The unknowns

The Bank of Montreal is making $1 billion profit per month. The Canadian economy is growing at a fat 6.7% rate. Covid restrictions are falling like autumn leaves. Real estate is still out of control. And war = inflation.

So Mr. Market says our central bank will still raise its key rate Wednesday morning at 10 am. Then four or five times more in 2022. The Fed does the same in a few days. Unless, of course, Putin goes completely squirrely.

We have no idea what will happen inside Ukraine. That scary convoy nears Kyiv. The locals are resisting valiantly but the invaders have the big guns and big troops. “It now looks like he’s going to try and bomb Ukraine into submission,” says analyst Ed Pennock. “He’s making the same mistake Hitler made. The world is being brought together vs a common enemy. Pretty plucky one too. Ukraine has asked for immediate membership in the EU. For Putin, this is taking much longer and getting messier than expected.”

Adds my portfolio manager buddy Ryan: “It looks like Putin is going to double down on this attack and make a major push into Kyiv. Ukrainian forces have had some initial success in repelling Russian advances and with the military setbacks and now their economy plunging, Putin needs to go all-in to try to topple the Ukrainian government and ‘win’ this war.”

All valid points. The next few days may be heartbreaking. We just don’t know.

But what we can surmise is what comes next for Russia. It is quite likely headed for economic collapse. Nobody thought the entire western world would unite behind sanctions – countries and companies alike – or that the impact would be so immediate. The ruble is decimated. The Russian central bank is hobbled. Russian trade has been crippled by the loss of SWIFT. The stock market is afraid to open. ATMs are running dry. Commercial banks are not opening. The housing market is collapsing. People can’t use major credit cards or book a flight west.

Sheesh, just read what the French finance minister (Bruno Le Maire) had to say:

“We will bring about the collapse of the Russian economy. The economic and financial balance of power is totally in favour of the EU which is discovering its own economic power. We are waging total economic and financial war on Russia.”

Personal portfolios based on Russian equities have shed 50%, or $260 billion. Bonds were down 50% yesterday. Inflation is already awful and about to become epic as the currency is sold off and trashed. Russia is the 11th largest economy in the world, and could end up in recession, or depression if the Putin escapade continues. Recovery could be long. Decades. Can the leader stay leader when there are bread riots?

Meanwhile we face an inflation push here, too. Oil was trading at almost $105 a barrel on Tuesday. The price has doubled in a few months. House prices are higher by 40% year/year in many cities. Used cars are ridiculous. Golden retrievers are still selling for at least $600 a paw. And now with economic growth nearing 7% and more job openings than unemployed, the CB is not expected to let a war ruin its plan. In fact, war is inflationary. Billions to destroy stuff. Billions more to rebuild it.

What should you do?

Best, nothing. Buying gold is a bad idea despite its recent little bump. Won’t be long before Russia has to dump bullion. Oil may have peaked, as strategic reserves are unleashed. Stocks are wonky as traders take risk off the table until smoke clears. Cash is a bad idea. Inflation’s eating it, and we all know there’ll be big daily gains in financial markets as soon as this confusion ends.

Probably best to sit in a balanced and diversified and global ETF-based portfolio, since this mitigates risk in a number of ways, yet remains fully liquid. We’re still in a post-pandemic world with 50% of the globe yet to be vaccinated and many years of expansion ahead. Inflation, rising prices, strong consumer spending, higher rates – those are all still in the cards. They are the knowns. What’s goin’ down in Kyiv and the Kremlin are the unknowns. Fear them. But don’t be ruled by that fear. Do not let it lead you into dark corners.

Pity those folks. Both countries. Have empathy.

After all, there, but for the grace of God, go us all.

About the picture: “This is Elley — spelled that way on purpose!” says I.S. in Niagara. Years ago I started reading your blog (2008), never comment! It’s been fun! Agree with you most of the time. Now pretty much retired (64), no work pension. Watching the going’s on and trying to understand and hold on to my $’s. I… don’t know why, probably just the way I was brought up? No kids, not by choice. Don’t know who/where to leave the “fortune?”. Thinking… “the last cheque l write has to bounce!” Regardless, as it turns out over the years the stuff doesn’t seem as important to me anymore,  just love the dogs! I’ve had a few. They teach me. Make me smile! Elley went up against 5 coyotes yesterday on the property, had to scold/defend/save her… I don’t think she understood? She’s just “happy I’m still here!”

Have a beast to share with the pack? Send me a picture and some words, to [email protected] – Garth

181 comments ↓

#1 Yukon Elvis on 03.01.22 at 4:20 pm

The Kyiv [email protected]·28m⚡️
World’s biggest container lines – Maersk, CMA, and MSC – suspend shipping to and from Russia.

The suspension will cover all Russian gateway ports. The suspension excludes food, medicines, and other humanitarian supplies.

#2 Brian on 03.01.22 at 4:20 pm

This is from FEMA (US government website). What to do in case of a nuclear explosion! I almost split a gut over this one!

STAY INSIDE
Stay inside for 24 hours unless local authorities provide other instructions. Continue to practice social distancing by wearing a mask and by keeping a distance of at least six feet between yourself and people who not part of your household.

https://www.ready.gov/nuclear-explosion

#3 TraderX on 03.01.22 at 4:25 pm

With all of this in mind, I don’t understand why you think people shouldn’t have 2 to 3% of their portfolio in BITCOIN. Garth, you say this…. but I have yet to see a blog with clear rational why people shouldn’t have some long exposure.

Ukraine people (and Russian) are literally able to live, flee and buy using BITCOIN when basically nothing else is available. Over 4 million dollars of Bitcoin has been sent into Ukraine in a matter of a few days, and arrives within 10 mins. Truly digital gold for those poor suffering people.

If you need help with the article… call me

#4 RichardTO on 03.01.22 at 4:27 pm

Oh boy, comparisons to Hitler…

The Russian invasion of Ukraine, when seen from the perspective of Russia and its leadership, was the result of a lengthy encroachment by NATO on the legitimate national security interests of the Russian state and people. The West, however, has interpreted the military incursion as little more than the irrational action of an angry, isolated dictator desperately seeking relevance in a world slipping out of his control.

The disconnect between these two narratives could prove fatal to the world. By downplaying the threat Russia perceives, both from an expanding NATO and the provision of lethal military assistance to Ukraine while Russia is engaged in military operations it deems critical to its national security, the U.S. and NATO run the risk of failing to comprehend the deadly seriousness of Putin’s instructions to his military leaders regarding the elevation of the level of readiness on the part of Russia’s strategic nuclear forces.

We NEED a more nuanced view.

#5 AM in MN on 03.01.22 at 4:28 pm

The folks today protest war, death and invasion. The Truck People? They wanna order Big Macs without a mask. And for that they laid siege to a city for a
month and closed down international trade. – Garth

—————————————————-

Garth, you should have added that you were in a Walmart recently and could smell the Trump voters…

The cultural divide in most western countries is growing, and you’re not helping. The urban elites thumbing their noses at the working class and small business people who have been so hurt by the unnecessary mandates and shutdowns, along with their children, is a big part of it.

There are those who profit from CB money printing, and those who pay the price. The first are asset owners and the people involved in servicing them, along with Govt. workers and those in big protected industries who profit from the asset price rises. Also included are those who are immune to or profit from Govt. regulations and mandates, and then those who are hurt by them.

People can accept necessary regulations, but when they are based on junk science or just a power play by technocrats who seek to rule over us, people object. The truckers protest grew so large because it was the only game in town to voice frustration with such Govt. caused pain.

T2 could have addressed the people’s concerns and the occupation would have ended, or scaled back to a manageable size, but he chose brute force instead, and none of the bitter feelings that caused the protest have abated. In fact they get amplified by the sneering from the “winners” (see above) over the losers.

Add to this what will be a growing East/West divide in Canada due to the Ukraine war. The prices for all forms of hydrocarbon energy, grains, livestock and other agricultural crops is rising, and the Eastern elites will be looking for relief from the people they’ve worked so hard to hurt and smear over the last 6 years. They still import Russian oil, and virtue signal that they’re better than those dirty Albertans who produce some of the most environmentally clean oil in the world!

If you don’t want to be part of the problem Garth, I suggest taking a trip out west sometime, maybe even visit a Walmart!

Have you crossed the border in the last 2 years? Perhaps chat with some business people and families that needed to and still need to while you’re at it.

While I’m ranting….. to those who think nothing of the massive surveillance state that has been imposed on people through their smartphones and financial data, spend a couple of minutes thinking about a world in which those in power think YOU are the one with unacceptable views, and their security state has a vast database of knowledge about everything you do, everything you own, and how easy it would then be to pressure you into compliance with their plans. Welcome to modern day sefdom.

#6 Søren Angst on 03.01.22 at 4:32 pm

“The Canadian economy is growing at a fat 6.7% rate.”

Oh My Liege, Mea Culpa. I know I read that number on…drum roll

BNN
https://www.bnnbloomberg.ca/canada-s-economy-grows-6-7-annualized-despite-lockdowns-1.1730528

StatCan:

“Real GDP posted a strong 4.6% growth in 2021, after the COVID-19 pandemic-induced decline (-5.2%) in 2020”
https://www150.statcan.gc.ca/n1/daily-quotidien/220301/dq220301a-eng.htm?HPA=1

No annualizing necessary, StatCan actually calculates it for you.

Imagine that.

The number quoted is he annualized Q4, not 2021. It indicates where we are going not just where we have been. – Garth

#7 Matthew on 03.01.22 at 4:33 pm

There are Canadians sitting in jail right now as political prisoners for helping to organize a trucker convoy, have been denied bail 3 times, and won’t see a judge again until March 7th.

Dissident voices are not tolerated, you can no longer fly a Canadian flag on your car, in fear of your windows being smashed by people who hoarded toilet paper.

This country is a post national state, where patriotism is bigotry, spiralling downwards under a communist regime.

But tell me again how you’re worried for Ukraine, while your own government stomps it’s proverbial boot on your face.

There are no political prisoners here, but a couple of truckers who broke the law and were given every opportunity to escape arrest after being granted three weeks to protest unobstructed. You have no point. – Garth

#8 Ballingsford on 03.01.22 at 4:35 pm

Would like to see NATO go in and strafe that 40 mile long Russian convoy.

#9 Faron on 03.01.22 at 4:36 pm

#179 jess on 03.01.22 at 4:14 pm

faron:
Geoff Dembicki is an investigative climate journalist based in New York City. He is author of The Petroleum Papers and Are We Screwed?

https://www.desmog.com/user/geoff-dembicki/

Thanks Jess. I’m one of the co-authors of the BC atmospheric river paper that Geoff mentions.

Anyhow, yuck.

Also, I’ve got to go. This place is toxic for me. Thanks to Garth for wading through all of my comments. I can’t guarantee that I’ll not wade in if there is vitriol directed toward me in the next days. But, I’m going to try to leave this place behind.

You are most welcome.

#10 Ponzius Pilatus on 03.01.22 at 4:40 pm

#171 Faron on 03.01.22 at 2:50 pm
#163 Sail Away on 03.01.22 at 1:58 pm

Lowering a branch to someone sinking in quicksand doesn’t absolve one’s former actions. Wake me up when Elon rescinds his goal to build TSLA factories in Russia. Not before.

Also, how the heck do you think the thousands and thousands of videos of Russian over aggression have been getting out of Ukraine? Starlink? Nope.

This is purely a PR stunt for him that he can use to get useful idiots like yourself, CEF, YE and whomever else thinks this man’s “generosity” in contributing one ten-millionth of his personal wealth to this issue to buy call options on TSLA. That’s it. That’s his precise calculus. True generosity would be doing more and promoting less.

Oh, and a true moral leader doesn’t use anti-semetic tropes to attack a prominent western leader who was acting lawfully.
—————
Excellent rebuttal.
I’m not following Musk very closely.
I view him as an opportunist, who will sell his soul to sell another Tesla.
Influencial, certainly, but my heroes are those who advance humanity not robots.
Thought:
If Musk “donates” SpaceX technology to Ukraine, would it not fall into the hands of Putin, not if but when he wins the “war”?
There’s a lot of very advanced equipment now being shipped to Ukraine.
An easy way for the Russians to gain access to advanced Western technology.

#11 Canadian Patriot on 03.01.22 at 4:40 pm

@#4 RichardTO on 03.01.22 at 4:27 pm
Oh boy, comparisons to Hitler…

The Russian invasion of Ukraine, when seen from the perspective of Russia and its leadership, was the result of a lengthy encroachment by NATO on the legitimate national security interests of the Russian state and people. The West, however, has interpreted the military incursion as little more than the irrational action of an angry, isolated dictator desperately seeking relevance in a world slipping out of his control.

The disconnect between these two narratives could prove fatal to the world. By downplaying the threat Russia perceives, both from an expanding NATO and the provision of lethal military assistance to Ukraine while Russia is engaged in military operations it deems critical to its national security, the U.S. and NATO run the risk of failing to comprehend the deadly seriousness of Putin’s instructions to his military leaders regarding the elevation of the level of readiness on the part of Russia’s strategic nuclear forces.

We NEED a more nuanced view.

LOL

#12 Ian on 03.01.22 at 4:40 pm

AM in MN
Best to stick to the facts. According to the Canada Energy Regulator, Canada does not currently import any crude oil from Russia, and has not since 2019.

#13 earthboundmisfit on 03.01.22 at 4:40 pm

Putin is already completely squirrley and feral. This only ends peacefully if someone very close to him “takes one” for team world and puts a bullet in his head.

#14 Binder Dundat on 03.01.22 at 4:41 pm

Nord Stream AG, the Swiss-based company that owns the $11-billion natural gas pipeline linking Russia directly to Germany, is insolvent and let all 106 of its employees go, an official in Switzerland said Tuesday. “We were informed today that the company cannot continue,” Silvia Thalmann-Gut, a councilor responsible for the economy in Zug, Switzerland, told the Swiss broadcaster SFR. “It has filed for bankruptcy.”

#15 NorthOf49 on 03.01.22 at 4:42 pm

Today’s post just a little dramatic Garth, don’t you think. Let’s not forget, Russia is not the big bad USSR anymore. There’s no clash of ideologies between the West and Russia. At the end of day capitalists will want markets opened, full stop. Global markets for oil, natural gas, wheat, metals are all impacted and no economy will be able to withstand inflation shocks from cutting Russia off as either a consumer or supplier. My prediction is the West stands by as Putin takes Kyiv, gets concessions on independence for LPR & DPR and no NATO membership, and then everybody goes back home so capitalists can go back to what they do best…make riches off the backs of workers. Oh and as far as oil has peaked, don’t count it if Putin turns off the taps on Russian crude and NG.

#16 Søren Angst on 03.01.22 at 4:47 pm

French Finance Minister captures the sentiment here in Europa completely.

Only outlet for Russians has been Crypto…well sort of.

In Russia a Bitcoin is going for:

USD $60K
(43,932.80USD Mar 1, 21:35 UTC)
https://twitter.com/sole24ore/status/1498739160592621572

Banks with any Russian dealings getting slammed in Europa, Italia as an example *:

Intesa Sanpaolo SpA -7.72% TODAY
https://www.reuters.com/article/us-russia-italy-intesa-sp-idUSKCN18E1QE [2014 article]

UniCredit SpA -6.95% TODAY
https://www.reuters.com/business/finance/unicredit-says-russian-units-very-liquid-self-funded-2022-02-24/

Cdn Banks are RESILIENT. High to low price loss past MONTH:

Royal Bank -5.27%
Bank of Montreal -0.47%

——————–

Told you all many times, Italia may be corrupt but she is in your face with honesty about her corruptness.

Try Googling:

Do Canadian banks have loans to Russia?

[replace Canadian with Italian just for fun]

#17 XEQT and chill on 03.01.22 at 4:47 pm

The only thing you can do is continue to live your life, and continue investing. Putin concedes, stocks will rally, maybe things will get better in eastern Europe and Russia. And if he drops a nuke, MAD ensures that all our cash will be useless anyway.

#18 Dave on 03.01.22 at 4:48 pm

Inflation is completely out of control. People are crying that they are in their mid 40s and cant buy a house. Houses being sold for over $300,000 above asking.
Oil, food, clothes, cars are increasing in costs every day.

So why does BoC do a .5 bump and start trying to control this???

#19 DON on 03.01.22 at 4:49 pm

11 Canadian Patriot on 03.01.22 at 4:40 pm
@#4 RichardTO on 03.01.22 at 4:27 pm
Oh boy, comparisons to Hitler…

The Russian invasion of Ukraine, when seen from the perspective of Russia and its leadership, was the result of a lengthy encroachment by NATO on the legitimate national security interests of the Russian state and people. The West, however, has interpreted the military incursion as little more than the irrational action of an angry, isolated dictator desperately seeking relevance in a world slipping out of his control.

The disconnect between these two narratives could prove fatal to the world. By downplaying the threat Russia perceives, both from an expanding NATO and the provision of lethal military assistance to Ukraine while Russia is engaged in military operations it deems critical to its national security, the U.S. and NATO run the risk of failing to comprehend the deadly seriousness of Putin’s instructions to his military leaders regarding the elevation of the level of readiness on the part of Russia’s strategic nuclear forces.

We NEED a more nuanced view.

LOL

*****
Why is this funny?

#20 Brian on 03.01.22 at 4:51 pm

One can almost feel sorry for central bankers. Almost.
Powell up tomorrow in front of Congress. Watch his testimony closely for clues in regards to the March 10th Fed meeting in context of skyrocketing uncertainty while commodities keep spiking higher.
In short: Rate Mess.

https://vimeo.com/683504578/1fe323a0a3?utm_campaign=TheNorthCast&utm_medium=email&utm_source=Revue%20newsletter

#21 Søren Angst on 03.01.22 at 4:52 pm

The number quoted is he annualized Q4, not 2021. It indicates where we are going not just where we have been. – Garth *

Why on Gods Green Earth annualize Q4 (you know, which was a part of 2021) when the number for the entire year has been calculated?

I knew that would make blood boil. Sorry My Liege, I could not resist.

PS:

Thanks for being timely in posting today’s Blog and give me my fix of normalcy for the day.

* PS:

About the “been”, it was 0% (Dec. 2021 over Nov. 2021 GDP growth):
https://www150.statcan.gc.ca/n1/daily-quotidien/220301/dq220301b-eng.htm?HPA=1

#22 Alberta Nomad on 03.01.22 at 4:52 pm

Decimate: Form of punishment, to remove 1/10 of something

https://en.m.wikipedia.org/wiki/Decimation_(punishment)

The Ruble is not being decimated, it is being massacred.

‐—–

I have two theories of why the world is coalescing against Russia

One: We are still trying to exit two years of Pandemic which rallied the entire planet’s resources and created intense international cooperation. We have pandemic fatigue and are all responding to Putin “WTF, seriously you want to start WWIII now‽”

Two: The Soviet Union and the Russian Federation have long maintained a policy of salami tactics. Small slices, push jussst to the tipping point and then pull back. For whatever reason (my theory is COVID brain…) Putin decided to jump in buck naked with both feet while whirling his helicopter in the face of the western world.

…and the world has replied in unison “**** YOU”

#23 TurnerNation on 03.01.22 at 4:53 pm

“We will bring about the collapse of the Russian economy”

Geeze. Sounds like another leg of this global Reset.
For the past two years every hairbrained theory of the Internet Consp. Theorists’, has come true.
All leaders are on board??

I’m still predicting a severe consumer-led recession 2022-2024.

In the good news XRE.TO is holding strong

#24 Ponzius Pilatus on 03.01.22 at 4:54 pm

Wow,
Beemo is hauling in 1billion a month.
We got a fair amount of shares in Canadian banks, thanks to Garth’s advise.
I’m gonna roll in divies.
To celebrate I’m gonna get myself some expensive Russian Vodka and Caviar.
Oops.
Not kosher, anymore.
So Jägermeister and Bratwurst has to do.
As an expat, I have to contribute to the 100 billions Euros that Germany needs to cough up to bring their army up to WWII levels.
History lessons are wasted on most politicians.

#25 DON on 03.01.22 at 4:55 pm

#8 Ballingsford on 03.01.22 at 4:35 pm
Would like to see NATO go in and strafe that 40 mile long Russian convoy.

******
How about you join up to fight? They are accepting!

Stupid will start WW3.

#26 Søren Angst on 03.01.22 at 4:56 pm

BTW, The Kid is back.

Still tracking Elon Musk’s plane.

He is branching out:

Russian Oligarch Jets
@RUOligarchJets

Sample (and yes, he calculates their carbon footprint):
https://twitter.com/RUOligarchJets/status/1497739735753658371
https://twitter.com/RUOligarchJets/status/1498749764879491076

——————–

Best Twitter meme today I saw on Putin:
https://twitter.com/christogrozev/status/1498604377287839745

#27 Linda on 03.01.22 at 4:56 pm

Love ‘Elley’s’ expression:)

Will be interesting to see what the BoC does two weeks from now. The fallout from the conflict isn’t going to help the regular folks living in both countries. Meanwhile, the price jump in oil, even if it is ‘temporary’ will surely have a flow through effect on inflation here. Goods don’t show up at the front door without fuel being expended to get them there. And when rebuilding occurs in the Ukraine the demand for goods will keep the price pressures going just fine. Plus presumably Russia will need to fill the shelves locally. I’ve read nothing scares Russian politicians as much as the prospect of a hungry populace, as said populace tends to have a tendency to revolt.

#28 kommykim on 03.01.22 at 4:57 pm

RE:#5 AM in MN on 03.01.22 at 4:28 pm
The cultural divide in most western countries is growing, and you’re not helping. The urban elites thumbing their noses at the working class and small business people who have been so hurt by the unnecessary mandates and shutdowns, along with their children, is a big part of it.

=======================================

The problem is people who behave like idiots, announce their idiocy loudly, but then later complain that they get no respect.
No one, but the idiots themselves, have “divided” their group from the rest of us.

#29 Brian on 03.01.22 at 4:58 pm

The Prime Minister will be giving a free, exhaustive lesson on economics tomorrow from 9:00 – 9:05 AM.

#30 Blobby on 03.01.22 at 4:58 pm

@#4 RichardTO on 03.01.22 at 4:27 pm

Me thinks you watch too much Fox news.

#31 Warren-the-lagging_indicator on 03.01.22 at 4:59 pm

“It is a critical time because we fight for this New World, we fight for this New World Order. We are protecting not only Ukraine but all the other countries.” –Kira Rudik, Member of Parliament Ukraine.

#32 Fluorine on 03.01.22 at 5:00 pm

TraderX:

Nobody in Ukraine is using bitcoin for anything.
Nobody is living, fleeing, or buying anything as you say with bitcoin.
There is no IT infrastructure left, and no power in lots of places to access bitcoin, even if they wanted to.
Bitcoin is an expensive, terribly slow, inefficient hassle at the BEST of times, let alone in a disaster or emergency.
Nobody who has anything of value, like food, a ride, shelter takes bitcoin, and never will. It’s a ponzi scheme, and the $4m in ‘donations’ are completely worthless, as there is no sucker on the other side to inject that currency into the bottom of the pyramid.

Line goes up!

https://www.youtube.com/watch?v=YQ_xWvX1n9g

—–

Holy crap… AM in MN, Matthew…

You guys need to take a deep breath and go for a walk outside. That’s bananas.

Convoy was flavour of the month, last month. This month is Ukraine!

~Flu

#33 Just remember on 03.01.22 at 5:00 pm

When the power grid goes out, there will be no Internet, ATMs, Credit Cards, Gas, Lights, Crypto, ETFs, etc. The good news is that the government will appear and they will be there to help. Prepare accordingly.

#34 zxcvbnm on 03.01.22 at 5:03 pm

@ #4 RichardTO on 03.01.22 at 4:27 pm

I refuse to believe that TPTB see this as “little more than the irrational action of an angry, isolated dictator.” That’s the line for the sheep to gobble up. It’s an extremely complex situation that got the world here. Pushing this propaganda that Putin is an irrational actor is somehow in line with their strategy.

Russia hasn’t even engaged its airforce yet. I have no clue, why. Restraint? Maybe. I really don’t know. But there’s such a disconnect from what we’re seeing on the news from what’s probably actually happening (or not happening) that it’s not even worth following the news. You’ll serve only to misinform yourself.

Maybe the US toppling Ukraine’s democratically elected president back in 2014 during that totally organic grass roots revolution they had. Does that have anything to do with this? I dunno. Maybe.

#35 Dwilly on 03.01.22 at 5:04 pm

It’s not insane to hold some gold. Yes, it is an unproductive asset. Yes, it is speculative in nature. You should not sell everything you have and buy gold, or even a large portion. But gold is like insurance. You hold a small amount of it, maybe 5%, such that the downside is minimal, but it offers some nice cushioning at times like this.

#36 Søren Angst on 03.01.22 at 5:05 pm

China changing its stance about Russia.

They offered to mediate today.

Their press is now showing evil weapons used by Putin BUT they have to STOP using Google Translate:

“Russia has been accused of using ‘vacuum bombs’ in Ukraine. What are those?’
https://twitter.com/SCMPNews/status/1498762831851933704

Well China, they’re called thermobaric in English.
https://twitter.com/BBCWorld/status/1498754223479083008

Gutsy Canada Beijing embassy:
https://twitter.com/CanadaChina/status/1498607820366704640

——————–

You have been AMAZING Canada in your support of the Ukraine and EU efforts to bring Russia to the peace negotiating table.

Living in the EU, I will say this to you Canada…

MILLE GRAZIE

Never stop being you Canada.

#37 Oracle of Ottawa on 03.01.22 at 5:07 pm

This is an interesting point of what becomes of Bitcoin. Is a country like Russia about to pursue an underground economy for goods and services using Bitcoin as the ruble sinks in value. And does the world now follow suit as China has done and condone the use of Bitcoin and slowly shut sites down to hurt Russia’s economy further. Stay tuned.

#38 Ambi and Vasu on 03.01.22 at 5:09 pm

Extracts from today’s GDP report https://www150.statcan.gc.ca/n1/daily-quotidien/220301/dq220301a-eng.htm :

Real gross domestic product (GDP) grew 1.6%

Growth in real GDP was driven by business investment in engineering structures (+3.5%) and home ownership transfer costs (+14.3%), which include commissions and land transfer taxes associated with home resale, and by an accumulation of inventories

Household mortgage debt was up 10.3% in 2021, an unprecedented increase of $182.4 billion.

Does this mean that our GDP growth is on the back of “printed money” doled out to mortgage lending and not on the back of “real wealth creation” ???????

If yes; that is quite concerning

#39 Brett in Calgary on 03.01.22 at 5:10 pm

I wonder how strong the economy will be, once interest rates start rising. We have BOFO economic growth now, but we should have, given money is free and the growth essentially inflation.

I tend to believe Nuttall that oil is in a structural bull market for a handful of years. Eventually this will end up being a bad thing for the global economy. Enjoying the gold bump, but I only have a bit.

#40 Reality Check on 03.01.22 at 5:10 pm

Low Chance of Rate Hike

I think it unlikely that Bank of ‘Canada will raise its rate tomorrow. They will cite uncertainty and potential for economic weakness due to the the Russia invasion. BoC will be scared stiff of doing anything to rates at a time that may precede economic weakness – they won’t want to “wear” the rhetoric of the BOC “causing” damage to the economy.

Tiff is between a rock and hard place on rates. On the one hand we have inflation levels at or exceeding the inflation crisis of the 1970s/80s. And the Russian invasion will put inflationary pressure on commodities which will further increase overall inflation. It is an obvious time to raise rates and cool the economy to reign in inflation. But every time the BOC considers raising rates some economic mini-crisis or in today’s case a major crisis arises and creates uncertainty for the economy. The Canadian economy has been on “emergency” rate life-support for the last 12 years – if Canada’s economy is truly that weak, the risk of raising rates in such uncertain times is high. Nobody wants to be the guy that starts raising rates just before the economy slows (which of course is why rates are raised in the first place).

BUT inflation is a problem and will become more of a problem with the commodity inflation caused by the invasion. The risk is that, without raising rates, inflation has a chance to get imbedded in the economy – that is, a 7-10% annual inflation becomes standard – that’s the 1970s/80s experience. The result being that to tamp down inflation to reasonable levels would require massive increases in rates, that will cripple not only Canadian housing but have major implications for the economy.

#41 Nonplused on 03.01.22 at 5:10 pm

Bruno Le Maire is a twit. The real world trumps the hypothetical world when push comes to shove. Russia can do without money, but Europe cannot do without energy and food.

#42 Ponzius Pilatus on 03.01.22 at 5:12 pm

The ” known unknowns” of Rumsy.
Classic.
Describes the situation in Ukraine perfectly.
BTW, have they found the ” Weapons of Mass Destruction” yet.

#43 Habitt on 03.01.22 at 5:15 pm

#9 Faron thanks for your contributions. Don’t always agree but that’s fine. You’ll be missed. Hope you reconsider. Stay well

#44 Nonplused on 03.01.22 at 5:17 pm

#8 Ballingsford on 03.01.22 at 4:35 pm
Would like to see NATO go in and strafe that 40 mile long Russian convoy.

——————————–

Are you crazy? Russia and NATO are not currently at war unless you count sanctions and suppling weapons to the enemy. But a NATO attack on Russia would change that completely, and it would be “no holds barred” from then on in. Since Russia is significantly outgunned and outmanned by NATO, nuclear war is almost a certainty, with every possibility no one will survive.

#45 G on 03.01.22 at 5:18 pm

Some might be interested, it’s not war or C19.

Imagine, how this kind of tech will change things and what else it might be able to do going forward. An interesting time to be alive for sure. I hope it all work out ok for the people/human race.
https://spectrum.ieee.org/stretch-is-boston-dynamics-take-on-a-practical-mobile-manipulator-for-warehouses

#46 Glory to Ukraine on 03.01.22 at 5:18 pm

4. richardTO

Oh boy, comparisons to Hitler…

The Russian invasion of Ukraine, when seen from the perspective of Russia and its leadership, was the result of a lengthy encroachment by NATO on the legitimate national security interests of the Russian state and people. The West, however, has interpreted the military incursion as little more than the irrational action of an angry, isolated dictator desperately seeking relevance in a world slipping out of his control.

The disconnect between these two narratives could prove fatal to the world. By downplaying the threat Russia perceives, both from an expanding NATO and the provision of lethal military assistance to Ukraine while Russia is engaged in military operations it deems critical to its national security, the U.S. and NATO run the risk of failing to comprehend the deadly seriousness of Putin’s instructions to his military leaders regarding the elevation of the level of readiness on the part of Russia’s strategic nuclear forces.

We NEED a more nuanced view.

————————————————————————————————

Umm, how’s this for nuance, Brainiac? Ukraine is a fully sovereign nation. Russia doesn’t have a valid ‘nuanced’ point of view. It has entered into an illegal, unjustified invasion, in which it has committed war crimes and crimes against humanity. Not liking that Ukraine is sovereign and therefore able to navigate its own path on the international stage does not meet any standard for provocation.

So, Comrade . . . Which Russian troll farm do you work for?

#47 espressobob on 03.01.22 at 5:19 pm

Humility and patience is the stuff of good investing skills. Ego and emotion prove to be otherwise.

Wait for it.

#48 Søren Angst on 03.01.22 at 5:23 pm

One last humor salvo Garth.

“Putin Receives Nobel Prize In Medicine For Ending COVID Pandemic”
https://twitter.com/TheBabylonBee/status/1498783886960214017

———————–

#32 Nonplused

We didn’t know. Have to drop a line now and let von der Leyen and Mario Draghi know your concerns and studied conclusion.

Quick Europa, roll back the sanctions.

FYI:

We have plenty of food here in Europa. As for the fuels,

I WOULD RATHER FREEZE HERE IN ITALIA

than give satisfaction to the War Criminal Putin.

#49 Earlybird on 03.01.22 at 5:24 pm

Wow….a billion a month….and no interest paid on savings…seems fair! ; )

#50 T-Man on 03.01.22 at 5:26 pm

May God continue to bless you, Garth, and all commentators on your precious blog. You are a true humanitarian and have helped so many people over the years. You sir, are a blessing to Canada. Over and out.
p.s. – I’d like retract my Romney comments, as long as he never runs for Prez again. ;)

#51 Uncle Thomas on 03.01.22 at 5:27 pm

At first we were told that we need to be terrified that the earth would burn to a crisp in ten years because of global warming (er I mean climate change). So I installed solar panels on the roof and stopped using plastic straws.
Then we were told that all the evil in the world was caused by Trump. So I denounced Trump as “literally Hitler”.
Then we were told that a pandemic started in a wet market in China called Covid-19 would kill us all. So I followed to the letter every mandate from our medical “experts” although sometimes contradictory and confusing.
Now we are told we should hate Putin and the Russians. So I take part in a “two minute hate” of Putin and demand we send in the troops to defend some country in eastern Europe I know nothing about.
So what will our elites think of next to stir the masses I wonder? Sometimes I get the feeling we are being played like puppets on a string. When will it all end?

#52 TurnerNation on 03.01.22 at 5:29 pm

On the Permanent Rolling Economic Shutdowns…they are just itching to aren’t they. Almost back to normal guys. Life in a global tax prison camp. Latrine duty.

.Wastewater surveillance data suggests that there are “early signs of a resurgence” of COVID-19 viral load across Ontario, says a member of the province’s COVID-19 science advisory table (msn.ca)



There is no more ‘news’ only the manufacturing of consent. Plant the seed. Listen to what our untouchable elite rulers are telling us.

https://www.youtube.com/watch?v=-jOtA1RFBKE
Canadians should be ready for COVID-19 measures to be reinstated in cases rise, Tam says.
Global News.
Canada’s chief public health officer Dr. Theresa Tam warned Friday that even if public health measures like masking are remove, Canadians should be ready for these measures to be reinstated if COVID-19 case counts rise or a new variant is identified.

#53 Sail Away on 03.01.22 at 5:30 pm

#44 Nonplused on 03.01.22 at 5:17 pm
#8 Ballingsford on 03.01.22 at 4:35 pm

Would like to see NATO go in and strafe that 40 mile long Russian convoy.

——–

Are you crazy? Russia and NATO are not currently at war unless you count sanctions and suppling weapons to the enemy. But a NATO attack on Russia would change that completely, and it would be “no holds barred” from then on in. Since Russia is significantly outgunned and outmanned by NATO, nuclear war is almost a certainty, with every possibility no one will survive.

——–

Emotional idealists will get you killed every time.

#54 Willem on 03.01.22 at 5:31 pm

There are multiple sides to this conflict; let’s not get to slanted to one side or the other! Time for more than one cooler, critical thinking head in the heat of this moment to avoid the heat of a thermal nuclear event! Please !!

#55 DON on 03.01.22 at 5:35 pm

Everyone is looking at this with a financial outlook. This Russian/Ukraine/NATO issue has been around since the end of WW2. Country destroying weapons on the borders of weary countries is a continued step in the wrong direction. I would never back a wounded bear into a corner and poke it in the eyes.

Yes, Putin bad, no excuses! What’s gonna happen…who knows. But watch China, Brazil, India and Iran. For China…no better time to move…it is not an invasion in their minds.

We need cooler, competent heads to get out of this FUBAR. Nukes have been used before by the good guys.

#56 JOHN PICKETT on 03.01.22 at 5:42 pm

We will soon be 1 week into the Russian invasion of the Ukraine. There has been surprisingly few civilian casualties so far so the Russian commanders are showing restraint. That might soon change with Zelensky proposing to arm civilians. If a sniper is in a house then that house will soon be blown or bombed up. That is when the civilian casualty rate will increase. The USA perfected this technique in Vietnam and Iraq. And, with more sophisticated armaments soon to arrive for the UKES, Putin will need his Air Force to intercept truck convoys. There was a lot of chortling that the Moscow stock exchange is suffering massive losses yesterday. Today it was the NYSE’s turn. A lot of wealth in the West just disappeared. Maybe this will be a vast turning point in the USA like 1989 was for the Nikkei when it collapsed from 39,000 never to return to that level in the ensuing years. As for the economic boycott of Russia I believe that they will soon discover COD: Cash On Deliver. No cash=no delivery. Something for the EU to ponder with natural gas and oil imports. It appears the world is in dire straits and there is no Merkel to sort things out. Even The Donald would not get bogged down in another war. Looks like Joe is trying to corner the market for LNG to the benefit of the USA. Then the EU will be in dire straits.

#57 Sail Away on 03.01.22 at 5:43 pm

My wife had a bucket of cash so she bought SPY this morning.

Her previous purchase was XEG on October 15, immediately following Garth’s post. Currently +32%.

Her purchase prior to that was NTR on June 17. Currently +46%.

Flop’s wife is probably happy with XEG as well…

#58 Faron on 03.01.22 at 5:44 pm

#43 Habitt on 03.01.22 at 5:15 pm

#9 Faron thanks for your contributions. Don’t always agree but that’s fine. You’ll be missed. Hope you reconsider. Stay well

Thank you. Cheers. The intellectual engagement of rebutting tropes will always be a draw. But, the payoff is far less than the cost that manifests in viewing negatively a select group while so many more in society do excellent things and my time would be better spent engaging with them.

Garth provides a free service and that will suffice for me.

#59 Terror on 03.01.22 at 5:44 pm

What is the difference between Russian invasion of Ukraine vs NATO invasion of Iraq and Libya. All invasions are wrong. All human lives are valuable irrespective of religion or race.

#60 PutinOnTheRitz on 03.01.22 at 5:45 pm

Ukraine has never really been a functionin democracy. Western intelligence was intimately involved in the Maidan color revolution.

Now we’re supposed to pretend otherwise?? Now we’re supposed to say Keeiv and not Kiev?? Quite sad for Russian and Ukrainian people and for truth itself.

The fact is we have continued encircling Russia even when it is a fallen shadow of the USSR. George Kennan himself wanted against this.

#61 Hans on 03.01.22 at 5:46 pm

Interesting that when the world punishes the citizens of a country for their leadership’s actions, everyone is in agreement. Not that I support Russia’s actions in any way, I just think it’s interesting that everyone is on board with bankrupting Russian companies and individuals as retribution for a decision made by Putin and Russian leadership.

#62 NOSTRADAMUS on 03.01.22 at 5:47 pm

LOOKS LIKE A GOOD DAY TO START A WAR.
Once again, Garth and I have hit a fork in the road. I suspect that shortly, Garth will be furiously back pedaling on a number of his recent predictions. As stated in a previous post, the Russians have been preparing for years for this happening. Logic would indicate that they didn’t just wake up one morning and say, ” looks like a good day to start a war.: Please don’t be so naïve as to believe all the propaganda coming from the bought and paid for media shills. Sarcastically speaking,” It’s far, far better, and much safer to have a firm anchor on nonsense than to put out on a troubled sea of thought.” Sleep tight my little beauties.

#63 Michael in-north-york on 03.01.22 at 5:54 pm

#128 RichardTO on 03.01.22 at 8:26 am
The people of East Ukraine were shelled for 8 YEARS while the language (Russian) of half of Ukraine was criminalized and there is an ugly, significant neo-Nazi element presence within all ranks of the armed forces and Ukrainian state security apparatus (SBU), not to mention they literally have skinhead and neo-Nazi militias integrated into their police and armed forces. There’s plenty of material written about this by non-Russian sources.
===

Those are all patent lies. Nationalist parties exist in Ukraine, but they gather about 2% of the popular vote and do not call the shots.

Ukrainian President Zelensky is of Jewish origin, and his background is well known in the country. Somehow, the “neo-nazi” elected him to the position of President in 2019, giving him the absolute majority of the popular vote.

Russian language never was, and never will be criminalized in Ukraine. Half of the Ukrainian Army speaks Russian. They are defending their country against the neo-Nazi psychopath in Kremlin.

Yesterday, Putin found a nonconventional way to support Russian language in Ukraine. His troops committed a war crime against the predominantly Russian-speaking city of Kharkiv, shelling the residential districts.

https://www.cnn.com/2022/02/28/europe/ukraine-russia-invasion-monday-intl-hnk/index.html

Nine people killed, 37 wounded. Most of them are either Russians or Russian-speaking Ukrainians.

#64 Peter on 03.01.22 at 5:56 pm

Global media is united against poutine just like they were against that bug that just suddenly disappeared because Doug Ford did a 360 and said so.

It’s amazing how coordinated they are but in the same breath all agree how shocked they are at how Unprepared the world was.

All the “tells” are so obvious. They think you are that stupid.

10 year treasury rate is already collapsing.

Watch poutine announce he’s only accepting gold in payment for natural gas.

This is only just starting.

#65 Doug t on 03.01.22 at 5:56 pm

#51 uncle Thomas

Spot on

All the world’s a stage, and all the men and women merely puppets

#66 Squire on 03.01.22 at 5:56 pm

Ukraine is the bread basket of Europe and a buffer between Russia and western Europe. Ukrainians have suffered tremendously in the past 100 years and sadly more suffering to come.
Let us all hope this ends asap and peacefully.

#67 don't poke the bear on 03.01.22 at 5:57 pm

From Jim Bianco:

The Atlanta Fed GDPNow tracker has Q1 GDP at 0%
https://atlantafed.org/cqer/research/gdpnow

The Cleveland Fed Inflation tracker projects Feb YoY CPI at 7.8% and Mar at 7.6%.
https://clevelandfed.org/our-research/indicators-and-data/inflation-nowcasting.aspx

So, what do you call this kind of econ environment?

Hint, starts with “stag” and end with “flation”

#68 45north on 03.01.22 at 6:00 pm

RichardTO

The Russian invasion of Ukraine, when seen from the perspective of Russia and its leadership, was the result of a lengthy encroachment by NATO on the legitimate national security interests of the Russian state and people. The West, however, has interpreted the military incursion as little more than the irrational action of an angry, isolated dictator desperately seeking relevance in a world slipping out of his control.

“as seen from the perspective of Russia and its leadership”

that’s the tell. Russian leadership is separate form the Russian people. Threatening nuclear war is in the interests of the Russian people? Armed invasion of Ukraine is in the interests of the Russian people? I don’t think so.

#69 jess on 03.01.22 at 6:00 pm

the unknowns …ask the lawyers lol
,,,”The U.S. Office of Foreign Assets Control, which manages economic and trade sanctions, allows lawyers to provide legal services to sanctioned Russian entities.”

https://www.icij.org/investigations/pandora-papers/baker-mckenzie-global-law-firm-offshore-tax-dodging/

#70 Ponzius Pilatus on 03.01.22 at 6:01 pm

As a self declared lefty, I have searched deep into my value system, and I have concluded that JT’s and Chrystias decision to allocate  100 million dollars to Ukraine is not a wise decision.
Chrystias birth-place should not be a factor.
I’m watching NDP’s Jenny Kwong ranting that we should bring out 80 year olds  out and many others without a visa, because it’s what Canadian’s are obligated to do.
No way.
I’ve no clue, how many refugee camps and refugees there are currently around the world.
But my guess is, they are in the millions.
Their fate, sadly, is they are not “breaking news” worthy.

#71 Michael in-north-york on 03.01.22 at 6:03 pm

#4 RichardTO on 03.01.22 at 4:27 pm

Oh boy, comparisons to Hitler…

The Russian invasion of Ukraine, when seen from the perspective of Russia and its leadership, was the result of a lengthy encroachment by NATO on the legitimate national security interests of the Russian state and people.
===

This is another piece of misinformation. Before 2014, Ukraine was a classic neutral country, whose neutrality was guaranteed by its own Constitution. There wasn’t a single NATO military base on their territory, while the Russians had a naval base in Crimea. Furthermore, many senior officials in the Ukraine’s Ministry of Defence were dual Ukraine / Russia citizens. Such a country could not pose any threat to Russia’s security.

First, Putin invaded in 2014. Then, they started gradually shift from the neutrality to NATO alignment. Not one way around.

#72 Reality Check on 03.01.22 at 6:07 pm

AM in MN
The truckers protest grew so large….
———————

I get a laugh out of the “junk” narrative that the antivax “trucker” protest was large.

Let be generous and say that there were 4,000 protesters in Ottawa (I am talking real antivax believers, not college students wanting to drink beer on parliament hill). Add 1,000 for Ambassador and another 1,000 for Manitoba/Alberta borders – thats 6,000 antivax truckers. Add another 10,000 of the antivaxxers that have been protesting every weekend for the last year anyway. Total 16,000. Let’s be generous and say 20,000.

Population of Canada = 38 million

Antivaxxers truckers and hanger ons 20,000 or……

0.05% of the population – that’s 5 100th percent!

Vanishingly small. More people believe Elvis is still alive.

What the antivax trucker protest excelled in as in surprising politicians and law enforcement – and in doing so get established in locations and dig in. They did not excel at gaining a lot of support for their antivax messages.

The bigger question is how so many Canadians can be seduced by the fake antivax science of vitamin salesmans, nutbar politicians and social conservative conspiracy theorists.

Because of the antivax propaganda, hundred or perhaps thousands of unvaxxed Canadians will needlessly die.

#73 Doug t on 03.01.22 at 6:08 pm

#23 turnernation

Yeah things do seem to be unfolding in a rather curious fashion last several years- keep up the good comments

#74 Apocalypse NOW on 03.01.22 at 6:09 pm

Faron, you are wise to retreat from here.

Everyone, plan day by day on the assumption that you will lose all internet connectivity and electricity each day you are lucky to awaken.

Global catastrophe looms. China and Iran have yet to be heard from, but they will.

PREPARE

#75 jess on 03.01.22 at 6:11 pm

russians do not need nukes ….surround the cities and hold the citizens hostage / starve em out until they surrender

Brutal

#76 PhilW on 03.01.22 at 6:12 pm

Cash is trash, except when others have none. There will be lots of forced selling by those who leaned into their margin accounts – you know who you are.

Selling season is just starting as Canadian and US taxes are coming due. Margin calls will start coming in soon as well. Fear will rule and the bargain hunters loaded up with cash can start naming their own prices for assets that are going on sale now. Be patient, good days are coming for the bargain hunters.

#77 weasellaughter on 03.01.22 at 6:17 pm

Should any of us be thinking about what will happen to the arms and the nukes if/when the Russian state fails?

#78 Linda on 03.01.22 at 6:17 pm

#36 ‘Soren’ – I looked up vacuum bombs as I had no idea what they were. My mental image of an exploding vacuum cleaner was obviously too much like a cartoon to be believable.

BoC rate announcement tomorrow – will they do nothing yet again? Inflation numbers for February 2022 to be released March 16. Can’t see it dropping from last month but given how they spin doctor the results I could be incorrect.

#79 Mattl on 03.01.22 at 6:28 pm

So Mr. Market says our central bank will still raise its key rate Wednesday morning at 10 am. Then four or five times more in 2022. The Fed does the same in a few days. Unless, of course, Putin goes completely squirrely.

——————————————————–

Putin offers zero reason to hold off on a rate increase, if anything this was is inflationary. So if they do not increase on Wednesday it is a pretty big tell, that they have no intention of normalizing rates and will use any excuse to keep rates artificially low.

But I suspect they raise. 5 this year, highly doubt it, there will be some event that will allow them to keep rates low.

#80 Reality is stark on 03.01.22 at 6:30 pm

Imagine the irony.
Trying to set up puppet regimes in Belarus, Ukraine etc. and ultimately it is Russia that ends up a puppet regime of the CCP.
China will run the place for cheap.
Raw materials at bargain prices.
More indentured servitude to a different master. Not necessarily a great development for the west. Once the Chinese own it the Germans can expect to pay more for their natural gas.
The Russians are simply stupid, always have been.

#81 jess on 03.01.22 at 6:31 pm

Income
Median Mean GDP Per Capita (PPP) 2022 Population 145,805,947
Russia $5,504 $7,275 $29,181

ukraine
$4,434 $5,010 $13,341 population 43,192,122

https://worldpopulationreview.com/country-rankings/median-income-by-country

#82 Mattl on 03.01.22 at 6:35 pm

I have a hard time believing Putin wasn’t aware that the EU would push back. Wonder who the Russian people will blame when there are bread lines, naïve to assume it will be Putin.

#83 Olena on 03.01.22 at 6:37 pm

My family came to Canada from Ukraine 20 years ago. It will be partisan war if Putin enter Kiev or any other Ukrainian city. Ukrainians don’t give up. Glory to Ukraine!

#84 willworkforpickles on 03.01.22 at 6:39 pm

Indeed, the economy grew at an annual rate of 6.7 per cent in the fourth quarter, much faster than the BoC was expecting.
Aside from what actually drove this increase for the most part that will now spur the banks on to raise rates…and in regard to some of the talk about – they just might lower them again soon after , isn’t at all too far fetched, but inaccurate on their account as to their reasoning why.
At any rate , very few of them have the right understanding of what could bring a quick retraction of rates about.
They’re thinking is that raising rates will cause a recession.
Its just very remote and not likely with only a few quarter point increases. (they would actually be right if governments never messed with actual inflation to GDP numbers to begin with – but that can’t be helped now).
What they don’t see is actual projected GDP to come. That 6.7 – 4th qtr. GDP figure looking back looks good on paper, but is entirely deceiving.
What happened that drove that up was after distributors from A to Z came to realize later on in 2021 that inflation wasn’t transitory, the rush was on to stockpile goods becoming increasingly more expensive due to lagging production rates then and long term, so as to sell later without paying increasing inflation costs.
This in itself drove 4th quarter GDP figures way up.
Those lofty percentages will not repeat in quarters 1 and 2 in 2022.
Lower GDP figures to come that could trip up rate increases, unbeknownst to the crowd calling for rates to be retracted soon after they’re raised because they think they may become recessionary, is what they don’t actually see or are aware of.
Nonetheless, rates won’t be coming down regardless of lower projected GDP looking ahead or after it arrives…
Not with spiralling inflation that is going to present itself later in 2022 as the growing nightmare it really is.

#85 Blobby on 03.01.22 at 6:49 pm

@#82 Mattl on 03.01.22 at 6:35 pm:

Putin has massively successfully been in control of the wests thinking for a long time.

He “encouraged” people to vote for spanky
He “encouraged” people to vote for brexit
He likely even “encouraged” the recent Canadian karen convoy – and had them protesting about masks of all things!

He thought he could alter the Westerns Public perception of this, so that they protested for Russia. And why wouldnt they? They’ve been so easily manipulated before.

Look at the post by #4 (For example).

#86 IHCTD9 on 03.01.22 at 6:50 pm

Nobody thought the entire western world would unite behind sanctions – countries and companies alike – or that the impact would be so immediate.
———

This one does not surprise me. I’ve posted before that I’m picking up what the theoretical physicists are laying down wrt moving towards a Type 1 Civilization. Globalization of politics, peoplekind, technology, ideas, language, culture, and eventually society at large. The Internet provided the means, now ideas and morals are shared globally. Turns out they’re not all that different. The East is slowly becoming the West. Technology advances are multi-national efforts. Good and bad, right and wrong, are being defined as we speak on a planetary scale. The West would not be able to do much from the sidelines if we weren’t all already so intertwined with each other. Putin will learn the hard way what he’s actually up against. Conventional warfare no longer provides “total victory”. Not by a long shot. It’s all good if we can just keep the lunatics away from all the red buttons that will end our journey.

#87 Sail Away on 03.01.22 at 6:57 pm

#77 weasellaughter on 03.01.22 at 6:17 pm

Should any of us be thinking about what will happen to the arms and the nukes if/when the Russian state fails?

——–

Well, that’s easy: they will all be emancipated to zoom hither and yon to the major population centres of their choice. One big self-cleansing flash-boom.

If you have unfinished life business, you’d best get to it; time’s a-wasting.

#88 Rook on 03.01.22 at 6:59 pm

Turns out ol Vlad Putin, the man western governments and western media made out to be Bond Villain levels of evil, and Manhattan Project levels of competent, is nothing more than a paper tiger.

His vaunted military might has been stopped by civilians with AKs.

Remind me, again, why we’ve been so afraid of him for so long? Either someone was wrong, or someone was lying to us about him.

#89 wallflower on 03.01.22 at 7:00 pm

#5 AM in MN on 03.01.22 at 4:28 pm
#7 Matthew on 03.01.22 at 4:33 pm

Please share the URL to your daily blog where you
-inform and educate us
-provide humorous content to bolster your points
-all for free

#90 pPrasseur on 03.01.22 at 7:02 pm

Putin needs to go all-in to try to topple the Ukrainian government and ‘win’ this war.”

Then what? War is extremely expensive and they’d still have a country in insurrection, a very expensive proposition to try to manages that, specially with an economy that’s quickly going back to the stone age!

Drag it long enough the Russians will have no resources left to keep this going.

#91 AM in MN on 03.01.22 at 7:08 pm

#72 Reality Check on 03.01.22 at 6:07 pm

———————————————————–

When is the last time you (or anyone else) was able to organize a political protest with 20,000 people in -20C weather?

History won’t be kind to the technocrats who denied natural immunity was real, and that closing schools and masking children and stopping their activities was necessary? That is just junk science, and everyone knew it was just virtue signaling.

The border restrictions, especially on the US land border in your own car, made no sense and caused a lot of pain.

How can you logically reason that shutting the border made any difference when 330M people could travel freely all over the country on the other side of it?

There is no scientific evidence that will show a benefit was gained that in any way was worth the cost.

Again, there is no cost when living off govt. money (taxed, printed or borrowed) or protection, so it’s easy to virtue signal and sneer at those who did have to pay a price, but that isn’t a good way to bring social cohesion.

If you think there was broad support for these measures, imagine what it would be like if people could have moved freely to an area without any of them? Look at the movement from NY to Florida, from lockdown to free, never the other way around. Canadians just didn’t have any option.

#92 pPrasseur on 03.01.22 at 7:09 pm

#82 Mattl I have a hard time believing Putin wasn’t aware that the EU would push back.

Why not? He got away with everything before, that’s part of the problem actually. That and the West Climate stupidity!

As for the Russians I wouldn’t put past them to rebel, after all it’s not like they haven’t done it before.

#93 IHCTD9 on 03.01.22 at 7:13 pm

#72 Reality Check on 03.01.22 at 6:07 pm
AM in MN
The truckers protest grew so large….
———————

I get a laugh out of the “junk” narrative that the antivax “trucker” protest was large.
———

The last pro choice protest in Canada was back in 2019 in St. John’s Nfld. where 100 people showed up.

Now, I understand that 100 folks showing up for a protest in no way indicates the broader support for same one way or another.

How about you homie?

#94 crowdedelevatorfartz on 03.01.22 at 7:17 pm

If anyone wants to know what Russia plans to do in Ukraine in the ensuing, weeks, months, years….

Look no further than Chechnya…

https://en.wikipedia.org/wiki/Battle_of_Grozny_(1994%E2%80%9395)

#95 KLNR on 03.01.22 at 7:22 pm

@#74 Apocalypse NOW on 03.01.22 at 6:09 pm
Faron, you are wise to retreat from here.

Everyone, plan day by day on the assumption that you will lose all internet connectivity and electricity each day you are lucky to awaken.

Global catastrophe looms. China and Iran have yet to be heard from, but they will.

PREPARE

hahaha apocalypse 2018 has finally returned.
you’re such an opportunist.

#96 bellend on 03.01.22 at 7:25 pm

“next few days may be heartbreaking”
it’s the months and years that are killing me

#97 Cici on 03.01.22 at 7:28 pm

“It looks like Putin is going to double down on this attack and make a major push into Kyiv.”

Of course he is, he’ll stop at nothing. And if we think he’ll stop at Ukraine, we’re bloody fools. We should really be doing more to help Ukraine. Our own survival might even depend on it.

#98 Barb on 03.01.22 at 7:28 pm

Oh man, Elley was accosted by 5 coyotes and walked away? Thank goodness, but oh, what a risk. Coyotes are wild and often desperate.
Not unlike Putin.

My heart goes out to the everyday people/families of Ukraine. And the soldiers taking their dogs with them to war. And Russia’s people.

Bet Putin’s having a lovely fine dinner, as usual. How about his own people in Russia? What are Ukrainians going to eat and where will they hide from this monster’s ego?

The despot needs to be stopped.
Hopefully soon, and by his own people.

#99 IHCTD9 on 03.01.22 at 7:29 pm

#70 Ponzius Pilatus on 03.01.22 at 6:01 pm
As a self declared lefty, I have searched deep into my value system, and I have concluded that JT’s and Chrystias decision to allocate 100 million dollars to Ukraine is not a wise decision.
Chrystias birth-place should not be a factor.
I’m watching NDP’s Jenny Kwong ranting that we should bring out 80 year olds out and many others without a visa, because it’s what Canadian’s are obligated to do.
No way.
I’ve no clue, how many refugee camps and refugees there are currently around the world.
But my guess is, they are in the millions.
Their fate, sadly, is they are not “breaking news” worthy.
——

Ah, enlightened one! Welcome to the knuckle dragger continuum of Canada Ponzie. Warning, we think Trudeau is a dork, and we like truckers. Sorry, it comes with the territory. A little give and take, and you’ll fit right in. It’s more fun on our side P, we’ve got cases of Stiegl on ice at all times, just bend the knee and swear allegiance to the colours, and you’ll be a Made Man.

#100 Mike on 03.01.22 at 7:34 pm

RE: #46 Glory to Ukraine

I’m not that guy, nor do I work on a troll farm, but as a Polish-Canadian I can say that Ukrainians and Russians are cut from the same cloth.

We haven’t forgotten about the ethnic cleansing and genocide that the Ukrainian Nazi-collaborating Bandera UPA bandits perpetrated against Polish communities in the 1940s.

Now they’re lining up on the Polish border, demanding refuge. I say the Russians can you have you back. You were made for each other.

#101 IHCTD9 on 03.01.22 at 7:42 pm

#61 Hans on 03.01.22 at 5:46 pm
Interesting that when the world punishes the citizens of a country for their leadership’s actions, everyone is in agreement. Not that I support Russia’s actions in any way, I just think it’s interesting that everyone is on board with bankrupting Russian companies and individuals as retribution for a decision made by Putin and Russian leadership
——-

That’s kinda the nature of the beast bro. Like how kids who aren’t even born yet will suffer because of what Trudeau has done to Canada. “The sins of the Father are visited upon the children.” Bad leadership affects the Citizenry, and generations thereof. We are going to learn that right here in Canada over the next couple decades. Totally historical, ubiquitously normal.

#102 the Jaguar on 03.01.22 at 7:42 pm

#46 NOSTRADAMUS on 02.28.22 at 5:39 pm
‘Sleep tight my beauties.’
and
#62 NOSTRADAMUS on 03.01.22 at 5:47 pm
‘Sleep tight my little beauties.’
You added ‘little’. No detail escapes the gaze of the Jaguar.

Calgary back to 70% normal today as I threaded my way through the downtown core to check on the Dilithium Crystals and other relevant matters. Only days left before it’s time to board. Few see what is actually on the drawing board of consequences.

Real estate really climbing here as all those speculators from other planets mine other opportunities. Quick Kenney….hit them with a speculator tax. Make my day.

“Say, its only a paper moon
Sailing over a cardboard sea
But it wouldn’t be make-believe
If you believed in me
Yes, it’s only a canvas sky
Hanging over a muslin tree
But it wouldn’t be make-believe
If you believed in me
Without your love
It’s a honky-tonk parade
Without your love
It’s a melody played in a penny arcade
It’s a Barnum and Bailey world
Just as phony as it can be
But it wouldn’t be make-believe
If you believed in me”…………..

Shout out to DonG. It was a blast.

#103 Jake on 03.01.22 at 7:43 pm

Don’t forget another increase in the Trudeau, Morneau, Freeland Liberal carbon taxes. This will be the 4th increase starts on April-1-2022 again. April Fool’s, pay more taxes Canadians.

#104 Boomer on 03.01.22 at 7:52 pm

DELETED

#105 Boomer on 03.01.22 at 7:54 pm

No rate hike this week from the FED. Not a chance.

The Fed doesn’t address rates until March 16th. – Garth

#106 Boomer on 03.01.22 at 7:57 pm

#72 Reality Check

Your numbers are way off. I am embarrassed for you.

#107 IHCTD9 on 03.01.22 at 8:04 pm

#9 Faron on 03.01.22 at 4:36 pm

Also, I’ve got to go. This place is toxic for me. Thanks to Garth for wading through all of my comments. I can’t guarantee that I’ll not wade in if there is vitriol directed toward me in the next days. But, I’m going to try to leave this place behind.

———

Make sure to set that appointment. Tip: if you actually want to leave this place behind, the secret to success is not coming here ever again. Not even once. No cheating, no excuses. Big honking balls like off the hitch of an F350. Resisting temptation is ultimate power. Do you possess such strength of character and iron clad resolve? Most don’t.

Good luck bro, I’ll be here to exacerbate your failure should it come to pass.

#108 fishman on 03.01.22 at 8:06 pm

My buddy & I were looking for some flooded fields to run his Labs out in the blueberry fields in the Fraser Valley. We came across 5 Arabs. Four out in the field & one on the road smoking a cigarette. We both got dreamy. Russian cigarettes ; Russian vodka ; Russian women! So my buddy had a joint in his pocket & offered him the joint for some cigarettes. The guy smiled, put it in his pocket.
He was Afghani, the other 4 younger guys were Syrian. This is his story: He went to school & learned Russian during Russian rule in Afghanistan. Then he spent 15 years in Kazakhstan working in oil. Then got a job at an oil refinery in Syria. Worked there for a few years till the war broke out.Kept working as the war progressed till one morning he came to work & all the Syrian Government people were gone. But the new guys offered him more money & foreman job so he stayed on. I had to ask. Weren’t you bombed ,or something. No, this was the deal. 1/3 of the fuel went to the Syrian government,1/3 to the rebels & 1/3 to the Kurds. The Turks were also guaranteed a piece of the action somehow. Near the end, as ISIS collapsed, a chance came for them to make a run to a refugee camp in Turkey. Then Canada. That refinery, though much degraded is still pumping out the fuel last I checked.
One more non-kinetic arrow in Nato’s quiver. Block the banks that transfer Euros to Russia to pay for fuel. Fuel for Europeans to haul armaments to kill Russians. Euros for the Russians to pay for stuff to kill Europeans. It doesn’t seem to matter whether your European or Slav or Turk or Arab. It takes fuel to keep the meat grinder grinding.

#109 Boomer on 03.01.22 at 8:06 pm

The Bank of Montreal is making $1 billion profit per month.

That’s 12 billion a year sucked out of the economy from families tying to feed themselves and survive. Obscene profits at the expense of the citizenry and the banks shoulder no risk with mortgages backstopped by the Federal Government.

It’s not sucked out of the economy. It is the economy. – Garth

#110 KLNR on 03.01.22 at 8:08 pm

@#106 Boomer on 03.01.22 at 7:57 pm
#72 Reality Check

Your numbers are way off. I am embarrassed for you.

no, they’re about right.

#111 willworkforpickles on 03.01.22 at 8:18 pm

How insane is the real economic picture?

Considering real inflation opposed to government manipulated inflation figures.
Real inflation of 15% and climbing adjusted to real diminishing GDP now , even with that artificial 4th quarter spurt , has us in negative growth territory which is already recessionary.
An inflationary recession is what we are actually in without it being declared official by the corrupt powers that be.
You don’t raise interest rates in a recession that makes it a worse recession. You do raise interest rates to fight runaway inflation like we have now.
The Fed got us into this mess and can’t get us out.
So they will pretend to harness inflation by raising rates minisculely . Those tiny incremental raises will only serve to be further expansionary adding more fuel to inflation rather than ever reducing it.
Meanwhile, small business treads water in a recession the government denies exists and the Fed carries on with their smoke and mirrors show of deception hiding real inflation behind it.
That day of reckoning future tense many have spoken of to come, is sooner at hand now than most anyone wants to believe. Harder to believe and digest the closer it gets is only human nature.
The negative fall-out of incessant debt creation comes with a steep price only the clowns could never fathom nor the corrupt had ever a care in the world for.

#112 Chalkie on 03.01.22 at 8:28 pm

I bet Biden has already regretted his first order to cancel
The pipeline, he may end up kissing Alberta’s rear end
And saying sorry at the same time.

#113 VladTor on 03.01.22 at 8:29 pm

Garth….Russian trade has been crippled by the loss of SWIFT.

**************
Garth, that’s not accurate. Not all Russian banks. Here’s a clarification
EU permanent representatives agreed to exclude seven Russian banks from the SWIFT financial system. VTB and VEB will be disconnected from the global payment system.Russian Federation, Promsvyazbank, Sovcombank, Otkritie, Novikombank, Rossiya

So what? They completely shut down Iran from SWIFT , so what? I already wrote that Russia has its own equal “SWIFT” system and they don’t give a shit about the what they doing. Temporary inconvenience.

I remember a tanned American president running around the White House shouting that the Russian economy was in tatters. So where are the shreds? None of this is serious.

It will start seriously when Russia introduces its counter-sanctions. As always, they are in no hurry.

And gas in Toronto is already 1.60

#114 Equatorial Guinean on 03.01.22 at 8:31 pm

Brent crude is approaching at US$110 and will, according to Ryan Lewenza’s thesis, hit US$120 in a week if Putin escalates.

Canada will become rich in oil exports. So will the oil rich country of Equatorial Guinea. No difference in the leadership styles.

#115 Make my day, Bitcoin on 03.01.22 at 8:37 pm

#3 TraderX on 03.01.22 at 4:25 pm

With all of this in mind, I don’t understand why you think people shouldn’t have 2 to 3% of their portfolio in BITCOIN. Garth, you say this…. but I have yet to see a blog with clear rational why people shouldn’t have some long exposure.

___________

Wouldn’t the onus be on you to explain why someone should have some Bitcoin? After all, I don’t consider investing in rubber bottomed frying pans either?

Go ahead. Convince me and others. I’ve already done tons of research.

#116 Neo on 03.01.22 at 8:48 pm

Invest, growth, GDP, Stocks. It seems Ukraine is a game to you people.

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

#117 Glory to Ukraine on 03.01.22 at 8:52 pm

RE: #46 Glory to Ukraine

I’m not that guy, nor do I work on a troll farm, but as a Polish-Canadian I can say that Ukrainians and Russians are cut from the same cloth.

We haven’t forgotten about the ethnic cleansing and genocide that the Ukrainian Nazi-collaborating Bandera UPA bandits perpetrated against Polish communities in the 1940s.

Now they’re lining up on the Polish border, demanding refuge. I say the Russians can you have you back. You were made for each other.

————————————————————————————————-

We haven’t forgotten who took the brunt of the Stalinist purges before that. You’re welcome.

#118 don't poke the bear on 03.01.22 at 9:06 pm

Buying gold is a bad idea despite its recent little bump. Won’t be long before Russia has to dump bullion. Oil may have peaked, as strategic reserves are unleashed.
_________________________________

dump bullion to .. whom? if Putin is desperate to dump gold, it won’t be on the market and whoever buys it will probably be for arms… (china? ) no. Putin’s gold will never see the light of day.

strategic reserve oil? didn’t they unleash a bunch of barrels in November? lotta good that did. it’s a desperate move. they need to replace Russian crude or refineries will go dry

Russia represents 12% of global crude trade and 15% of global refined products. you think releasing a few barrels from strategic reserves is going to cut it? that maybe delays the problem for a few weeks. but at this pace, refineries go dry by April at the latest

no. if this isn’t resolved soon, next few days, and Putin gets a hold of things, we’re all in deep doo doo. $140? $150? $200 Crude, like, soon.

remember, recession, inflation, stagflation…

#119 Victor Maitland on 03.01.22 at 9:15 pm

@#4 RichardTO, there is no “nuanced view” of Putin anymore than there could be of Hitler. The comparison is apt. If anything, Putin is more dangerous, since he has nukes. Putin has been emboldened in part because of his many apologists in the West. Try to consider your own role in that, and ponder your own gullibility to the Putin narrative. Useful idiots are useful precisely because of that gullibility.

#120 crowdedelevatorfartz on 03.01.22 at 9:25 pm

The Lowerbrainland gets more violent.

https://www.cbc.ca/news/canada/british-columbia/vancouver-crime-spree-assaults-fairview-1.6366554

Stranger on Stranger Random attacks in Vancouver Sept 2020 to Sept 2021 are up 32% to 1700.
VPD Deputy Police Chief admits that many of the assaults are mental health issues and they are dealing with a small group of repeat offenders.
“Some offenders have had 200 to 300 police interactions. We even had one offender with over 500 interactions with police. We will arrest them, take them to a hospital under the Mental Heath Act and they are usually released before our paperwork is completed.’

The BC Govt has stated they need more coordination between teams to help to deal with this escalating problem.

Here’s an idea.
Lock them up.

#121 mickclean on 03.01.22 at 9:33 pm

Notice downtown Toronto universities are very busy with students heading back and next month Ontario government
employees are ordered back to the office for at least 3 days a week. Hopefully this may help the PATH which I visited today and is still dead. Meanwhile the chicken littles still have access to Queens Park Circle, which is a feeder street to at least 5 hospitals and U of T, blocked by garbage trucks. Foreign correspondent Eric Margolis has a well nuanced article on the Ukraine situation.
https://ericmargolis.com/2022/03/playing-with-fire-in-ukraine/

#122 alf on 03.01.22 at 9:34 pm

#72 Reality Check on 03.01.22 at 6:07 pm
AM in MN
The truckers protest grew so large….
———————

I get a laugh out of the “junk” narrative that the antivax “trucker” protest was large.
Population of Canada = 38 million

Antivaxxers truckers and hanger ons 20,000 or……

0.05% of the population – that’s 5 100th percent!

Vanishingly small. More people believe Elvis is still alive.

————-

Now apply the same mathematics and logic to the number of Canadians who’ve died during the pandemic.
Don’t forget to subtract the number dying “with,” as opposed to “of.”

The term anti-vax sounds more ridiculous every time I hear it parroted. The term comes pretty close to implying that the human body’s natural state is vaccinated.

It is reminiscent of how the penis in its natural state is often referred to as uncircumcised.

#123 George on 03.01.22 at 9:41 pm

You’re not silly enough to think the Russians would be dumb enough to dump a large portion of their gold reserves into the market and depress the price? There are plenty of other options for them that would limit the impact in the market place.

#124 Shawn on 03.01.22 at 9:49 pm

Bank profits

#109 Boomer on 03.01.22 at 8:06 pm

The Bank of Montreal is making $1 billion profit per month.

That’s 12 billion a year sucked out of the economy from families tying to feed themselves and survive. Obscene profits at the expense of the citizenry and the banks shoulder no risk with mortgages backstopped by the Federal Government.

It’s not sucked out of the economy. It is the economy. – Garth

***************************************

Good line, “it is the economy”. And there would not be much of an economy without the banks.

Credit (lending) is the grease of the economy.

And the way that the banks are in the middle of the vast majority of millions of financial transactions everyday makes them indispensable.

Like most good things credit should not be consumed to excess. But imagine if all the banks shut tomorrow including the computers that run the credit card and debit card payment terminals. Much of the economy would need to take a day off.

#125 crowdedelevatorfartz on 03.01.22 at 9:53 pm

@#109 Boomer?
“That’s 12 billion a year sucked out of the economy from families tying to feed themselves and survive. Obscene profits at the expense of the citizenry and the banks shoulder no risk with mortgages backstopped by the Federal Government.”

+++

Well….. if you are a Boomer that constantly rails against ‘The man stepping on the little guy tripe”….you probably missed the investment boat….. sux 2 B U.
:(

Or
You’re a Millennial poseur ….?

#126 Stratovarious on 03.01.22 at 9:57 pm

There is only one statement that you made that was painfully wrong: “Oil may have peaked, as strategic reserves are unleashed.” WTI will soon hit $150 USD/bbl, and perhaps even higher, even with the modest amount of oil being released from strategic reserves. We are a long, long, long way from a peak in energy costs, unless demand destruction takes hold, at which point economic growth will slow. Even in the US, $6/gallon gasoline is in the cards.

#127 Shawn on 03.01.22 at 9:58 pm

Bank Profits

Banks do indeed make very high returns on equity.

From the point of view of the economy, it is best if competition works to push doen profits on equity to a fair level.

It does seem that in Canadian banking that does not always happen. Most will blame the small number of big banks. But even 6 banks is enough for fierce competition particularly in the pure commodity business of deposits and lending.

It seems that various factors work to limit competition in many banking services. It’s just too inconvenient to switch banks as so we stay around and get hosed for the most part. Especially on various fees.

#128 Nuanced history lesson on 03.01.22 at 10:01 pm

#4 RichardTO on 03.01.22 at 4:27 pm

Oh boy, comparisons to Hitler…

The Russian invasion of Ukraine, when seen from the perspective of Russia and its leadership, was the result of a lengthy encroachment by NATO on the legitimate national security interests of the Russian state and people. The West, however, has interpreted the military incursion as little more than the irrational action of an angry, isolated dictator desperately seeking relevance in a world slipping out of his control.

The disconnect between these two narratives could prove fatal to the world. By downplaying the threat Russia perceives, both from an expanding NATO and the provision of lethal military assistance to Ukraine while Russia is engaged in military operations it deems critical to its national security, the U.S. and NATO run the risk of failing to comprehend the deadly seriousness of Putin’s instructions to his military leaders regarding the elevation of the level of readiness on the part of Russia’s strategic nuclear forces.

We NEED a more nuanced view.

___

You are correct. Here it is.

Putin chooses to annex Crimea 8 years ago because of the vast resources found off the coast of Ukraine.

Putin attacks Ukraine now and kills hundreds of Ukrainians all while making unjust demands.

Putin threatens nuclear war but he is up against far better technology and far more resources. Missiles are strategically pointed to every major location in Russia as we speak. A coordinated response awaits.

Perhaps it’s time that some new history was written. It would be the shortest history lesson ever and would paint Moscow as the new Hiroshima.

Sad but at some point a bully needs to be taught a lesson. Otherwise this debacle will just repeat itself.

#129 Nogarth on 03.01.22 at 10:04 pm

Putin bailed out the central banks here they need to thank him, this will drag out to get oil prices and commodity prices higher than we’ve seen..
Yes there are political prisoners our own pastors sitting in jail.
Watch second opinion on rumble to get the picture on big pharma covaids senator Ron Johnson with doctors in a round table hearing best info I’ve seen to date.
So now it’s ok to weaponize financials against your citizens and foreigners great a real vote of confidence in the system just what it needs prepare accordingly.
Hot economy pffft, sure lots of part time jobs that won’t cover food and rent..

#130 conan on 03.01.22 at 10:17 pm

RE 44
“unless you count sanctions and suppling weapons to the enemy.”

I consider them all acts of war.

We crossed Putin’s red line long ago. The NATO reaction force that is currently being deployed? Will go Rambo in a couple of months. The bluff has been called .

#131 Shawn on 03.01.22 at 10:22 pm

Russian Gold Reserves

A knowledgeable analyst today said that Russian is not able to use its gold reserves to either obtain U.S. cash or to pay for imports. Other than China and a few others, most countries and potential buyers simply won’t buy their gold.

So much for the theory that Gold is always universally accepted.

In addition Russian reserves of foreign currency including U.S. dollars is apparently largely in various central banks around the world and access to it has been cut off. It’s useless at the moment. Whoops.

#132 Yukon Elvis on 03.01.22 at 10:27 pm

The Kyiv [email protected]·7m⚡️

Russian lawmakers of Gagarinsky municipal district in Moscow called Russia’s invasion of Ukraine “a disaster.”

“This is a path to the degradation and impoverishment of the country. No other actions could cause more damage to the Russian economy,” reads the appeal.

#133 Serfdumb on 03.01.22 at 10:37 pm

#5 AM in MN on 03.01.22 at 4:28 pm

Welcome to modern day sefdom.

__________

You had me until your very last word…… I think you meant Serfdumb.

All joking aside, I’ll buy what you are selling.. If you admit the trucker convoy was in large part hijacked, much as other protests have been. I. e.
BLM. This is not to say that the protest didn’t have a strong trucker representation. It did.

Watch latest Fifth Estate about the convoy and let me know your thoughts. Besides, taking hostages is never a good way to get your point across.

#134 Sail Away on 03.01.22 at 10:48 pm

#130 conan on 03.01.22 at 10:17 pm

We crossed Putin’s red line long ago. The NATO reaction force that is currently being deployed? Will go Rambo in a couple of months. The bluff has been called.

———

Not completely accurate. The hand has been challenged.

Whether it will be called, or further, whether it will turn out to be a bluff are yet to be determined.

Never underestimate your opponent. Especially when it’s Russia.

#135 Barb on 03.01.22 at 10:49 pm

A bumper sticker a couple of years ago on an Alberta car:

“God, please let there be another oil boom.
I promise I won’t piss it away this time.”

#136 Bronze Bullet on 03.01.22 at 10:58 pm

Your buddy Ryan is clueless.

All in means nuclear war. I watched the guy threaten with it twice.

The covid crisis is nothing compared to what we are experiencing now.

By some reason this is considered existential crisis by Russia and the escalation of sanctions is adding fuel to the fire.

Freezing other central bank assets is considered nuclear financial option and an act of open aggression.

In cases like this it matters very little who is right and wrong, rapid de-escalation is the only option to give humanity a chance.

There is an enemy who has at least equal nuclear capabilities, very large conventional capabilities and it seems is pushed in the determination to use it vs. pursued of not to use it.

All these talks of heroic resistance, crippling sanctions are extremely dangerous as it shows zero knowledge and understanding of the situation.

There is no chance in hell this was not coordinated with their mayor ally while the west already played their cards openly which was kin of a mistake.

If Hitler had extensive nuclear capabilities Europe would have been speaking German despite all the heroism of the allies.

I am personally very worried and reverting from inflation protection to survival protection, whatever that entails.

On the economic situation: we will probably witness fast mayor reshaping of energy and food markets with oil exploding and grain production and deliveries threatened.

Energy and food independence could be jeopardized and prices will most certainly rise significantly with all the implications for inflation, we could be looking for 30-50 % increase of the prices of these – energy and grains – in short term, maybe more and then continuous rise as crisis unfolds.

If dragged this could bring mayor misery to the financial and asset markets.

Quick and fast satisfactory resolution of the crisis and guaranteed further cooperation is the only way out, if escalated this will dwarf 10 fold the covid crises.

The more it drags the worse it will become. Switching my long term plans to include the development of the farm land I own, if lucky to pull it off somehow.

Not to be dramatic, but we assume dealing with rational actors here. And if we are wrong…

#137 Gordon Barque on 03.01.22 at 11:08 pm

You’ve gotta laugh at all the “Suddenly Woke” shysters running pension funds saying “ we’re prepared to take the losses” while the pensioners aren’t asked for thier input on the bone head move. And the Woke Mob are dumping Russian stocks into an abyss of unicorns and forest fairies. How much are your costs and taxes and how much less is your pension worth with green goons killing our energy patch?

Isn’t it great that a few Woke and Green Goons keep energy prices in the stratosphere with thier stupidity. So called managers losing billions in purpose. This is why I’d never hire a financial advisor who supports the next in a long line of idiotic opinions.

First law of investing,?” Don’t lose money”. Stupid is running wild.

#138 Overheardyou on 03.01.22 at 11:33 pm

#3 TraderX on 03.01.22 at 4:25 pm

I’d like to know how one can spend and accept the bitcoin, do you convert it first to USD? How does one determine the value of your coin at the exact time of the purchase such as buying a bottle of water? Can you use nfc to pay with bitcoin?

#139 Observer on 03.01.22 at 11:37 pm

#119 Victor Maitland on 03.01.22 at 9:15 pm
@#4 RichardTO, there is no “nuanced view” of Putin anymore than there could be of Hitler. The comparison is apt. If anything, Putin is more dangerous, since he has nukes. Putin has been emboldened in part because of his many apologists in the West. Try to consider your own role in that, and ponder your own gullibility to the Putin narrative. Useful idiots are useful precisely because of that gullibility.

^^^^^^^^^^^^^^^

Exactly.

#140 Anti-Garth on 03.01.22 at 11:43 pm

Yeah because those billions of excessive bank profits generated by gouging their customers could certainly not have been put to any better use by people actually trying to raise families and feed themselves.

#141 Satori on 03.01.22 at 11:47 pm

Oil going up, well, one positive benefit – more people might be walking and biking off that covid weight gain.

#142 Yukon Elvis on 03.02.22 at 12:17 am

#131 Shawn on 03.01.22 at 10:22 pm
Russian Gold Reserves

A knowledgeable analyst today said that Russian is not able to use its gold reserves to either obtain U.S. cash or to pay for imports. Other than China and a few others, most countries and potential buyers simply won’t buy their gold.

So much for the theory that Gold is always universally accepted.

In addition Russian reserves of foreign currency including U.S. dollars is apparently largely in various central banks around the world and access to it has been cut off. It’s useless at the moment. Whoops.
+++++++++++

When this is all over Russia’s and Putin’s frozen funds could possibly be released to Ukraine as reparations for the destruction of the country. If i was Ukraine I would certainly lobby for that.

#143 DON on 03.02.22 at 12:23 am

#119 Victor Maitland on 03.01.22 at 9:15 pm
@#4 RichardTO, there is no “nuanced view” of Putin anymore than there could be of Hitler. The comparison is apt. If anything, Putin is more dangerous, since he has nukes. Putin has been emboldened in part because of his many apologists in the West. Try to consider your own role in that, and ponder your own gullibility to the Putin narrative. Useful idiots are useful precisely because of that gullibility.

********

There is difference between understanding history, your adversary and having your head stuck in the gullible ground. Nothing like blindly following the press into WW3.

#144 Nonplused on 03.02.22 at 12:24 am

#48 Søren Angst on 03.01.22 at 5:23 pm

I WOULD RATHER FREEZE HERE IN ITALIA

than give satisfaction to the War Criminal Putin.

————————————-

Well, summer is around the corner, I’ll give you that.

Certainly nobody is happy with the situation in Ukraine.
All war is criminal in nature. But only the losers get charged with any crimes.

#145 drydock on 03.02.22 at 12:38 am

Russia will never let this happen to them again.
https://youtu.be/6cdG9985zC4
Thats all you need to know.

#146 Tom from Mississauga on 03.02.22 at 12:41 am

EU has been allied to and financed Putin war machine through energy purchases, particularly Germany, their recent mia culpa is meaningless. Oil, gas, distillate and NG will be the next global supply chain issue.

#147 Where's My Money Going Greedeau? To Buy Saudi Oil With Carney. on 03.02.22 at 1:25 am

DELETED

#148 Deb Downie on 03.02.22 at 1:29 am

Hate to be a Debbie Downer but the Canadian government gave the ok for Canadian corporations to sell weapons to Saudi guys to kill many many innocent people in Yemen

#149 Sell now on 03.02.22 at 1:33 am

This poll is not an outlier. UofM confidence is at recession levels.

https://t.co/5xUTpFVcGD

#150 Jake Straw on 03.02.22 at 1:38 am

DELETED

#151 Robert Ash on 03.02.22 at 2:19 am

He is using the Shock and Awe strategy of the assault on Baghdad 2003. It did work, but the US dropped the Ball, during the aftermath. And they dropped it immediately. I think Putin is counting on, controlling a short vicious Shock attack, and then taking the country over… or else…more overwhelming, cruelty. He can withstand all the sanctions, he has that worthless dirty commodity Oil…
Putin has China as a long term customer, and has been stockpiling Gold, to offset the sanctions. The West needs to consider a full NATO all Airships, clearing of the Airspace over Ukraine, or watch the carnage. At least for a few more weeks, and given, the unquestionable bravery of the Ukrainian people, and their History, that suggests a long conflict of street fighting. Sad day for Europe.

#152 IHCTD9 on 03.02.22 at 4:48 am

#5 AM in MN on 03.01.22 at 4:28 pm

The cultural divide in most western countries is growing, and you’re not helping. The urban elites thumbing their noses at the working class and small business people who have been so hurt by the unnecessary mandates and shutdowns, along with their children, is a big part of it.
——————

A lot of an individual’s attitude is due to how said person views the world around him/her. I agree with your sentiments on the convoy, but here is my slant on it:

1. It was an outrageous success creating international interest and unbelievable support that spanned the globe.

2. Trudeau had no choice invoking the EMA due laws already in place which limit what a handful of politicians can do to assemble a massive Police force and mobilize it against the Canadian Citizenry. It is a good thing that Trudeau had no choice but to use the EMA.

3. At no point did the Police forces involved degenerate into thuggery. The powers provided by the EMA were used sparingly, and delicately. The tactics employed were 100% professional, and successful. I don’t think I’ve ever seen such damn excellent Police work. It was near perfect. There was ample opportunity given for the protestors to leave, and 99.9% of them did. Outstanding work dealing with a protest where numbers occasionally swelled to over ten thousand participants.

4. The protest was insanely well organized and funded. Given the numbers, the hooligan element was statistically irrelevant. No burning Police cars, no smashed shop fronts, zero looting. Instead of the utter chaos of your typical of BLM/Antifa protest, we got hot tubs, street hockey, BBQ’s, saunas, and bouncy castles. This is the kind of culture war I can get into.

5. Trudeau and the tiny CBC looked like idiots in the eyes of global media. Big win. The CBC concentrated on a couple swastikas and a single confederate flag, while US and international media giants tore Trudeau’s actions and rhetoric to shreds. They still are. Trudeau ran and hid, told the truckers their views were unacceptable, basically called them a bunch of white supremacists, then recalled the EMA when it looked like the Senate was going to shoot it down. Stand up comedy of the highest order. Outside some good comments on limiting use of force, Trudeau came across like a horse’s ass right from start to finish regarding the convoy. Indian media straight tossed Trudeau right into a meat grinder due to his “advice” on handling the farmer protests in India, and then doing exactly the opposite of that when the truckers showed up on his own doorstep. Never has a Canadian PM been so drawn and quartered as was Trudeau during the trucker protest. Globally. Home-run.

IMHO, the trucker convoy represents one of the largest and most successful protests in Canadian history. It really couldn’t have turned out better. It was fun and peaceful, and it made Trudeau the laughing stock of the entire planet. Folks in far flung nations now see the maple leaf as the new rebel flag, and it’s all because of Trudeau. He’ll never live it down. It’s now part of his legacy. When he travels abroad, folks will point and snicker. He probably should have just talked to them. Oh well, hindsight is 20/20. Too late now.

The truckers couldn’t have dreamt of a better result.

#153 unbalanced on 03.02.22 at 5:57 am

FFFFFFFFAAAAAAAARRRRRRRROOOOONNNNNNNN. Just like in the movie SHANE. Come back. Don’t leave. There are some dorks here who just are always negative and depressed who want to rattle you. Take it in stride. Take a day off or two, give your coconut some rest. Take care and good luck what ever you decide. Its been a slice either way.

#154 Simon on 03.02.22 at 6:22 am

Sorry….. there, but for the grace of democracy, go us all.

#155 Sure Sure on 03.02.22 at 7:15 am

#9 Faron on 03.01.22 at 4:36 pm

Also, I’ve got to go. This place is toxic for me. Thanks to Garth for wading through all of my comments. I can’t guarantee that I’ll not wade in if there is vitriol directed toward me in the next days. But, I’m going to try to leave this place behind.

You are most welcome.

———————————————–

We have heard this petulant claim so many times no one believes it for a second. Always careful to leave a weasel clause in your endless farewells.

But it’s a good idea, your angry, insulting, abrasive posts only harden people’s position against yours regardless of whatever merit yours may have held. Shame you never grasped that you are a main contributor to the toxicity.

Be well, and cya tomorrow. Or more likely, later today. People like you don’t change.

#156 crowdedelevatorfartz on 03.02.22 at 7:34 am

@#145 drydock
Russia is the aggressor this time , not the victim.
Russia is invading Ukraine, not defending Ukraine.
Putin is a dictator like Hitler.
He will do anything to maintain power.
Like Hitler.
Democracies will support Ukraine.
We may ALL lose in an escalating nuclear war started by Putin.
Thats all you need to know.

#157 crowdedelevatorfartz on 03.02.22 at 7:50 am

@#148 Debbie Downer
“Hate to be a Debbie Downer but the Canadian government gave the ok for Canadian corporations to sell weapons to Saudi guys to kill many many innocent people in Yemen”

+++
Perhaps some of the Yemeni tribes shouldnt have accepted military equipment and drones from the Iranians to kill Saudi civilians……

https://www.atlanticcouncil.org/blogs/menasource/irans-drones-are-a-buzzing-menace-for-saudi-arabia/

Tit for tat.
Funny how that works.

A similar thing is happening in Ukraine.
Big Russian bear being hit by NATO military equipment given to the Ukraine military.
Anti tank missiles, RPG’s etc tend to have an effect on moral and casualty rates.

The odd thing about the Ukraine war is…. no Russian Airforce….
Very few jets have been seen over Ukraine airspace or bombing cities…so far.
Are they worried about American made Stingers?
Who knows.
Experts have been somewhat baffled at the lack of Russian air superiority thus far.

And before someone says the Russians are scared because the Ukrainians have an “Ace pilot” flying around shooting droves of planes down….

https://www.independent.co.uk/news/world/europe/ghost-of-kyiv-ukraine-fighter-pilot-b2024496.html

Propaganda.
Didnt happen.
Drivel for the masses.

Say no to drugs Debbie.
Or take Uppers.

#158 crowdedelevatorfartz on 03.02.22 at 7:59 am

Speaking of Yemen.

https://mobile.reuters.com/article/topNews/idUSKBN2KZ1FQ

Wheat from Russia and Ukraine for the majority of the world is now a big fat question.

By flour now folks because hundreds of millions of Middle Eastern rioters will want it in a few months when the cupboards run bare.

Egypt subsidizes wheat for its 110 million people,
Saudi Arabia, Iraq, Iran, essentially most African countries, on and on and on.
Raise the price of wheat from pennies per loaf and these countries explode in riots.

$10 loaf of bread by Christmas in Vancouver?

#159 the Jaguar on 03.02.22 at 7:59 am

@#121 mickclean on 03.01.22 at 9:33 pm
‘ Foreign correspondent Eric Margolis has a well nuanced article on the Ukraine situation.’
https://ericmargolis.com/2022/03/playing-with-fire-in-ukraine/
+++++

Good link, with a balance approach to what’s happening. Note it isn’t the first to mention ‘ The Russian Air Force and Black Sea Fleet have also been notably absent. ‘ This isn’t a ‘shock and awe’ American style invasion where critical infrastructure is destroyed. That’s why it’s taking longer. The preservation is intentional. And they have been encircled in the east where they will be given options.

Wasn’t it Otto von Bismarck who said ” The Russians don’t sh_t without a plan” (?)

(that last bit was for you, Ponzie)

#160 the Jaguar on 03.02.22 at 8:02 am

p.s. The ‘they’ in the encircled part refers to the the Ukies. It won’t be pretty when this is all over. Western financial fallout will be mind numbing for some……….

#161 Summertime on 03.02.22 at 8:07 am

In UK:

https://ca.yahoo.com/finance/news/bank-seen-reining-rate-hikes-123851114.html

CPI to hit 8 %, higher than expected before, which means real inflation would be much higher than that, but now interest rates increases will be limited and the top rate for this year will be the gigantic un-heard of 1 %, i.e. total increase from 0.5 % to 1 %.

It is clear that these increases are just lip service and most likely will further accelerate the inflation.

As the UK finance minster said: Get used to higher prices.

#162 crowdedelevatorfartz on 03.02.22 at 8:17 am

Kiev will look like Grozny after a few months of artillery, street to street, and house to house fighting.

Blocks and blocks of burned out vehicles among the gray rubble.

Starvation , disease and death.

Putin was observed by western analysts when he gave his speech for the invasion of Ukraine.
He was quite composed and showed no emotion as he warned the NATO alliance and the US not to interfere…But, uncharacteristically, for a man trained not to show emotion , he became more visibly agitated as he discussed the reasons that an invasion of Ukraine was necessary. “They were traitors to the West who were ungrateful for Russia’s friendship”.
He showed his loathing for Ukraine and it’s embrace of the West.

It’s personal for him.

#163 Dharma Bum on 03.02.22 at 9:01 am

#29 Brian

The Prime Minister will be giving a free, exhaustive lesson on economics tomorrow from 9:00 – 9:05 AM.
———————————————————————————————————-

4 and a half minutes of that in-depth exhaustive lecture will be hesitations, stumbles, stutters, stammers, ehs, ahs, uhs, umms, and awkward silences.

https://www.youtube.com/watch?v=JvihRQ1frHY

#164 Pro-Refugee on 03.02.22 at 9:17 am

If Trudeau is a feminist and pro-immigration, then why is he and his party refusing a motion from the Cons, Dips and Bloc to allow female refugees from Ukraine?

Is this the meaning of hypocrisy? Why is he allowing women in Ukraine to be b0mbed by Russia instead of letting them in Canada?

#165 Observer on 03.02.22 at 9:17 am

#155 Sure Sure on 03.02.22 at 7:15 am
#9 Faron on 03.01.22 at 4:36 pm

Also, I’ve got to go. This place is toxic for me. Thanks to Garth for wading through all of my comments. I can’t guarantee that I’ll not wade in if there is vitriol directed toward me in the next days. But, I’m going to try to leave this place behind.

You are most welcome.

———————————————–

We have heard this petulant claim so many times no one believes it for a second. Always careful to leave a weasel clause in your endless farewells.

But it’s a good idea, your angry, insulting, abrasive posts only harden people’s position against yours regardless of whatever merit yours may have held. Shame you never grasped that you are a main contributor to the toxicity.

Be well, and cya tomorrow. Or more likely, later today. People like you don’t change.

^^^^^^^^^^^^^

New around here? You sound confused.

#166 OilSands dude on 03.02.22 at 9:20 am

Filmed just before last presidential elections in Ukraine
https://youtu.be/wMMXuKB0BoY

This film helps to understand who is fighting on the streets of Ukrainian cities.

#167 Shawn on 03.02.22 at 9:29 am

The Law of Unintended Consequences

Possible risks:

The ancient SWIFT system that uses ancient “wire transfers” will face modern competition as a number of countries realize they could be cut off from it.

The U.S. dollar as “reserve currency” (and I have never fully grasped what that term means) will face competition in that role becasue Russia has just seen that it has been cut off from its billions in U.S. dollars that it held as reserve currency in central banks and other banks all around the world. If reserve currency in part means an emergency currency that can be used anywhere in the world, Russia just found out that it can not in fact use its U.S. dollars held abroad. Those accounts are effectively frozen.

The law of unintended consequences will be in play here.

I’m not suggesting that banning Russian from SWIFT and freezing it out of international banking was a bad move. Just that it will have, as I say, unintended consequences as well as the intended ones.

#168 Brian on 03.02.22 at 9:37 am

SouthFront: Analysis & Intelligence is a public non-profit analytical project. It was launched in the summer of 2015.[1] It is regulated by an independent team of volunteers and experts from 13 countries.[2] The project provides analysis of battles in conflicts, evaluation of the major world power armed forces, and study of tensions between countries.[1] Their focus is on international relations along with crises and use a number of media platforms with an emphasis on social networks.[1]

https://southfront.org/war-in-ukraine-day-6-russia-changed-tactics-and-succeeded-huge-casualties-and-humanitarian-disaster-video-18/

#169 crowdedelevatorfartz on 03.02.22 at 9:41 am

@140 Anti- Gravity
“….. gouging their customers could certainly not have been put to any better use by people actually trying to raise families and feed themselves….”

+++

Unfortunately.
The “starving” masses spend their money on new cars, seadoos, skidoos, ATV toys, lotto tix and ciggy butts.
Look in the mirror to find fault.
The only fault of the banks is continuing to loan them money to “afford” such frivolous toys…..

#170 Satori on 03.02.22 at 9:48 am

#163 Dharma Bum on 03.02.22 at 9:01 am4 and a half minutes of that in-depth exhaustive lecture will be hesitations, stumbles, stutters, stammers, ehs, ahs, uhs, umms, and awkward silences.
—————————————–
oh gaud, don’t remind me… it’s not enough that he’s running the country like gansta, then, when he opens his mounth….ick.

#171 Immigrant man on 03.02.22 at 9:53 am

Putin’s trolls and sympathizers even got to this blog. But then again, it’s not surprising. Russian info war on the antivaxx front has been raging for a decade spreading fakes about Bill Gates and 5G and all that. So once they found out about the existence of this blog – boom! Russian disinformation rockets started landing here too.

#172 Upenuff on 03.02.22 at 10:05 am

Gas in Richmond, BC is 186.9/ltr

OMG

#173 Cat Hanson on 03.02.22 at 10:08 am

#164 Pro Refugee. You don’t understand Liberal Party immigration strategy. Elections are won with seats not votes. Liberals only immigrate large groups of similar people who are pre-vetted as Liberal voters upon arrival in a Liberal seat. Women from Ukraine don’t make up a bloc vote.

#174 Sail Away on 03.02.22 at 10:25 am

My brother has a Russian writer friend who lives in Moscow and regularly posts about Russian life. He is strongly critical of Putin and quite vocal. We’re wondering how long this will be allowed before he gains official notice.

In the meantime, though, his Patreon account is supporting his family very well. USD are the holy grail. Misha Firer if anyone is interested.

#175 Shawn on 03.02.22 at 10:41 am

$2.00 regular gas watch?

#172 Upenuff on 03.02.22 at 10:05 am

Gas in Richmond, BC is 186.9/ltr

OMG

************************************
An an Alberta resident and despite trying to be first and foremost a Canadian, I have no sympathy for high gasoline prices in B.C.

The B.C. government actively worked against the TransMountain pipeline that mostly just twins an existing route. This was in defiance of federal jurisdiction. Many or most B.C. residents opposed TansMountain.

I am totally rooting for $2.00 regular gas in British Columbia. It might change some attitudes. On top of that if it leads to less driving, that’s good for the environment. Alberta wins, the planet wins, and B.C. drivers lose. Two out of three ain’t bad.

It might wa

#176 Brian on 03.02.22 at 12:43 pm

Did you know in the summer of 2000 that Saddam Hussein anounced Iraq was going to quit accepting the US dollar for all tranactions? The US invaded Iraq in 2003.

Did you know Muammar Gaddafi announced in 2009 Libya would create it’s own currency called the African Dinar which would replace using the US dollar? In 2011 Gaddafi was killed by NATO backed rebels.

Did you know in 1938 Germany arrested the Rothschilds and seized their Central Bank. The following year WW2 started.

Did you know last year in 2021 Russia announced it is removing all US dollar assests from it’s wealth fund? Do you see a pattern yet?

#177 Brian on 03.02.22 at 1:43 pm

From David Rosenberg of Rosenbrg Research:

The Bank of Canada’s comment today on the shape of U.S. demand was almost laughable. Has it noticed that consumer cyclical stocks are flirting with a bear market?

The Fed has a long history of seeing through oil price shocks. It stayed on hold in the 1990 Operation Desert Storm when oil prices doubled and inflation popped to 6.3% YoY. The real story was the ensuing recession that, like today, nobody saw coming.

#178 fishman on 03.02.22 at 6:18 pm

Glory to the Ukraine. And soon a Glorious Ukrainian Easter. The children can paint eggs while the soldiers play dice for Jesus’s robe.

#179 Putin Revolt on 03.02.22 at 7:13 pm

Oil Market:

Brent Crude
West Texas Intermediate
Canada Select
Russian S**t (excrement), Zero Value

#180 Ponzius Pilatus on 03.03.22 at 11:07 am

Oops,
Try this link

https://www.google.ca/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwj2ssyuu6P2AhXuJzQIHVA8ClEQFnoECAgQAQ&url=https%3A%2F%2Fwww.bbc.com%2Fnews%2Fworld-europe-56280898&usg=AOvVaw2rR1GBzRkutucu9FOzuqTx

#181 All lies and manipulated on 03.03.22 at 11:48 am

All the worlds a stage of BS.

The joke running around is that Putin should be nominated for the 2022 Nobel Prize in Medicine for he cured COVID-19 in 48 hrs – something nobody else has been able to do in 3 years. Just hours before Biden’s State of the Union, he rescinded the mask requirement. So just hours before, you would get COVID if you did not have a mask. Thanks to Putin, suddenly Congress could actually meet without masks. That is something nobody else could have done in a matter of hours.