There comes a time when ideology runs headfirst into the monolith of unwavering reality. Today, during a press briefing as a part of the IMF World Bank Meetings [TRANSCRIPT HERE], Treasury Secretary Janet Yellen was forced to admit the sanctions against Russia have hurt the EU more than Vladimir Putin and the Russian economy.
Secretary Yellen was asked about the need for increased western government bans against Russian exports.
Yellen was faced with the discomfort of admitting the global market is still open to receiving Russian products, specifically oil and gas, and that banning the EU from receiving those products only drives the EU prices higher, which has already led to unsustainable inflation.
Key Segment:
…”Europe clearly needs to reduce its dependence on Russia with respect to energy. But we need to be careful when we think about a complete European ban on say oil imports. We want to harm Russia – that would clearly raise global oil prices would have a damaging impact on Europe and other parts of the world. And counterintuitively it could actually have very little negative impact on Russia because although Russia might export less, its price for its exports would go up.”
The EU is already experiencing massive energy price increases. Yesterday, Germany announced manufacturing price increases of more than 30% following increased energy costs exceeding 80%. The current western government sanctions against Russia are hitting the EU economy harder than they are hurting Russia as alternative customers (India, China) for Russian energy exports are still purchasing.
In essence, the EU has partly removed themselves as a customer, but the seller, Russia, is still selling; only now they are getting higher prices because the EU and U.S. are disrupting oil and energy production in an effort to chase their climate change goals.
Putin’s Ukraine timing, to coincide with the progressive west trying to limit oil/gas development, was perfect. The citizens of the nations, who are participating in the sanctions against Russia, are seeing higher energy inflation. Ultimately this is going to lead to massive food inflation and overlay the increased costs of farming production via fertilizer, and, well, support for more sanctions against Russia only makes things worse.
WASHINGTON – […] “Despite wide-ranging sanctions on the Russian government financial sector and the mass exodus of dozens of businesses, Russia has been able to limit the economic damage thanks to a steady stream of oil and gas revenue. But the U.S. has resisted pushing Europe to ban Russian energy imports despite growing pressure from lawmakers in both parties and the pleas of Ukrainian government officials.
“Proceeds from sales of oil and gas are an important source of income for Russia. It would be very useful to try to devise a way to reduce Russia’s proceeds from those sales,” Yellen said.
“That really is the proper objective of a ban. But if we could figure out a way to do that without harming the entire globe through higher energy prices, that would be ideal. And that’s a matter that we’re all trying to think through together,” she continued. (read more)
This is more like the first 5 minutes of History of The World part I.
Monty Python was a lot smarter and whole lot funnier!
Mel Brooks…
What did think would happen? The people running Brandon aren’t just insane, but idiots too.
Or are they rather insanely evil?
Careful, the man who pulls Biden’s strings is now on a mission to have all misinformation censored.
Obama pulls Biden’s strings while having his pulled and they theirs. How far up does it go. .. a cabal comprised of who, do you think?
There are reasons the KGB like Putin referred to Democrats as “useful idiots” and not “indespensible geniuses”.
I’m an A/C man in southern Texas, the ban on refrigerants (freon) has not hurt me at all, people still need ac but the price has gone from $6 lb to $60. I already possess the freon so I’m making bank. The government doesn’t care that people still need certain items and they cannot be simply replaced, if they could we would have done that organicly without the need for forced intervention. Russia is making more money than ever.
R12 used to be $1/lb. R22 was $1.5 / lb. Now we have 134a at $9/lb and 1234yf for $100/lb.
Odd how DuPont’s Maitland Ontario 134a plant went online 1 yr before their manufacturing patents on R12 lapsed.
The ozone hole is still there, in the Antarctic, there is and never was an ozone hole over the Arctic.
All of the legal/environmental reasons to replace save and reliable, known, refrigerants with “new” refrigerants has cost America over a Trillion dollars with no end in sight.
This isn’t about the Planet. It is about profits.
That’s what the Soylent New Green Deal is all about.
Mopar2020 I watched that last weekend. Not sure how I’ve walked God’s green earth for over 4 decades and never watched it. I think that movie hits close to home.
We always joke how refrigerants suddenly become toxic to our environment when DuPont’s patents run out.
Glad to hear you are making a nice profit off of people in need due to how screwed up the government is. Be proud. (Sarcasm definitely intentional.)
He’s got to replace that Freon with the higher priced product. He’s in business to make a profit. Ergo, he charges market rates. Not hard to understand.
Yes, not everyone gets cushy gubt jobs where you don’t have to show up for 2+ years and your pension is guaranteed.
It’s no different than passing on fuel costs to your customers when in the service or manufacturing business. Taxes too but libutrds don’t get that part.
I hope your sarcasm is not aimed at TXRepairMan. If so, it is incorrectly aimed. He has no choice if he wants to stay in business and feed his family. There is no more old refrigerant being produced so the price skyrockets.
It is truly what Sundance has said all along, the system is now a corporate aristocracy and they have created a system to maintain their supremacy.
We just had a whole new HVAC system installed and fired up Feb ‘21 and discovered a failure (thermal expansion valve) on first use of second season two weeks ago when it hit 90. Technician told me the parts dealer will not sell parts to anyone who doesn’t have a license…that’s how in cahoots the corporations are with our “trusted” government.
Until the corrupt pay to play scheme is uprooted there is no actual relief in prices as competition is becoming an illusion. Until then we have only mini victories, just like when BMW tried to claim the diagnostic software was proprietary and forced you into the dealership for repair diagnosis (unsuccessfully, thankfully), people need to start massive class action lawsuits against all these corporate behemoths trying to monopolize the entire product ownership lifecycle.
I had a similar experience with Mitsubishi Eclectic Heating unit which went out in early April. My repairman said he got the last unit at approximately $400. He had to travel about 200 miles to get it. Says from now on the new units will be selling for $1,000.
There is NO solid infrastructure for the green economy anywhere, so there is nothing to sustain the way things used to be. I can only think of two reasons why we are in this mess:
1) The cultists really believe the dogma that they preach.
2) Klaus Schwabs WEFs great reset is on track.
Duh
Evil Klaus Schwab’s evil “great reset” SHALL BE DEFEATED by the GREAT AWAKENING of the People of Planet Earth. Mother Earth. Mother Nature. Spaceship Earth. Starship Earth…. WE THE PEOPLE!
Their power lies in your fear, so be not afraid, but rather be strong, have faith. ….Spoiler alert: God wins….
Yellen speaks like its a conundrum, when its obvious to any half intelligent 6 y.o.
And, its in the context of a false narrative that PUTIN, “unprovoked” STARTED this war, and hence the Uniparty Idiots In Charge are RESPONDING to his action, and trying to figure out this challenging conundrum of “How do we cut off Putins oil revenues?”
Gee, I don’t know, how about continueing to ramp up U.S. production as PDJT had done, so that the U.S. could be supplying EU with energy, . making nice with other producers, like Mexico and ME, which,..sonofagun ALSO was something PDJT had done,…
They are Idiots, they are Insane, they have -0- contact with reality, their “plans” are fantasies,..and nowas REALITY is smacking them, they are telling themselves its a “messaging problem”, meaning they think they aren’t communicating their message well, rather than recognising its NOT how they are communicating the message, its the message they are communicating.
Yellen is just like all the rest; mediocre intellect that THINKS she is intelligent (over educated idiot) disdainful of working Americans, living in a fantasy world.
It’s all part of the plan. And we all know to admit they know why is to admit they’re complicit.
Your second paragraph is precisely what came to mind as I read through…”trying to figure out a way…”. Mediocre intellect may be a bit generous.
Yes Dutch,
But please stop taking sense!
Over on this side of the pond we had the Danish Prime Minister (a lady btw) saying the best way to “defeat” Russia is for Europe to go more green.
So this disease is really a planned Demic of Marxist ideology.
Why did you lot not listen to Joe McCarthy?
“That really is the proper objective of a ban. But if we could figure out a way to do that without harming the entire globe through higher energy prices, that would be ideal. And that’s a matter that we’re all trying to think through together,” she continued.”
We need a Ban alright, right idea, wrong people.
The words of Abraham Lincoln to honor the soldiers that sacrificed their lives in order to secure our joint liberty comes to mind “that government of the people, by the people, for the people, shall not perish from the earth” were spoken at Gettysburg 150 years ago.
Do we have a government of and for the people. Are we fairly represented by the same government. Then who should be banned?
What a pathetic little troll.
Yellen and Fauci would make a great couple
Madeline awaits their welcome
I was thinking Hobbit, but troll is better.
Why do we get stuck with all the morons?
DC is nothin but a bunch of inbreds and they’re consequences of inbreeding.
If our government was smart the Secretary of Agriculture would do what ever he could do to have us grow more food if there would be shortages later this year. He and the transportation secretary would do what they could to make sure the farmers had what was needed to produce crops , ie plenty of fertilizer. They would also do what they could that there was plenty of oil drilled here.
They know exactly what they are doing.
That’s correct – they are doing this with intent.
I think the transportation secretary is still on maternity leave.
These people are deeply mentally disturbed.
That’s why they call him Butt Gig.
I love this even though I am also paying more for everything. I think these sanctions will do more to desyroy NATO and the EU than any thing anyone could have imaged. Go Brandon.
Thus: build back better.
Such fools….. they actually think they will be part of /remain in the club?
There will be no BBB. The WEF “geniuses” jumped the shark. The only great reset will be by Russia and the BRICs countries that will join that bloc and have economies based on physical commodities and not fiat currencies like the dollar, pound, euro and yen that are becoming worthless.
We get to choose between the tyrannies of the paleocommunists or the wef neocommunists.
You got it Pontiac.
“In essence, the EU has partly removed themselves as a customer, but the seller, Russia, is still selling; only now they are getting higher prices because the EU and U.S. are disrupting oil and energy production in an effort to chase their climate change goals.”
Russia sells the Gas and Oil to China, China sells the same products to include fertilizer to EU and the US at a marked up price, driving inflation even higher. While Biden proclaims the virtues of a green party.
China, continues to enjoy the purchase of the President Selected. While the correcting of the US government grows closer with each passing day.
Exactly. Even Yellin is yelling uncle.
Uncle Yellin’….lol
How much does Yellen leach out of the overdrawn bankrupt government money pit ?
My eighth grade and twelfth grade economics classes told me this shit was going to hit the fan 40 plus years ago !
The recent lunacy from Covid to Vaxx to Ukraine to ….
Nothing these people ever say think or do amounts to anything worthwhile !
Unless your true mission is to bankrupt & kill as many Americans as possible and any left standing they will starve , shoot or imprison
Ahh The Twilights Last Gleaming 🥃
FORGET ME NOT
Germany’s PPI ( Producer Price Index) is up by 30.9%, the highest since 1949.
Trump warned them. They laughed. They are not laughing now.
At this rate of inflation, nobody will buy German products. Germany underpins the EU and bankrolls the EU fantasies. That is going to come to a halt right soon.
Yellen is an idiot. The Biden/EU govts have created an inflation machine they cannot stop. Poorer countries will face famine and civil war. Society is 9 meals away from anarchy and we are about to witness that.
Reading around this AM that some of the Strategic Oil Reserves is shipping to Europe. My source was Glen Beck. Does anyone have a source to back this up?
https://www.bloomberg.com/news/articles/2022-04-18/texas-port-sends-strategic-u-s-oil-to-europe-amid-supply-crunch
can’t claim Bloomberg is right wing conspiracy theory.
the way they rationalized the Magnitsky Act was claiming that it was sanctions targeted at individuals who had wronged other people or countries. the Ukraine conflict would have been a perfect time to roll these targeted sanctions out and not punished all of Russia. It would have helped Europe to respond with financial penalties that might not have changed the macroeconomics of Natural Gas trade between the two regions.
It would have made too much since to use these targeted sanctions
A captain obvious moment 🤔
I hope I outlive all these ghouls 🤔
When Trump was in office, we were able to export oil. Biden in his stupidity won’t do that. Honestly, he is by far the worst.
He’s exporting OUR strategic reserves.
As I keep saying…
Option 1 – Wait for the collapse.
Option 2 – Revolt
Both were made inevitable almost a century ago.
“…because although Russia might export less, its price for its exports would go up…”
Energy, like all fungible commodities, represents a zero-sum game. Demand and Supply tend to reach equilibrium, regardless of artificially imposed directives. In a “friendly” world the flow of goods follows the cheapest, most efficient logistics to mate Supply to Demand. With artificial (i.e., freakin’ stupid) sanctions, the Demand is matched with Supply via inefficient logistics and leads to an outrageous cost impediment to normal people. Yellen has no redeeming factors.
Why is it that I knew this instinctively.
And remember to appease Russia and Turkey, Biden bizarrely made American companies (the primary operator and about a 20% financier) of the Israeli/Cyprus to Greek/Bulgaria/Italy natural gas pipeline pull out thus dooming that project….one of the strangest and most crooked decisions ever made by a president.
“But if we could figure out a way to do that without harming the entire globe through higher energy prices, that would be ideal. “
Yes, that would be ideal Janet but, you know it is not possible. What is possible is that by thinking together you can come up with another plan to deflect the anger from the results of the policies you have no control over and tacitly support by your membership in the club. Wars have many costs. The fight against truth is costliest of all.
Love the gif of primitive democrats.
Granny: “What’s all that Yellen about?”
Uncle Jed: “Durned if I can figure. Seems these city folk can’t strike a match without settin’ their hair on fire!”
Take a gander at the USD/RUS currency rates?
A month long spike and everything back to normal.
We are truly led by idiots. It’s enough to cause one to despair of humanity.
What a bunch of maroons.
Given Poland seems to be part of the madness, I don’t feel so bad with this one…cue picture of Polish Dueling Pistols.
This old broad Yellen should have been put out to pasture and retired years ago. This is the same old fossilized dunce that told everyone that the Inflation we are all experiencing was “transitory.”
She should have been terminated immediately for that bold faced lie.
If we still had oil and gas production like we had in the Trump era we could supply Europe and tell putin to pound sand.
I have the perfect win-win for all involved. Since China spent so much time, effort, and money capturing our elite, let’s just round them all up and send them over there. I’m pretty sure that even at my age, I can still handle a lariat.
Any of them that they don’t want, they can then send over to Russia. I’m sure the Russians would be able to put them to good use, say in Siberia.
Yellen, Schmellen !
Hows that “Green Energy” doing? Ask China and Russia how “Sanctions” hurt the ones that Spew Stolen Election didnt happen?
Well what a surprise …….. Marxist policies muck things up!
Nice of her to notice the obvious.
The first thing that always occurs to me is: No Shit Sherlock. I despise these people. They know things, pretend not to know them, cause them to happen and then have the temerity to report the consequence to me as if they are telling me something no one could have anticipated but because they are so smart and worldly they noticed. And then the cycle repeats as they tell me the thing they are going to do in response which invariably only exacerbates the thing they knowingly caused which is making my life more difficult and miserable and making them richer.
Sanctions failing, as predicted.
Evidently economics is not one of Yellen’s strong suits.
Supply and Demand 101
Whoda’ thunk it?
When you walk off a cliff with idiots chances are you will die with the idiots.
Oh you mean putting them on notice with sanctions and buying their oil at the same time isn’t working! Well I’ll be!
Bruno Maçães
@MacaesBruno
I don’t know what to say about this: everyone in Germany saying what has happened was unthinkable when everyone told them for years it was inevitable
Article linked:
https://www.ft.com/content/e82b11a1-cf1f-4543-9f9f-6ab70da6b746
*******
João J. Vila-Chã, SJ
@jvcsj
Replying to
@b_bran223
and
@MacaesBruno
The present crisis is the direct consequence of an entire Europe more inclined to laugh at Donald Trump instead of taking him seriously, as we all should have. Germans were outrageously naive and now there is a formidable price to be paid.
3:57 AM · Apr 22, 2022
Disclose.tv
@disclosetv
JUST IN – Germany’s central bank warns EU embargo on Russian gas would dent GDP by 5% in 2022, triggering an energy crisis and the deepest recessions of recent decades.
7:13 AM · Apr 22, 2022
The
DEATH 💀
OF THE
DEMOCRATIC SOCIALIST PARTY
NOVEMBER 8 2022
Election Fraud put Joe Biden in the White House.
The Economic Policy of Democrat politicians will economically
cripple the USA and demolish the Supply Chain.
Inflation will obliterate the buying power of the Middle & Lower Class.
——-
Federal Reserve 0.25% interest rate increase will do nothing.
Inflation is a lot higher than the phony CPI of 8.5%.
Inflation is well above 35%. The price of everything from
Homes to food to gasoline is constantly going up.
Price is no longer Stable.
This is nothing more than face saving on her part, she knows the Russian sanctions are not going to hold.
The EU is divided, very divided, telling her it will take months, many months to draft an agreement on ending Russian oil. This is the EU members saying “NO.”
Everyone knows Russia is winning, and knows the losers will be both Ukraine and the EU.
And just wait and see what happens, when the global economies start to figure out. It is highly likely Ukraine will not have a crop to harvest this fall.