Posts with tag eu

Iran Battles Uncle Sam for the Heart of the EU

James Corbett, May 12 2018

And so it boils down to this: The EU and its leading nations have some soul searching to do. Are they going to roll over and do what they're told, like Uncle Sam's dependable lapdog, or are they going to defy their erstwhile master and refuse to comply with a new round of Iranian sanctions?

Read More

Italy vs. the Banksters

James Corbett, June 29 2019

You can call the eurozone dumpster fire many things, but you can't call it boring. It seems that this battle between the populists and the banksters is just beginning to heat up.

Read More

When Is A Camera Not A Camera

James Corbett, January 18 2020

So The Riddle of the Camera has a very simple answer: A camera is not a camera when the EU says it isn't. And that answer says so much about the matrix in which we live.

Read More

SOARING OIL & GAS PRICES PRESSURING INFLATION EVEN MORE

Guest Writer, March 9 2022

Prices at the gas pump are soaring toward an all-time high, but drivers appear to be saying, oh well—for now anyway.

Read More

PUTIN TRIES PROPPING UP THE RUBLE & MOEX - Another Bank Sees Gold at $2,200 by End of Year

Guest Writer, March 26 2022

Russia's ruble has rebounded in recent weeks, as the Kremlin patched together an aggressive defense of its fiat currency.

The ruble was valued (vs. the U.S. dollar) at 80.41 on February 23, the day before Putin’s invasion. It skyrocketed to 131.50 on March 7. It plunged to 90.72 on the Ides of March (the 15th). And it opened today at 94.75.

Matt Phillips reports that Moscow’s latest attempt to shore up support came in the form of a direct demand from His Rogueness (Putin) that the EU pay for natural gas with rubles instead of dollars or euros.

It's a not-so-veiled effort by Russia to create demand for its struggling currency—with the ruble jumping 8% on the news.

Widespread sanctions imposed after Russia's invasion of Ukraine in late February have hammered the ruble, wiping out 90% of its value against the dollar at times.

Moscow took measures—like doubling interest rates, halting currency trading, and demanding that Russian companies exchange their foreign earnings for rubles—that slowed the bungie jump and prevented a crash.

But Putin's latest scheme has already been called a breach of contract by Germany, the eurozone’s largest buyer of Russian natural gas. 

If the breach prompts a full rupture with Europe, which buys 40% of its gas from Russia, the ruble will likely take another tumble.

Such a break, however, would also make Europe's energy crisis a lot worse. To wit, European natural gas prices jumped 30% after Putin made his latest demand.

Read More

5 posts with tag eu online