Bretton Woods III : Zoltan Pozsar & Yra Harris

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Putin Says Gas Exports to Be Halted If Payments Not Made in Rubles

Russia will halt gas supplies to buyers from ‘unfriendly’ states unless they switch to payments in rubles from April 1, President Vladimir Putin said, the latest strike in a struggle with Europe over energy sales. To buy Russian gas, they need to open ruble accounts in Russian banks,” Putin told officials in a televised speech […]

Biden planning to tap oil reserve to control gas prices

President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia over […]

Gulf Oil Producers Seek U.S. Military Support Against Yemen Attacks

Some of the largest Gulf oil producers, including Saudi Arabia and the United Arab Emirates, are seeking to sign a written treaty with the United States under which the U.S. could provide defense support after attacks from Yemen have intensified, Bloomberg reported on Wednesday, quoting sources with knowledge of the proposal. Ideally, the major oil […]

No, The Vatican Is Not Paying For Russian Gas In Rubles

A tweet went viral on Wednesday, claiming that the Vatican has reportedly become the first customer in Europe to pay in rubles for Russian natural gas. The report turned out to be a joke, the author of the tweet later said, apologizing to their followers. Still, the report made it in some Russian and even […]

A new EU partnership could triple U.S. exports of liquified natural gas

Europe’s super serious about dumping Russian natural gas. And the big winner will be U.S. LNG. On March 25, President Biden and European Commission head Ursula von der Leyen took the stage in Brussels to announce a stunning trans-Atlantic pact to accomplish what many doubted the world would ever see: A firm commitment to dump […]

Will China Buy Russian Natural Gas and Oil Exports in the Wake of Ukraine?

Ever since the U.S. the European Union, and other nations imposed sanctions on Russia for its invasion of Ukraine, outside observers have wondered whether—and to what extent—China will help Russia weather the blows to its economy. Energy features prominently in such discussions for several reasons. First, Russia is the world’s third-largest oil producer and its […]

Farmers on the Brink

“Farming looks mighty easy when your plow is a pencil and you’re a thousand miles from the corn field.” – Dwight D. Eisenhower It was a spooky time to be out at sea off the US East Coast on Halloween in 1991. A strong storm system over the maritime provinces in Canada merged with the […]

Russian Oil Sales Going Underground

Away from the public eye. That’s where Russian crude is going as buyers tread carefully in their dealings with the pariah producer. The market is waiting to see if Russian firms such as Surgutneftegas PJSC proceed with monthly sell tenders for ESPO crude this week. The offers are unlikely to attract any bids, oil traders […]

Saudi Arabia and China are looking to ditch the dollar in a new oil deal

Reports of a Saudi oil deal priced in China’s currency could signal unease with reliance on the US dollar, according to an economist. “A potential deal in yuan is a sign that the world is looking for some counterweight to the US dollar,” Aleksandar Tomic told Insider. China plays an outsized role in Africa, which […]

World War III is here, but it’s not what we expected

Movies and books have often portrayed World War III as either the final chapter of the human epoch or as a new but primitive restart for those who survive the nuclear conflagration. We cannot know if such prophesies will ultimately come true. For now World War III appears to have started with Russia’s attack on […]

Fortunes of Oil Tycoons Surge

Soaring oil prices are padding the fortunes of U.S. shale and gas tycoons, even vaulting one into the ranks of the world’s 500 richest people for the first time. American oil and gas industrialists on the Bloomberg Billionaires Index now have a collective net worth of $239 billion, a jump of nearly 10% since Russia […]

China Planned Taiwan Invasion in Fall, Alleged Russian Intel Leak Claims

Taiwan‘s top diplomat said he couldn’t speak on the authenticity of a purported Russian intelligence document that claimed Chinese President Xi Jinping had plans to annex the island nation this fall. Joseph Wu, Taiwan’s minister of foreign affairs, said on Wednesday that his country would have to prepare regardless. “No matter if or when China […]

Are there limits to economic growth?

Fifty years ago this month, the System Dynamics group at the Massachusetts Institute of Technology in Cambridge had a stark message for the world: continued economic and population growth would deplete Earth’s resources and lead to global economic collapse by 2070. This finding was from their 200-page book The Limits to Growth, one of the […]

There are not enough BTUs

Let me hear you say “Rebirth!” Y’all not ready for it. Y’all ready for it? Rebirth Brass Band, The Main Event Change is here. Russia’s invasion of Ukraine and the West’s response have initiated a change in global commodity balances. Supply is being forced offline. Demand is shifting in response and in some cases manifests […]

Missiles hit US consulate in north Iraq, no casualties

At least six missiles were fired Sunday toward the U.S. consulate in Iraq’s northern city of Irbil, with several missiles hitting the building, Iraqi and U.S. security officials said. A U.S. official said the missiles were launched from neighboring Iran. Early reports suggested there were no U.S. military casualties, a senior U.S. defense official said. […]

Luke Gromen: dollar’s place at the heart of the financial system is now under threat

  My guest in the latest episode of The Grant Williams Podcast is my good friend, Luke Gromen, publisher of Forest For The Trees.   With events in Ukraine happening at breakneck speed, the moves by Western nations to isolate Russia through a series of escalating sanctions have revealed weaknesses in the global financial system […]

The Only Non-Totalitarian Solution To Resource Scarcity: Decentralized Degrowth

Totalitarian-imposed-inequality is the only possible path of centralized Degrowth: 10,000 for me, one for you, unless you disobey, and then you get zero. The fantasy is that everything will soon be super-abundant and cheap again because creating money out of thin air creates demand out of thin air and supply will always magically appear if […]

West tries to force Russia from Ukraine, endgame elusive

As Western leaders congratulate themselves for their speedy and severe responses to Russia’s invasion of Ukraine, they’re also scratching their heads with uncertainty about what their actions will accomplish. The U.S., NATO and the European Union have focused on strangling Russia’s economy and arming Ukrainian fighters. But it’s unclear how this will stop the war. […]

Price Swings Make Oil Too Hot to Handle

In two of the four trading sessions this week, Brent crude futures have swung by the most on record.   Russia’s invasion of Ukraine has catapulted the oil market into one of the most tumultuous periods it has ever seen — and pushed some investors to the sidelines. In two of the four trading sessions […]

Will the Russian Invasion Accelerate Peak Oil?

It was 1973 when a war between Israel and a coalition of Arab states led Saudi Arabia and other oil producers to impose an embargo on crude shipments to the United States. Oil prices soared, and the way the world consumed energy changed. France built a fleet of nuclear power plants. Japan did, too; it […]

A Serious Proposal on US Energy

“My policy on cake is pro having it and pro eating it.” – Boris Johnson On March 30, 1949, Syrian President Shukri al-Quwatli was ousted in a military coup backed by the Central Intelligence Agency (CIA), a first for the newly formed spy organization. Despite being twice elected to his position, Quwatli had to go […]

Worst-case oil forecast upped to $240 a barrel

Some experts predict the price of oil could reach $240 a barrel this summer if Western countries roll out more sanctions on Russian oil exports. And the high prices could lead to a global recession as soon as this year. “If more Western countries join the U.S. and impose oil embargoes on Russia, it would […]

A Weaponization Of Money We’ve Never Seen Before

Can you do this: removing Russia’s central bank and a number of other commercial banks from the SWIFT payment messaging system. That’s what just happened. This is the weaponisation of money on this scale we’ve never seen before. Why do I say this? Because the second-order effects are that the whole world sees this. Pray […]

Russian judo tears the West apart

The battlefield is drawn. The official Russian blacklist of hostile sanctioning nations includes the US, the EU, Canada and, in Asia, Japan, South Korea, Taiwan and Singapore (the only one from Southeast Asia). The Global South should be aware there are no nations from West Asia, Latin America and Africa. Moscow has not even announced […]

Russian energy dominance over Europe and what it means amidst the Ukraine crisis

Russia’s invasion of Ukraine has delivered massive shocks to the European energy markets and as the situation escalates, uncertainty is likely to fuel further disruptions. Here’s an infographic representation of how European countries are dependent on Russia for their energy requirements. In the wake of Russia’s invasion of Ukraine, energy prices have skyrocketed, leaving many […]

How high will gas prices go?

America’s average price for a gallon of gas has cracked $4 for the first time since 2008 amid global supply fears, and it’s hurtling fast toward an all-time high. Russia’s invasion of Ukraine has disrupted the global energy market, causing ripples pretty much everywhere: Natural gas prices also hit record highs Monday in both the […]

Biden Set to Announce Russian Oil Ban Today

The Biden administration will impose a ban on U.S. imports of Russian energy on Tuesday without the participation of its European allies, according to people familiar with the matter. The ban will include Russian oil, liquefied natural gas and coal, according to two people, who spoke on condition of anonymity. The decision was made in […]

USA Weighs Acting Solo on Russia Oil Ban

The Biden administration is considering whether to prohibit Russian oil imports into the U.S. without the participation of allies in Europe, at least initially, according to two people familiar with the matter. The administration has yet to decide on a U.S. import ban, with the timing and scope of any move still fluid, according to […]

Kunstler: Nowhere Left to Hide

Financial markets are averse to threats of chaos and death. These conditions tend to interfere with formal promises between parties to service loans, which is the basis of finance. Time, they say, is nature’s way of making sure that everything doesn’t happen at once. If that’s so, then maybe time has stopped because all of […]

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