Between the crazy stunt in Russia last weekend to the comments this week by central bankers, there’s been a lot to comment on.
Earlier in the week ECB President Christine Lagarde dropped all of our IQs by a few points by stating in public no less that Climate Change was the primary cause of inflation in the world. There are very few things I’ve heard in my life this unutterably moronic and this is one of them.
The is George Lucas level dialogue here folks.
Because of this and the existential threat
to Davos’ power of Climate Change we have to move quickly to provide infinite liquidity through a digital Euro which is now on Lagarde’s To-Do List by October.
She said this complete with the “Believe me” look that she wouldn’t use this digital euro to control all aspects of your spending, further building the infrastructure for a digital identity. Oh, only on this point does she disagree, apparently, with her boss Klaus “You Vil Eet Ze Bugz!” Schwab.
I discussed some of this and FOMC Chair Jerome Powell’s crusade to disempower people like Chrissy with Michelle Makori at Kitco News the other day. I promise I was on my best behavior.
I also spoke with my friend Mel K at the Mel K Show about the fundamental differences between what chrissy is proposing (a retail digital euro deposited directly into your account with the ECB) and FedNow, a back-end interbank payment layer developed by the Fed to modernize the US banking system to support the changes occurring in the US debt markets… among other things.
Lastly, as a follow up to my article on Prigozhin’s Rebellion, I note that NATO Chief Jens Stoltenberg reiterated the requirements for Ukraine’s admission into NATO which preclude that happening anytime soon.
Kiev continues to insist on joining NATO, despite several pronouncements by Western leaders suggesting that this will not happen. Now, NATO Secretary General Jens Stoltenberg has made it clear that the first requirement for thinking about admitting the country will be victory on the battlefield against the Russians. Considering the catastrophic military scenario of the Ukrainian troops, Stoltenberg ended up eliminating all remaining hopes of the neo-Nazi regime.
The declaration was made by the leader of the alliance on June 28 during a press conference when he was visiting Vilnius to attend the bilateral Lithuanian-German military exercise “Griffin Storm“. He asserted that a military victory against Russia is the necessary “precondition for any meaningful discussion about further membership.”
The UK, through Defense Secretary Ben Wallace, has been lobbying hard to lower that standard to allow Ukraine in. The goal would be to change the requirements which would immediately trigger an Article 5 intervention based on Ukraine being a member of NATO.
Too many people balked at this.
And it has been the Biden Administration which ultimately put the kibosh on Wallace’s candidacy to replace Stoltenberg as NATO General Secretary and change these rules.
This is as big a tell as you can get in today’s political landscape that the US military has told Biden that they will categorically NOT get officially involved in Ukraine at this moment in time. That may change by the end of the year.
But for right now, this is not happening, despite the intense pressure the UK put on NATO members to slip this through. For once, the British attempts to force the US to fight their wars for them has failed completely.
But, honestly, it’s been touch and go for a while now. Wallace replacing Stoltenberg would have been the worst possible outcome. While Biden personally needs Ukraine to stay hot for as long as possible to try and protect his own hide, it clearly isn’t enough to get the Pentagon to go along with committing ritualistic suicide for him and the grand dreams of Victoria Nuland and the rest of the Ukrainian diaspora that infect the State Department — Fiona Hill, Alex Vindman, etc.
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