy. More than one party at fault.

Originally Posted by sabang

This war could and should have been avoided.

Do fuck off.

Originally Posted by pickel

Maybe irrational Putin shouldn't have invaded then, doncha think?

It is going to go down as the worst mistake he ever made, no doubt. Blame lies entirely on his lap.

Originally Posted by sabang

More than one party at fault.

No, ONE party at fault.

The one who invaded a sovereign nation. Twice.

Worst-performing G7 economy revealed


Second-quarter GDP shrank by more in the US than in the UK, Germany, France, Italy, Canada and Japan, data shows

The US was the worst-performing of the Group of Seven most advanced Western economies in the second quarter of 2022, the latest data from the UK Office of National Statistics (ONS) showed on Friday.

The ONS released the G7 comparison while also reporting that the British economy had contracted by 0.1% from April to June. The American economy dropped by 0.2% during the same period, according to the data.

Canada’s economy reportedly had the strongest showing, growing by 1.1%. The Italian and French economies were also up, while Germany stagnated.

Meanwhile, another G7 nation, Japan, is expected to report its GDP numbers on Monday, with an economist poll from FactSet Economics projecting growth of 0.8% quarterly, or 2.5% annualized.

Worst-performing G7 economy revealed — RT Business News

Originally Posted by OhOh

This is a thread about sanctions.

Yes, sanctions against the murderous psychopath who has invaded Ukraine. Twice.

So why are you whataboutwhataboutwhatabouting again?

Ah that's right, trying to go off topic.

You stupid boy.

Originally Posted by panama hat

On every thread . . .

Both him and sabang. It is almost every post from them. The desperation is palpable.

The promised Western aid is arriving too slowly, officials in Kiev complain

With Western financial help apparently slow to arrive, Ukraine has been forced to print money to pay its troops in the fight against Russia, the Wall Street Journal reported on Friday.

Ukrainian Finance Minister Sergey Marchenko told the US outlet that it’s “a constant headache” for him to keep balancing the cost of the conflict and the lower tax revenues in an economy battered by almost half a year of fighting.

With around 60% of the budget being spent on the fighting, the minister said he has had to cut all unnecessary expenditures. But it’s still not enough, as tax revenues only cover 40% of government spending, the WSJ reports.

The Kiev authorities earlier said they needed $5 billion per month to run the country, and would not be able to cope without Western help. However, the grants and loans pledged to Ukraine by its foreign backers have been arriving slower than expected, according to the journal.

For example, the EU has so far provided only €1 billion out of €9 billion it promised to Kiev, with Germany resisting the idea of offering low-interest loans backed by guarantees from the bloc’s member states.

According to Marchenko, a lot of his time at work is spent trying to persuade Western governments to act faster. “Without this money, the war will last longer and it will damage economies more,” he explained.

Rostislav Shurma, an economic adviser to President Vladimir Zelensky, described the situation in harsher terms.

If Kiev acted as sluggishly at the West, “the Russians would be at the Polish border by now,” he told the WSJ.

“They don’t feel the war. That’s the problem. The only thing they feel in the EU is high prices,” Shurma said.

Due to the lack of funds, the Ukrainian Central Bank has no choice but to print more money to allow the government to pay the troops and purchase arms and ammunition in order to keep fighting.


This approach has been weakening Ukraine’s national currency, the hryvnia, which has already lost 30% since the launch of the Russian military operation in Ukraine, prompting a major spike in inflation.

But this is a sacrifice that Marchenko is willing to make: “we have to worry about winning the war. It is better to risk high inflation than not to pay soldiers’ salaries.”
He also said the conflict will likely be prolonged, and this must be factored in as well. “This is a war of attrition. You have to think in these terms, to think about 2022 and 2023. It’s a marathon.”

Earlier this week, Sergey Kiriyenko, the deputy head of the administration of the Russian president, accused the authorities in Kiev of selling out their own people to fight on behalf of NATO.

“NATO will gladly fight against Russia ‘to the last Ukrainian’ as they say themselves without hesitance. Why not? They don’t feel sorry about it,” Kiriyenko said.

Ukraine struggles to find money to pay troops – WSJ — RT Russia & Former Soviet Union

17 Aug, 2022 00:18

HomeWorld News


EU seethes over Turkish trade with Russia – FT

Ankara rushed into the vacuum created by US-EU embargoes against Moscow, and Brussels is angry.

"The value and volume of Turkey’s exports to Russia rose dramatically from 2021 levels, as Turkish companies rushed to service the market abandoned by US and EU corporations. Officials in Brussels told Financial Times on Tuesday that this is “not nice” and “not really appropriate,” but acknowledged there is little they can do about it.The latest statistics from the Turkish Trade Ministry show exports to Russia amounting to over $2 billion between May and July, $642 million more than in the same period last year. In July alone, the value of exports rose by 75% year-over-year, from $417 million to $730 million. It was the largest spike in Turkish exports anywhere. Russia now accounts for 3.9% of all Turkish exports, up from 2.6% last July.

Ankara’s exports to the US are also up by 25%, and the total value of exports is 13% more than last year, the Turkish Trade Ministry noted. Part of that is due to the ongoing inflation devaluing the Turkish lira – but also due to the embargo against Russia led by the US and its EU allies, one Turkey has declined to participate in.

“It’s on our radar,” said one EU official who spoke with FT on condition of anonymity. “It’s not nice and is not being perceived well by the EU. It’s an irritant.”

Some EU capitals have reportedly inquired with Ankara about Turkey’s relationship with Russia. Russian President Vladimir Putin hosted his Turkish counterpart Recep Tayyip Erdogan in Sochi earlier this month.

Erdogan is pursuing what he calls a “balanced” approach to the conflict in Ukraine, selling combat drones to Kiev while maintaining economic ties with Moscow. Turkish officials and business leaders have openly embraced the opportunities created by the sanctions-driven exodus of US and EU companies from the Russian market.

At the time the EU is “scaling down its ties with Russia” over the conflict in Ukraine, “it is not really appropriate to increase links or engagement with Moscow,” said Peter Stano, the chief spokesman for the EU’s diplomatic service.

However upset Brussels officials may be with Turkey, they acknowledge there isn’t much they can do about it.

“It’s Turkey, everyone [in the EU] needs them, for one reason or another,” one EU official, who also requested anonymity, told FT. “And the EU has to be aware of its abilities… we can’t just tell [Erdogan] he has to follow our rules.”"

EU seethes over Turkish trade with Russia – FT — RT World News

The FT appears to be acknowledging that the EU's "rules" are being blatantly ignored by Turkey. Along of course NAGAstan's "rules".



How can the other 84% world survive, such blatant disobedience of the 16%'s "rules"?

What will be 16% solution, another slaughter of another country's citizens, ignoring again UNGA/WTO "rules"?

's

Originally Posted by sabang

Eurozone is in big trouble. The German current account surplus is back to levels last seen in the early 2000s, when Germany was the "sick man" of Europe. Germany's growth model was heavily predicated on cheap Russian energy. That's over...





Eurozone is in big trouble. The German current account surplus is back to levels last seen in the early 2000s, when Germany was the 'sick man' of Europe. Germany's growth model was heavily predicated on cheap Russian energy. That's over...
- Ukraine Uncensored


Meanwhile, the Russian current account surplus has been around all time highs.

The Euro has been in trouble long before Russia started an illegal war. The Russian people have been forced to prop up the economy by forcible means. The compulsory banking of any foreign currency earnings or savings.

Russian imports have ground to a halt because no one wants to do business with them. That’s the downside of relying on energy exports alone. As their IT runs out date, they have no other market to generate sales.

The Russian economy is based on lies and supposition. Any criticism of the war is banned at home. Poor sods.

I will keep it simple- them sanctions just plain are not working out. They have backfired.

Originally Posted by sabang

I will keep it simple- them sanctions just plain are not working out. They have backfired.

Keep banging that misguided drum.

Originally Posted by sabang

Eurozone is in big trouble. The German current account surplus is back to levels last seen in the early 2000s, when Germany was the "sick man" of Europe. Germany's growth model was heavily predicated on cheap Russian energy. That's over...





Eurozone is in big trouble. The German current account surplus is back to levels last seen in the early 2000s, when Germany was the 'sick man' of Europe. Germany's growth model was heavily predicated on cheap Russian energy. That's over...
- Ukraine Uncensored

The UK's current account deficit is over £44 billion.

Originally Posted by sabang

I will keep it simple- them sanctions just plain are not working out. They have backfired.

If you choose to live in ignorance, don’t post your failure to understand on here. Ignorance is only bliss for the naive.

Sorry you can't read and comprehend a simple graph bonehead, but that ain't my problem.

Originally Posted by OhOh

17 Aug, 2022 00:18

HomeWorld News


EU seethes over Turkish trade with Russia – FT

Upcoming headline:

"Turkey doesn't understand why the EU won't give it membership".

Originally Posted by Switch

The Russian economy is based on lies and supposition.

This is 100% fact, and as time rolls on, it will become harder and harder for them to hide that reality.

Originally Posted by bsnub

This is 100% fact, and as time rolls on, it will become harder and harder for them to hide that reality.

In fairness, it's not hurting puffy, he's got all that stolen money he can live off.

Originally Posted by harrybarracuda

he's got all that stolen money he can live off.

Well since at least $300 billion of Russian assets have been frozen he will not be getting those.

It is also worth noting that the US is going to designate Russia as a terrorist state. When it does, citizens from places like Ukraine and Georgia will be able to file civil suits in US courts. That seized nut will be used as slush fund to pay off those lawsuits.

A bipartisan pair of senators has called on the Biden administration to designate Russia as a state sponsor of terrorism in response to its invasion of Ukraine, saying they would push Congress to pass a bill issuing the designation "whether or not" it had President Joe Biden's support.Democratic Sen. Richard Blumenthal and Republican Sen. Lindsey Graham told CNN's Dana Bash on "State of the Union" on Sunday that the designation should be made either by the President or Congress, with both of them saying Biden must intensify pressure on Russian President Vladimir Putin and continue aiding Ukraine amid the ongoing invasion.

"I hope the President will decide to adopt this stance voluntarily and he hasn't taken it off the table on the state-sponsored terrorism," said Blumenthal, who represents Connecticut.
Graham, of South Carolina, said he wants the Biden administration to engage with Congress in designating Russia as a state sponsor of terrorism but said Congress is "willing" to advance legislation calling for the designation regardless.

"I'd like to work with (the Biden administration). But whether or not we have to do legislation to make it happen -- we're willing to do. I am urging the administration to act now," Graham said.
The two senators traveled together in June to Ukraine, where they met with Ukrainian President Volodymyr Zelensky and called on Biden to send more humanitarian aid to the county and issue stronger sanctions in addition to designating Russia as a state sponsor of terrorism.

The US State Department is responsible for designating nations as state sponsors of terrorism. The department defines the designation as a country that has "repeatedly provided support for acts of international terrorism." There are only four countries that are currently labeled state sponsors of terrorism by the US: North Korea, Iran, Cuba and Syria.

In July, the Senate passed a nonbinding resolution calling on the State Department to designate Russia as a state sponsor of terrorism. And in April, a senior administration official said department officials were looking at the possibility of labeling Russia a state sponsor of terrorism.

Both senators on Sunday praised House Speaker Nancy Pelosi for making a controversial visit to Taiwan last week and connected American support for the self-governing island to the impact of US aid to Ukraine in combating Russia's invasion. Blumenthal said, "China is watching what we do in Ukraine" as it considers potential actions in neighboring Taiwan.

"She should have gone, I'm glad she went," Graham said. "If she hadn't gone, what would that have sent a signal to the Iranians and to the Russians?"

Upcoming Senate agenda

Though Graham and Blumenthal were split on the benefits of the Inflation Reduction Act, Democrats' sweeping climate and health care bill that is being debated in the Senate on Sunday, the senators both advocated more bipartisan gun legislation.

The two senators, who both supported the gun safety legislation passed earlier this year, said there were more gun safety overhauls they both want to see passed. They specifically highlighted a proposal to empower judges and law enforcement to restrict gun access to those who may pose a threat to others.

"I think what we can do is incentivize states to give them the tools they need to deal with this before it's too late," Graham said, stressing that his proposal would not be a "national 'red flag' law."

"The common ground that I think we share and many of my colleagues on both sides of the aisle share: Keep guns out of the hands of dangerous people, but through due process," Blumenthal said.

The two stood by their respective party's positions when asked about Democrats' climate and health care bill. Blumenthal said the bill would deliver "historic" cost savings to Americans, while Graham said the legislation is "gonna make everything worse."

Blumenthal and Graham also split on whether Congress should codify the right to marriage for same-sex couples. Though some Republicans have said they would side with Democrats on the bill, Graham said he believes same-sex marriage laws should be decided by the states.

When asked if the US Supreme Court decision affirming the right to same-sex marriage should be overturned, Graham replied: "Well, that'd be up to the court."

2024 election

Blumenthal, who is up for reelection this year, did not say whether or not he wants Biden to run for reelection in 2024, saying instead that he is concentrating on this year's midterms.
"I'm going to be very blunt and very honest with you. My focus is totally on this November," Blumenthal said.

He continued: "I will support President Biden if he decides he wants to run and I think his decision will be determined by how November ends for the Democratic Party and for senators like myself who are running for reelection."

Graham, in contrast, reiterated his support for Donald Trump and said he would support the former President if he runs for a second term in 2024.

However, Graham said Trump should refrain from bringing up election conspiracies if he runs again, noting: "I don't believe the election was stolen." But he added that he wants to "look at election integrity measures."

"I think we should look at election integrity measures to make sure some problems don't happen again. But if he runs for president, talking about 2020 is not what people want to hear," Graham said.

Graham has been subpoenaed by an Atlanta-area grand jury investigating efforts made by Trump and his allies to overturn the 2020 election results in Georgia. Graham has filed a motion to block the subpoena.

https://www.cnn.com/2022/08/07/polit...ntv/index.html