The feckless leadership of the Biden regime combined with idiotic legislation from Congress since the beginning of the pandemic take most of the blame for the economic woes this nation faces. Add in lingering effects from the lockdowns and self-defacing sanctions we’ve imposed on Russia and you have the lion’s share of what’s causing our fiscal woes.
Nowhere on the current list is Vladimir Putin despite the fact that Democrats keep calling our inflation problems the “Putin Price Hikes.” Their invasion of Ukraine in and of itself did not spike inflation, a fact that is blatant prima facie when we see that price hikes began well before the first Russian tank entered Ukraine. But now that we’re on the verge of recession, it’s very possible for Russia to play some cards they have been holding for a while, cards that could easily exacerbate the problems we’re facing already.
According to Washington Times:
Russia itself has seen foreign investment dry up, hundreds of Western companies pull out, and the domestic GDP set to shrink by 10% or more this year. But the pain hasn’t been all one-sided since President Vladimir Putin gave a green light for the invasion of his neighbor Feb. 24.
Economics specialists and foreign policy observers say the Kremlin still has “some cards” left to play in the global marketplace, particularly in the fuel and food sectors, and could soon decide to pull those levers in order to maximize its leverage in any future peace negotiations with Kyiv. Such Russian tactics, if employed, would likely drive gas, grain and wheat prices even higher than today’s record levels.
Recent days have brought fresh warning signs of just how much sway Moscow holds over key sectors, despite its relatively meager economy — Russia’s GDP is slightly smaller than that of Italy or South Korea — which boasts nowhere near the financial power and influence over global markets of the U.S. or China. Russian officials said Thursday that they were cutting natural gas supplies to Europe even further, bringing the current operating level of the major Nord Stream 1 pipeline down to just 40%, according to Reuters.
The Kremlin blamed the slowdown on delays in planned repairs to the pipeline and said that Western economic sanctions — instituted in direct response to Russia’s invasion of Ukraine earlier this year — have made it difficult to acquire the necessary parts and equipment. But European officials aren’t buying that rationale.
Germany’s chief power regulator, Klaus Mueller, called the explanation “unfounded” and said the decision by Russia’s state-owned energy giant Gazprom appears designed to drive fuel prices higher. The move comes at a crucial moment for Germany and for Europe as a whole, which is trying to quickly move away from dependence on Russian oil and gas but will still rely on that fuel for the coming winter months.
“We could perhaps get through the summer as the heating season is over. But it is imperative that we fill the storage facilities to get through the winter,” Mr. Mueller told the Germany news outlet Rheinische Post.
Shortly after Russia launched its invasion of Ukraine, Europe pledged to wind down its dependence on Russian oil and gas. But it’s likely to take years before Europe can fully free itself from Russian fuel, and in the interim Mr. Putin could further reduce supplies in a bid to crack Europe’s solidarity and perhaps even convince the West to ease economic sanctions on Moscow.
Amid rapidly rising food and fuel prices, there are already signs that public opinion in Europe is shifting away from a hard-line anti-Russia stance and toward peace, perhaps in the hopes that a cease-fire in Ukraine may bring economic relief.
A major study by the European Council on Foreign Relations published this week found that a plurality of Europeans, about 35%, favor “peace now even at the cost of Ukrainian concessions to Russia.” Researchers believe that number could rise further if the economic fallout from the Russia-Ukraine war grows and drives already out-of-control inflation even higher.
Frustration also is rising in the U.S., where average nationwide gas prices hit $5 per gallon this month for the first time in history.
With the United States so heavily dependent on foreign imports to keep our massive economy going, we’re a few geopolitical moves away from being on the brink of economic collapse. The dollar is terrifying and Fed Chair Jerome Powell hinted today that the world is shifting away from using it as the World Reserve Currency. He didn’t say those words explicitly, but it was implied as he pushed toward the globalist dream of Central Bank Digital Currencies.
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Powell: “Rapid changes are taking place in the global monetary system that may affect the international role of the dollar.” A US central bank digital currency is being examined to “help the US dollar’s international standing.”
NEW – Powell: "Rapid changes are taking place in the global monetary system that may affect the international role of the dollar."
A US central bank digital currency is being examined to "help the US dollar's international standing." pic.twitter.com/htP6r1brNz
— Disclose.tv (@disclosetv) June 17, 2022
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