>>post2627
Absolutely, a lot of truth to that. So many problems caused by people not experiencing the effect of their policies.

On a side note, I would recommend Jim Rickards book 'Currency wars' for a brief treatment of the keynesian effect (or the lack hereof) on the economy.

What so many Europeans and Americans have not been told is the open secret that Putin has a pHd in global economics, specifically when it comes to commodity and trade. His thesis was called "Strategic Planning of the Reproduction of the Mineral Resource Base of a Region under Conditions of the Formation of Market Relations." What is ironic and perhaps shocking even, as a former commie KGB member, Putin has very much embraced free market capitalism over the years.

https://www.forexlive.com/news/a-little-known-but-scary-fact-about-vladimir-putin-20220920/

All the so-called "elite" universities in America since the 1980s have been teaching students a bunch of bunk Keynesian economic theory which concludes any government intervention is good for the economy and that central banks can create and monetize endless amounts of debt. We all know now this creates, over time, massive price inflation. Government intervention has not been working the way it was intended either. So what we have is a bunch of older "economic experts" who were sold on garbage theories, and they believe these theories because most happen to be upper-middle class or born with silver spoons in their mouths, they live very sheltered from the real working populations, and as long as they can get by easily due to former better times (and wealth inheritance) they remain blinded that their failed economic theories have been gutting wealth from average citizens the last 40 years.

very informative

Yes! so many countries have sleepwalked their way into thinking a service based economy is feasible. But no, production is the foundation everything else is based.

Ah, commodities! Resources! Better yet, the USE of them! Capitalism! The reason why sanctions no longer work against growing industrial nations! As long as you have industry, mining, refining, manufacturing and production; using domestic resources and commodities; and some form of physical value to back your currency with (gold, silver, oil, etc) then your country becomes independant and resilient from those who seek fiscal intervention.

How Russia Survived 16,000 Sanctions (Genius Strategy)

https://www.youtube.com/watch?v=okYw7Mb3WK0

Long overdue. It's like allowing weeds to takeover your garden. At some point the growth of those weeds are exponential, they take over the whole garden and inhibit everything else from growing.

Yeah the US needs to debloat and simplify its bureaucracy real quick. Otherwize the citizens gonna get pinned under the weight. Luckily I'm starting to see some change in sentiment.

The United States needs to learn how to compete again but that isn't being allowed to happen under the current repressive political/ideological environments today. We have tons of untouched resources waiting to be utilized to boost our domestic economy as well international trade to compete and an insolvent bloated bureaucratic government not allowing it to happen. Now days we have to sit and wait for how other nations' actions will impact us and our economy instead of vice versa.

Oil treads water as markets weigh China optimism, Fed uncertainty

Oil prices moved little on Friday and were set to close flat after a volatile week, as markets weighed optimism over robust demand in top crude importer China against uncertainty over more U.S. interest rate hikes.

China optimism helps crude reverse recent losses 
Crude prices rallied on Thursday, recouping recent losses after data showed that refinery throughput in China rose 15.4% in May from the prior year, its second-highest level on record. 

A series of interest rate cuts this week also boosted hopes for a Chinese economic recovery, which some market players have forecast will push crude demand to record highs.

But the rate cuts also came amid a string of weak economic readings from China, with both industrial production and retail sales rising less than expected in May. 

Brent oil futures were flat at $75.54 a barrel, while West Texas Intermediate crude futures rose 0.2% to $70.52 a barrel by 21:13 ET (01:13 GMT). Both contracts were set to end the week between 0.4% and 1% higher.

Focus is now on a potential cut in China’s benchmark loan prime rate next week, which could unlock more monetary stimulus in the country as it struggles with a post-COVID recovery. 

Fed uncertainty, weak economic data make for volatile week 
Oil prices saw wild swings this week as optimism over China was largely countered by fears of rising interest rates in major economies and worsening global economic conditions.

The Federal Reserve had earlier this week kept interest rates steady, but signaled that it could raise rates at least two more times this year. This was followed by an interest rate hike by the European Central Bank, with the ECB also positing a hawkish outlook on future rate hikes.

Rising interest rates are expected to stymie economic activity this year, which markets fear could greatly dent crude demand. 

These fears were compounded by weak economic readings from several major oil consumers this week. But signs of slowing growth also saw markets question just how much economic headroom global central banks had to keep raising interest rates.

Still, the outlook for oil remains uncertain as global economic conditions worsen. With demand remaining relatively weak, analysts expect oil supply to outpace demand this year, despite recent production cuts by the Organization of Petroleum Exporting Countries.

Gold wobbles as traders juggle hawkish Fed, weaker dollar.

(Reuters) - Gold prices were choppy on Friday as investors juggled a hawkish Federal Reserve outlook on interest rates, which offset support from the dollar’s overall retreat this week.
https://www.reuters.com/article/global-precious/gold-wobbles-as-traders-juggle-hawkish-fed-weaker-dollar-idUSKBN2Y204Q

Russia's Putin: OPEC+ oil output cuts are non-political. 

OSCOW, June 16 (Reuters) - Russian President Vladimir Putin said on Friday that decisions made by the OPEC+ group to cut oil production were "depoliticised" and were not related to what Moscow calls its "special military operation" in Ukraine.

After Russia's started what it calls a special military operation in Ukraine in February last year, Western nations have accused OPEC of manipulating oil prices and undermining the global economy through high energy costs. The West has also accused OPEC of siding with Russia.

"I have to tell you that all the decisions made within the framework of OPEC+ to reduce production are, above all, of a depoliticised nature," Putin said in comments to the St Petersburg International Economic Forum.

"This is neither related to Russia's special military operations, nor to some other considerations," said Putin, adding that the current oil pricing environment was suitable for Russia.

OPEC+ has in place cuts of 3.66 million barrels per day (bpd), amounting to 3.6% of global demand, including 2 million bpd agreed last year and voluntary cuts of 1.66 million bpd agreed in April.

Putin also said that Russia provides different discounts to its oil in various markets. The United States said Kremlin's changes to the way it taxes oil sales were forced by Western sanctions on Russia over Ukraine and will hit its oil production capacity over time.

He said that traditional Russian sales markets are being replaced by other markets as Moscow is shifting away its oil and gas trade away from Europe.

"We don't see a catastrophe there," Putin said.