In light of the fact that the conflict in Syria was intentionally caused by Washington, can the Russian government trust that Washington will abide by this agreement?
Russian President Vladimir Putin’s address following adoption of a joint statement by Russia and US on Syria.
Following this week's ongoing demise of the US manufacturing sector, tumbling to its weakest since October 2012, Markit US Services PMI collapsed into contraction at 49.8, massively below expectations of 53.5. This is the weakest level for the last pillar standing in the US recovery since the government shutdown in 2013, and as Markit even admits, "slumping business confidence and an increased downturn in order book backlogs suggest there’s worse to come."
While the prevailing dour (or perhaps sour) overnight mood was a continuation of the weak oil theme which started yesterday after Iran said the production freeze proposed by Saudi and Russia as "ridiculous", and Saudi oil minister Al-Naimi said that Saudi won't cut supply and that high-cost producers need to either "lower costs, borrow cash or liquidate” (ideally the latter), risk sentiment was further dented when BOJ Governor Kuroda says he won’t target FX rates or stocks, which is clearly nonsense, and further spooked Japanese asset prices (Nikkei -0.85), while s
If you listen to administration officials, the key to winning the war on ISIS is to cut off the group’s funding, some of which the government claims is tied up in stacks of U.S. dollars. At the same time, banking interests and policymakers claim possession of a $100 bill is practically evidence of criminality in and of itself. As these two efforts to stigmatize cash intersect, America faces a dramatic push to eliminate, or at the very least drastically curb, the existence of physical money.
Authored by Paul Craig Roberts,
In my archives there is a column or two that introduces the reader to John Perkins’ important book, Confessions of an Economic Hit Man.