Treasury Secretary Janet Yellen will press US allies to ramp up the economic pressure on Russia during meetings of World Bank and IMF members this week, a Treasury official told reporters on Monday.
The war in Ukraine and the sanctions imposed in response are expected to be major topics of discussion at the meetings, which began Monday. The Treasury official said Yellen “will use this week’s meetings to work with allies to continue our united efforts to increase economic pressure on Russia while mitigating spillover effects.”
The official said Yellen will avoid some meetings if Russian officials are involved, including G20 meetings. The Biden administration wants to kick Russia out of the G20, but other members are hesitant to do so.
The US-led Western sanctions campaign against Russia has contributed to hurting the world’s economy, and the poorest countries are being hit the hardest. The Treasury official said Yellen is “deeply concerned” about the impact but said the US is “firm in our resolve to hold Russia and its leadership accountable, and have imposed crippling sanctions.”
While the US says it’s trying to hurt Russian President Vladimir Putin and his inner circle, the sanctions are designed to decimate the Russian economy, which naturally hurts ordinary Russians. The sanctions are also having an impact on the economies of the US and Europe, something President Biden warned would happen.
Russian President Vladimir Putin on Monday called the Western sanctions campaign a failure. He said the sanctions had caused a “deterioration of the economy in the West” while the Russian economy “has withstood the unprecedented pressure.”
Yellen is a corporate stooge.
I suspect it’s unusual for the IMF to directly confront US policy. But Pierre-Olivier Gourinchas, the I.M.F.βs chief economist, said several things today ahead of the opening session of the IMF.
The war is slowing growth and spurring inflation.
Disruptions to Russian supplies of oil, gas and metals, along with Ukrainian exports of wheat and corn, will ripple through commodities markets and across the global economy βlike seismic waves.β
“π π’π π πππ π ππππ‘ππππ πππππ ππ ππ¦ π΄ππππππ πππ ππ‘π ππππππ πππ π‘βπ ππππ ππππ‘ππ ππππ‘ππππ’π‘πππ π‘π π‘βπ πππ€ππ€πππ πππ£ππ πππ ππ π‘βπ πΌ.π.πΉ.βπ ππππππ ππππ€π‘β ππ’π‘ππππ.”
“π π΅πͺπ¨π©π΅π¦π―πͺπ―π¨ π°π§ π³π¦π΄π΅π³πͺπ€π΅πͺπ°π―π΄ π΅π©π’π΅ π΅π’π³π¨π¦π΅π΄ ππΆπ΄π΄πͺπ’π― π¦π―π¦π³π¨πΊ π¦πΉπ±π°π³π΅π΄ πΈπ°πΆππ₯ π³π¦π±π³π¦π΄π¦π―π΅ π’π― βπ’π₯π·π¦π³π΄π¦ π΄π€π¦π―π’π³πͺπ°β π΅π©π’π΅ πΈπ°πΆππ₯ π§πΆπ³π΅π©π¦π³ π΄ππ°πΈ π°πΆπ΅π±πΆπ΅ π’π³π°πΆπ―π₯ π΅π©π¦ πΈπ°π³ππ₯.”
Yellen will fail to gather any other countries for anti-Russia support…!
They are all openly admiting that βthe warβ, that is βPutinβsβ war β is hurting global economy.
Nobody needed the war this badly like Western governments. Look at the value of Euro or Swiss Frank. I have never seen them this low. It is now rather obvious that endless issuance of money, all forms of quantitative easing β is now starting to hurt. And with the less demand for dollar, the inflation is starting to kick in.
So, war is a welcome excuse. A good diversion. A simple explanation. Time to implement βreformsβ. Means tightening up. Workers in the cashiers lines have no problem complaining to customers. Loudly. About how they are treated, abused, and exploited. Shelves have bern eliminated, shortened, to create the illusion of inventory. Phone and internet based services by governental agencies β downright bizzare β luckiest person is the one not ever needing their services.
None of it has anything to do with the war. Or Covidd. Financial game playing lost its playing space well before Covid. Covid was just a respite to generate more money and sustain the artificial valuations. Now war. War against Russia is a perfect explanation for ther bad economy.
Ideally, if Russia is put in its place, then China would become more amenable to our financial demands, and continue inflating the bubble.
What is the goal is not reached? Is a comprimise possible? Would subjugation of Europe be sufficient to keep the financial boat afliat a bit longer.?
Meaning sanctions on American people!
The first crack in the economically wobbly anti-Russian alliance is showing up. German employers and unions jointly oppose the EU’s planned boycott of Russian gas and oil. Names of companies were not mentioned in the report but I am pretty sure that Mercedes, Volkswagen, Siemens, Krupp and other giants are in that no-way group.
A major drop in Germany’s employment may well trigger a political shift both to the right and left, away from the current center. There is no doubt on my mind that this may spread through much of Europe, then across the Atlantic ocean.
European economies are not interested in an economically emaciated Russia hence the breaking-away from Biden’s scorched-earth policy is bound to come and in its wake a weakening of NATO.
We may not be talking about much loss of profit but even the loss of several percent of profit has been devastating in economic history.
At this point in economic history it would be a massive folly by Biden to add more economic sanctions on China.
Is he driving the world back into autarky of blocks?
Also, Le Pen has gained ground in France by criticizing the increased cost of living already attributed to sanctions and her reservations concerning both NATO and the EU. If she actually wins, it will probably be a game changer for the anti-Russian alliance.
Are they similarly susceptible to Russophobia?
The Russians have not had enough time to reconstitute forces withdrawn from the Battle of Kyiv and ready them properly for a new offensive in the east. The Russians appear to be still building logistics and command-and-control capabilities even as they start the next round of major fighting. The tempo of Russian operations continues to suggest that President Vladimir Putin is demanding a hasty offensive to achieve his stated objectives, possibly by βVictory Dayβ on May 9. The haste and partial preparation of the Russian attack will likely undermine its effectiveness and may compromise its success.
The bitch is Yellinβ again.
She is βdeeply concernedβ about the economy.
No she isnβt. It doesnβt affect her well-paid ass one bit.
It affects us 99 per centers.
RUSSIA STRUGGLING TO RESUPPLY ITS MILITARY
Not only is Russia suffering tremendous losses on the battlefield, but its ability to resupply its forces has taken a beating thanks to punishing economic sanctions imposed by the U.S. and its allies.
Since the start of its war on Ukraine Feb. 24, Russia has lost thousands of major weapons systems, like tanks, armored personnel carriers, air defense systems, helicopters, fixed-wing aircraft, ships and many other weapons that have been destroyed, damaged or captured, according to Oryxspioenkop, an independent open-source investigator.
βThere has been an effect on Putin’s ability to restock and resupply, particularly in the realm of components to some of his systems and his precision-guided munitions,β the official said. βThey’ve already faced an issue in terms of replenishing their inventory because of components to some of those systems. And that’s already had a practical effect on Putin.β