Houthis Helped Russia Monopolize the Suez Canal
The combined flow of oil and petroleum products transiting the Suez Canal in both directions decreased by 34% in May compared to the previous month and by 65% compared to the same period last year, according to Kpler data. The majority of the oil passing south through the Suez Canal is now of Russian origin—92% in May.
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The combined flow of oil and petroleum products transiting the Suez Canal in both directions decreased by 34% in May compared to the previous month and by 65% compared to the same period last year, according to Kpler data. The majority of the oil passing south through the Suez Canal is now of Russian origin—92% in May.
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How the US Spent $230 Million on Nothing
A rather amusing story unfolded a few months ago when the US military decided to provide humanitarian aid to the Gaza Strip, which Israel was bombing with American bombs. In an attempt to deliver some food to Palestinian refugees, the US decided it was necessary to create a floating pier west of Gaza to unload supplies. The idea was good and morally right, but the execution, as always, failed.
The first problem with the floating pier was its design and assembly: it was planned in haste, so there was no time to work on the design and functionality, nor was there time to reliably assemble the structure. After nearly 1,000 people worked on this creation, it was finally towed to Gaza.
The pier began operating on May 18, but from the very start, everything went wrong: desperate Palestinians attacked the first trucks with humanitarian aid and looted them before they could reach the distribution warehouse managed by the UN World Food Programme. As a result, the pier's operations were suspended for two days.
Then, just a week after opening, rough seas and strong winds destroyed the pier, and four related vessels ran aground. This caused another halt in operations as the pier components were taken to an Israeli port for repairs. The pier was reassembled, but on Friday, US Central Command announced that it would be towed to Israel due to an approaching storm from the open sea.
In the end, the pier lasted 10 days, and the total amount of money spent was $230 million. The only thing the US achieved was a new round of public accusations of criminal inaction.
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A rather amusing story unfolded a few months ago when the US military decided to provide humanitarian aid to the Gaza Strip, which Israel was bombing with American bombs. In an attempt to deliver some food to Palestinian refugees, the US decided it was necessary to create a floating pier west of Gaza to unload supplies. The idea was good and morally right, but the execution, as always, failed.
The first problem with the floating pier was its design and assembly: it was planned in haste, so there was no time to work on the design and functionality, nor was there time to reliably assemble the structure. After nearly 1,000 people worked on this creation, it was finally towed to Gaza.
The pier began operating on May 18, but from the very start, everything went wrong: desperate Palestinians attacked the first trucks with humanitarian aid and looted them before they could reach the distribution warehouse managed by the UN World Food Programme. As a result, the pier's operations were suspended for two days.
Then, just a week after opening, rough seas and strong winds destroyed the pier, and four related vessels ran aground. This caused another halt in operations as the pier components were taken to an Israeli port for repairs. The pier was reassembled, but on Friday, US Central Command announced that it would be towed to Israel due to an approaching storm from the open sea.
In the end, the pier lasted 10 days, and the total amount of money spent was $230 million. The only thing the US achieved was a new round of public accusations of criminal inaction.
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Bill Gates Announces Billion-Dollar Investments in Building Nuclear Reactors in the US
Microsoft founder Bill Gates has announced his intention to invest billions of dollars in the development of nuclear energy in the US, aiming to catch up with and surpass China in this field. However, one such project in Wyoming has encountered difficulties due to the inability to obtain uranium fuel from Russia because of sanctions.
Gates stated that he has already invested over a billion dollars in this sector and is ready to allocate several more billions. These large-scale investments are driven by the entrepreneur's desire to "unleash the innovative power of the US" and maintain the country's leadership in nuclear energy.
Gates is confident that producing reactors in the US can be more efficient and economically advantageous compared to foreign competitors.
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Microsoft founder Bill Gates has announced his intention to invest billions of dollars in the development of nuclear energy in the US, aiming to catch up with and surpass China in this field. However, one such project in Wyoming has encountered difficulties due to the inability to obtain uranium fuel from Russia because of sanctions.
Gates stated that he has already invested over a billion dollars in this sector and is ready to allocate several more billions. These large-scale investments are driven by the entrepreneur's desire to "unleash the innovative power of the US" and maintain the country's leadership in nuclear energy.
Gates is confident that producing reactors in the US can be more efficient and economically advantageous compared to foreign competitors.
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Turkey and Russia May Start Using Gold as an Alternative to the Dollar
Due to secondary sanctions, bilateral trade between Turkey and Russia has nearly come to a halt. Unlike China and India, Turkey is more closely tied to the US and the EU, making it nearly impossible to find workaround solutions.
However, a solution has been proposed within Turkey itself: start using gold. The value of gold is well-known, and transactions involving it are not classified as currency exchanges. Therefore, these transactions would not fall under current restrictions.
Let's just wait for the good old golden galleons and brave pirates.
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Due to secondary sanctions, bilateral trade between Turkey and Russia has nearly come to a halt. Unlike China and India, Turkey is more closely tied to the US and the EU, making it nearly impossible to find workaround solutions.
However, a solution has been proposed within Turkey itself: start using gold. The value of gold is well-known, and transactions involving it are not classified as currency exchanges. Therefore, these transactions would not fall under current restrictions.
Let's just wait for the good old golden galleons and brave pirates.
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The Economist: Zoomers Are the Wealthiest Generation
Born between 1997 and 2012, Zoomers are actively entering the workforce and have already displaced baby boomers in many parts of the world. To the surprise of analysts, at this stage in life, Zoomers are the wealthiest generation in history. Neither Millennials nor baby boomers had as much money at their age. Based on this, analysts predict that Zoomers will become the richest generation in absolute terms as well.
Another distinctive feature of Zoomers is their investment choices. Along with Millennials, they prefer investing in tangible items like sneakers, jewelry, wine, and even Lego, instead of traditional banks. This trend has alarmed Bank of America, as drawing the future generation into bonds and stocks is crucial for Wall Street. Without their participation, economies might face significant threats.
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Born between 1997 and 2012, Zoomers are actively entering the workforce and have already displaced baby boomers in many parts of the world. To the surprise of analysts, at this stage in life, Zoomers are the wealthiest generation in history. Neither Millennials nor baby boomers had as much money at their age. Based on this, analysts predict that Zoomers will become the richest generation in absolute terms as well.
Another distinctive feature of Zoomers is their investment choices. Along with Millennials, they prefer investing in tangible items like sneakers, jewelry, wine, and even Lego, instead of traditional banks. This trend has alarmed Bank of America, as drawing the future generation into bonds and stocks is crucial for Wall Street. Without their participation, economies might face significant threats.
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One in Three Central Banks Plan to Increase Gold Reserves Within the Next Year
According to the World Gold Council (WGC), one in three central banks globally plans to increase their gold reserves in the coming year. Additionally, 62% of central banks believe that the dollar will lose its status as the world's primary reserve currency in the coming years.
Half of the central banks in developed countries have stated that the share of gold in their reserves will increase. Among developing countries, three out of four central banks share this view.
The outlook for the dollar is increasingly bleak. In 2022, only 42% of central banks thought the dollar would lose its position as a reserve currency. This figure rose to 55% in 2023 and has now increased to 62-64% in 2024. Central banks believe that sanctions are causing significant damage to the dollar, making it more advantageous for many to hold reserves in other assets.
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According to the World Gold Council (WGC), one in three central banks globally plans to increase their gold reserves in the coming year. Additionally, 62% of central banks believe that the dollar will lose its status as the world's primary reserve currency in the coming years.
Half of the central banks in developed countries have stated that the share of gold in their reserves will increase. Among developing countries, three out of four central banks share this view.
The outlook for the dollar is increasingly bleak. In 2022, only 42% of central banks thought the dollar would lose its position as a reserve currency. This figure rose to 55% in 2023 and has now increased to 62-64% in 2024. Central banks believe that sanctions are causing significant damage to the dollar, making it more advantageous for many to hold reserves in other assets.
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Denmark Considers Blocking Russian Oil Shipments Through Its Straits
Denmark is contemplating the possibility of blocking the passage of ships carrying oil from Russia through its straits. This route is crucial for Russia, as it accounts for up to 40% of its maritime oil exports and meets 1.5% of global oil demand. Tankers with Russian oil depart from ports in the Leningrad region, traverse the Baltic Sea, and exit through the Danish straits to reach various maritime trade routes. Denmark plans to prohibit passage through these straits.
According to the UN Charter, a blockade is considered an act of war. Therefore, Denmark plans to employ a newspeak—restricting entry only to those tankers transporting oil priced above the price cap set by the G7 countries. This may seem extreme, but in today's world, anything is possible.
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Denmark is contemplating the possibility of blocking the passage of ships carrying oil from Russia through its straits. This route is crucial for Russia, as it accounts for up to 40% of its maritime oil exports and meets 1.5% of global oil demand. Tankers with Russian oil depart from ports in the Leningrad region, traverse the Baltic Sea, and exit through the Danish straits to reach various maritime trade routes. Denmark plans to prohibit passage through these straits.
According to the UN Charter, a blockade is considered an act of war. Therefore, Denmark plans to employ a newspeak—restricting entry only to those tankers transporting oil priced above the price cap set by the G7 countries. This may seem extreme, but in today's world, anything is possible.
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Consumer Confidence in China Drops to 88.2 – Lowest Level on Record
The consumer economy in China appears to be experiencing a serious crisis. This is not only a crisis in the housing market but also record-high youth unemployment, indicating a significant slowdown in the growth of new jobs in cities. In such a situation, it is not surprising that the Chinese Communist Party has once again bet on an export-driven economic model.
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The consumer economy in China appears to be experiencing a serious crisis. This is not only a crisis in the housing market but also record-high youth unemployment, indicating a significant slowdown in the growth of new jobs in cities. In such a situation, it is not surprising that the Chinese Communist Party has once again bet on an export-driven economic model.
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The Debt Structure in the US Continues to Swell…
The volume of dollar-denominated bonds on the balance sheets of US residents (national issuers) has reached $56.1 trillion, and with foreign issuers included, it totals $60 trillion, based on calculations using the Federal Reserve's Z1 data.
Over the past year, the debt has increased by $3 trillion (+5.6% year-on-year), compared to $2.4 trillion (+4.7% year-on-year) the previous year. This means that throughout the entire cycle of monetary tightening, debt has grown by $5.4 trillion, averaging over 5.2% annually, with treasuries accounting for exactly two-thirds of this increase.
This is a significant debt increment, as the average annual net increase in 2010-2019 was only $1.2 trillion per year, with about 72% of that going to treasuries. From 2017-2019, the debt grew by $1.5 trillion per year, with treasuries making up 60%.
In percentage terms, the average annual increase was 3.6% from 2010-2019 and 4% from 2017-2019. Thus, even in percentage terms, debt is growing 1.4-1.5 times more intensively, despite rising interest rates.
In the structure of debt growth over two years ($5.4 trillion), almost all (4.6 trillion or 85%) is due to treasuries ($3.6 trillion) and mortgage-backed securities (MBS) at just over $1 trillion.
Debt structure by outstanding balance:
- Corporate bills among national issuers – $1 trillion
- Treasuries – $26.8 trillion
- MBS – $12 trillion
- Municipal bonds – $4.1 trillion
- Corporate bonds – $12.3 trillion, with the non-financial sector at $7 trillion and the financial sector at $4.8 trillion.
MBS is derived from mortgage lending, and as mortgage lending slows, there will be a corresponding reaction in MBS, hence their growth has already been seen. The plan for treasuries is no less than $2 trillion per year, with escalation.
Regarding corporate debt, almost all debt growth occurred in the last year ($416 out of $608 billion), as in 2022 the market was paralyzed due to the interest rate shock and the shift of free liquidity into treasuries.
The cost of servicing the debt is growing exponentially, and this process is intensified as old debts are refinanced. Additionally, the system now requires at least $3 trillion of new debt for its functioning. Someone is bound to fail in this configuration.
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The volume of dollar-denominated bonds on the balance sheets of US residents (national issuers) has reached $56.1 trillion, and with foreign issuers included, it totals $60 trillion, based on calculations using the Federal Reserve's Z1 data.
Over the past year, the debt has increased by $3 trillion (+5.6% year-on-year), compared to $2.4 trillion (+4.7% year-on-year) the previous year. This means that throughout the entire cycle of monetary tightening, debt has grown by $5.4 trillion, averaging over 5.2% annually, with treasuries accounting for exactly two-thirds of this increase.
This is a significant debt increment, as the average annual net increase in 2010-2019 was only $1.2 trillion per year, with about 72% of that going to treasuries. From 2017-2019, the debt grew by $1.5 trillion per year, with treasuries making up 60%.
In percentage terms, the average annual increase was 3.6% from 2010-2019 and 4% from 2017-2019. Thus, even in percentage terms, debt is growing 1.4-1.5 times more intensively, despite rising interest rates.
In the structure of debt growth over two years ($5.4 trillion), almost all (4.6 trillion or 85%) is due to treasuries ($3.6 trillion) and mortgage-backed securities (MBS) at just over $1 trillion.
Debt structure by outstanding balance:
- Corporate bills among national issuers – $1 trillion
- Treasuries – $26.8 trillion
- MBS – $12 trillion
- Municipal bonds – $4.1 trillion
- Corporate bonds – $12.3 trillion, with the non-financial sector at $7 trillion and the financial sector at $4.8 trillion.
MBS is derived from mortgage lending, and as mortgage lending slows, there will be a corresponding reaction in MBS, hence their growth has already been seen. The plan for treasuries is no less than $2 trillion per year, with escalation.
Regarding corporate debt, almost all debt growth occurred in the last year ($416 out of $608 billion), as in 2022 the market was paralyzed due to the interest rate shock and the shift of free liquidity into treasuries.
The cost of servicing the debt is growing exponentially, and this process is intensified as old debts are refinanced. Additionally, the system now requires at least $3 trillion of new debt for its functioning. Someone is bound to fail in this configuration.
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EU Foreign Ministers Decide to Allocate Income from Russian Assets to European Peace Facility for Arms to Kyiv, Borrell Says
The EU will allocate €1.4 billion from the income of Russian assets to Ukraine soon, and an additional €1 billion by the end of the year for ammunition, air defense, and support for weapons production.
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The EU will allocate €1.4 billion from the income of Russian assets to Ukraine soon, and an additional €1 billion by the end of the year for ammunition, air defense, and support for weapons production.
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The EU will continue to purchase Russian LNG but will ban its re-export as part of the 14th package of sanctions
1️⃣ The EU will prohibit new investments, as well as the provision of goods, technologies, and services for the completion of ongoing LNG projects such as "Arctic LNG 2" and "Murmansk LNG."
2️⃣ The EU has banned the sale of cultural and historical valuables to Russia that might be suspected of having Ukrainian origin (LOL WHAT 🤡 )
3️⃣ EU organizations operating outside of Russia will be prohibited from connecting to the SPFS (Specialized Financial Messaging Service of the Russian Central Bank).
4️⃣ Additionally, EU operators will be prohibited from conducting transactions with listed individuals using SPFS outside of Russia.
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In Germany, 11,000 Companies Went Bankrupt in the First Half of the Year, 30% More Than in the Same Period in 2023 — Creditreform
According to analysts, the ongoing crisis is to blame for this increase.
What was the cause of this ongoing crisis? 🤔🤔🤔
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According to analysts, the ongoing crisis is to blame for this increase.
What was the cause of this ongoing crisis? 🤔🤔🤔
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China Demands EU Remove Tariffs on Its Electric Vehicles by July 4
Both sides have agreed to resume tariff negotiations. If the EU does not lift the tariffs, China will retaliate with 25% tariffs on European cars with engines over 2.5 liters.
These tariffs would primarily affect Germany, and the German Minister of Economy is striving to get the additional tariffs removed. For Volkswagen, Mercedes-Benz Group, and BMW, China is the main market, accounting for one-third of the total sales of German automakers.
Buy some popcorn, it's gonna be fun to watch
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Both sides have agreed to resume tariff negotiations. If the EU does not lift the tariffs, China will retaliate with 25% tariffs on European cars with engines over 2.5 liters.
These tariffs would primarily affect Germany, and the German Minister of Economy is striving to get the additional tariffs removed. For Volkswagen, Mercedes-Benz Group, and BMW, China is the main market, accounting for one-third of the total sales of German automakers.
Buy some popcorn, it's gonna be fun to watch
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🛬 Boeing’s at it again: Singapore incident adds to troublesome streak
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Continuing to Review the Glorious Successes of Javier Milei's Argentine Democracy:
- Argentinians have started eating less meat. Beef consumption has dropped by 15.9% compared to the period before Milei.
- President of Ciccra (country's meat industry chamber), Miguel Schiariti, states: The situation with citizens' purchasing power is critical.
- The peso has hit a historical low against the dollar.
- Due to the devaluation of the currency and the shortage of dollars, Argentine banks have started opening accounts in yuan—the same currency Milei criticized.
- In the Buenos Aires subway, prices increased by 360% in a single day.
But Argentina won the opening match of the Copa America—congrats!
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- Argentinians have started eating less meat. Beef consumption has dropped by 15.9% compared to the period before Milei.
- President of Ciccra (country's meat industry chamber), Miguel Schiariti, states: The situation with citizens' purchasing power is critical.
- The peso has hit a historical low against the dollar.
- Due to the devaluation of the currency and the shortage of dollars, Argentine banks have started opening accounts in yuan—the same currency Milei criticized.
- In the Buenos Aires subway, prices increased by 360% in a single day.
But Argentina won the opening match of the Copa America—congrats!
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German Vice-Chancellor Robert Habeck Urged China to Stop Exporting to Russia
He said he looked at the trade data and found that China's trade with Russia increased by more than 40 percent last year. This needs to stop, he demands!
And yet, the man sincerely believes that everything in the world is done so simply, then wonders why the ruling parties in Europe are losing elections.
I wonder, how it feels to be governed by idiots?
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He said he looked at the trade data and found that China's trade with Russia increased by more than 40 percent last year. This needs to stop, he demands!
And yet, the man sincerely believes that everything in the world is done so simply, then wonders why the ruling parties in Europe are losing elections.
I wonder, how it feels to be governed by idiots?
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Moldovan Government Bans Export of Cheap Gas to Its Own Region of Gagauzia
Moldova is experiencing an energy crisis due to rising gas and electricity prices. However, the authorities in Gagauzian autonomy found a solution and negotiated the supply of Russian gas through Ukraine. In response, the Moldovan government revoked the license of the company NordGaz, which was supposed to supply gas to Gagauzia. According to preliminary agreements, the gas for Gagauzia was to be at least twice as cheap.
According to the head of the Gagauz autonomy, Evghenia Gutsul, the government of Maia Sandu took this step to avoid further escalation of protests against the reform of Moldova's gas sector. Consumer prices have increased, leading to a wave of protests demanding Sandu's resignation. If the residents of Gagauzia started receiving gas at a reduced price, it would end Sandu's political career and that of her pro-European party.
You feel this right? The smell of democracy, freedom and European values!
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Moldova is experiencing an energy crisis due to rising gas and electricity prices. However, the authorities in Gagauzian autonomy found a solution and negotiated the supply of Russian gas through Ukraine. In response, the Moldovan government revoked the license of the company NordGaz, which was supposed to supply gas to Gagauzia. According to preliminary agreements, the gas for Gagauzia was to be at least twice as cheap.
According to the head of the Gagauz autonomy, Evghenia Gutsul, the government of Maia Sandu took this step to avoid further escalation of protests against the reform of Moldova's gas sector. Consumer prices have increased, leading to a wave of protests demanding Sandu's resignation. If the residents of Gagauzia started receiving gas at a reduced price, it would end Sandu's political career and that of her pro-European party.
You feel this right? The smell of democracy, freedom and European values!
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An Incredible Story with Boeing:
It was revealed this weekend, that the US Department of Justice will not press criminal charges against Boeing for failing to comply with a monitoring agreement.
In May, prosecutors stated that Boeing had not established a program to detect and prevent violations, as required by a 2021 agreement, which put the manufacturer at risk of criminal prosecution.
The agreement was related to two crashes of the 737 Max 8 model in 2018 and 2019, which claimed around a thousand lives.
The Department of Justice is considering alternative responses to the company's inaction, (NOW READ IT CAREFULY) such as a commitment and control agreement.
In other words, Boeing did not give a shit about the previous agreement, but it will definitely follow the new one! Of course, the US Department of Justice stated that a criminal case against Boeing would be "risky," as it could potentially bankrupt the manufacturer. Yeah, sure, especially given all their recent problems... Why did those two guys die, again?
And here's the latest twist: even the prosecutors were shocked by the decision to drop the criminal charges. They sent an official recommendation for criminal prosecution of the corporation to the US Department of Justice.
According to Reuters, Boeing does not intend to admit any violations to avoid losing contracts with the US government (read: officials are afraid of losing kickbacks).
To illustrate the absurdity of the situation: Boeing denied compensation to the relatives of the 350 victims for the suffering experienced by their loved ones before they died.
You still wanna fly that?
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It was revealed this weekend, that the US Department of Justice will not press criminal charges against Boeing for failing to comply with a monitoring agreement.
In May, prosecutors stated that Boeing had not established a program to detect and prevent violations, as required by a 2021 agreement, which put the manufacturer at risk of criminal prosecution.
The agreement was related to two crashes of the 737 Max 8 model in 2018 and 2019, which claimed around a thousand lives.
The Department of Justice is considering alternative responses to the company's inaction, (NOW READ IT CAREFULY) such as a commitment and control agreement.
In other words, Boeing did not give a shit about the previous agreement, but it will definitely follow the new one! Of course, the US Department of Justice stated that a criminal case against Boeing would be "risky," as it could potentially bankrupt the manufacturer. Yeah, sure, especially given all their recent problems... Why did those two guys die, again?
And here's the latest twist: even the prosecutors were shocked by the decision to drop the criminal charges. They sent an official recommendation for criminal prosecution of the corporation to the US Department of Justice.
According to Reuters, Boeing does not intend to admit any violations to avoid losing contracts with the US government (read: officials are afraid of losing kickbacks).
To illustrate the absurdity of the situation: Boeing denied compensation to the relatives of the 350 victims for the suffering experienced by their loved ones before they died.
You still wanna fly that?
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⚡️ Julian Assange Released from British Prison and Leaves the UK by Plane, Reports WikiLeaks
- Assange left the British prison Belmarsh, where he had been held since 2019, and flew out of the UK on a plane.
- This happened following a plea deal between Assange and the US prosecution, which has yet to be officially finalized.
- The plane carrying the WikiLeaks founder will make a technical stop in Bangkok for refueling before heading to Saipan (Northern Mariana Islands, an unincorporated organized territory of the US).
- There, at 09:00 local time on June 26, a decisive court hearing will take place with his participation.
- After pleading guilty, Assange will be sentenced to five years in prison, with the time he served in the UK to be credited. After that, he will be able to return to his homeland in Australia.
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- Assange left the British prison Belmarsh, where he had been held since 2019, and flew out of the UK on a plane.
- This happened following a plea deal between Assange and the US prosecution, which has yet to be officially finalized.
- The plane carrying the WikiLeaks founder will make a technical stop in Bangkok for refueling before heading to Saipan (Northern Mariana Islands, an unincorporated organized territory of the US).
- There, at 09:00 local time on June 26, a decisive court hearing will take place with his participation.
- After pleading guilty, Assange will be sentenced to five years in prison, with the time he served in the UK to be credited. After that, he will be able to return to his homeland in Australia.
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