“Now we are following the developments regarding Sweden and Finland [joining NATO], but we do not favor it. At the moment, a positive approach is impossible for us,” the Turkish president told reporters.
“Scandinavian countries, unfortunately, are almost guest houses for terrorist organizations. The PKK and DHKP/C are located in Sweden and the Netherlands. And I go even further, to their parliaments,” he added.
Well, that puts a wrench in the old NATO wheel.
But there is more divisiveness on the EU front. Hungarian Orban says “no”!
“We know exactly what we need, first of all we need 5 years to complete this whole process… 1-1.5 years is not enough,” Orbán said, adding that Hungary would also need big investments to oil refineries and shipping. the system of permitting the import of non-Russian oil.
It seems that the pointed shoes in Brussels are not prepared for this. It must be very frustrating when one of their unruly little territories points this out to them and vetoes their efforts.
Orban questioned whether it is reasonable to make such large-scale investments to get results in 4-5 years, when there is now a war in Ukraine.
Annoying details, Orbán. This is a crisis.
He said that Hungary is waiting for a new proposal from the Commission.
“I don’t want to confront the EU, but to cooperate… But this is only possible if they take our interests into account.”
Orbán also said that Hungary will not support the blacklisting of the head of the Kremlin-aligned Russian Orthodox Church, Patriarch Kirill, as it is a “matter of religious freedom.”
I hope Orbán has decent security. Just saying…
So where are we now with all of this?
Well, you won’t hear it in the MSM, but Russia continues to sell oil and gas to the EU and is now paid in rubles, not dollars.
Rubel is now running like a policeman. Talk about the boomerang effect.
Not only is the West destroying their economies, but now — paying in rubles, not dollars — they are actually paying Russia for the war. Oh, and the money they’re borrowing to prolong said war and possibly have a nuclear exchange? $40 billion from the US government in the last click. This is from the Chinese.
Here is the US Treasury:
Since August 2021, the yield has more than doubled. Meh, who’s looking? I’m sure that’s fine. Transient or something. Or in a few months we’ll see some puppet on CNBC explaining how it’s a “good thing” that rates are going up. Help with climate change or something.
Meanwhile, the beat continues. For us? Well, as much as we hoped we’d see a ceasefire in Ukraine, it’s now shot to shreds, as ex-Marine and former CIA operative Scott Ritter points out in this 20 minute discussion. Basically, Russia sees this war as a struggle for its own sovereignty and will continue to fight. The West, with so much capital, will simply pour it in. As a result, Ukraine will turn into another Afghanistan.
What this means for us as investors is that energy will likely not materially return from its current levels. And if energy doesn’t come back, neither will inflation.
What else? Here is Putin with the head of Serbia.
I have no idea what they are saying. Maybe something like this:
Paste: “It’s nice and warm here, isn’t it?”
Paste: “Go tell them.”
Despite the “colossal damage”, Serbia will fight to maintain its policy of not joining Western sanctions imposed on Moscow over the conflict in Ukraine, President Aleksandar Vucic insisted on Sunday.
Serbia is acting this way because it is a “sovereign and independent country” that is well aware of “how unfair and unnecessary” the sanctions are, the president added.
Not limiting Russia, Belgrade does not have access to the capital market and cannot service its foreign loans, which affects the well-being of the population, Vucic complained to local media.
Hungary, on the other hand, has energy independence from Brussels, having signed a contract with Gazprom directly for natural gas via the Turkstream train that goes to Serbia and Hungary.
Thus, the EU is paying Russia for the war in Ukraine, while simultaneously destroying its own domestic economy. You’d think that’s silly, and that they’re puppets, but you’d think that’s not what they want. The Great Reset actually requires a population that is desperate, dispossessed, and hungry. They only get what they want.
Next stop is to “eat bugs”.
The Turks may abandon NATO, but for now they are very happy to continue absorbing billions of funding. You see, Western countries are paying Erdogan to build his army. It has been like this for decades. Here I grew up with the idea that the Western powers led by the USA “never financed dictatorships”. I’m stupid.
So, for now, both the EU and the US government, through their taxpayers, will continue to send billions of dollars to this corrupt puppet Zelensky. And since a “war tax” would be very unpopular (given that real inflation is over 10%), the money must come from more debt issuance.