Showing posts with label Russia. Show all posts
Showing posts with label Russia. Show all posts

Wednesday, December 3, 2025

Latin America Facing the Storm: Rallying the Global Majority | Alexander Dugin

Trump is threatening to invade Venezuela, Colombia, and Mexico simultaneously under the pretext of fighting drug cartels. It looks like he is beginning his own “special military operation.” If he had chosen Canada and Greenland as his targets, that would deserve full support. That would be a blow against globalism. As it stands, it is pure imperialism, a direct intervention.

» We must all show what a global majority truly is. «

An attack on countries that clearly lean towards multipolarity is a blow against us—against greater humanity. Israel attacked Gaza, Lebanon, Yemen, Iran, and Syria. And the Islamic world stayed silent, allowing it to happen. 
 
»
Adelante, tú solo: El mundo te va a quitar hasta la última luz. «
Go ahead, all by yourself: The world will beat the last daylight out of you.
Nicolás Maduro, President of Venezuela, December 2, 2025. 

» Invade Canada, not Venezuela. «
 
Now the United States is preparing to invade three countries of Latin American civilization at once. If they follow the principle of each for itself, this will strengthen Western hegemony for a while longer. The countries of Latin America must unite and present an ultimatum to the United States. Right now, we must all—every BRICS country—show what a global majority truly is.

dancing to changa-tronics in Caracas

»
 
Suspend Sec. Hegseth and Admiral Bradley for their war crimes off the coast of Venezuela! «
 Col. Douglas Mcgregor, December 3, 2025.
 
See also:

Tuesday, December 2, 2025

Is Ukraine Developing Nuclear Weapons with UK and France? | Gerry Nolan

If Kim Dotcom is right (his bating average is very high), and Ukraine really is developing nuclear weapons with UK and French help, then Europe isn’t just escalating. It’s playing Russian roulette with civilization. And the worst part? It’s plausible. Horrifyingly plausible.

» Ukraine is developing nuclear weapons with the help of the UK and France. This is why the peace process takes so long. 
The US knows and it is playing on time. Ukraine is a US client state. If Trump wanted peace he would have it immediately. 
Russia is being played. « — Kim Dotcom, December 1, 2025.
NATO’s top general has now crossed the line from deterrence into madness. Admiral Giuseppe Cavo Dragone has publicly floated the idea of "preventive action" against Russia—meaning pre-emptive strikes on targets "where drones could be ready to be launched." Europe isn’t defending itself; Europe is announcing that it is preparing for war and is ready to strike first. This is elite panic—the behavior of governments that fear their own people far more than they fear Moscow.
This adds up sadly... That Ukraine is developing a nuclear program with assistance from Britain and France, a charge that will be dismissed in Western capitals, but one that fits too neatly with Kiev's own public statements. This isn’t a wild accusation from the fringe. Ukraine’s leadership has repeatedly signaled nuclear ambitions: from Zelensky in Munich hinting at abandoning the Budapest Memorandum, to the ambassador, Andrey Melnyk, in Berlin threatening nuclear rearmament, to “we may need nukes if NATO won’t take us.” These aren’t slips. They are warnings and confessions disguised as hypotheticals.

Zelensky's potential replacement, Zaluzhny, suggests Ukraine could deploy nuclear weapons as a
security guarantee. According to the dismissed general, other options include NATO membership or
a "large military contingent" to confront Russia. They just crave a nuclear showdown.
 
And now? Europe is openly discussing preemptive strikes on Russia. NATO’s top general, Cavo Dragone, floated "preventive action" against Russian sites, code language for first-strike doctrine. Russia responded by calling it "an extraordinarily irresponsible step." They’re right. This is not deterrence but brinkmanship from a political class that has lost its mind, and knows it.
 
»
I was actually in Monaco earlier this summer… and every other car there was an Italian supercar, like a Pagani or Bugatti, and
they all had UKRAINE plates. They’re STEALING that money, and it’s just one big corrupt scandal. «Donald Trump Jr.
 
Why is the claim more than plausible? Because Kiev has the motive, is on record expressing the intent (to give cover for its patrons), the remnants of a Soviet scientific base, and the Western patrons capable of providing the expertise. And because a desperate state with collapsing front lines, a sacrificed population, and dwindling Western patience will consider anything, including the unthinkable, to secure leverage.

Rus
tem Umerov
sticks to the script: "gratitude to the American people, the leadership, Trump’s peace initiative." 
"The US is hearing us, the US is supporting us, the US is walking beside us." Little substance, lots of pleasantries.
 
And Europe? Europe is no brake. Europe is the accelerant. London and Paris, terrified of their own political collapse, are escalating in every direction: naval-drone terror, hybrid and kinetic warfare, now nuclear ambiguity. They fear their own voters more than they fear Moscow. That’s why they push Zelensky to take risks no sane leadership would touch. Because if Ukraine falls, their governments fall with it.

Zelensky and "The Spirit of Ukraine," 2022 and 2025.

This is how great powers sleepwalk into catastrophe: a desperate puppet state, unhinged European elites, and nuclear ambiguity. And a military alliance openly debating first strikes on a nuclear superpower.

»
It's over. NATO and the EU are finished. The Empire of Lies is crumbling. «  
 
The world is standing at the abyss. Not because Russia wants war, but because Europe’s political class is trying to outrun the judgment waiting for them at home. And if they drag Ukraine into becoming a terror regime with nukes, or drag NATO into first-strike doctrine, the next miscalculation won’t be “hybrid warfare.” It will be irreversible. We are closer to the abyss today than at any point since 1962, and the people lighting the fuse are in Brussels, London, and Paris. Not Moscow.

Wednesday, September 10, 2025

Q4 2025 Outlook: Geopolitics, Geoeconomics, and Investments | Simon Hunt

Amid a cascade of geopolitical and economic developments, the Shanghai Cooperation Organization (SCO) summit—along with bilateral meetings in Tianjin and Beijing—emerged as the pivotal moment. President Xi’s opening address concluded with a clear message: “It’s time for action.” 
 
Simon Hunt, British economist and CEO of Simon Hunt Strategic Services, is a veteran global 
strategist with 50+ years of experience advising governments and institutions on macroeconomics, 
copper markets, China, and geopolitical risk, and a pioneer in industrial metals intelligence.

Multipolar Ultimatum: SCO Summit Signals Global Realignment 
This marks a new era of geopolitical posture—one of confident unity among the East, and a tacit ultimatum to the West. BRICS is ready, but not seeking a fight. Despite the growing strength of this bloc, their message remains: “We don’t want war, we invite partnership. But if you refuse, we will proceed without you.” This stance was echoed during a high-profile military parade showcasing next-generation hardware (HERE, select English audio track). 

» The wars in the Middle East and in Europe will escalate. «
 
The West has effectively pushed Russia and China together—and now India as well. This fulfills Brzezinski’s warning that a Russia-China alliance would mark a fatal blow to US global dominance. The realignment is now irreversible.

India, once diplomatically dancing between the West and the East, has now aligned itself firmly with BRICS. The SCO summit made this unmistakably clear through images and interactions between leaders. With China and Russia already unified, India’s inclusion forms a powerful axis comprising the world’s three largest countries by population and resource depth.

Within the SCO framework, India and Pakistan—traditionally adversarial—may find common ground. Russia maintains strong ties with India, while China supports Pakistan. Pakistan's historical alignment with the CIA may now be shifting toward China, driven by strategic and economic incentives. Even Pakistani defense leaders have acknowledged the transactional nature of their past Western alignment.
 
US Can Adopt Multipolarity Or World Will Split Into Two Blocs
The coordinated body language, messaging, and preparedness of Xi Jinping, Vladimir Putin, and Narendra Modi made it clear: Washington and its allies are being asked to join a multilateral world. Should they refuse, the world will split into two irreconcilable blocs 
 
Historically, empires have accepted only victory or defeat, and the United States may not shift until crisis compels it. The refusal to accept a multipolar order will lead to escalating global tensions. The window for peaceful integration is closing.
 
BRICS Currency Incoming: Gold-Backed Alternative to Dollar Imminent
Within ongoing BRICS meetings, particularly between Russia and Brazil, a new currency is being discussed—one expected to be gold-backed. The Shanghai Gold Exchange is building vaults across BRICS countries, including Saudi Arabia, enabling energy trade in yuan and its conversion directly into gold, bypassing the dollar.
 
China is already settling oil trades in yuan, which Saudi Arabia converts into gold via the Shanghai exchange. A physical gold vault in Saudi Arabia would streamline this process, and with a narrowing trade imbalance, this yuan-for-gold mechanism is becoming systemic. Russia and China have already maintained such a balance for years via vaults in the People's Bank of China (PBOC).
 
Russia warns "US will use crypto to escape its $35 trillion debt". 
 
Gold at Record Highs: Short-Term Pullback Before Next Bull Leg
Gold futures reached $3,673, with silver touching $41.92. However, a short-term correction to $2,800 may occur due to the Treasury’s need to lower interest rates. This is seen as a deliberate move to accumulate gold cheaply before an eventual revaluation.
 
Silver Rising: Central Banks and BRICS Nations Accumulating
Saudi Arabia recently bought $20M worth of SLV shares. Russia has opened its first silver reserve. The US added silver to its official list of critical minerals, indicating institutional recognition of its strategic value alongside gold. The deeper message: central banks no longer trust paper assets.
 
Two-Tier US Currency Model Anticipated
The US is already in recession, and Europe is close behind. Real money supply is shrinking globally—one of the most reliable indicators of economic activity. Liquidity injections may not be enough to revive growth given looming structural banking pressures. 
 
A previously disclosed forecast from over a decade ago suggested the US could eventually introduce two dollars—a gold-backed domestic dollar and a floating offshore dollar. Technical models predict the DXY will fall to 50 by 2028, effectively doubling gold prices in dollar terms.

A potential short-term dollar rally—DXY rising from 98 to 103—could temporarily deflate gold prices. This would precede the next wave of the precious metals bull market. Treasury-driven rate cuts and liquidity injections will aim to stabilize the system ahead of 2028's deeper crisis.

American pension funds and institutions may be compelled to absorb US debt, given the exodus of foreign buyers like China. Watch India’s actions closely in this space—they will serve as a bellwether for BRICS monetary divergence.
 
 
» The contrast between Chinese dynamism and the total rot and death cult of the West and its vassals defies imagination. «
 
Ukraine Escalation Risk: EU3’s Miscalculated Strategy
The EU3—France, Germany, and the UK—appear poised to intensify the Ukraine conflict by inserting troops into the country, backed by US-supplied weapons and funded through European debt. This move, driven by strategic delusion, risks widening the war and deepening economic instability across Europe.

Should EU3 forces move into Ukraine, expect immediate capital controls in Europe, with global spillover via interconnected banking systems. This would shortcut any inflationary cycle and thrust the world directly into recession.
 
A leaked directive from France reportedly instructed hospitals to prepare for mass casualties in 2026, tied to potential direct conflict with Russia. Sources close to French military and intelligence circles confirm the plausibility of this scenario, citing deployments as “peacekeepers” that will effectively function as combat troops.
 
Iran-Israel Tensions Rising: Preemptive Strike Scenarios Loom
Parallel to Ukraine, the Middle East simmers. Iran is reinforcing its defenses with aid from Russia and China. Intelligence hints at potential preemptive strikes by Iran against Israel, marking a dangerous turning point. Iran’s foreign minister has dismissed negotiations with the US as traps, citing repeated betrayals masked as diplomacy.
 
» Globalization is coming to an end, the Spring and Autumn period is over, and the Warring States period is about to begin.
[...] From now on, the possibility of reconciliation between countries on this planet will increasingly cease to exist.
The entire Eurasian continent is about to engage in a battle royale, where every nation must firmly
choose sides in the process: either become a servant of the United States or be its enemy. 
[...] They can only choose to stand with us or face destruction. «
Chinese opinion regarding Israeli bombing of Qatar on September 9, 2025.
 
Despite its proximity to conflict, the UAE may be spared thanks to deep trade ties with Israel, cultural links with Iran, and the presence of a modern Iranian community. Any Iranian retaliation may be surgically limited to American military installations, avoiding broader damage in the UAE.

Climate Shift Confirmed: From Warming to Cooling
Melting Greenland ice is releasing cold freshwater into the Atlantic, disrupting ocean currents. Though silenced by institutions like NOAA, internal research suggests we are entering a cooling phase, not warming. The agricultural and economic implications are immense.

Food Inflation Crisis: Cold Weather, and Dust Bowl Patterns Collide
Food prices are already spiking. The FAO food index rose 7.6% YoY in July. Fertilizer shortages and extreme weather may cause one of the coldest winters in 50 years in the US Midwest. Add to this the return of the 90-year Dust Bowl cycle, and the outcome is severe crop failures and soaring food inflation.
 
Demographics vs. Growth: Global Economic Model Faces Existential Challenge 
The world's demographic peak (around 9 billion) and subsequent decline challenge the existing economic model based on infinite growth. However, this transformation will unfold over decades—not in the immediate 5-year cycle.
 
Short-Term Strategy: Long-Term Investment Now Extremely Risky
In the current fractured world order, long-term investments—by individuals or institutions—are hazardous. A global recession or depression is likely by 2028, with paper assets poised for a collapse. However, if geopolitical escalations are avoided, equities and base metals may experience a bull market from mid-2025 to 2028.

Hungary and Slovakia are likely to resist full EU alignment and avoid deeper conflict involvement. These countries, being semi-detached from Brussels, may serve as safe havens during broader European turmoil.
 
Individuals should prepare immediately. Stock deep freezers, convert garden space into vegetable beds, and plan for prolonged food cost spikes. This is a practical, immediate defense against inflation and disruption.

Wednesday, September 3, 2025

The End of Western Dominance—US Lives in Mortal Fear | John Mearsheimer

Since 2017, when Trump entered the White House, the balance of power has shifted in China’s favor, though the United States remains the world’s most powerful state. China is rapidly closing the gap, particularly in cutting-edge technologies, which Washington fears could tilt global economic and military power. As China converts its economic strength into military might, it builds not just regional forces but also blue-water naval power and global projection capabilities linked to its Belt and Road Initiative. This imitation of US strategy alarms Washington and drives a bipartisan policy of containment.

John J. Mearsheimer, American political scientist and professor at the University of Chicago, best known for his work
on international relations theory, offensive realism, the US Zionist lobby, US–China rivalry and great power politics.

Initially, Chinese leaders argued that economic interdependence would prevent conflict, since prosperity required cooperation. However, survival—not prosperity—is the primary goal of states in an anarchic international system with no higher authority. As China’s economic rise translated into growing military capacity, American fear replaced optimism, triggering security competition in East Asia. Prosperity enriched both sides, but balance-of-power politics and survival imperatives outweighed economic interdependence theory.

» Great powers are ruthless, exploiting weaker rivals to secure survival and expand influence. «
John J. Mearsheimer's complete discourse video. 

Historical lessons reinforce this logic. Weak states like China during its “century of humiliation” (1840s–1940s) and Russia during NATO expansion in the 1990s suffered because they lacked power. Great powers are ruthless, exploiting weaker rivals to secure survival and expand influence. In this system, the optimal strategy is regional hegemony, dominating one’s neighborhood while preventing rivals from doing the same. The US has long acted this way, blocking Germany, Japan, and the Soviet Union from achieving dominance in Europe or Asia, while securing its own supremacy in the Western Hemisphere.

China’s trajectory fits this pattern. As its power has grown since the 1990s, Beijing naturally seeks to dominate East Asia. Yet the US cannot tolerate another regional hegemon, making containment inevitable. From Washington’s perspective, preventing Chinese hegemony is about survival, not choice. From Beijing’s perspective, seeking hegemony is equally rational. The result is a structural clash: both sides are locked in an intensifying security competition driven by the anarchic nature of the international system.

» The United States lives in mortal fear that the Chinese are going to dominate. «

China’s path to hegemony is more difficult than America’s was because regional powers like Japan, Australia, South Korea, and the Philippines—backed by the US—resist Chinese dominance. India participates in the Quad but is geographically and strategically less central to East Asian balance. Russia, meanwhile, has been pushed into China’s camp by the Ukraine war, eliminating a potential counterweight. This complicates US strategy: instead of balancing China together, Washington and Moscow are now aligned against each other.
 
The Ukraine war creates two major problems for the US: it prevents a full pivot to Asia and deepens the Sino-Russian partnership. Trump recognized this dynamic and sought rapprochement with Moscow to peel Russia away from China, but his chances of success are slim. Russia deeply distrusts the US, and Trump underestimated the difficulty of ending the Ukraine conflict. His instincts—to improve ties with Russia and focus on China—align with realist logic, but his reliance on instincts over experts undermines effective execution.

» It's only recently that Putin has brought the Russians back 
from the dead and we now consider Russia to be a great power. «

Since 2017, US policy has shifted decisively from engagement to containment of China, first under Trump and then reinforced, even hardened, under Biden. Yet American forces remain tied down in Ukraine and the Middle East. Deployments against the Houthis in the Red Sea and the prospect of war with Iran divert vital resources away from East Asia, just as China grows militarily stronger. Past US experiments in social engineering—in Afghanistan, Iraq, Libya—ended in failure, raising doubts about new entanglements that sap the capacity to counter China.

Facing escalating global uncertainties, Chinese President Xi Jinping said the SCO is increasingly
responsible for regional peace, stability, and member-state development, August 31, 2025.
 
Ultimately, the US–China rivalry reflects structural realities of power politics. Both states seek survival through maximizing power, and both see regional hegemony as the path to security. The United States, the sole global hegemon since 1900, refuses to share that status, while China, closing the gap, sees dominance in East Asia as essential. The result is an enduring, intensifying contest that economic interdependence or diplomatic optimism cannot erase.

 

See also:

China's Preparations for Reunification With Taiwan Around 2027 | Jin Canrong

The Chinese government has consistently avoided setting a timetable for resolving the Taiwan question, emphasizing instead President Xi’s call for peaceful reunification with patience, sincerity, and effort. Despite this, American analysts frequently forecast 2027 as the likely point of resolution. Their view is shaped by China’s large strategic reserves, new industrial measures, and visible military procurement, all of which they interpret as signs of preparation for decisive conflict.

Jin Canrong (金灿荣), leading scholar of China–US relations, American politics, and foreign policy;
CCP strategist; Professor and Associate Dean at the School of International Studies, Renmin University of China.

From a military perspective, China faces few obstacles. A Taiwan operation could be carried out through blockade or direct combat, and success would likely come quickly. US intervention is not considered probable, making the true challenges economic and political rather than military or diplomatic. China’s main vulnerabilities are its dependence on imported resources, its lack of a fully unified domestic market, and the influence of elites with assets or family ties abroad. By contrast, Russia’s economy, though smaller, is buffered by its abundant resources, allowing it to withstand sanctions more effectively.

Among many other heads of states, Putin, Kim Jong Un, 
Park Geun-hye, ex-President of South Korea, and Masoud
Pezeshkian, President of Iran, joined Beijing’s historic victory parade on September 3, marking 80 years since
Japan’s WWII surrender, where China showcased its hypersonic missiles and nuclear triad. 
 
The government is taking steps to address these weaknesses. Grain reserves now exceed two years thanks to improved storage and expanded farmland. By 2027, new oil and gas discoveries together with Central Asian pipelines are expected to reduce import dependence. Coal-to-oil conversion and the spread of new energy vehicles will further narrow the energy gap. The more difficult issue lies in market access, as domestic circulation remains weak due to provincial barriers. Efforts to expand the Belt and Road initiative continue, though China lacks the military and cultural instruments historically used by the West to protect overseas investments.

»
US intervention is not considered probable. «
Jin Canrong's complete discourse video.
 
Diplomatically, a resolution of the Taiwan issue would have far-reaching effects. ASEAN countries, seeing the United States as unreliable for security, would likely align with China, turning the South China Sea into an inland sea. Japan and South Korea, highly dependent on maritime trade and external resources, would also face strong pressure to yield. Once the Taiwan Strait and the South and East China Seas are secured, Shanghai and the eastern seaboard would be protected, creating what could be the safest period in Chinese history.

Welcome to the Eurasian Century.
 
Historically, China’s threats came from the north, but industrialization eliminated that danger. Today, the principal threats come from the sea, the heartland of Western industrial power. Once Taiwan is reclaimed and the maritime approaches are secure, China can focus entirely on internal development and raising living standards. The most serious obstacles to this outcome are economic fragility and political complications, not military or diplomatic resistance. The year 2027 therefore stands out as the most likely turning point, a moment that could bring short-term hardship but ultimately mark the beginning of a new and safer era for China.

 
See also:

Monday, September 1, 2025

SCO Summit Ushers in New Global Security Order and Development Strategy

The Tianjin SCO Summit (August 31–September 1, 2025) brought together leaders from more than 20 nations and delegations from over 30 countries, representing half of humanity. Founded in 2001 from the “Shanghai Five” bloc, the SCO has since evolved into a platform of global significance, no longer limited to Eurasian security but increasingly positioned as a central force in world affairs.

Eurasia’s great powers 
align.
 
The summit adopted the "Tianjin Declaration" and updated the "SCO Development Strategy to 2035", mapping out collective approaches to global security, economic stability, technology gaps, and humanitarian issues. Around 20 agreements were signed covering regional security, economic cooperation, and cultural ties—showing the SCO’s increasingly comprehensive agenda.

The most striking diplomatic development was the warming of "China–India relations". Xi Jinping and Narendra Modi affirmed that their countries should act as partners, not rivals—“the dragon and the elephant dancing together.” China also declared readiness to cooperate with Belarus, strengthening its support for Russia. Azerbaijan’s potential membership was floated, adding complexity to regional dynamics.

Unlike Western alliances, the SCO emphasizes "non-interference, equality, and mutual respect", principles that resonate strongly with the Global South. Many members are also part of BRICS, reinforcing the alignment of emerging economies seeking independence from Western dominance. The summit thus showcased an alternative model of governance appealing to nations dissatisfied with US-led structures.

Indian Business Today depicts Trump's futile attempts
to stop the out-of-control Indian elephant.

The presence of leaders from Mongolia, Turkey, Egypt, and Indonesia underscored the SCO’s expanding gravitational pull. Ceremonies marking the 80th anniversary of the victory over Japan reminded participants of the historical depth of Russia–China ties and their shared resistance to Western hegemony. Symbolic gestures, such as Putin and Modi walking hand in hand, highlighted the summit’s theatrical but strategic diplomacy.
 
» The Dragon and the Elephant should dance together. «
Following Donald Trump's "unwise tariffs," former Global Times reporter
Yang Sheng says the policies pushed China and India to set aside differences. 
 
The summit signaled the "rise of a multipolar world order". By uniting Asia’s largest powers and fostering ties across the Global South, the SCO has moved closer to becoming a true counterweight to Western institutions. 
 
The West relegated to the rank of frustrated spectator.

Together with BRICS, it now represents a complementary pole of power. If China and India consolidate cooperation, analysts see the potential for a profound realignment of global governance away from Western dominance.
 
See also:

Friday, August 29, 2025

Who Invented BRICS | Yuliana Titaeva

Many people believe that the idea of this strategic alliance was proposed in 2001 by Goldman Sachs analyst Jim O’Neill. In fact, he only came up with a successful name—BRIC (“brick”), formed from the first letters of the countries. The point was that these four economies would be the engines of global growth in the 21st century.
 
Shanghai Cooperation Organisation (SCO) summit from August 31 to September 1 in Tianjin.
 
But in reality, the idea of an alliance between Russia, India, and China was first voiced by… Vladimir Ilyich Lenin. In 1920, Lenin wrote a “Letter to the Indian Revolutionary Association in which he directly addressed the Indian people, called for liberation from British colonialism, and emphasized that India’s struggle was part of the world revolution. For Lenin, Russia had to be the natural ally of India and China in this struggle.

» The spiral of history. «  
Vladimir Ilyich Lenin, 1920. 
 
Of course, Lenin thought in terms of revolutions and class struggle, not trade blocs. But still, this was the first articulation of the "Russia–India–China" connection as a historical and political project. He was the first to see in these three civilizational giants natural allies against Western hegemony.

SCO Unites to Crush NATO’s Pressure, Pepe Escobar, August 29, 2025.
 
Seventy-eight years later, in 1998, the foreign minister of the new Russia, Yevgeny Maksimovich Primakov, formalized the idea of the strategic triangle RIC (Russia–India–China) as a foreign policy concept. In 2006, the tropical giant Brazil joined the "triangle," and the four countries turned the abbreviation into a real international club. Today, before our very eyes, BRICS is beginning to perceive itself as an alliance against Western hegemony. The spiral of history.

 
 
See also:

Thursday, August 28, 2025

Europe's Debt Ponzi Scheme 2.0—Default or Forced Loan | Martin Armstrong

During the Panic of 1893, which became a global contagion, Italy couldn't roll over its short-term debt, as it was unable to sell new bonds to pay off maturing ones. When faced with circumstances similar to what we see today, Italy did not officially default in the classic sense of failing to pay. Still, it executed a coercive debt restructuring that is widely considered a selective default or soft default in 1893–1894. This is what we refer to as a forced loan.

» We are living in a perpetual Ponzi scheme. « 
 
Italy was facing a run on its short-term debt and unable to roll over the maturing paper because there were no buyers. The Italian government, led by Prime Minister Francesco Crispi, did not formally declare a default. Instead, it passed a law (Legge 11 luglio 1894, n. 386) that forcibly converted the short-term Buoni del Tesoro into a new long-term bond. The law mandated that holders of the short-term Treasury notes could not be repaid in cash upon maturity. Instead, they were forced to exchange their maturing short-term paper for a new long-term government bond, called the “Rendita Italiana 5%” (5% Italian Annuity).

Where inmates run the asylum, insanity rules.

This new bond had a 5% coupon but was issued at a price below par (effectively giving a higher yield to compensate, somewhat, for the forced nature of the deal. Crucially, it was a perpetual bond, meaning it had no final maturity date.

The Italian government unilaterally changed the terms of its debt. Investors lent money for 30 days, expecting to be repaid in cash at the end of that term. The government broke that promise. Investors had no choice. They could not get their cash back; their only option was to accept the new long-term instrument. While they received a new security, it was illiquid (perpetual), and its value was uncertain. This action caused significant financial losses for many Italian banks and citizens who held the paper.

I would expect that Europe will do this when it can no longer issue new debt to pay off its old debt. We are living in a perpetual Ponzi scheme. There is only one way this ends, and that is a default or a forced loan. 
 
 
»
Europe needs war as a distraction, and stablecoins are, in fact, war bonds. « 
 

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