During the ruble crisis of 2014/15 Russia announced in the wake of U.S. and European sanctions over reunifying with Crimea that it would begin building a domestic electronic financial transfer system, an alternative to SWIFT. That system, System for Transfer of Financial Messages (SPFS), is not only now functioning in Russia, according to a report from … Continue reading For Russia Change Comes SWIFT
Turkey has declared independence from Washington D.C. The post-World War II international order is reaching the end of its shelf life. With every day that passes where President Erdogan is not removed from power or Turkish banks don't fail, is another day for Turkey to shake its fist at the U.S. for its fomenting a … Continue reading How to Invite a Crisis – Turkey Provokes Asian Realignment
Last fall I warned you Facebook has a fundamental problem. More and more people were realizing it and it would have an effect on the company's business going forward. Here's the jist of it: ...the biggest problem with Facebook is it’s all fake intimacy; a pale simulacra of real life interactions with people you are supposed … Continue reading Is the End of Facebook Nigh?
Mario Draghi finally admitted he is trapped. There is no exit from his negative interest rate policy that doesn't end in tears. Now that he has a political reason to be dovish, Trump's aggressive trade and tariff policy towards the EU, he did so this morning. The latest policy statement from the ECB is a … Continue reading Draghi Trapped, Euro Slapped, Gold and Silver Uncapped
The latest moves by leader of The League, Matteo Salvini, confirm for me that he is the real deal. By nominating another hard-ass Euroskeptic as Finance Minister, Giovanni Tria, Salvini proves he's not some feckless (the word of the day apparently) swamp-dweller. Rather, he's a smooth and dangerous political opponent for the powers-that-be in Brussels. … Continue reading Salvini is the Real Deal in Italy’s Fight With Brussels
The Trump administration continues to play hardball games with China on trade. The latest news has China angry over Trump going forward with 25% tariffs on an array of Chinese goods after having reached a deal earlier over phone-maker ZTE. As Bloomberg notes, the announcement by Trump, which seemed to tear up an agreement reached only 10 … Continue reading China Holds the Cards in Trump’s Trade War