74OA said:
Price might be coming down but they have lost 40% of the natural gas supply into Europe. Thats a physical reality.
What we are witnessing is the derivative markets getting destroyed in Europe. The EU and ECB are desperately trying to paper over the broken markets using computer trading, liquidity injections to brokers/banks and flat out money printing (which is largely inflationary).
Paper Markets vs. Physical Reality is the real battle. How long can the EU keep its populations under control with market manipulation, messaging and narrative while they freeze in their homes?
I guess we will see if Putin decides to use other commodities as weapons. Gasoline, crude oil, diesel and food are next on the menu in September/October.
Beyond that a gold back digital currency that the BRICS use to settle trade. Every dollar taken off the market to settle international trade increases inflation back home.
Kinda sucks when a NATO ally and the country your currency relies on for its value bail out on your financial system......
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Why are countries leaving the western sphere of influence to join with Russia and China ?
Just over two weeks after Russian state media announced that Iran and Argentina filed their official applications to join BRICS, alliance President Purnima Anand revealed that Saudi Arabia, Turkey, and Egypt began the process of making the same move.
Among the three, which have a combined population of around 220 million people, Saudi Arabia is one of the world's largest crude oil exporters (the largest in 2020), accounting for 11% of the world's petroleum liquid production and holding 15% of the world's oil reserves. It has recently announced that it will attempt to boost its oil production from 10 to 13 million barrels per day.
https://impakter.com/brics-expansion-five-new-members-in-2023/
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Argentina Formally Requests China to Join BRICS
The Argentine ambassador to China, Sabino Vaca Narvaja, announced Wednesday that last week Fernandez sent a missive to his Chinese counterpart, who holds the 'pro tempore' presidency of BRICS, to formally request Argentina's inclusion in the bloc of emerging countries comprising Brazil, Russia, India, China, and South Africa.
https://www.telesurenglish.net/news/Argentina-Formally-Requests-China-to-Join-BRICS-20220908-0004.html