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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]First of all, the era of dollar-dominated “financing” is drawing to a close.

Second, to the extent that a default says anything at all about a nations’ trustworthiness, it’s pretty obvious to everyone that the United States froze the assets of the Russian government. Not sure how that really effects Russia’s creditworthiness.[/quote]

Has Russia restarted their stock exchange yet? Or is it still closed?[/quote]

Reopened awhile back.[/quote]

The Russian economy is smoke and mirrors.  They can no longer make good on their obligations.[/quote]

Yes let’s handcuff you and then mock you for not being able to throw punches. Moron.[/quote]

Yeah, sorry, when you get arrested by the police and handcuffed, you are not able to throw punches. Or pay bills.  Do the crime, pay the time.[/quote]

[b]No one in finance thinks Russia is unable to pay their bills[/b].

There is no police and no time.[/quote]

So they didn't default? Or are those debt-holders not in finance...[/quote]

They defaulted purely because sanctions bar them from making their bond interest payments. They have roughly $600 billion in foreign currency reserves, so the issue is not money.

They cannot transact in dollars or euros, due to sanctions. They submitted the payment prior to the original May 27th deadline in rubles. Rubles can’t be transacted internationally due to sanctions, so the payment was not processed. There was a 30-day grace period on the bonds in question, which expired on Sunday night. Therefore, they defaulted.

But let’s be very clear that the Russian economy is not smoke and mirrors. They can meet their obligations. In addition to their foreign currency reserves, they make about $1 billion per day in oil and gas sales. Access to cash is not their problem; sanctions are their problem, because they decided to go and invade Ukraine, like nationalistic psychos. [/quote]

Also, Russia can deal with China+India. The U.S. FP/NatSec establishment hasn’t really figured out how much the global balance of power has shifted. And we have a President who was at best a careerist turd and is now just a glue horse. This is shaping to be another epic disaster, another bipartisan descent into foolishness, as if the COVID response (yes, I know it’s another thing/disaster) wasn’t a big enough descent into foolishness.

Shorter: smart people in the US should see that continued war is a staggeringly bad thing. [/quote]

Indian is doing a great job buying Russian oil at basement prices.  That's good for India, not bad for the global economy, but bad for Russia.

Mass starvation is a staggeringly bad thing, I agree with you there.[/quote]

The idea that it’s ‘bad for Russia’ to sell oil to India is next-level stupid. Alas, this blinkered perspective is shared by many in power and so a large part of why the obvious failures have yet to be acknowledged.[/quote]

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