I’m asking that question in spite of the attack on the Kerch Strait Bridge. Clearly the NATO summit at Vilnius marked a sharp turn away from Ukraine on the part of the collective West—which really means the US, which has been far and away the biggest supporter of Ukraine. Hungary’s Viktor Orban wasn’t wrong when he said a few days ago, This war could be over in 5 minutes if the US wants it. Nothing, or almost nothing, is quite that simple. But clearly NATO is looking for a face saving off ramp.
Thank you Steghorn, I appreciate your insights. Have never read Solzhenitsyn, but will have to now. We absolutely have to know where we stand, be dressed in the full armor of God, take our stand, and stand strong in the Lord. There can be no backing down from evil. And yes, we are busy stocking up on the firewood. My wife just cleaned out the freezer this morning. She says we have about six months of meat in there. :-) That is, as long as we have electricity ... or winter (always at least four months of below freezing up here on Lake Superior). And so we certainly do need lots of firewood! God bless you and your family!
The public moves by the big shots are confusing and concerning as they are inconsistent with what a rational person (economic sense) would do - but they do make sense in terms of major nation power positioning plus elite attempts to obfuscate their corruption.
Zhou is not running the US show - he is literally Obama's 3rd term, and Obama was about fundamentally weakening the USA: divided politics/lawfare looking to cement left-politics in control, bust NATO and dollar supremacy, build up adversaries. He's doing pretty good as of now. Pushing Russia to initiate the Ukraine war is both how you break NATO and cover the massive corruption of the elite that would jump out if truths were known.
Zhou and Obama (and Clinton et cetera) are tied up with Xi and the CCP. Xi cares foremost about the ability of the CCP to maintain control in China, and seeks stability both inside and outside China. Getting to a BRICS structure helps very much, as does showing the US as a paper tiger vis-a-vis protecting Taiwan: he wants a free-hand for Belt and Road and with respect to deepening CCP-Taiwan business ties (already very deep). Covid is a disaster for him *and* the US, as the US funded, developed, and transferred the know-how (gain of function), and then the insanely predictable escape occurred. CCP has a great deal to answer for as a result. [The west eagerly borrowed and amplified the CCP tools of repression (limitations on assembly/movement/voice/funding)]. The Blinken, Yellen, Dimon dance I believe is all about supporting the BRICS addition to world finance structures. Contra Dimon, friendly-reshoring is going to happen: the decades long behavior of the CCP with regards to intellectual property theft and lack of rule of law protections are too obvious for CEOs to put their companies' future majorly into China. Hence, Yellen can return from kow-towing in China and still (!) lip-off about China not doing enough to have tariffs reduced. Just rolling with an obvious tide. CCP, EU, Anglo-sphere, Russia, the non-aligned major blocs --> welcome back to history, this is what a multi-polar world looks like.
Luongo certainly makes an intriguing argument for China's influencing the U.S. position on Ukraine. It does fit a lot of pieces together neatly. Rather astounding if true. Still there remain questions surrounding this for which we will likely never know the answers.
For example, It seems apparent that the Chinese had no interest in talking to U.S. senior officials for quite some time until perhaps convinced by Dimon and Burns. So the foundational elements of this scheme had to have been initiated by the U.S. and presented to China by the U.S. side. Not by Dimon (who had no authority to do so); not by Blinken, apparently, as he was just about run out of town by the Chinese authorities; not by Zhou, who threw out insults to them. So, was this completely on Yellen's initiative? On whose authority did she act? Is Yellen really in a position where she can with full authority negotiate something of this geopolitical magnitude independently of State and talk trade independent of Commerce?
The NYT says she had 10 hours of talks with the Chinese, mentioning no one other than their finance minister. What was she doing the rest of the time the four days she was there?
Zhou asking Stoltenberg to stay on and Wallace's being told he was out preceded Yellen's trip. So why would they give in to the Chinese in this way (if it was a Chinese request) if negotiations had not already taken place?
If the Chinese had/have this degree of leverage over the U.S. and Europe, why wouldn't they also push for tariff and trade restriction relief? Why would Yellen come back home and immediately cite new likely restrictions? They could have asked for an immediate halt to the war. Why is the U.S. still sending cluster bombs and maybe F-16s over there?
Luongo says that the relief to the EU bond markets and the U.S. Treasury provided by the Chinese Treasury purchases will only be short term. Does this mean China has open-ended leverage over the U.S. now?
We will never learn what really happened from the MSM and likely never from the government. That said, I sure hope Luongo is correct as that would mean at least a temporary aversion of WWIIII.
Thanks for your perspective. I tend to exhibit bias toward traditional practices of government, which tend toward consistent and stable orders of operations. Your point about standard practices of the U.S. government having been coopted and corrupted in recent years is well taken. There also seems to be more factionalism among the governing powers that be (and that includes non-government organizations and individuals players) than ever. That could indeed lead to unorthodox channels of communication and unorthodox alliances and methods. This makes it all the more difficult to speculate on all the Machiavellian intrigue that might be occurring. Luongo is a master at this kind of speculation in the areas of economics and geopolitics. Mark W. is very very good, too. We are very lucky to have them and all of the other people they regularly work with and cite.
That reminds me of an old 1930s song in the UK: "I've danced with the man who danced with the girl who danced with the Prince of Wales". I don't know who these crooks are working for, but I know who they are working against: us
This is a major interpretation of what's happening. If correct, how do we the people deal with this financially, whether we are minimal potatoes, small, medium, or large? This will impact all of us for certain. Where are the opportunities to minimize the risk or even create gain? I'm minimal myself, but certainly don't want to get wiped out either.
You do what ants do when the elephants are fighting each other. Keep out of the way as best as you can. Build up your local networks, do a bit of prepping, stay close to God and enjoy your life.
Good points! But how do we "stay out of the way" when our resources are tied up in our homes and the banks and the market? They crash the economy, and woe to many!
I do stay close to God, and trust Him above all else. Thank you Yeshua, Christ Jesus! And I share His joy with all who will listen. I'm not a prepper, but it would be good to buy some survival goods. Our local networks are fellow believers. My skills are tech related, so if the net goes down, there go my main tradable skills, although I can repair small engines if gas remains available. Once we had a 250 gallon gas tank with a hose and nozzle, but we sold it 20 years ago - bummer on that!
I agree, Chuck, that it's easier said than done. Physically and materially, we can make certain arrangements. I think everyone should have a months worth of food in the cellar, a winter's worth of firewood, and reserves of any meds they need. Apart from that, all we can do is stay reasonably fit and, as you say, network with people of similar values. The only good thing about the Scamdemic was that it showed us who those people are. However, I think you hit the nail on the head when you talk about interior preparation. That's the key one. We can plan all we want but at the end of the day, we will be faced with life-and-death questions: are we on the side of good or evil? Are you willing to risk everything to stand up for your values? Spiritual prepping is the only way to ensure that we give the right answers when the times come. My inspiration has always been Alexandr Solzhenitsyn. They took everything physical away from him: his family, his books, his clothes, his possessions. Yet they never broke him spiritually. And he lived to see his incredibly powerful enemies ground into dust and swept into the dustbin of history.
I've long said Yellen is a mediocre Neo-Keynesian who knows little about international economics. I'm comfortable with that view because she keeps proving my point. Wasting money in Ukraine is the "single best" way to help the global economy? Are you mad?
Yellen Says Ukraine Aid Is the Best Boost for Global Economy
Redoubling support for war-stricken Ukraine is the "single best" way to aid the global economy, Treasury Secretary Janet Yellen said Sunday, along with boosting emerging economies and tackling debt...
Mediocre I understand, but neo-Keynesian? What does that mean? The only thing you can pin on Keynes himself is that deficit spending might be necessary to jump-start an economy.
When prosperity returns debts must be paid back if you are to maintain any credit rating. That goes for governments as well. No sane economist ever professed you can create value out of nowhere, and that being more in debt makes you richer. Thanks for providing us with this essential reading, and the one thing that is abundantly clear is that the chickens are coming home to roost.
Dimon works for the City of London our banks have been controlled by the City of London almost all of our History with a few short periods where the American system was used and during those times the US had a great economy. From what I read Powel is pushing to get rid of the private equity, and hedge funds as they need 0 % interest to survive and thrive. They have been the wild west show with no rules and need to be reined in to start to get capital into the productive economy. The US has been used as the City of London enforcer since WW11 just look at our State Department everything they do is for the City Of London (we had a few wars before and that jumped up after) as they keep trying to bring us back into the empire. My feeling is that all these discussions are nice but everyone is flaying around as no one has any idea how this will work out. We are in uncharted times
One of Luongo's big points is that Powell's fed has broken free of London by having done with LIBOR and setting up SOFR, which just went fully into effect. He has lots of stuff on that.
Recently he has had some guests on his podcast that were talking about the City Of London control of the western financial system, it was a week or so ago. Also Alex Krainer is talking about it too
This evil Oligarchy has been around for centuries maybe they have moved from the City of London to Wall Street but they are not going away unless they are destroyed
I agree. Dimon is not our friend--it's just that he's opposed to our worst enemies. Also, no, we don't now what the future will bring for us in the West. Ending the war is just the beginning.
The City Of London and before that the Duch banking system, and before that the Venetian banking system has been controlling European, Asian, financial systems and in the last few centuries with some times when they lost control (see Hamilton, Lincoln and to some extent FDR) the US banking system. Russia, and China have broke free of their control and now the City wants them destroyed but they made a mistake along the way and shifted allot of manufacturing out of the western countries to Asia so they are now between a rock and a hard place, also they have built a huge dept bubble that they have no way of working their way out of except for a large war where they could reset everything millions would have to die but that is not a issue for them as they have been doing that for centuries. I am not privy to what is currently happening now but I suspect the City has not released their control as of yet. I pray every day that Trump can survive and get back in office and somehow destroy this evil forever.
Still allot of work ahead Con Inc is still pushing that if just some more money and resources are sent to the Ukraine they can win and we need war with China allot of people are believing that. One thing that I heard a few weeks ago was Robert Leithauser was doing a book tour and one of the local Con Inc radio guys was doing the interview and spouting on about Hayek and the free trade myth and Leithauser told him how wrong he was and his head exploded. So with people like that in another Trump administration their is hope
Thanks for this post and the McLeod post too. I've been dealing with something that has taken up a lot of time and I'm bone tired so I'll re read both again. I couldn't do justice with a commemt right now but just wanted to say thanks.
Mercouris: Chinese media barely covered Yellen's 4-day visit--a visit by the PM of the Solomon Islands would have gotten more coverage. That was to prevent market reaction screwing up what was in the works?
What Luongo says about this is confusing. He mentions the DXY dropping on Yellen's arrival in China (the week before last). No evidence of that. Last week, DXY dropped 4%, that is true. Not sure it had much to do with Chinese purchases of bonds, though. Not just bonds, but stocks, gold, oil, everything was being bought last week. Could be relief rallies on the CPI numbers and hope of no rate hike in July? Could it be other central banks purchasing Treasuries? We don't know.
I agree that I find it frustrating that he continually spews technical lingo rather than using straightforward non-insider language. Same goes for DDB, although she can do so at times.
Thank you Steghorn, I appreciate your insights. Have never read Solzhenitsyn, but will have to now. We absolutely have to know where we stand, be dressed in the full armor of God, take our stand, and stand strong in the Lord. There can be no backing down from evil. And yes, we are busy stocking up on the firewood. My wife just cleaned out the freezer this morning. She says we have about six months of meat in there. :-) That is, as long as we have electricity ... or winter (always at least four months of below freezing up here on Lake Superior). And so we certainly do need lots of firewood! God bless you and your family!
The public moves by the big shots are confusing and concerning as they are inconsistent with what a rational person (economic sense) would do - but they do make sense in terms of major nation power positioning plus elite attempts to obfuscate their corruption.
Zhou is not running the US show - he is literally Obama's 3rd term, and Obama was about fundamentally weakening the USA: divided politics/lawfare looking to cement left-politics in control, bust NATO and dollar supremacy, build up adversaries. He's doing pretty good as of now. Pushing Russia to initiate the Ukraine war is both how you break NATO and cover the massive corruption of the elite that would jump out if truths were known.
Zhou and Obama (and Clinton et cetera) are tied up with Xi and the CCP. Xi cares foremost about the ability of the CCP to maintain control in China, and seeks stability both inside and outside China. Getting to a BRICS structure helps very much, as does showing the US as a paper tiger vis-a-vis protecting Taiwan: he wants a free-hand for Belt and Road and with respect to deepening CCP-Taiwan business ties (already very deep). Covid is a disaster for him *and* the US, as the US funded, developed, and transferred the know-how (gain of function), and then the insanely predictable escape occurred. CCP has a great deal to answer for as a result. [The west eagerly borrowed and amplified the CCP tools of repression (limitations on assembly/movement/voice/funding)]. The Blinken, Yellen, Dimon dance I believe is all about supporting the BRICS addition to world finance structures. Contra Dimon, friendly-reshoring is going to happen: the decades long behavior of the CCP with regards to intellectual property theft and lack of rule of law protections are too obvious for CEOs to put their companies' future majorly into China. Hence, Yellen can return from kow-towing in China and still (!) lip-off about China not doing enough to have tariffs reduced. Just rolling with an obvious tide. CCP, EU, Anglo-sphere, Russia, the non-aligned major blocs --> welcome back to history, this is what a multi-polar world looks like.
your welcome
Luongo certainly makes an intriguing argument for China's influencing the U.S. position on Ukraine. It does fit a lot of pieces together neatly. Rather astounding if true. Still there remain questions surrounding this for which we will likely never know the answers.
For example, It seems apparent that the Chinese had no interest in talking to U.S. senior officials for quite some time until perhaps convinced by Dimon and Burns. So the foundational elements of this scheme had to have been initiated by the U.S. and presented to China by the U.S. side. Not by Dimon (who had no authority to do so); not by Blinken, apparently, as he was just about run out of town by the Chinese authorities; not by Zhou, who threw out insults to them. So, was this completely on Yellen's initiative? On whose authority did she act? Is Yellen really in a position where she can with full authority negotiate something of this geopolitical magnitude independently of State and talk trade independent of Commerce?
The NYT says she had 10 hours of talks with the Chinese, mentioning no one other than their finance minister. What was she doing the rest of the time the four days she was there?
Zhou asking Stoltenberg to stay on and Wallace's being told he was out preceded Yellen's trip. So why would they give in to the Chinese in this way (if it was a Chinese request) if negotiations had not already taken place?
If the Chinese had/have this degree of leverage over the U.S. and Europe, why wouldn't they also push for tariff and trade restriction relief? Why would Yellen come back home and immediately cite new likely restrictions? They could have asked for an immediate halt to the war. Why is the U.S. still sending cluster bombs and maybe F-16s over there?
Luongo says that the relief to the EU bond markets and the U.S. Treasury provided by the Chinese Treasury purchases will only be short term. Does this mean China has open-ended leverage over the U.S. now?
We will never learn what really happened from the MSM and likely never from the government. That said, I sure hope Luongo is correct as that would mean at least a temporary aversion of WWIIII.
Thanks for your perspective. I tend to exhibit bias toward traditional practices of government, which tend toward consistent and stable orders of operations. Your point about standard practices of the U.S. government having been coopted and corrupted in recent years is well taken. There also seems to be more factionalism among the governing powers that be (and that includes non-government organizations and individuals players) than ever. That could indeed lead to unorthodox channels of communication and unorthodox alliances and methods. This makes it all the more difficult to speculate on all the Machiavellian intrigue that might be occurring. Luongo is a master at this kind of speculation in the areas of economics and geopolitics. Mark W. is very very good, too. We are very lucky to have them and all of the other people they regularly work with and cite.
Yes, this is America's Suez 1956 moment. Still not convinced that Powell is who Tom thinks he is, and much less so that Yellen is working for Europe.
That reminds me of an old 1930s song in the UK: "I've danced with the man who danced with the girl who danced with the Prince of Wales". I don't know who these crooks are working for, but I know who they are working against: us
Thanks for that series of comments.
This is a major interpretation of what's happening. If correct, how do we the people deal with this financially, whether we are minimal potatoes, small, medium, or large? This will impact all of us for certain. Where are the opportunities to minimize the risk or even create gain? I'm minimal myself, but certainly don't want to get wiped out either.
You do what ants do when the elephants are fighting each other. Keep out of the way as best as you can. Build up your local networks, do a bit of prepping, stay close to God and enjoy your life.
Good points! But how do we "stay out of the way" when our resources are tied up in our homes and the banks and the market? They crash the economy, and woe to many!
I do stay close to God, and trust Him above all else. Thank you Yeshua, Christ Jesus! And I share His joy with all who will listen. I'm not a prepper, but it would be good to buy some survival goods. Our local networks are fellow believers. My skills are tech related, so if the net goes down, there go my main tradable skills, although I can repair small engines if gas remains available. Once we had a 250 gallon gas tank with a hose and nozzle, but we sold it 20 years ago - bummer on that!
I agree, Chuck, that it's easier said than done. Physically and materially, we can make certain arrangements. I think everyone should have a months worth of food in the cellar, a winter's worth of firewood, and reserves of any meds they need. Apart from that, all we can do is stay reasonably fit and, as you say, network with people of similar values. The only good thing about the Scamdemic was that it showed us who those people are. However, I think you hit the nail on the head when you talk about interior preparation. That's the key one. We can plan all we want but at the end of the day, we will be faced with life-and-death questions: are we on the side of good or evil? Are you willing to risk everything to stand up for your values? Spiritual prepping is the only way to ensure that we give the right answers when the times come. My inspiration has always been Alexandr Solzhenitsyn. They took everything physical away from him: his family, his books, his clothes, his possessions. Yet they never broke him spiritually. And he lived to see his incredibly powerful enemies ground into dust and swept into the dustbin of history.
Jim Rickards
@JamesGRickards
I've long said Yellen is a mediocre Neo-Keynesian who knows little about international economics. I'm comfortable with that view because she keeps proving my point. Wasting money in Ukraine is the "single best" way to help the global economy? Are you mad?
newsmax.com
Yellen Says Ukraine Aid Is the Best Boost for Global Economy
Redoubling support for war-stricken Ukraine is the "single best" way to aid the global economy, Treasury Secretary Janet Yellen said Sunday, along with boosting emerging economies and tackling debt...
3:52 PM · Jul 17, 2023
Mediocre I understand, but neo-Keynesian? What does that mean? The only thing you can pin on Keynes himself is that deficit spending might be necessary to jump-start an economy.
When prosperity returns debts must be paid back if you are to maintain any credit rating. That goes for governments as well. No sane economist ever professed you can create value out of nowhere, and that being more in debt makes you richer. Thanks for providing us with this essential reading, and the one thing that is abundantly clear is that the chickens are coming home to roost.
Mark, you are on record with your insight regarding Yellen. Several times.
Is this the "flood down" theory she holds to?
Yes, the flood down theory. It’s the theory that the elites get richer and we (the deplorables) drown in debt and despair.
Yeah, the opposite of the "trickle down" theory they dumped on so heavily.
Dimon works for the City of London our banks have been controlled by the City of London almost all of our History with a few short periods where the American system was used and during those times the US had a great economy. From what I read Powel is pushing to get rid of the private equity, and hedge funds as they need 0 % interest to survive and thrive. They have been the wild west show with no rules and need to be reined in to start to get capital into the productive economy. The US has been used as the City of London enforcer since WW11 just look at our State Department everything they do is for the City Of London (we had a few wars before and that jumped up after) as they keep trying to bring us back into the empire. My feeling is that all these discussions are nice but everyone is flaying around as no one has any idea how this will work out. We are in uncharted times
Not disputing you. Can you please point to a good source for the idea that City of London is controlling U.S. banking system? Thanks
Look at Matt Erhart Books The Unfinished Symphony, Anton Chaitken Treason in America, those are a few that come to mind quick.
That’s plenty for me to start, thanks again!
One of Luongo's big points is that Powell's fed has broken free of London by having done with LIBOR and setting up SOFR, which just went fully into effect. He has lots of stuff on that.
Recently he has had some guests on his podcast that were talking about the City Of London control of the western financial system, it was a week or so ago. Also Alex Krainer is talking about it too
Thanks for the work you do
This evil Oligarchy has been around for centuries maybe they have moved from the City of London to Wall Street but they are not going away unless they are destroyed
I agree. Dimon is not our friend--it's just that he's opposed to our worst enemies. Also, no, we don't now what the future will bring for us in the West. Ending the war is just the beginning.
Exactly!
The switch from LIBOR to SOFR began under Trump, right?
The City Of London and before that the Duch banking system, and before that the Venetian banking system has been controlling European, Asian, financial systems and in the last few centuries with some times when they lost control (see Hamilton, Lincoln and to some extent FDR) the US banking system. Russia, and China have broke free of their control and now the City wants them destroyed but they made a mistake along the way and shifted allot of manufacturing out of the western countries to Asia so they are now between a rock and a hard place, also they have built a huge dept bubble that they have no way of working their way out of except for a large war where they could reset everything millions would have to die but that is not a issue for them as they have been doing that for centuries. I am not privy to what is currently happening now but I suspect the City has not released their control as of yet. I pray every day that Trump can survive and get back in office and somehow destroy this evil forever.
Still allot of work ahead Con Inc is still pushing that if just some more money and resources are sent to the Ukraine they can win and we need war with China allot of people are believing that. One thing that I heard a few weeks ago was Robert Leithauser was doing a book tour and one of the local Con Inc radio guys was doing the interview and spouting on about Hayek and the free trade myth and Leithauser told him how wrong he was and his head exploded. So with people like that in another Trump administration their is hope
Thanks for this post and the McLeod post too. I've been dealing with something that has taken up a lot of time and I'm bone tired so I'll re read both again. I couldn't do justice with a commemt right now but just wanted to say thanks.
Absolutely right, Mark!!!
Even on vacation (South Padre Island) I’m waiting/reading your and Simplicius’s updates!
https://amgreatness.com/2023/07/17/report-china-and-russia-holding-joint-military-drills-in-sea-of-japan/
As is their right, btw.
https://www.zerohedge.com/markets/zoltan-poszar-global-financial-systems-monetary-divorce-dollar-hegemony
Sed contra?
https://www.zerohedge.com/geopolitical/yellen-china-has-failed-address-unfair-trade-practices-triggered-tariffs
The neocons' chutzpah is something to behold.
3D Chess
Mercouris: Chinese media barely covered Yellen's 4-day visit--a visit by the PM of the Solomon Islands would have gotten more coverage. That was to prevent market reaction screwing up what was in the works?
Or maybe because the PM of the Solomons knows more about economics.
What Luongo says about this is confusing. He mentions the DXY dropping on Yellen's arrival in China (the week before last). No evidence of that. Last week, DXY dropped 4%, that is true. Not sure it had much to do with Chinese purchases of bonds, though. Not just bonds, but stocks, gold, oil, everything was being bought last week. Could be relief rallies on the CPI numbers and hope of no rate hike in July? Could it be other central banks purchasing Treasuries? We don't know.
Tom sheds a lot of light on the various underlying currents, but I disagree with the overarching theory.
I agree that I find it frustrating that he continually spews technical lingo rather than using straightforward non-insider language. Same goes for DDB, although she can do so at times.