Current Events

There is a Default but it is the Western regimes, not Russia that is bankrupt

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MICHAEL WALSH REPORTS: Imagine because you spend a lot of money in Spain you open a Euro bank account in Barcelona. No problem as this is routine in any country. But out of the blue, the bank is ordered by government to close your account and confiscate your money.

The Press is having orgasms over your misfortune and gleefully reporting that you are bankrupt. But fortunately, your assets at home are healthy and wealthy. So, you say to your debtors in Spain: ‘No problem, here is what I owe you but it is in dollars (or pounds). Whoa! The Spanish bank then says we don’t take dollars (or cheque payments), you have to settle in Euros.

‘But you took all my Euros and closed my Euro account,’ you declare. ‘Here is what I owe you – in dollars (or pounds).

Understand this and you will better understand the absolute corruption of Western regimes and furthermore illustrates how in harmony their Press is with the government. As a former German government minister said: ‘The press is the keyboard government plays on.’

In fact, there are no grounds for declaring a default, said presidential spokesman Dmitry Peskov. According to him, back in May, Moscow made full payment on its external debt. But because of sanctions, Western banks refused to use the funds to pay Russia’s creditors.

In fact, Russia is rich and getting richer by the day because sanctions have pushed the prices of Russia’s exports up through the roof. It gets better for Moscow: the two-thirds of the world that is not sanctioning Russia is now clamouring to purchase Russian goods before prices rise again. These are the fossil fuels the West foolishly sanctioned. In a word, Russia has won the lottery – thanks to the foolish, corrupt and duplicitous Western regimes.

They tell us to trust the experts: Fine, according to experts, ‘the current situation is mostly not economic, but informational and political in nature: the West is trying to organize an artificial default in Russia in order to prove the effectiveness of its own sanctions.’

At the end of February, the United States, the European Union and a number of other countries blocked (illegally seized) almost half of Russia’s gold and foreign exchange reserves totalling $300 billion. As a result, international rating agencies sharply downgraded Russia’s credit rating and warned of the risk of a default in the country.

For a certain time, the United States allowed Moscow to settle its debts in foreign currency, but not its seized assets. However, on May 25, Washington terminated the license that allowed Russia to pay US creditors in dollars –. That is their problem, not Moscow’s.

The current state of affairs will not affect life outside the West: Russia does not reject its debt obligations and is ready to settle accounts with investors in rubles. What’s good for the dollar is good for the ruble.

The Kremlin considers allegations of default in Russia to be absolutely unjustified. This was announced on Monday, June 27. ‘Back in May, the necessary payment in foreign currency on external debt.) was made. The fact that Euroclear (a Belgian company) providing banking and insurance services withheld this money and did not bring it to the creditors is not our problem.’

A similar position was voiced by the Ministry of Finance of Russia. ‘The actions of foreign financial intermediaries are beyond the control of the Russian Ministry of Finance, in case of non-receipt of payments on Eurobonds of the Russian Federation from them, it seems appropriate for investors to contact the relevant financial institutions directly (not Moscow’s banks),’ the Ministry of Finance added.

The fact is that the Western regimes have done again as Belarus President smirked: ‘they (the Western regimes) not only shoot themselves in the foot they shoot themselves in the head.’


Outside the poverty-stricken fuel-starved West which collectively bears the burden of an eye-watering $50 trillion debt that it can’t hope to repay, all is well with Russia and the rest of the real world. Everyone prospers. To quote former Italian statesman and President Silvio Berlusconi: ‘The west isolates Russia but the world isolates the West.’



the G7 summit at Schloss Elmau

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