The Oil & Ruble Crash, Declarations of War Against Russia and Connecting Some of the Dots
- By : JanssenReportHost
- Category : Global Economy
Today on The Janssen Report (#90): as we move towards the end of the year, let’s connect a few dots on the global economic and geopolitical chess board.
US Congress passed a few bills this year cornering Russia with severe sanctions. And very recently the OPEC decided to intervene in the oil market leading to the collapse in the oil price that we recently saw happening. Guess what: shortly after, the Russan currency (the Ruble) started to crash.
Economic warfare? Cold War?
All these geopolitical and economic developments seem to hint at a growing gap between the East and the West. However, is this really the case?
Consider this: China has been openly flirting with the IMF to have their Yuan included in the basket of currencies comprising the Special Drawing Rights system. Their actions are in line with that: they have been steadily building up their gold reserves, possibly to back up their currency and be part of the SDR-system. Russia is also still part of the IMF (and their central bank is also still part of the Bank for International Settlements!).
So are we led astray? Is the political chess game the dominant one or should we focus on the economic playing field?
Christine Lagarde of the IMF recently hinted at stripping the US of its veto power if they fail to align with the other members on issues such as including the Chinese yuan in the Special Drawing Rights basket of currencies. This seems to imply that the US may not have the definitive power over this international banking institution.
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Sources:
- Congress Bill S.2277 (Russian Aggression Prevention Act)
- Ron Paul on the H. Res. 758
- The Ukranian Freedom Support Act:
- ZeroHedge on Christine Lagarde and stripping US veto rights
- Oil trouble
- Putin’s role in the global chess game
- Alt-Market Blog on Russia and the banking system
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Cheers!
Marco Janssen