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Friday 24th of June 2022
 
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What’s behind the sharp drop in Bitcoin’s value? $BTC @AJInsideStory #Bitcoin
World Of Finance

What’s behind the sharp drop in Bitcoin’s value? $BTC @AJInsideStory 
Presenter: Sami Zeidan
Guests
Aly-Khan Satchu – Investor and CEO at Rich Management
Naeem Aslam – Chief market analyst at AvaTrade
Brian Lucey – Professor of international finance and commodities at Trinity Business School

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The Music has been playing for Eternity and its about to stop
World Of Finance


Love Fellini. So brave, with that whiff of insanity. @DiAmatoStyle Federico Fellini's 8 1/2 @tcm


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A REGIME CHANGE IS UNDERWAY [in the markets]
World Of Finance


There is no training – classroom or otherwise.. that can prepare for trading the last third of a move, whether it's the end of a bull market or the end of a bear market. 


There's typically no logic to it; irrationality reigns supreme, and no class can teach what to do during that brief, volatile reign. Paul Tudor-Jones


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The level of delusion presented in this interview by @ianbremmer is quaalude level Can the West still tip the balance in Ukraine's favor? | Conflict Zone
Law & Politics


The level of delusion presented in this interview by @ianbremmer is quaalude level Can the West still tip the balance in Ukraine's favor? | Conflict Zone
And is a symptom of the below captioned disease

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The democratization of authority spurred by the digital revolution has flattened cognitive hierarchies along with other hierarchies, and political decision-making is now driven by often weaponized babble. @FukuyamaFrancis
Law & Politics


The democratization of authority spurred by the digital revolution has flattened cognitive hierarchies along with other hierarchies, and political decision-making is now driven by often weaponized babble. @FukuyamaFrancis

At a time when what is required is agile multi disciplinary thinking we have ''weaponized babble''

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“Well, of course, Gazprom was forced to reduce the volume of gas supplies to Europe by 20%+. But you know, prices have increased not by 20%+, but by several times! ''
Law & Politics


“Well, of course, Gazprom was forced to reduce the volume of gas supplies to Europe by 20%+. But you know, prices have increased not by 20%+, but by several times! ''

For his part Gazprom CEO Alexey Miller could not be more scathing on the sharp decline in the gas flow to the EU due to Siemens’ refusal and/or incapacity to repair the Nord Stream 1 pumping engine: 

“Well, of course, Gazprom was forced to reduce the volume of gas supplies to Europe by 20%+. But you know, prices have increased not by 20%+, but by several times! Therefore, I’m sorry if I say that we don’t feel offended by anyone, we are not particularly concerned by this situation.”

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Zugzwang Western self-destruction – a puzzle defying any unique causal explanation – continues.
Law & Politics


Zugzwang Western self-destruction – a puzzle defying any unique causal explanation – continues. 


Western self-destruction – a puzzle defying any unique causal explanation – continues. 

The examples where policy is pursued in apparent indifference to anything resembling rigorous reflection, has become so extreme as to provoke a former British military chief (and former head of NATO forces in Afghanistan), Lord Richards, to huff that the relationship between strategy and any synchronisation of ends has become hopelessly broken in the West.
The West pursues a “let’s see how it goes” ‘strategy’, or in other words, no real strategy at all, Richards contends

Many would say that a cult of unrelenting, untethered, positive spin, has asphyxiated mainstream critical faculties. 

How is it that the West, awash with ‘think-tanks’, invariably gets it so wrong? Why is it that facile memes and illusions, posing as geo-politics, get little or no challenge? 

Compliance to official and mainstream narratives is all. It is baffling to observe this becoming routine, without apparent cognizance of the risks which this entails.
The key epicentre to today’s spiking geo-political instability is the state of the western economy: 

So complacent have the authorities been – that inflation would never ruffle the waters of the reserve-currency-based U.S. economy – that cyclical recession was assumed to have been ‘eradicated’; it would never sully the consumer (electoral) sphere again, thanks to a money printing ‘vaccine’; and anyway, ballooning debt ‘does not matter’.

We now observe the consequences: Rampant inflation, and the West scrambling around the world looking for cheap alternatives that won’t ‘break the bank’. Alas, they are scant. What is the geo-political implication? In a word, extreme systemic fragility. 

Just to be clear, the accelerating inflationary crisis in Europe undermines the political positions of nearly every major politician across the euro-zone, as they will encounter real popular anger; as inflation eats away at the middle class; and high energy prices gut business profits.

It is ‘Game over’ really. It is all blame-game now. Russia will impose its own terms on Ukraine through placing military facts on the ground.

The strategic importance of this has yet to sink-in fully: It was, of course, the western leaders who made a big play of claiming that, absent the painful humiliation and military defeat of Putin, the liberal rules-based order was finished.

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May 29 Vanity of Vanities! All is vanity
Law & Politics


May 29 Vanity of Vanities! All is vanity
Layer on top of this a highly managed media construct which is essentially a Claque where alternative voices are deplatformed and we have an environment which was accurately described thus by @FukuyamaFrancis

The democratization of authority spurred by the digital revolution has flattened cognitive hierarchies along with other hierarchies, and political decision-making is now driven by often weaponized babble.
At a time when what is required is agile multi disciplinary thinking we have ''weaponized babble''
Less than two months ago The ''Leader of the Free World'' President Biden said his sanctions against Russia would “reduce the Ruble to rubble” and this has happened
The Architect of the Sanction warfare program said 
The @POTUS Official Who Pierced Putin’s “Sanction-Proof” Economy @NewYorker [4]
Singh said, “We’ve made him stare into an economic abyss. But he could choose to pull back.”
The markets are where these two systems touch—the supply of buckwheat, the joint energy ventures, the price of the ruble—and within this arena the sanctions were a demonstration that Washington still had levers to pull.
“You know, we can play chess, too,” Singh said. “It was important for us to show that the fortress could come crumbling down.”
The geoeconomic debacle is off the scale.  

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Exile on Main Street: the Sound of the Unipolar World Fading Away PEPE ESCOBAR
Law & Politics


Exile on Main Street: the Sound of the Unipolar World Fading Away PEPE ESCOBAR

Sovereignty cannot be partial. Either you’re a sovereign or a colony

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.053840
Dollar Index 104.443
Japan Yen 134.6820
Swiss Franc 0.96101
Pound 1.226085 
Aussie 0.690570 
India Rupee 78.3325 
South Korea Won 1298.345 
Brazil Real 5.2392656 
Egypt Pound 18.769447 
South Africa Rand 15.926500 

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‘People are hungry’: food crisis starts to bite across Africa @FT
Africa


Ezra Ngala, an informal construction worker, is struggling to make ends meet in a slum in Kenya’s capital, Nairobi. “I am trying to survive,” he says while explaining that he cannot feed his wife and four-year-old son.
“For the past few months there has been a surge of people like myself going hungry. The government says that the war in Ukraine is the cause of all this.”
Steep rises in international food and fuel prices since the Russian invasion of Ukraine have left millions more Africans facing hunger and food insecurity this year, the UN, local politicians and charities have warned. 

The price rises have compounded economic problems caused by the coronavirus pandemic, sparking concerns of unrest in the hardest-hit countries. 

Swaths of Africa face an “unprecedented food emergency” this year, in part because of the war in Ukraine, the World Food Programme has said.
“The conflict in Ukraine [sparked a] global price hike of fuel, fertilisers and also edible oil and sugar and wheat particularly. This is bringing significant shocks to the system,” Ahmed Shide, Ethiopia’s finance minister told the Financial Times.
In an area stretching from northern Kenya to Somalia and large parts of Ethiopia, up to 20mn people could go hungry in 2022, the UN’s Food & Agriculture Organization has said, due to the worst drought in four decades, exacerbated by the fallout from the war in Ukraine. 

More than 40mn people in the Sahel and west Africa this year face acute food insecurity, according to the FAO, up from 10.8mn people three years ago.
Before the war, Russia and Ukraine accounted for a double-digit share of wheat imports in more than 20 sub-Saharan African countries, including Madagascar, Cameroon, Uganda and Nigeria, according to the FAO. Eritrea relies on those two countries for all of its wheat imports.
Even those countries not reliant on imports from Russia and Ukraine have been hit by rising prices.
Responding to the trend, the World Bank on Wednesday said it had approved a $2.3bn programme to help countries in eastern and southern Africa tackle food insecurity.
The IMF forecasts that consumer prices in sub-Saharan Africa will top 12.2 per cent this year — the highest in almost two decades. 

In Ethiopia, food prices rose 42.9 per cent in April on the same month a year earlier.
There are concerns that higher food prices could fuel unrest in poorer countries, where food counts for a higher part of daily spending than in developed countries.
During the 2007-08 food crisis, which was caused by a spike in energy prices and droughts in crop-producing regions, about 40 countries faced social unrest. More than a third of those countries were on the African continent.
Even before the Russian invasion in late February, the pandemic had already hit economic growth on the continent. 

“Africa was already struggling with food insecurity,” said Wandile Sihlobo, chief economist at the Agricultural Business Chamber of South Africa. “These African countries had diminished ability to cushion their population from food price fluctuations.”
There have already been some signs of unrest. Landlocked Chad declared a food “emergency” earlier this month. 

In Uganda, six activists were arrested for protesting against higher food prices at the end of May, according to Amnesty International. 

The rising cost of food has since May spurred street protests in Nairobi under the hashtags #LowerFoodPrices and #Njaa-Revolution — meaning “hunger” revolution in Swahili.
“People are hungry, the reality is that people cannot afford to keep up with these rising prices. You wake up every day, and prices are rising,” said Lewis Maghanga, a local campaigner on the cost of living.
Jackline Mueni, who bakes cakes for weddings and birthdays in Nairobi, is feeling the pinch. 

“Things are just getting bad,” she said, adding that in the three years she had been in business this was by far the worst time. “In the last three months, food prices have really rocketed.”
In May, the price of edible oils jumped more than 45 per cent from a year ago in Kenya, while flour increased 28 per cent, according to the World Bank

“This is the worst time ever. I was very comfortably making money, recovering expenses and making a profit. I was selling an average of five cakes a day. Now, one or two, if I am lucky,” said Mueni.
Even Nigeria, an oil producer and a member of Opec, has been hit by international food and fuel prices. Africa’s most populous country exports crude oil but relies on fuel imports. It is also a large food importer, especially of grains. 

The price of bread in Lagos has risen from 300 naira ($0.72) before the pandemic to 700 naira this year, according to Chibundu Emeka Onyenacho, analyst at emerging markets bank Renaissance Capital.
“If you’ve suddenly moved to 700 [naira for a loaf of sliced bread], that’s putting pressure on anyone that is being paid the [monthly] minimum wage of 30,000 naira,” said Onyenacho.
He added that the price of wheat flour meant that in rural areas, people blended it with flour made from cassava, a cheap root vegetable, because they were “willing to compromise” on quality to cut the cost of products eaten daily, such as bread.
Back in Kenya, rising fuel prices mean construction worker Ngala spends roughly half his salary on fuel prices. As a result, some dishes have become unaffordable.
“We cannot afford basic things like cooking oil and maize flour,” he said, the latter to make local staple ugali, a cooked maize-flour dough. “There are people who can’t afford even one meal a day.”

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UK's Boris Johnson hopes Rwanda visit will help people shed 'condescending attitudes' @Reuters
Africa


UK's Boris Johnson hopes Rwanda visit will help people shed 'condescending attitudes' @Reuters


British Prime Minister Boris Johnson said he was looking forward to visiting Rwanda on Thursday to help people shed their "condescending attitudes" to Rwanda after criticism of the government's plans to deport asylum seekers to the country.
Johnson will meet with Prince Charles in Kigali on Friday on the sidelines of a meeting of Commonwealth leaders, after media reports the heir to the throne privately described the government's plans as "appalling".
Earlier this year, Britain struck a 120 million pound ($147 million) partnership with Rwanda to deport asylum seekers to the East African country but the first such flight was halted last week by the European Court of Human Rights. 
The plan has been criticized by opponents, charities, and religious leaders who say it is inhumane.
"It is an opportunity for us all to understand for ourselves, to understand what that partnership has to offer and what the Rwandans have to offer and to help others to shed their condescending attitudes to Rwanda and how that partnership may work," he told reporters ahead of his flight.

Johnson said he would be talking to Rwandan President Paul Kagame about the partnership on Thursday.
Earlier this month two British newspapers reported that Charles had privately criticised the plans. 

Charles was concerned the controversial asylum policy would overshadow the Commonwealth meeting where he is representing his mother Queen Elizabeth, The Times said. 
The government says the deal will stem the flow of dangerous cross-Channel trips and smash the business model of people-smuggling networks.
Asked about Charles' purported comment, Johnson said: "I have no evidence for the assertion that you made ... I can’t confirm that. I think the policy is sensible, measured."
"I very much look forward to seeing (Charles)... but you would not expect me to comment on conversations that I may or may not have with him."

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Fried Bean Breakfast Snack Hit by Soaring Prices in Nigeria @markets
Africa


Fried Bean Breakfast Snack Hit by Soaring Prices in Nigeria @markets

Main ingredient used for making akara jumped 32% in May

A sharp rise in the prices of beans and peanut oil is making Nigeria’s favorite breakfast snack unaffordable for the country’s poor.
The cost of beans, the main ingredient in akara -- fried snacks that are sold all over Africa’s most populous nation-- jumped 32% in May compared with a year earlier, almost double the headline inflation 

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Kenyan Eurobonds: @TellimerHQ @MwangoCapital
Africa


Kenyan Eurobonds: @TellimerHQ @MwangoCapital

2024 Eurobond yield has risen by more than 1000 bps since the start of the year to close yesterday’s session a whisker about 15.0%. 
The 2032 Eurobond yield up 575 bps since the start of the year to sit at 12.5% at yesterday’s close.

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by Aly Khan Satchu (www.rich.co.ke)
 
 
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June 2022
 
 
 
 
 
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