Skip to main content

Home/ History Readings/ Group items tagged denominations

Rss Feed Group items tagged

Filter: All | Bookmarks | Topics Simple Middle
Javier E

What Comes After the Search Warrant? - The Atlantic - 0 views

www.theatlantic.com/...671093

politics history crisis violence rule of law trump

shared by Javier E on 10 Aug 22 - No Cached
  • This sort of rhetoric cooled, for a time, after Trump’s victory. But then came Special Counsel Robert Mueller’s investigation into Russian election interference and possible collusion. And the subsequent arrests of some of the president’s closest confidants. Then came the first impeachment of Trump himself. By the time his reelection campaign got under way, Trump was fashioning himself a wartime president, portraying himself on the front lines of a pitched battle between decent, patriotic Americans and a “deep state” of government thugs who aim to enforce conformity and silence dissent.
  • Voter after voter told me there had been a plot to sabotage Trump’s presidency from the start, and now there was a secretive plot to stop him from winning a second term. Everyone in government—public-health officials, low-level bureaucrats, local election administrators—was in on it. The goal wasn’t to steal the election from Trump; it was to steal the election from them.
  • This kind of thinking explains why countless individuals would go on to donate their hard-earned money—more than $250 million in total—to an “Election Defense Fund” that didn’t exist. It explains why others swarmed vote-counting centers, intimidated poll workers, signed on to shoddy legal efforts, flocked to fringe voices advocating solutions such as martyrdom and secession from the union, threatened to kill elections officials, boarded buses to Washington, and ultimately stormed the United States Capitol.
  • ...9 more annotations...
  • What made January 6 so predictable—the willingness of Republican leaders to prey on the insecurities and outright paranoia of these voters—is what makes August 8 so dangerous.
  • “If they can do it to a former President, imagine what they can do to you,” read a tweet from Republicans on the House Judiciary Committee. They followed up: “The IRS is coming for you. The DOJ is coming for you. The FBI is coming for you. No one is safe from political punishment in Joe Biden’s America.”
  • It won’t stop with Trump—that much is certain. The House Republican leader, Kevin McCarthy, all but promised retaliation against the Justice Department should his party retake the majority this fall
  • We don’t know exactly what the FBI was looking for at Mar-a-Lago. We don’t know what was found. What we must acknowledge—even those of us who believe Trump has committed crimes, in some cases brazenly so, and deserves full prosecution under the law—is that bringing him to justice could have some awful consequences.
  • If Trump wins, he and his hard-line loyalists will set about purging the DOJ, the intelligence community, and other vital government departments of careerists deemed insufficiently loyal. There will be no political cost to him for doing so; a Trump victory will be read as a mandate to prosecute his opponents. Indeed, that seems to be exactly where we’re headed.
  • It feels lowest-common-denominator lazy, in such uncertain times, to default to speculation of 1860s-style secession and civil war. But it’s clearly on the minds of Americans. Last year, a poll from the University of Virginia showed that a majority of Trump voters (52 percent) and a strong minority of Biden voters (41 percent) strongly or somewhat agreed that America is so fractured, they would favor red and blue states seceding from the union to form their own countries.
  • Meanwhile, a poll from The Washington Post and the University of Maryland showed that one in three Americans believes violence against the government is justified, and a separate poll by NPR earlier this year showed that one in 10 Americans believes violence is justified “right now.”
  • Assuming that Trump runs in 2024, the stakes are even higher. If Biden—or another Democrat—defeats him, Republicans will have all the more reason to reject the results, given what they see as the Democrats’ politically motivated investigation of the likely Republican nominee.
  • Is that justice worth the associated risks? Yesterday, the nation’s top law-enforcement officers decided it was. We can only hope they were correct.
peterconnelly

U.S. Will Start Blocking Russia's Bond Payments to American Investors - The New York Times - 0 views

www.nytimes.com/...russian-debt-treasury.html

u s russia investors new york times

shared by peterconnelly on 01 Jun 22 - No Cached
  • The Biden administration will start blocking Russia from paying American bondholders, increasing the likelihood of the first default of Russia’s foreign debt in more than a century.
  • As a result, Russia will be unable to make billions of dollars of debt and interest payments on bonds held by foreign investors.
  • Biden administration officials had debated whether to extend what’s known as a general license, which has allowed Russia to pay interest on the debt it sold.
  • ...6 more annotations...
  • “If Russia is unable to find a legal way to make these payments, and they technically default on their debt, I don’t think that really represents a significant change in Russia’s situation,” Ms. Yellen said. “They’re already cut off from global capital markets, and that would continue.”
  • “We can only speculate what worries the Kremlin most about defaulting: the stain on Putin’s record of economic stewardship, reputational damage, the financial and legal dominoes a default sets in motion and so on,” said Tim Samples
  • Sanctions experts have estimated that Russia has about $20 billion worth of outstanding debt that is not held in rubles.
  • Russia owes about $71 million in interest payments for a dollar-denominated bond that will mature in 2026. The contract has a provision to be paid in euros, British pounds and Swiss francs.
  • Adam M. Smith, who served as a senior sanctions official in the Obama administration’s Treasury Department, said he expected that Russia would most likely default sometime in July and that a wave of lawsuits from Russia and its investors were likely to ensue.
  • “The interesting question to me is, What is the policy goal here?”
Javier E

How Russian Sanctions Work - The Atlantic - 0 views

www.theatlantic.com/...622940

sanctions russia central bank bankruptcy history crisis policy economics

shared by Javier E on 28 Feb 22 - No Cached
  • Central-bank sanctions are a weapon so devastating, in fact, that the only question is whether they might do more damage than Western governments might wish. They could potentially bankrupt the entire Russian banking system and push the ruble into worthlessness.
  • Very seldom does any actual paper money change hands
  • There’s only about $12 billion of cash dollars and euros inside Russia, according to Bernstam’s research. Against that, the Russian private sector has foreign-currency claims on Russian banks equal to $65 billion, Bernstam told me. Russia’s state-owned companies have accumulated even larger claims on Russia’s foreign reserves.
  • ...16 more annotations...
  • Russians don’t run on their banks, because they believe that in a real crunch, the Russian central bank would provide the needed cash. After all, the Russian central bank holds enormous quantities of reserves: $630 billion at the last tally
  • To finance its war on Ukraine, Russia might have hoped to draw down its foreign-currency reserves with Western central banks.
  • Not so fast, argues Bernstam. What does it mean that Russia “has” X or Y in foreign reserves? Where do these reserves exist? The dollars, euros, and pounds owned by the Russian central bank—Russia may own them, but Russia does not control them. Almost all those hundreds of billions of Russian-owned assets are controlled by foreign central banks.
  • We, the people of the Western world collectively owe the Russian state hundreds of billions of dollars. That’s not our problem. That’s Russia’s problem, an enormous one. Because one thing any debtor can do is … not pay when asked.
  • With $630 billion in reserves, there is no way Russia would ever run out of foreign currency. You’ve probably read that assertion many times in the past few days
  • if Russia’s foreign income slows at the same time as it is waging a hugely costly war against Ukraine, it will need its reserves badly. And suddenly, it will be as if the money disappeared. Every Russian person, individual, or state entity with any kind of obligation denominated in foreign currency would be shoved toward default.
  • All of this requires the cooperation of the Fed or ECB in the first place. The Fed or ECB could say: “Nope. Sorry. The Russian central bank’s money is frozen. No transfers of dollars or euros from the Russian central bank to commercial banks. No transfers from commercial banks to businesses or individuals. For all practical purposes, you’re broke.”
  • Of course, long before any of that happened, everybody involved in the transactions would have panicked.
  • The ruble would cease to be a convertible currency. It would revert to being the pseudo-currency of Soviet times: something used for record-keeping purposes inside Russia, but without the ability to buy goods or services on international markets. The Russian economy would close upon itself, collapsing into as much self-sufficiency as possible for a country that produces only basic commodities.
  • Russia imports almost everything its citizens eat, wear, and use. And in the modern digitized world, that money cannot be used without the agreement of somebody’s central bank. You could call it Bernstam’s law: “Do not fight with countries whose currencies you use as a reserve currency to maintain your own.”
  • There is one exception to the rule about reserves as notations: About $132 billion of Russia’s reserves takes the form of physical gold in vaults inside Russia
  • Only one customer is rich enough to take significant gold from a sanctioned nation like Russia: China.
  • that does not solve the real problem, which is not to buy specific items from specific places, but to sustain the ruble as a currency that commands confidence from Russia’s own people. China cannot do that for Russians. Only the Western central banks can.
  • Putin launched his war against Ukraine in part to assert Russia’s great-power status—a war to make Russia great again. Putin seemingly did not understand that violence is only one form of power, and not ultimately the most decisive
  • The power Putin is about to feel is the power of producers against gangsters, of governments that inspire trust against governments that rule by fear.
  • Russia depends on the dollar, the euro, the pound, and other currencies in ways that few around Putin could comprehend. The liberal democracies that created those trusted currencies are about to make Putin’s cronies feel what they never troubled to learn. Squeeze them.
Javier E

Russia's Strike Changes Not Just Ukraine but the World - WSJ - 0 views

www.wsj.com/...aine-but-the-world-11645711391

russia china ukraine world order world disruption history

shared by Javier E on 25 Feb 22 - No Cached
  • Russia’s military incursion deeper into Ukraine is one of those rare events that won’t merely affect the world. It will change the world.
  • By moving further into a sovereign state to bring it under his thumb, Russian President Vladimir Putin has shattered the security architecture that has prevailed in Europe since the end of the Cold War, and no one knows what will take its place.
  • fissures that have been lying just beneath the surface in American politics, separating internationalists and neo-isolationists, are becoming more visible, particularly in the Republican Party.
  • ...3 more annotations...
  • The ability of the U.S. to do what three consecutive presidents have pledged to do—clear away other international entanglements to focus on competition with China—has been undercut again. Military expenditures will likely increase in the West. Economic globalization will be set back.
  • American liquefied-natural-gas exports have begun to fill the gap left by declining Russian exports, suggesting the possibility of a new energy relationship with European allies.
  • China and Russia share a motivation to work together to build a kind of parallel international financial system apart from the dollar-denominated, American-dominated one that currently exists.
« First ‹ Previous 41 - 44 of 44
Showing 20▼ items per page