Olduvaiblog: Musings on the coming collapse

Home » 2014 » March » 15 (Page 3)

Daily Archives: March 15, 2014

It Wouldn't Be Canada Without Quebec | Cynthia Reyes

It Wouldn’t Be Canada Without Quebec | Cynthia Reyes.

If you’re not Canadian — and even if you are — you might wonder why some people are fretting about the potential break-up of our country — yet again.

You may be surprised to learn that some of the Canadians most concerned about this are immigrants. People like me.

I came here in the 1970’s. Went to university, launched an award-winning career, married a great guy, bought our first house and raised our children together — here, in Canada. I’ve worked in every province, and the Northwest Territories, of Canada. I have relatives and friends here.

Canada is home.

Most of the places and people I write about in my book, A Good Home, are right here in Canada.

Even now, when the winter has finally driven me crazy and I’ve been making up silly poems beginning with lines such as: “No ifs, ands or buts, This winter has driven me nuts…” Even now, I love this country. It’s not where I was born, but it’s where I will be buried.

My love affair with Canada ignited, not in Ontario, where I landed, but in the history of French Canada — particularly Quebec. I experienced it only in the books I studied at university. I’d never even been to Quebec.

“New France”, the French called their new outpost. Settled in the 1600′s by French soldiers, priests, woodcutters — and the destitute orphans, peasants and street women who came to the new colony to marry them (except for the priests!) and populate the colony.

In 1759-60, British forces defeated the French, formally taking over New France in 1763. But even in the 1980′s – when I worked as a journalist and producer for Canada’s public broadcaster — Quebec’s early history, and that historic loss, seemed present.

“Je me souviens”, Quebec license plates read, starting in 1978. “I remember.”

Fast-forward several years, and I’m now an executive producer/ head of journalism training for the CBC. On the international front, I’m also Secretary General of INPUT, a public television organization based in Italy and Canada.

Back home in Canada, the province of Quebec was threatening to separate from Canada. But it was in Italy — while having supper in a Florence restaurant with an international group of TV luminaries — that I was confronted with the real likelihood of it.

My favorite person at the table was Helene, a passionate and outspoken producer from Quebec.

An Irish colleague asked Helene: “Would Quebec really separate from Canada?”

Helene didn’t miss a beat. “We have to go,” she said.

Helene was my closest friend in INPUT. But realizing her dream of a new country meant tearing my country apart. I, who had felt the pain of the conquered Quebecois, was now solidly on the other side of this fight.

“My Canada includes Quebec,” I said, reduced by shock to talking in slogans. “I don’t want you to go.”

“I know, Cynthia,” she said, pronouncing my name Cyn-te-ah. “I’m really sorry. But we have to go.” The words flew from her mouth like bullets to my heart.

My Canada included Quebec. It also included the Aboriginal peoples, the original inhabitants of Quebec. They, too, had suffered historical losses. My Canada included English Canada and French Canada and the Aboriginal peoples of Canada.

On October 30, 1995, I was in downtown Montreal, where many of the shopkeepers are immigrants. Rue Ste Catherine; St. Dennis: I wandered these streets and others whose names I was too upset to notice. It was Referendum Day. Quebeckers were voting. By day’s end, Canadians would know if we were still a country.

The streets were almost deserted that day, the shopkeepers downcast. It was as if the mourning for Canada had already begun.

Surprisingly, the separatists were defeated. Narrowly. Some blamed Quebec’s immigrants for the loss. They’d voted overwhelmingly against separation.

I imagined Helene’s grief, her dream denied. But for the first time since I’d met her, I didn’t know how to console her. Because Canada, my adopted home, would stay together. At least for now.

There is separatist talk again in Quebec. And it scares me. Again.

It Wouldn’t Be Canada Without Quebec | Cynthia Reyes

It Wouldn’t Be Canada Without Quebec | Cynthia Reyes.

If you’re not Canadian — and even if you are — you might wonder why some people are fretting about the potential break-up of our country — yet again.

You may be surprised to learn that some of the Canadians most concerned about this are immigrants. People like me.

I came here in the 1970’s. Went to university, launched an award-winning career, married a great guy, bought our first house and raised our children together — here, in Canada. I’ve worked in every province, and the Northwest Territories, of Canada. I have relatives and friends here.

Canada is home.

Most of the places and people I write about in my book, A Good Home, are right here in Canada.

Even now, when the winter has finally driven me crazy and I’ve been making up silly poems beginning with lines such as: “No ifs, ands or buts, This winter has driven me nuts…” Even now, I love this country. It’s not where I was born, but it’s where I will be buried.

My love affair with Canada ignited, not in Ontario, where I landed, but in the history of French Canada — particularly Quebec. I experienced it only in the books I studied at university. I’d never even been to Quebec.

“New France”, the French called their new outpost. Settled in the 1600′s by French soldiers, priests, woodcutters — and the destitute orphans, peasants and street women who came to the new colony to marry them (except for the priests!) and populate the colony.

In 1759-60, British forces defeated the French, formally taking over New France in 1763. But even in the 1980′s – when I worked as a journalist and producer for Canada’s public broadcaster — Quebec’s early history, and that historic loss, seemed present.

“Je me souviens”, Quebec license plates read, starting in 1978. “I remember.”

Fast-forward several years, and I’m now an executive producer/ head of journalism training for the CBC. On the international front, I’m also Secretary General of INPUT, a public television organization based in Italy and Canada.

Back home in Canada, the province of Quebec was threatening to separate from Canada. But it was in Italy — while having supper in a Florence restaurant with an international group of TV luminaries — that I was confronted with the real likelihood of it.

My favorite person at the table was Helene, a passionate and outspoken producer from Quebec.

An Irish colleague asked Helene: “Would Quebec really separate from Canada?”

Helene didn’t miss a beat. “We have to go,” she said.

Helene was my closest friend in INPUT. But realizing her dream of a new country meant tearing my country apart. I, who had felt the pain of the conquered Quebecois, was now solidly on the other side of this fight.

“My Canada includes Quebec,” I said, reduced by shock to talking in slogans. “I don’t want you to go.”

“I know, Cynthia,” she said, pronouncing my name Cyn-te-ah. “I’m really sorry. But we have to go.” The words flew from her mouth like bullets to my heart.

My Canada included Quebec. It also included the Aboriginal peoples, the original inhabitants of Quebec. They, too, had suffered historical losses. My Canada included English Canada and French Canada and the Aboriginal peoples of Canada.

On October 30, 1995, I was in downtown Montreal, where many of the shopkeepers are immigrants. Rue Ste Catherine; St. Dennis: I wandered these streets and others whose names I was too upset to notice. It was Referendum Day. Quebeckers were voting. By day’s end, Canadians would know if we were still a country.

The streets were almost deserted that day, the shopkeepers downcast. It was as if the mourning for Canada had already begun.

Surprisingly, the separatists were defeated. Narrowly. Some blamed Quebec’s immigrants for the loss. They’d voted overwhelmingly against separation.

I imagined Helene’s grief, her dream denied. But for the first time since I’d met her, I didn’t know how to console her. Because Canada, my adopted home, would stay together. At least for now.

There is separatist talk again in Quebec. And it scares me. Again.

The world is SCREAMING for a new financial system

The world is SCREAMING for a new financial system.

March 14, 2014
Ambergris Caye, Belize

One of the key lessons we can take away from history is that the global financial system changes… frequently.

In ancient times, Roman coins were used across the region by Romans and non-Romans alike who engaged in trade and commerce.

Given how destructively successive Roman governments debased their coins, however, the reserve burden eventually fell to the Byzantine Empire, whose gold solidus coin became the dominant currency in world trade.

Over the centuries, this standard changed several more times. The Venetians, Florentines, Spanish, French, British, etc. each issued the world’s dominant currency at one point or another.

But the fundamentals of those currencies changed. Governments engaged in wanton debasement, mismanaged their economies, and accumulated massive debt levels. And eventually the world shifted to new currencies.

Since the end of World War II, the US dollar has been the dominant currency in the world.

And even though Richard Nixon ended the dollar’s convertability to gold and unilaterally abandoned the US government’s obligations under the Bretton Woods system back in 1971, the world has still clung to the dollar for the past 43-years.

But this is changing rapidly.

The Chinese, which have their own economic issues to deal with, are starting to dump Treasuries in record numbers.

Central banks are buying up more gold. Foreign countries are entering into bilateral currency swap arrangements with one another. And world governments are starting to (rather embarrassingly) demand that the US get its budget and fiscal house in order.

Most tellingly, though, member nations of the International Monetary Fund are starting to revolt.

As one of the major organizations spawned from the post-war financial structure, the IMF’s original goal was to ensure the smooth development of a new global financial system.

Over 180 countries have since become members of the IMF. But the organization runs on a quota system, with each member nation having a certain percentage of the IMF’s overall votes.

The US, for example, has the most power by far with a 16.75% share of the vote. Japan is a distant second with a 6.23% share.

This puts the US in the driver’s seat. And it’s been that way for decades.

But most of the other 180+ nations have had enough. And they’re pushing the United States to massively overhaul the current quota system.

Even typical allies are breaking ranks. Australian Treasurer Joe Hockey recently told reporters at a financial conference that they will “actively lobby” the US to reform the IMF quota issues, and that “Congress must understand that it is in the interest of the US to reform the IMF. . .”

India. China. Just about everyone imaginable is pushing for major IMF reform. Everyone except the Land of the Free. The US government seems to like things the way they are. And Congress has been very intransigent in adopting any planned reforms.

These people have their heads buried in the sand so deep that they can’t even hear the rest of the world SCREAMING for a new financial system.

This is going to happen, whether the US wants it to or not.

And while no foreign government wants a collapse of the dollar, they do very much want an orderly rebalancing of the financial system. This is already under way.

The US government may pretend that everything is fine and dandy. But given the overwhelming objective evidence out there, folks who aren’t on board with this major trend are ignoring it at their own peril.

charles hugh smith-Is the Deep State Fracturing into Disunity?

charles hugh smith-Is the Deep State Fracturing into Disunity?.

(March 14, 2014)

I recently discussed the Deep State and “throwing Wall Street under the bus” with my friend and colleague Jim Kunstler.

When we speak of The Powers That Be or the Deep State, this ruling Elite is generally assumed to be monolithic: of one mind, so to speak, unified in worldview, strategy and goals.


In my view, this is an over-simplification of a constantly shifting battleground of paradigms and political power between a number of factions and alliances within the Deep State. Disagreements are not publicized, of course, but they become apparent years or decades after the conflict was resolved, usually by one faction winning the hearts and minds of decision-makers or consolidating the Deep State’s group-think around their worldview and strategy.

History suggests that this low-intensity conflict within the ruling Elite is generally a healthy characteristic of leadership in good times. As times grow more troubled, however, the unity of the ruling Elite fractures into irreconcilable political disunity, which becomes a proximate cause of the dissolution of the Empire if it continues.

I recently proposed the idea that Wall Street now poses a strategic threat to national security and thus to the Deep State itself: Who Gets Thrown Under the Bus in the Next Financial Crisis? (March 3, 2014)

Many consider it “impossible” that Wall Street could possibly lose its political grip on the nation’s throat, but I suggest that Wall Street has over-reached, and is now teetering at the top of the S-Curve, i.e. it has reached Peak Wall Street.

Consider what the extremes of Wall Street/Federal Reserve predation, parasitism, avarice and power have done to the nation, and then ask if other factions within the Deep State are blind to the destructive consequences:

How The Fed Has Failed America, Part 2 (March 12, 2014)

The Fed Has Failed (and Will Continue to Fail), Part 1 (March 11, 2014)

Can anyone not in Wall Street or the Fed look at this chart and not see profound political disunity on the horizon?


source: Poll Shows Why QE Has Been Ineffective (STA Wealth Mgmt)

I recently discussed the Deep State and “throwing Wall Street under the bus” with my friend and colleague Jim Kunstler: here’s the resulting podcast, which you can download or listen to on whatever device you are using at the moment: KunstlerCast 250 — Chatting with Charles Hugh Smith

Jim’s trademark wit and clarity guide the discussion, and he kindly lets me blather on about the Deep State. I think you’ll find the discussion of interest; you certainly won’t hear this topic being aired elsewhere.

I have covered the Deep State and profound political disunity for many years:

Going to War with the Political Elite You Have (May 14, 2007)

The Shape of Things To Come (July 8, 2011)

The Master Narrative Nobody Dares Admit: Centralization Has Failed (June 21, 2012)

RBC Among 16 Banks Sued By U.S. Over Rigging Of Key Interest Rate

RBC Among 16 Banks Sued By U.S. Over Rigging Of Key Interest Rate.

 

WASHINGTON (AP) — The U.S. Federal Deposit Insurance Corp. is suing 16 big banks, including the Royal Bank of Canada (TSX:RY), for alleged rigging of a key global interest rate.

The FDIC accuses them of fraud and conspiring to keep the rate low to enrich themselves.

The banks, which also include Bank of America, Citigroup and JPMorgan Chase in the U.S., are among the world’s largest.

The FDIC says it is seeking to recover losses suffered from the rate manipulation by 10 U.S. banks that failed during the financial crisis and were taken over by the agency.

The civil lawsuit was filed Friday in federal court in Manhattan.

The banks rigged the London interbank offered rate, or Libor, from August 2007 to at least mid-2011, the FDIC alleged. The Libor affects trillions of dollars in contracts around the world, including mortgages, bonds and consumer loans.

Activist Post: Documentary Ethos: Time to Unslave Humanity

Activist Post: Documentary Ethos: Time to Unslave Humanity.

2011 Documentary “Ethos” hosted by twice Oscar nominated actor Woody Harrelson, explores the mechanisms in our systems that work against democracy, the environment and our own personal liberty.

The Russians Have Already Quietly Pulled Their Money From The West | Zero Hedge

The Russians Have Already Quietly Pulled Their Money From The West | Zero Hedge.

Earlier today we reported that according to weekly Fed data, a record amount – some $105 billion – in Treasurys had been sold or simply reallocated (which for political reasons is the same thing) from the Fed’s custody accounts, bringing the total amount of US paper held at the Fed to a level not seen since December 2012. While China was one of the culprits suggested to have withdrawn the near USD-equivalent paper, a far likelier candidate was Russia, which as is well-known, has had a modest falling out with the West in general, and its financial system in particular. Turns out what Russian official institutions may have done with their Treasurys (and we won’t know for sure until June), it was merely the beginning. In fact, as the FT reports, in silent and not so silent preparations for what will be near-certain financial sanctions (which would include account freezes and asset confiscations following this Sunday’s Crimean referendum) the snealy Russians, read oligarchs, have already pulled billions from banks in the west thereby essentially making the biggest western gambit – that of going after the wealth of Russia’s 0.0001% – moot.

From the FT:

Russian companies are pulling billions out of western banks, fearful that any US sanctions over the Crimean crisis could lead to an asset freeze, according to bankers in Moscow.

Sberbank and VTB, Russia’s giant partly state-owned banks, as well as industrial companies, such as energy group Lukoil, are among those repatriating cash from western lenders with operations in the US. VTB has also cancelled a planned US investor summit next month, according to bankers.

The flight comes as last-ditch diplomatic talks between Russia’s foreign minister and the US secretary of state to resolve the tensions in Ukraine ended without an agreement.

Markets were nervous before Sunday’s Crimea referendum on secession from Ukraine. Traders and businesspeople fear this could spark western sanctions against Russia as early as Monday.

It probably will. What it will also do is force Russia to engage China far more actively in bilateral trade and ultimately to transact using either Rubles or Renminbi, and bypass the dollar. Perhaps even using gold, something which the price of the yellow metal sniffed out this week, pushing itself to 6 month highs. It will also make financial ties between the two commodity-rich nations even closer, while further alienating that “imperialist devil,” the US.

Of course, the west thinking like the west, and assuming that all that matters to Russia is the closing level of the Micex, believes that a sufficient plunge in Russian stocks would have been enough to deter Putin. After all, the only thing everyone in the US cares about is if the S&P 500 closed at yet another all time high, right?

What the west didn’t realize, as we predicted a month ago, for Putin it is orders of magnitude more important to have the price of commodities, primarily crude and gas, high than seeing the illusion of paper wealth, aka stocks, hitting all time highs. Especially since in Russia an even smaller portion of the population cares about the daily fluctuations of the stock market. As for the oligarchs, if there is someone who will be delighted to see their power, wealth and influence impacted adversely, if only for a short period of time, it is Vladimir Vladimirovich himself, whom the west misjudged massively once more. Not to mention that the general population will be even more delighted, and boost Putin’s rating even higher, if these crony billionaires are made to suffer by the west, if only a little.

(Here we would be remiss not to comment on his easy it supposedly is for Obama to freeze the assets of a few corrupt Russian billionaires, and yet the very proud Americans who nearly brought the entire financial system to the brink in 2008, are now richer than ever.)

In the meantime, some of Russia’s oligarchs are effectively welcoming the challenge. Bloomberg reports:

Alisher Usmanov, the country’s richest person, controls his most valuable asset, Metalloinvest Holding Co., Russia’s largest iron ore producer, through three subsidiaries, one of which is located in Cyprus, an EU member nation. The 60-year-old also owns a Victorian mansion in London that he bought in 2008 for $70 million, according to a May 18, 2008, Sunday Times newspaper report. He’s lost $1.5 billion since the crisis began, according to the Bloomberg ranking.

“We are concerned with the possible sanctions against Russia but don’t see any dramatic repercussions for our business,” Ivan Streshinsky, CEO at USM Advisors LLC, which manages Usmanov’s assets, including stakes in Megafon OAO and Mail.Ru Group Ltd., said in an interview at Bloomberg’s offices in Moscow today.

“Mail.Ru and Megafon revenue is coming from Russia and people won’t stop making calls and using the Internet,” he said. “Metalloinvest may face closure in European and American markets, but it can re-direct sales to China and other markets.”

Great job, Obama: you just pushed Russia and China even closer by necessity! Furthermore, it should come as no surprise that while Russians were pulling their money from the west, western firms were getting out of Dodgeski.

One senior Moscow banker said 90 per cent of investors were already behaving as if sanctions were in place, adding that this was “prudent exposure management”.

These moves represent the flipside of the more obvious withdrawal of western money from Russian markets that has been evident over the past fortnight.

Traders and bankers said US banks had been particularly heavy sellers of Russian bonds. According to data from the Bank for International Settlements, US banks and asset managers between them have about $75bn of exposure to Russia.

Joseph Dayan, head of markets at BCS, one of Russia’s largest brokers said: “It’s been quite an ugly picture in Russian bonds the last few days and some of it has to do with international banks reducing exposure.”

Although foreign banks have not yet begun cutting credit to Russian companies en masse, bankers said half a dozen live deals to fund some of Russia’s biggest companies were in limbo as lenders waited to see how punitive western sanctions would be.

So the bottom line is that Russia, thinking a few steps ahead, already has withdrawn the bulk of its assets from the West, and why not. Recall that a year ago it was revealed that the same Russians who were supposed to be punished in Cyprus had mostly withdrawn their funds in advance of the bail in: they tend to know what is coming. It was the ordinary Cypriot citizens, who had done nothing wrong, who were most impaired.

And so while the Russian response is already known, we wonder just how true is the inverse: just how prepared is the west, and especially Europe, to exist in a world in which a third of Germany’s gas is suddenly cut off? We can’t wait to find out early next week.

The Russians Have Already Quietly Pulled Their Money From The West | Zero Hedge

The Russians Have Already Quietly Pulled Their Money From The West | Zero Hedge.

Earlier today we reported that according to weekly Fed data, a record amount – some $105 billion – in Treasurys had been sold or simply reallocated (which for political reasons is the same thing) from the Fed’s custody accounts, bringing the total amount of US paper held at the Fed to a level not seen since December 2012. While China was one of the culprits suggested to have withdrawn the near USD-equivalent paper, a far likelier candidate was Russia, which as is well-known, has had a modest falling out with the West in general, and its financial system in particular. Turns out what Russian official institutions may have done with their Treasurys (and we won’t know for sure until June), it was merely the beginning. In fact, as the FT reports, in silent and not so silent preparations for what will be near-certain financial sanctions (which would include account freezes and asset confiscations following this Sunday’s Crimean referendum) the snealy Russians, read oligarchs, have already pulled billions from banks in the west thereby essentially making the biggest western gambit – that of going after the wealth of Russia’s 0.0001% – moot.

From the FT:

Russian companies are pulling billions out of western banks, fearful that any US sanctions over the Crimean crisis could lead to an asset freeze, according to bankers in Moscow.

Sberbank and VTB, Russia’s giant partly state-owned banks, as well as industrial companies, such as energy group Lukoil, are among those repatriating cash from western lenders with operations in the US. VTB has also cancelled a planned US investor summit next month, according to bankers.

The flight comes as last-ditch diplomatic talks between Russia’s foreign minister and the US secretary of state to resolve the tensions in Ukraine ended without an agreement.

Markets were nervous before Sunday’s Crimea referendum on secession from Ukraine. Traders and businesspeople fear this could spark western sanctions against Russia as early as Monday.

It probably will. What it will also do is force Russia to engage China far more actively in bilateral trade and ultimately to transact using either Rubles or Renminbi, and bypass the dollar. Perhaps even using gold, something which the price of the yellow metal sniffed out this week, pushing itself to 6 month highs. It will also make financial ties between the two commodity-rich nations even closer, while further alienating that “imperialist devil,” the US.

Of course, the west thinking like the west, and assuming that all that matters to Russia is the closing level of the Micex, believes that a sufficient plunge in Russian stocks would have been enough to deter Putin. After all, the only thing everyone in the US cares about is if the S&P 500 closed at yet another all time high, right?

What the west didn’t realize, as we predicted a month ago, for Putin it is orders of magnitude more important to have the price of commodities, primarily crude and gas, high than seeing the illusion of paper wealth, aka stocks, hitting all time highs. Especially since in Russia an even smaller portion of the population cares about the daily fluctuations of the stock market. As for the oligarchs, if there is someone who will be delighted to see their power, wealth and influence impacted adversely, if only for a short period of time, it is Vladimir Vladimirovich himself, whom the west misjudged massively once more. Not to mention that the general population will be even more delighted, and boost Putin’s rating even higher, if these crony billionaires are made to suffer by the west, if only a little.

(Here we would be remiss not to comment on his easy it supposedly is for Obama to freeze the assets of a few corrupt Russian billionaires, and yet the very proud Americans who nearly brought the entire financial system to the brink in 2008, are now richer than ever.)

In the meantime, some of Russia’s oligarchs are effectively welcoming the challenge. Bloomberg reports:

Alisher Usmanov, the country’s richest person, controls his most valuable asset, Metalloinvest Holding Co., Russia’s largest iron ore producer, through three subsidiaries, one of which is located in Cyprus, an EU member nation. The 60-year-old also owns a Victorian mansion in London that he bought in 2008 for $70 million, according to a May 18, 2008, Sunday Times newspaper report. He’s lost $1.5 billion since the crisis began, according to the Bloomberg ranking.

“We are concerned with the possible sanctions against Russia but don’t see any dramatic repercussions for our business,” Ivan Streshinsky, CEO at USM Advisors LLC, which manages Usmanov’s assets, including stakes in Megafon OAO and Mail.Ru Group Ltd., said in an interview at Bloomberg’s offices in Moscow today.

“Mail.Ru and Megafon revenue is coming from Russia and people won’t stop making calls and using the Internet,” he said. “Metalloinvest may face closure in European and American markets, but it can re-direct sales to China and other markets.”

Great job, Obama: you just pushed Russia and China even closer by necessity! Furthermore, it should come as no surprise that while Russians were pulling their money from the west, western firms were getting out of Dodgeski.

One senior Moscow banker said 90 per cent of investors were already behaving as if sanctions were in place, adding that this was “prudent exposure management”.

These moves represent the flipside of the more obvious withdrawal of western money from Russian markets that has been evident over the past fortnight.

Traders and bankers said US banks had been particularly heavy sellers of Russian bonds. According to data from the Bank for International Settlements, US banks and asset managers between them have about $75bn of exposure to Russia.

Joseph Dayan, head of markets at BCS, one of Russia’s largest brokers said: “It’s been quite an ugly picture in Russian bonds the last few days and some of it has to do with international banks reducing exposure.”

Although foreign banks have not yet begun cutting credit to Russian companies en masse, bankers said half a dozen live deals to fund some of Russia’s biggest companies were in limbo as lenders waited to see how punitive western sanctions would be.

So the bottom line is that Russia, thinking a few steps ahead, already has withdrawn the bulk of its assets from the West, and why not. Recall that a year ago it was revealed that the same Russians who were supposed to be punished in Cyprus had mostly withdrawn their funds in advance of the bail in: they tend to know what is coming. It was the ordinary Cypriot citizens, who had done nothing wrong, who were most impaired.

And so while the Russian response is already known, we wonder just how true is the inverse: just how prepared is the west, and especially Europe, to exist in a world in which a third of Germany’s gas is suddenly cut off? We can’t wait to find out early next week.

Gazprom Chairman Sold All His Shares Just Before Russia Invaded Crimea | Zero Hedge

Gazprom Chairman Sold All His Shares Just Before Russia Invaded Crimea | Zero Hedge.

We are sure it is just coincidence – and awkward combination of luck and suspicious timing – but Vedomosti reports that Viktor Zubkov, the Chairman of Russia’s massive energy monopoly Gazprom, dumped his entire stake in the company just a few weeks before Vladimir Putin crossed the red line. Gazprom shares have dropped 25% in the last 3 weeks so his timing was impeccible.

 

 

Via Vedomosti (Google Translate),

The Chairman of the Board of Directors “Gazprom” Viktor Zubkov has sold his stake in the company, it follows from the monopoly.

The change in share occurred February 11, 2014, the issuer learned about it on March 13.

Now Zubkov 0% stake in the company.

Thus, Zubkov sold his shares prior to the collapse of the Russian stock market on March 3.

It’s good to have friends running the country eh? Thank you Mr. Putin. This is important as so many Western watchers believe a crumbling Russia stock market will prompt Putin to back away… it appears his Oligrach friends already got the nod…

Gazprom Chairman Sold All His Shares Just Before Russia Invaded Crimea | Zero Hedge

Gazprom Chairman Sold All His Shares Just Before Russia Invaded Crimea | Zero Hedge.

We are sure it is just coincidence – and awkward combination of luck and suspicious timing – but Vedomosti reports that Viktor Zubkov, the Chairman of Russia’s massive energy monopoly Gazprom, dumped his entire stake in the company just a few weeks before Vladimir Putin crossed the red line. Gazprom shares have dropped 25% in the last 3 weeks so his timing was impeccible.

 

 

Via Vedomosti (Google Translate),

The Chairman of the Board of Directors “Gazprom” Viktor Zubkov has sold his stake in the company, it follows from the monopoly.

The change in share occurred February 11, 2014, the issuer learned about it on March 13.

Now Zubkov 0% stake in the company.

Thus, Zubkov sold his shares prior to the collapse of the Russian stock market on March 3.

It’s good to have friends running the country eh? Thank you Mr. Putin. This is important as so many Western watchers believe a crumbling Russia stock market will prompt Putin to back away… it appears his Oligrach friends already got the nod…

%d bloggers like this: