For a supposed global pariah, many nations want a lot from Russia. Not surprisingly, Russia’s response is often no. From Tom Lungo at tomluongo.me:
There is real power in the word “No.”
In fact, I’d argue that it is the single most powerful word in any language.
In the midst of the worst market meltdown in a dozen years which has at its source problems within global dollar-funding markets, Russia found itself in the position to exercise the Power of No.
Multiple overlapping crises are happening worldwide right now and they all interlock into a fabric of chaos.
Between political instability in Europe, presidential primary shenanigans in the U.S., coronavirus creating mass hysteria and Turkey’s military adventurism in Syria, the eastern Mediterranean and Libya, markets are finally calling the bluff of central bankers who have been propping up asset prices for years.
But, at its core, the current crisis stems from the simple truth that those prices around the world are vastly overvalued.
Western government and central bank policies have used the power of the dollar to push the world to this state.
And that state is, at best, meta-stable.
But when this number of shits get this freaking real, well… meeting the fan was inevitable.
And all it took to push a correction into a full-scale panic was the Russians saying, “No.”
