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2022-03-23 Economy
China's Moscow Envoy to Chinese Companies: "Fill the void," seize opportunities created by sanctions, Western companies' exit
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Posted by Slaimp Craiting6791 2022-03-23 00:00|| || Front Page|| [11132 views ]  Top
 File under: Commies 

#1 Why Yes! Become another Chinese vassal state like North Korea. Go Putie Go!
Posted by Procopius2k 2022-03-23 08:29||   2022-03-23 08:29|| Front Page Top

#2 ^ not really. Russia and India are also creating much closer ties. Russia's not dependent on China for exports.

India's rupee-ruble trade arrangement with Russia may be ready in a week, says export body chief
Posted by Snoluns McGurque9388 2022-03-23 11:21||   2022-03-23 11:21|| Front Page Top

#3 India’s finance ministry and the Reserve Bank of India have not commented so far on the mechanism, which would let Indian exporters continue their business with Russia even after Western sanctions restricted international payment mechanisms.

cybercoins
Posted by Skidmark 2022-03-23 12:30||   2022-03-23 12:30|| Front Page Top

#4 The Caribbean paradises replacing the Queen with Chinese millions: How BLM-inspired fury is driving Jamaica, Belize and Bahamas to cut ties with UK over slave past... after region took $7BN in Far East funds
Posted by Skidmark 2022-03-23 12:43||   2022-03-23 12:43|| Front Page Top

#5 India, Russia and China will avoid SWIFT by using two existing systems. Russia’s financial messaging system SPFS will be linked with the Chinese cross-border interbank payment system CIPS.
Posted by Grang Sholuger4168 2022-03-23 12:43||   2022-03-23 12:43|| Front Page Top

#6 Brazil and Argentina are also siding with Russia over Ukraine and the US. Along with India and China, the Latin American nations will continue to do business with Russia. Both the left and the right in Latin America are saying to Biden and America, "No thanks, we'll stay neutral."

Bolsonaro also cast the question in terms of Brazil’s need to purchase Russian fertilizer for its huge agricultural sector, which without it could experience “serious harm.” He stressed Brazil’s neutrality while adding that “the fertilizer question is sacred.”

Bolsonaro’s likely rival in this year’s presidential race, Luiz Ignacio Lula de Silva (Lula), and Brazil’s Left generally did not go as far as Bolsonaro’s inclination towards Russia, but definitely agreed with his position of neutrality. Lula said: “The great powers need to understand that we do not want to be anyone’s enemy … We are not interested in a new Cold War.” His former foreign and defense minister, Celso Amorim, never a friend of the United States, said that “denouncing Russia would be submission to Washington’s agenda."

Posted by Grang Sholuger4168 2022-03-23 12:55||   2022-03-23 12:55|| Front Page Top

#7 Not a very favorable alignment for the US I'm afraid:

Pro-US: the EU nations, Japan, Australia, Canada Switzerland, Israel, the Baltic states, New Zealand. Maybe 1 billion people.

Not pro-US, neutral or Pro-Russia: China, India, Brazil, Saudi Arabia, UAE, South Africa, Turkey, Egypt, Argentina, Mexico, Indonesia, Nigeria, and nearly all the other nations of the non-Western world. Over 5 billion people.

Posted by Grang Sholuger4168 2022-03-23 13:05||   2022-03-23 13:05|| Front Page Top

#8 So is Brandon gonna start talking about an axis of evil and making new enemies that we don't need?
Posted by Abu Uluque 2022-03-23 13:10||   2022-03-23 13:10|| Front Page Top

#9 axis
That's not an "axis," that's practically the entire globe.

It's bizarre to think that Russia can be punished by the West alone, when over 80% of Russia's export markets remain open and eager to buy from Russia.

This is like the Cold War except now it's the West vs the Rest, and the rest includes China plus two other huge and wealthy nuclear-armed powers.
Posted by Grang Sholuger4168 2022-03-23 13:17||   2022-03-23 13:17|| Front Page Top

#10 Breaking news: Russian Stock Market to Partially Reopen
Russia will allow limited trading on its stock market on Thursday for the first time since it was hit with punishing Western sanctions.

Russia will be trading again with China, India, France and another 100 partners from around the world. It's probably a good time for the Biden administration to think about Plan B

Posted by Grang Sholuger4168 2022-03-23 13:44||   2022-03-23 13:44|| Front Page Top

#11 #3 cybercoins

The BRICS nations are working on a block chain payments system. They already have their own economic alliance designed to help them reduce dependence on the West's banking system, their own common New Development Bank which is capitalised and operational. It's like a nascent IMF but without the punitive heavy handed American taint.

The next step for the BRICS is to create a blockchain-based international transfer system like the ones Visa and MasterCard have. These bypass SWIFT and can achieve the goal of reducing vulnerability to Wesyern sanctions.

It will be fun to watch the BRICS leapfrog over SWIFT with new blockchain based fintech.
Posted by Galactic Coordinator Ghibelline1496 2022-03-23 14:41||   2022-03-23 14:41|| Front Page Top

#12 The BRICS nations are working on a block chain payments system. They already have their own economic alliance designed to help them reduce dependence on the West's banking system, their own common New Development Bank which is capitalised and operational. It's like a nascent IMF but without the punitive heavy handed American taint.

It'll never work because it is controlled by governments, which carries with it greater costs than the new system can handle to be productive.
Posted by badanov 2022-03-23 14:46||   2022-03-23 14:46|| Front Page Top

#13 Pro-US Maybe 1 billion people

Not pro-US Over 5 billion people.

What are the relative sizes of the economies of those two groups — Gross Domestic Product, Exports and Imports, that kind of thing?
Posted by trailing wife 2022-03-23 15:26||   2022-03-23 15:26|| Front Page Top

#14 From the FX markets: Ruble soars, up 10% as Putin demands payment in rubles for Russian oil and gas.

The ruble has already made up more than half of the ground it lost after the initial western investor panic. Investors are returning to Russia as companies around the world ignore US sanctions.

Russia Exploits Two Big Holes in Financial Sanctions
The country can sell all the fossil fuels it likes and use the earnings to support the ruble or import the tools of war.
Posted by Crerelet Cheaper9206 2022-03-23 16:13||   2022-03-23 16:13|| Front Page Top

#15 what are the relative sizes

Ok I'll give you a rough answer (you can look it up yourself in the CIA Facebook or other published reports).

The West is the smaller of the two, and shrinking every year. The US growth rate was OK under Trump, and Canada and Australia have done well thanks to the commodities boom, but Europe is anemic and India and China leave them in the dust.

The BRICS economies had a slightly larger GDP ($23T) than the US in 2020. China has had extremely high growth but India is now growing even faster. At some point in the next two decades the three dominant economies in the world will be China, the US and India.

If India sides with China and Russia against the US, the global economic order will be much less favorable to US growth and prosperity and power than it was in the 2nd half of the 20th century.

As to the other nonaligned non-western economies (Brazil, South Africa, Indonesia, Mexico etc), their GDP is roughly comparable to that of Japan-EU-Canada-Australia-Israel-Switzerland.

Of course, as with India and China, the non-Western economies are growing at more than twice the rate of Japan and the EU, so within another decade or two the West will have something like only 40% of world GDP.

Posted by Crerelet Cheaper9206 2022-03-23 16:28||   2022-03-23 16:28|| Front Page Top

#16 Putin advisor flees Russia.
Posted by M. Murcek 2022-03-23 17:53||   2022-03-23 17:53|| Front Page Top

#17 So most of the rest of the world is siding with Russia against the Ukraine and US - tells you who everyone thinks is going to win (and I can't disagree with them.)
Posted by Glenmore 2022-03-23 18:06||   2022-03-23 18:06|| Front Page Top

#18 #3 cybercoins
#11 The BRICS nations are working on a block chain payments system.... create a blockchain-based international transfer system to bypass SWIFT. It will be fun to watch the BRICS leapfrog over SWIFT with new blockchain based fintech.

A call to make the digital ruble a reserve currency has been issued in the State Duma, the lower house of Russia’s parliament.

By the way, the ruble continues to climb, reaching a 3-week high today and getting close to where it was before the invasion.
Posted by Wholutle Sloluter3376 2022-03-23 18:06||   2022-03-23 18:06|| Front Page Top

#19 The ruble has already made up more than half of the ground it lost after the initial western investor panic.

Well, lemme think about that. Should I buy rubles? Nah, I think I'll buy some rental property in Kiev instead.
Posted by Matt 2022-03-23 18:10||   2022-03-23 18:10|| Front Page Top

#20 If you think the sanctions will force the Indians, Brazilians, Chinese, Argentines, Egyptians, Turks etc to stop buying Russian oil wheat potash etc, then sell rubles. If you think these sanctions will do fuck-all to stop the world from trading with a partner that has stuff they want and need at below-market prices, then buy rubles.
Posted by Wholutle Sloluter3376 2022-03-23 18:22||   2022-03-23 18:22|| Front Page Top

#21 Wow, you've really made me enthusiastic about the future of the Russian economy. If I flew to St. Petersburg do you think I could find anyone willing to swap their rubles for my dollars?
Posted by Matt 2022-03-23 18:43||   2022-03-23 18:43|| Front Page Top

#22 A call to make the digital ruble a reserve currency has been issued in the State Duma, the lower house of Russia’s parliament.

Only a fool would believe Russia is worth a shit. China would starve without American grain.
Posted by The Walking Unvaxed 2022-03-23 22:28||   2022-03-23 22:28|| Front Page Top

#23 India-Russia currency swaps bypass US sanctions
Deal if executed will be first open departure from the dollar-based system of international trade financing

Asian countries now have $380 billion of local-currency swap lines, which allow importers and exporters to pay in their own currencies rather than in US dollars in case of need. The balance of trade would then be settled by transfers among central banks in any acceptable reserve asset, including US dollars or gold. These swap lines remain inactive, as an emergency backup system. But Asian central banks have been eager to expand them. Japan’s central bank is a strong advocate of swap line expansion, according to Asian government sources.

Politically, the activation of the Russia-India swap line is a clear statement from New Delhi that it will pursue its own foreign policy backed by its own financing arrangements. India has remained neutral on the Russia-Ukraine conflict and abstained from voting on UN Security Council resolutions condemning Russia.
Posted by Slineling Chusong5031 2022-03-23 23:03||   2022-03-23 23:03|| Front Page Top

23:03 Slineling Chusong5031
22:42 Slineling Chusong5031
22:37 The Walking Unvaxed
22:36 The Walking Unvaxed
22:33 magpie
22:29 Slineling Chusong5031
22:28 The Walking Unvaxed
22:24 Skidmark
22:22 Skidmark
22:22 The Walking Unvaxed
22:21 Skidmark
22:19 Skidmark
22:17 Mullah Richard OTR
21:39 49 Pan
21:26 Procopius2k
21:05 M. Murcek
20:41 DarthVader
20:36 Frank G
20:35 Woodrow
20:31 DarthVader
20:03 Whimp and Company7902
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19:59 Zhang Fei
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