Tweets of the Day, Russia, Gold, China, the US Dollar, More – Mish Talk

March 1, 2022

Finland and Sweden End Neutrality

GDP Forecasts Tumbling

The US Dollar

MMT and the Ruble

Gold-Backed Fiat Currency Does Not Exist

Bitcoin Fantasy

U-Turn by China?

Germany to Supply Ukraine with Weapons

Paying Back Debt

When the US and EU cut off Russia from the SWIFT payment system, Russia cannot pay its debt.

This creates a demand for US dollars and some have suggested the Fed step in. The idea is not to aid Russia but to aid companies in the US and EU that Russia owes.

I suspect this is the second reason Putin did not expect to be cutoff from SWIFT. The first reason is the EU’s, especially Germany’s dependence on Russia’s natural gas.

Thoughts on China

Beijing Says Russia and China Not Allies

Even Switzerland Joins the Sanction Parade