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Wednesday 21st of September 2022
 









A YELLOW FLOWER Blow-Up and Other Stories | Author: Julio Cortazar
Africa

A YELLOW FLOWER Blow-Up and Other Stories | Author: Julio Cortazar


We are immortal, I know it sounds like a joke. I know because I met the exception to the rule, I know the only mortal there is. 

He told me his story in a bar in the rue Cambronne, drunk enough so it didn’t bother him to tell the truth, even though the bartender (who owned the place) and the regulars at the counter were laughing so hard that the wine was coming out of their eyes. 

He must have seen some flicker of interest in my face—he drifted steadily toward me and we ended up treating ourselves to a table in the corner where we could drink and talk in peace. 

He told me that he was a retired city employee and that his wife had gone back to her parents for the summer, as good a way as any of letting it be known that she’d left him. 

He was a guy, not particularly old and certainly not stupid, with a sort of dried-up face and consumptive eyes. 

In honesty, he was drinking to forget, a fact which he proclaimed by the time we were starting the fifth glass of red. 

But he did not smell of Paris, that signature of Paris which apparently only we foreigners can detect. And his nails were decently pared, no specks under them.

He told how he’d seen this kid on the number 95 bus, oh, about thirteen years old, and after looking at him for a spell it struck him that the boy looked very much like him, at least very much as he remembered himself at that age. 

He continued little by little admitting that the boy seemed completely like him, the face, the hands, the mop of hair flopping over the forehead, eyes very widely spaced, even more strongly in his shyness, the way he took refuge in a short-story magazine, the motion of his head in tossing his hair back, the hopeless awkwardness of his movements. 

The resemblance was so exact that he almost laughed out loud, but when the boy got down at the rue de Rennes, he got off too, leaving a friend waiting for him in Montparnasse. 

Looking for some pretext to speak with the kid, he asked directions to a particular street, and without surprise heard himself answered by a voice that had once been his own. 

The kid was going as far as the street, and they walked along together shyly for several blocks. 

At that tense moment, a kind of revelation came over him. Not an explanation, but something that could dispense with explanation, that turned blurred or stupid somehow when—as now—one attempted to explain it.

repeating Napoleon, that the move from being a dishwasher to being the owner of a decent bakery in Montparnasse is the same pattern as the jump from Corsica to the throne of France

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Goodbye to a Queen, a mother, a grandmother and a great grandmother. @KensingtonRoyal
Misc.


Ozymandias  PERCY BYSSHE SHELLEY

https://bit.ly/2DZswhN

I met a traveller from an antique land,
Who said—“Two vast and trunkless legs of stone
Stand in the desert. . . . Near them, on the sand,
Half sunk a shattered visage lies, whose frown,
And wrinkled lip, and sneer of cold command,
Tell that its sculptor well those passions read
Which yet survive, stamped on these lifeless things,
The hand that mocked them, and the heart that fed;
And on the pedestal, these words appear:
My name is Ozymandias, King of Kings;
Look on my Works, ye Mighty, and despair!
Nothing beside remains. Round the decay
Of that colossal Wreck, boundless and bare
The lone and level sands stretch far away.”


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This is the Titanic
World Of Finance


This is the Titanic

One of the preeminent Thinkers today is @CreditSuisse's Zoltan Pozsar and he said 
The policymakers to follow are no longer central bankers, but heads of state at the pinnacle of power who aren’t known for the transparency of their thinking – especially not when at war. @CreditSuisse Zoltan Pozsar
I have no faith in those at  the pinnacle of power. None. So I expect more babble and a doubling down.

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China Is Capable of Blockading Taiwan, U.S. Navy Commander Says @WSJ
Law & Politics


China Is Capable of Blockading Taiwan, U.S. Navy Commander Says @WSJ 


China’s armed forces are capable of blockading Taiwan, a senior U.S. Navy official said, pointing to the size of the country’s navy, which is the world’s largest and growing at a rapid pace.
“They have a very large navy, and if they want to bully and put ships around Taiwan, they very much can do that,” Vice Adm. Karl Thomas, commander of the U.S. Seventh Fleet, said in an interview with The Wall Street Journal.
China conducted military drills last month that sought to demonstrate its ability to blockade Taiwan, a democratic, self-governing island it sees as part of its territory. 

The drills came in response to a visit by U.S. House Speaker Nancy Pelosi to the island in August and occurred in six zones that effectively encircled Taiwan

By using a blockade, military analysts say, Beijing could try to force submission by Taiwan’s government without an invasion.
For decades, Washington has maintained a policy of strategic ambiguity, not saying whether it would directly intervene in a conflict. 

Though the White House says that policy hasn’t changed, President Biden has said that the U.S. would defend Taiwan if China tried to invade. 

In an interview that aired Sunday on CBS’s “60 Minutes,” he reiterated his position, saying the U.S. military would get involved if there was an unprecedented attack.

Speaking with the Journal before President Biden’s interview aired, Adm. Thomas said he didn’t know if China would carry out an invasion or a blockade, but it was his job to be ready for whatever they do. 

He said he hoped China would resolve differences over the island peacefully. If China were to mount a blockade, Adm. Thomas said the international community could step in.

“Clearly if they do something that’s non-kinetic, which, you know, a blockade is less kinetic,” he said, meaning it isn’t an all-out attack involving lethal force

“then that allows the international community to weigh in and to work together on how we’re going to solve that challenge.”

Beijing strongly opposed Mrs. Pelosi’s visit—the highest-level U.S. trip to the island in 25 years—and warned of unspecified countermeasures if she defied their warnings. 

Amid rising tensions, the U.S. military aircraft taking Mrs. Pelosi to Taiwan opted for an unusual, circuitous route instead of flying over the South China Sea on a near-linear path.

Asked why the plane took a circuitous route, Adm. Thomas said the decision was made at “high levels” because officials weren’t sure how China was going to respond. 

“There certainly was a lot of rhetoric by the PRC about, if she goes, there will be some consequences,” he said, referring to China by the acronym of its full name, the People’s Republic of China. 

“You never quite know with the PRC if the rhetoric is real or if it’s just that—rhetoric—and just to prevent any miscalculation, there were some decisions made to give us a little bit more time and space to understand what their reaction might be.”

After the visit, China launched dayslong military exercises that included warplane and naval maneuvers, and it launched missiles over Taiwan’s main island for what is believed to have been the first time. Adm. Thomas said the firing of missiles was irresponsible and that China had “moved the goal posts just a little bit more” by doing so.
“There’s a term in Mandarin—can shi—nibbling like a silkworm,” he said. “They just kind of continue to push the boundaries, see what they can get away with.”

China’s Foreign Ministry didn’t immediately respond to a request for comment. 

China has accused the U.S. of escalating tensions over Taiwan and said Mrs. Pelosi’s visit could encourage the island’s politicians to seek independence.

Adm. Thomas said he sees China’s recent actions around Taiwan as an extension of the “might makes right” mentality he said the country has shown in the way it has militarized the South China Sea. 

China’s expansive claims in the South China Sea overlap with those of other countries in the region. It has during the past decade built artificial islands in those waters, equipping the outposts with military infrastructure and equipment.

“They’ve completely militarized those islands,” he said. “They already have all the bunkers they need, they already have all the fuel storage capacity they need, the ability to house troops, they have the missiles, the radars, the sensors.”
China has the world’s largest navy by size, though the U.S. has more-advanced warships, including a larger aircraft-carrier fleet, giving it a qualitative edge. 

Adm. Thomas said China is turning out navy ships at an impressive rate, while the U.S. doesn’t have as many shipyards producing navy ships as it needs. 

China, for instance, is producing its Type 055 destroyers—a large and heavily armed surface ship, also known as the Renhai-class cruiser, that has become a symbol of China’s naval modernization—at a much greater rate than the U.S. is producing guided-missile destroyers, he said.
“Capacity has a quality all of its own,” he said.
Difficulties China might have coordinating across different branches of its armed services, which is how modern militaries operate, has long been seen as a potential weakness for the country’s military. 

But China has made progress on that front, Adm. Thomas said. Aircraft from China’s air force are flying across water, whereas only its navy undertook such flights four years ago, he said.
“They are more joint than they were a year ago, three years ago, five years ago,” he said.

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23-AUG-2021 :: Xi Jinping is on a winning streak ever since he started salami slicing his then adversary President Obama.
Law & Politics



23-AUG-2021 :: Xi Jinping is on a winning streak ever since he started salami slicing his then adversary President Obama.


It is inevitable he will roll the dice on Taiwan 


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Strategic context: It's all about the maritime century. In the broadest sense, whether it's the Black Sea or the Taiwan Strait, the key strategic link is between the sea as a space for communication and manoeuvre @alessionaval
Law & Politics


Strategic context: It's all about the maritime century. In the broadest sense, whether it's the Black Sea or the Taiwan Strait, the key strategic link is between the sea as a space for communication and manoeuvre and either can be leverage for political gains

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Think about the Black Sea and Taiwan: blockade as an instrument of signalling and coercion. Whether as economic coercion/strangulation, or to isolate the target from the global economic order @alessionaval
Law & Politics

Think about the Black Sea and Taiwan: blockade as an instrument of signalling and coercion. Whether as economic coercion/strangulation, or to isolate the target from the global economic order - This is central to contemporary strategy. 



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JoeBiden is in a Pincer with Xi & Vladimir holding the console & ratcheting up the pressure & they own the timing on the Ukraine Taiwan Two Step
Law & Politics


Donald Rumsfeld Thesis of the US need to be prepared to fight in two different theatres simultaneously is set to be tested  Taiwan Ukraine




1-4-2-1


1-4-2-1. The first 1 refers to defending what has since come to be called the homeland. 

The 4 refers to deterring hostilities in four key regions of the world. 

The 2 means the U.S. armed forces must have the strength to win swiftly in two near-simultaneous conflicts in those regions. 

The final 1 means that we must win one of those conflicts “decisively,” toppling the enemy’s regime.



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‘Crippling’ Energy Bills Force Europe’s Factories to Go Dark @nytimes
Minerals, Oil & Energy


‘Crippling’ Energy Bills Force Europe’s Factories to Go Dark @nytimes 


The furnace, heated to 1,500 degrees Celsius, was glowing red. 

Workers at the Arc International glass factory loaded it with sand that slowly pooled into a molten mass. 

Nearby on the factory floor, machines transformed the shapeless liquid with a blast of hot air into thousands of delicate wine glasses, destined for sale to restaurants and homes worldwide.
Nicholas Hodler, the chief executive, surveyed the assembly line, shimmering blue with natural gas flames. F

For years, Arc had been powered by cheap energy that helped turn the company into the world’s largest producer of glass tableware — and a vital employer in this working-class region of northern France.
But the impact of Russia’s abrupt cutoff of gas to Europe has doused the business with new risks

Energy prices have climbed so fast that Mr. Hodler has had to rewrite business forecasts six times in two months. 

Recently, he put a third of Arc’s 4,500 employees on partial furlough to save money. 

Four of the factory’s nine furnaces will be idled; the others will be switched from natural gas to diesel, a cheaper but more polluting fuel.
“It’s the most dramatic situation we have ever encountered,” Mr. Hodler said, shouting to be heard over the din of clinking glasses. “For energy-intensive businesses like ours, it’s crippling.”

Arc is not alone. High energy prices are lashing European industry, forcing factories to cut production quickly and put tens of thousands of employees on furlough. 

The cutbacks, though expected to be temporary, are raising the risks of a painful recession in Europe. 

Industrial production in the euro area fell 2.3 percent in July from a year earlier, the biggest drop in more than two years.

Makers of metal, paper, fertilizer and other products that depend on gas and electricity to transform raw materials into products from car doors to cardboard boxes have announced belt-tightening. 

Half of Europe’s aluminum and zinc production has been taken offline, according to Eurometaux, Europe’s metals trade association.

Among them is Arcelor Mittal, Europe’s largest steel maker, which is idling blast furnaces in Germany. Alcoa, a global aluminum products producer, is cutting a third of production at its smelter in Norway. 

In the Netherlands, Nyrstar, the world’s biggest zinc producer, is pausing output until further notice.

Even toilet paper is not immune: In Germany, Hakle, one of the largest manufacturers, announced that it had tumbled into insolvency because of a “historic energy crisis.”

The whirlwind has unnerved the inhabitants of Arques, a town whose fortunes have been tied to glassmaking for more than a century. 

The modern-day Arc was founded in 1825 as the Verrerie Cristallerie d’Arques, then a small local maker of fine crystal goblets.

Today, Arc’s operations are enormous, spanning an area nearly half the size of New York’s Central Park. 

Its mass is such that Arc indirectly generates another 15,000 or so jobs in the region, from cardboard factories that package its glass to transport companies ferrying its products. Arc’s other factories are in China, Dubai and New Jersey.

“The shutdown of the furnaces is bad news,” said one worker, a 28-year veteran of the factory, who spoke on the condition of anonymity for fear of compromising his job. 

“Sure, high energy prices are having an impact,” he added, “but it’s scary how fast it's happening.”

To some extent, the crisis is a blowback from European sanctions that were intended to punish Moscow for its invasion of Ukraine. The pain has undermined confidence at European companies and their ability to plan.

This past week, the European Commission president, Ursula von der Leyen, proposed offsetting the hit by capping revenue from low-cost electricity generators and forcing fossil fuel firms to share the profit they make from soaring energy price

But the solutions may not be fast enough. Costs have already soared beyond what many manufacturers can afford. 

Thousands of European companies are near the end of fixed energy contracts signed when prices were cheaper, and must renew them in October at current prices. 

Year-ahead electricity prices, which are tied to the cost of gas, are around 1,000 euros per megawatt-hour in Germany and France, while natural gas is at record highs of around €230 per megawatt-hour.

Eschenbach Porcelain survived Germany’s transition from communism to capitalism after 1989. 

But when its energy contracts run out at the end of this year, the company will face annual energy bills of €5.5 million, or roughly six times what it is paying now, said Rolf Frowein, its director.
“That would mean we have to more than double our prices, and nobody will pay that for our cups and plates,” he said. Eschenbach, a 130-year-old company in the eastern state of Thuringia, is in talks with local politicians about a potential solution. It is one of dozens of small and midsize firms in Germany fearing they will have to close for good.
An hour north of the Arc factory, Aluminium Dunkerque, France’s biggest aluminum producer, will furlough part of its 620-person work force and cut production by more than 20 percent as it faces a potential fourfold jump in its energy costs.

“The time we spend dealing with energy issues been multiplied by 10,” said Guillaume de Goÿs, the chief executive. 

“We hope the crisis will be short-lived, but if it lasts, European industry will be in very big trouble.”

Mr. Hodler is laboring to steer Arc away from trouble, after years of financial difficulties linked to overexpansion and, more recently, pandemic lockdowns. 

In December, shortly after Mr. Hodler took over in a management shake-up, 

Arc received an emergency €45 million loan backed by the French state and is now asking the government for additional relief from high energy bills.

The site, which consumes as much energy as 200,000 homes, makes “arts de table,” including Luminarc dinner plates and Cristal d’Arques-branded table and barware. 

All told, Arc produces four million glasses a day, as well as items like candle holders for Bath & Body Works and promotional glasses for Heineken and McDonald’s.

Doing so requires intense heat to melt sand into glass in furnaces that must stay lit 24 hours a day. 

In summer, Europe’s power crunch propelled Arc’s energy bill to $75 million, from 19 million euros a year ago

On top of that, consumers suddenly stopped buying items like candleholders and washing machines, for which Arc makes glass windows, sending orders plunging.
“People are worried about their winter energy bills, and are saying, ‘I’ll wait to buy that nonessential item,’” Mr. Hodler said.
The double-whammy sent Arc’s management team scrambling for solutions — all of them less than desirable.
This month, 1,600 workers were asked to stay home two days a week to cut costs. 

And for the first time, Arc’s furnaces will switch to diesel power instead of natural gas, which is fed directly to the factory through a pipeline. 

The diesel will raise Arc’s carbon footprint by 30 percent, and must be delivered in huge quantities by tanker trucks.
Even more daunting was the prospect of idling Arcs furnaces. “You can’t just shut down a glass furnace — it would destroy it,” Mr. Hodler said. 

“If they are powered down gently, they will survive, but then they take more than one month to be reheated.”

Two furnaces that were planned for scheduled maintenance may now remain offline for the foreseeable future, Mr. Hodler said. 

Another two will be temporarily mothballed to make up for the fall in demand.

“We don’t want to stop operations completely,” Mr. Hodler said. “But we are not going to produce if we lose money.”
All of which has locals in Arques very worried. At Le Cristal, a cafe that is a hangout for Arc factory workers, the fate of the furnaces was all anybody talked about on a recent afternoon.
“Arc is the lifeblood of this region,” said Valerie Harle, the owner of the cafe, which opened in 1939 and is named in honor of Georges Durand, who built the Cristallerie d’Arques from a small-time factory into an empire. “If the furnaces don’t work, neither do the employees.”
Veronique Cognoti, a longtime resident, said locals were bracing for a domino effect. 

“A lot of other businesses depend on it,” she said of the factory. “Transport companies, cardboard box makers — they will all feel the blow.”
At a nearby table, a man who spoke on the condition of anonymity said he was furloughed this month from his job at a nearby cardboard factory that makes boxes and packaging for Arc, after the glassmaker cut production.

“With the price of energy as it is, the factory isn’t working as much as it used to, and it is already creating a chain reaction,” he said.

He was being paid 80 percent of his salary to stay home while his factory was idled, but that had added up to €130 in lost pay. 

At the same time, he said, the gasoline bill to fill his small car had jumped to nearly €100, from about €50 at the beginning of the year.
“This is going to become a much bigger problem,” he said.

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That remains the overarching Point. You can have your Gas storage at 95% but THE PRICE MATTERS.
Minerals, Oil & Energy



This is the Titanic


Our ability to Pull forward is exhausted. 

Emmanuel Macron  warned France to  prepare  for a miserable winter in which they must be ready to pay “the price of liberty”

Our Economies are teetering and the downside cascade effects are now in plain sight. Is anyone modelling what is now a cliff edge? 
How many Jobs are about to be vaporized? How many Businesses? Are we going to print more worthless Euros?

Are our Leaders going to spin more weaponized babble? as we career at top speed off the cliff.


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24 August 2022 : in Germany, $2 trillion of value added depends on $20 billion of gas from Russia... War and Industrial Policy @CreditSuisse Zoltan Pozsar
Minerals, Oil & Energy



: in Germany, $2 trillion of value added depends on $20 billion of gas from Russia...

...that’s 100-times leverage more than Lehman’s.

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The price of bread in the Eurozone increased by 18% YoY, which is the fastest yearly increase ever recorded. @MacroAlf/
World Of Finance


The price of bread in the Eurozone increased by 18% YoY, which is the fastest yearly increase ever recorded. @MacroAlf/

It reminds me of the famous French Revolution anecdote:
''Queen Marie-Antoinette, the peasants can't afford bread anymore''
''Let them eat cake''

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Europe's Economy And Living Standards Are Plummeting
World Of Finance


Europe's Economy And Living Standards Are Plummeting


The ill-considered sanctions against Russia have exposed the most acute problems of Europe which is rapidly losing its economic power. 

A tremendous amount of businesses are on the verge of bankruptcy. 

A flood of migrants from Africa, the Middle East and Ukraine requires more and more budget spending. 

Funds are also being used to support the Kiev regime. As a result, Europe’s economies are deteriorating and living standards are plummeting.
In Britain 60% of enterprises are on the verge of closing due to higher electricity prices. This is reported by the analytical group Make UK, representing the interests of British industry. 

13% of British factories have reduced working hours and 7% are temporarily closing down. Electricity bills have risen by more than 100% compared to last year.

In Germany, according to the Leibniz Institute for Economic Research, the number of firms and individuals went bankrupt in August alone rose 26% compared to the same period last year.

 The figure was significantly higher than German analysts had forecast. 

According to experts, during the autumn the number of bankruptcies will only increase. 

This is connected with the increase of the cost of production processes, in particular with the rise in prices for energy.
German Chancellor Olaf Scholz acknowledged that many Germans have faced with rising prices for fuel and food. 

Most countries in Europe were in a similar situation. But the authorities are sacrificing the quality of people’s lives in order to continue to exert pressure on Russia.
The crisis is just ahead
At the same time, many experts believe the stopping of Nord Stream will cause Europe’s worst energy crisis in decades.
This circumstance has already caused a sharp rise of prices of energy resources on the European market. 

As a result, energy bills of European households have increased. 

According to Goldman Sachs’ analysts, its cumulative cost will peak in early 2023, increasing by 2 trillion euros

It has also led to a record depreciation of the European currency over the past 20 years.
The increased cost of gas, heat and electricity has an adverse effect on the living standard of the people. 

But an even more dangerous problem is the falling liquidity of European products produced at the new cost of energy. 

European products are becoming uncompetitive on the world market: their price is much higher because of the cost of electricity and gas.
Attempts by EU leaders to introduce a price cap on energy from Russia have completely failed.
“Europe reaps what it sows”
European countries are themselves to blame for the problems they face this coming winter because of reduced gas supplies from Russia, Turkish President Recep Tayyip Erdogan said. 

According to him, “Europe reaps what it sows”, while Turkey “has no problems with gas supplies”.
The crisis in Europe is a result of political mistake. 

On one hand, sanctions against Russia, are favorable only to the U.S. And on the other, the imposition of the post-hydrocarbon economy on Europeans has shown its insolvency.
As a result, energy prices in Asia and Latin America today are much lower. And so are the wages of production workers.  In other words, European products are totally uncompetitive. 

And we see a decrease in the liquidity of those products on the market.

 As a consequence, the European economy begins to plunge into recession. 

In particular, Christian Sewing, Director General of Deutsche Bank, said on September 7 that Germany is no longer able to avoid recession. 

Already at the moment it is buying significantly less raw materials from major suppliers such as Brazil, Argentina and the U.S.

The Economist Intelligence Unit, a British think tank, predicts that GDP growth in 2023 will be: 5.3% in China, 5.1% in India, 1.2% in the United States, 0.3% in France, 0.3% in Brazil. 

And it will be negative in a number of countries: minus 0.6% in the UK, minus 1% in Germany, and minus 1.3% in Italy.
Poverty is coming
The next logical consequence will be mass production closures and rising unemployment. 

European technology companies are already reducing the number of high-paying engineering positions. 

In September, German wind turbine manufacturer Siemens Gamesa announced its intention to reduce the number of employees to 1,500 people.
In turn, rising unemployment will cause a drop in living standards and an additional burden on government budgets, as the fight against poverty requires additional social spending.
European economies survive through stimulus. But this exacerbates inflation. 

Dutch Prime Minister Mark Rutte said, “You can’t help everyone, so we in the West will be a bit poorer because of the high inflation, the high energy costs”.
Migrants are ruinous to the budget
Meanwhile, the energy crisis and production problems have been exacerbated by migration policies that require additional budgetary injections into the social sphere.
Migrant influx into European countries over the past two decades has been less than 1 million people a year. 

But already last year, 1.3 million people entered the countries, and this year, there were already 1.8 million people. 

We must take into account the fact that some immigrants enter Europe illegally and are not registered. 

They are primarily residents of Somalia, Nigeria, Gambia, Iran, Pakistan, Mali, Afghanistan, Eritrea and Syria.
Moreover, more than 10 million people left Ukraine since the end of February. Of these, at least 6 million people remain in European countries, while 3.7 million have already received refugee status. 

The average cost per such migrant is 7,000 euros per year. Even without Ukrainians, Germany alone spends 25 to 55 billion euros annually on refugee aid.
The European economy could afford these enormous expenditures before the energy crisis. 

But now the situation is such that expenditures are only increasing while revenues are falling.
Following the catastrophic electricity and heating bills, Europe’s population is facing mass unemployment, followed by a decline in social support from the state. These processes inevitably lead to an overall decline in living standards.

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Goodbye Westification: The World Moves On Alastair Crooke
Law & Politics


Goodbye Westification: The World Moves On Alastair Crooke



We’re living under the fog of a World transitioning to a radically changed way of imagining itself, amid the open sluice-gates of psyops.
We’re living in the fog of a war in Europe. We’re living too, in an economic fog of war, obscuring those who are sound, and in contrast, who it is who can no longer afford themselves, and thus are living on borrowed time. 

We’re living too under the fog of a World transitioning to a radically changed way of imagining itself, amid the open sluice-gates of psyops.
And transitioning the World is. Let’ try to clear the fog a tad.
The death of Queen Elizabeth II suddenly brought home – thanks to those replayed early newsreels of a young Queen in India and ‘her other colonies’ – that it is not only the world that is in change. 

It comes as a physical shock to recall, embedded in those newsreels of just one woman’s life, just how completely the West itself is changed.
Moving up a level, we see from those earliest clips, those secure, striding figures, confidently inhabiting another ‘reality’. 

They breathed out the air of the European Enlightenment and Rationalism. 

But not for long – for then came the push-back: ‘post-modern’ scepticism for ideals per se, for big ideas and conceptions; and utter disdain of Reason. 

Individual subjective mental process and consciousness-altering experience was the litmus for life ‘experience’ (the Woodstock era).
Today, the West has stepped yet further away from ‘what it was’. It is now an ideological battlespace, peopled by zealots who will firmly assert: 

‘There is no ‘other’ to Ukraine’; ‘there is no ‘othering’ to Putin’; ‘and I will not ‘other’ the de-fossilisation of our world’ – that is, only their opinion is right. 

It is a battlespace which pointedly ‘cancels’ rationality and dialectics, and has created a distressed, fractured West, struggling to give meaning to itself.
The point here, however, is about that which has not changed. The earlier West may have become almost unrecognizable to itself today. 

Yet a part of that earliest legacy still hovers in the foreign policy background – almost wholly unaltered.
Foreign policy ‘bedrock’ remains framed around the Enlightenment and Scientific Rationalism ideal. 

A missionary project, based on the notion that as science ‘was neutral’, this inherent quality of neutrality had the power both to ‘free the world’ from its fetters of religion, cultural norms and ‘superstition’. 

And to serve as the pole around which the West might unite the world. It remains thus today.
But one big problem is that Enlightenment Science is far from neutral. It tilts; tilts in a direction that is antithetical to much of the rest of the world.
The western Scientific Revolution took, at its core, a hypothesis that “the cornerstone of the scientific method, is the postulate that nature is objective”. 

This postulate was asserted, whilst openly admitting simply that this definition amounted to “a systematic denial” that ‘true’ knowledge might be also reached through interpreting the world differently: as possessing latent meaning, direction, and purpose”.
The world thus was to become mere ‘matter’, reduced to inert, meaningless ‘dust’ – and inevitably, given this definition, ‘Man’ becoming the sole agent of transformation, and sole giver of meaning to our cosmos.
Jacques Monod, (a Nobel scientist), noted in his 1971 essay, Chance and Necessity, that this Enlightenment hypothesis erased the core postulate of the ‘other sensibility’ that has nurtured all ancient cultures and pre-Enlightenment science: that the blueprint of life – DNA, if you prefer – threads through everything. 

All the great (and very rational) sciences of the ancient world regarded the world as literally pulsating with life – and far from inert.
Paradoxically, Monod acknowledged that the assertion ‘nature is objective’ is impossible to demonstrate. 

But he wrote that [anyway] the “postulate of objectivity is consubstantial with science, and has guided the whole of its prodigious development for three centuries. 

It is impossible to escape it, even provisionally or in a limited area, without departing from the domain of science itself”. TINA – there is no alternative.
The western foreign policy zeitgeist therefore, was – by definition – secular. And though this construct is metaphysically at odds with most religions – Islam being but one example. It nonetheless brought many young Muslims to a secular version of Islam (exactly as intended, though with unforeseen and explosive consequences).
The bigger picture here is that Rationalism, postulating ‘modernity’ as rigorously secular, has morphed into a coerced one-size-fits-all, economic and political system, by which all others be judged. A universal rules-based system, in other words.
But societies and peoples around the globe who have experienced the very worst rigours that this Enlightenment myth imposed upon them, such as America’s ‘forever-wars’ that have killed millions, have collectively now concluded that this western ‘myth’ which at first had seemed to promise a ‘new world’, but so often ended badly, would no longer ‘do’.
Some would, and do, argue that American or European Enlightenment ‘liberal’ humanism, with its presumed ‘good intentions’, has no connection to Jacobinism or Trotskyite Bolshevism.
But, in practice, both are crucially similar: They are secular versions of the inexorable march towards a utopian, redemption of a flawed humanity. 

Yet most civilisations do not accept history to be at all linear.
Nevertheless, towards the end of the 20th century (and sometimes, in some societies, earlier), there occurred (to borrow a phrase from Frank Kermode) this “sense of an ending”.
Liberal orthodoxies had fallen into radical self-doubt. And around the world, movements (sometimes covert), were beginning to be arrayed against the political and economic imposition of (a diversity) of hybrid, literal, scientific rationalities (i.e. in Russia and Germany). 

Other societies suddenly just leaped into unknown futures (Iran).
All were symptoms suggestive of Fukuyama’s prediction that Homo Economicus’ dawning awareness of his own ‘hollowed out’ existence ultimately would take people to revolt.
Western élites both decry and seek to break all signs of ‘populism’ and ‘illiberalism’. Why? 

Because they ‘scent’ (and fear) in them, the shades of old pluralist values reasserting themselves that they thought to have been suppressed long ago, through Enlightenment rationality and secularism.
These élites may be correct in their anxiety: Their deliberate dismantling of any external norm, beyond civic conformity, which might guide the individual in his or her life and actions, and the enforced eviction of the individual from any form of structure (communal, societal, religion, family, and gender), has made a ‘turning back’ to what was always latent, if half-forgotten, almost inevitable.
What is occurring represents a global ‘reaching back’ to old ‘storehouses’ of values (Orthodoxy, Taoism, Shiism et al) – a silent religiosity; a ‘turn back’ to being again ‘in, and of’ the world. 

They are storehouses that have persisted; their foundational myths, and notion of cosmic ‘order’ (maat), still swirling in the deeper levels of collective unconscious.
These fragments live on, speaking to Truths that lie hidden in the vertices of myth, and not in competitive argument. 

They are not ‘Truths’ in the western meaning of ‘objective’ truth yet have represented the very pinnacles of human insight.
This ‘reaching back’, at least in a major part, lies at the root of the upcoming global order of sovereign civilisation-states. 

We see Russians turning to Orthodoxy to provide vitality and directionality to society.

 We see the same in India, China and in much of the world. 

The other aspect is when looking to the West, these states see decomposition and degradation.
It was in 2012 that the term ‘Civilisational States’ came to be more widely used in terms of an unfolding new global order. It signaled an end to the notion that (western) modernity (in the sense of partaking in the fruits of technological advance) mandated lockstep-Westification. 

It marked too, the end to the bipolar optic: Recently, when asked ‘on whose side are you’ in respect to Ukraine, the Indian Foreign Minister simply riposted that ‘it was time for Europe to grasp that their problems are not the World’s problems’: “We are our own side”, he said categorically.
This trend towards a multi-polar world is an anathema to the Washington foreign policy ‘Establishment’. 

A heterodoxy that re-appropriates traditional values precisely as the path to the re-sovereigntisation of a particular people mortally threatens the rules-based order.
Political philosopher Alasdair MacIntyre, in After Virtue (1981), suggests that re-appropriation is not just about sovereignty. 

It is precisely the cultural narrative that provides a better explanation to the unity of a human life. 

The individual life stories of members of a community become enmeshed and intertwined. 

And the entanglement of our stories surges out to form the weft and weave of communal life. 

The latter can never be a single consciousness generated abstractly and imposed from a central command.
The point here is that it is cultural tradition alone, and its moral tales, that provide context to terms such as good and justice and telos. 

“In the absence of traditions, moral debate is out of joint; and becomes a theatre of illusions in which simple indignation and mere protest occupy centre stage”, wrote MacIntyre.
Which brings us to those of us living in the West – those who have never felt themselves inwardly to be a part of this contemporary world, but rather, somehow belonging to a different world – one with a very different ontological basis.
What we in the West possess today, MacIntyre suggests, is nothing more than mere fragments of an older tradition (a heroic society). 

But evidently, these fragments simply are too sparse, since our moral discourse which still deploys terms like good and justice and duty, nonetheless has been robbed of the context that would make these terms intelligible. I

n other words, it places the virtue of the heroic Homeric world beyond the reach of a collective West.
Nonetheless, under the palimpsest of diverse European protest camps, we are witnessing inklings of recovery peeping out from behind the ruins: old values, earlier social forms are returning in a new, fecund form. 

Most of today’s ‘discontented’ will be oblivious to this and may never seriously address the deeper layers to the history of thinking, or to that ‘other’ vision from which they derive.
But that is not the point, for even as the leaves of western civilisation fall to the ground, seeds are being set into our collective psyche.
A ‘layer’ lives on, deep inside us – and surges up, (particularly at times of crisis), to challenge ‘who it is we think we are’, and to pose us a ‘life-choice’. It directs us to the fork in the road. 

It is, in short, not a matter of ‘returning to the past’, but of connecting us to almost-lost memories that suddenly catch new flame from greying, dust-covered embers, as fresh air streams across them.

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



May 29 Vanity of Vanities! All is vanity



Blofeld: Kronsteen, you are sure this plan is foolproof?
Kronsteen: Yes it is, because I have anticipated every possible variation of counter-move.
Politics therefore suffers from a surfeit of narcissists.

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Currency Markets at a Glance WSJ
World Currencies

Currency Markets at a Glance WSJ


Euro 0.995070
Dollar Index 110.12
Japan Yen 143.8185
Swiss Franc 0.964830
Pound 1.135145
Aussie 0.666145
India Rupee 79.9265
South Korea Won 1395.140 
Brazil Real 5.1433 
Egypt Pound 19.427027 
South Africa Rand 17.76263

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May 2 Currency puzzles I AM EXPECTING THE DOLLAR INDEX TO RALLY TOWARDS 110.00 BECAUSE WE HAVE UNDERGONE A REGIME CHANGE
World Currencies


May 2 Currency puzzles I AM EXPECTING THE DOLLAR INDEX TO RALLY TOWARDS 110.00 BECAUSE WE HAVE UNDERGONE A REGIME CHANGE

MORE IMPORTANTLY FROM A GEOECONOMIC PERSPECTIVE THERE IS A STRONG CASE FOR THE US TO FLEX THE $ 

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British Pound and Euro Are in a ‘Doom Loop,’ TD Strategist Says @markets
World Currencies


British Pound and Euro Are in a ‘Doom Loop,’ TD Strategist Says @markets 


The Bank of England has limited power to stop the downward spiral in the UK pound, said strategists at TD Securities, who are predicting more losses in the coming months. 
The pound and euro are trapped in a “doom loop” caused by soaring energy prices that feed into weaker economic growth and lower currency values, wrote strategists including James Rossiter in a note on Friday. 

They expect the UK currency to fall to $1.11 by year-end, down about 3% from its current level.

“While both the ECB and BOE want to slow and eventually reverse this loop, monetary policy can only limit the slowdown significantly ahead of the coming winter,” they said. 

“Policymakers can’t produce the needed energy supply.” 

Sterling advanced 0.2% to $1.1449 on Tuesday, trading near a 37-year low. The currency has lost 15% this year. 
The main focus in the market this week is the BOE’s rate decision on Thursday, though TD said there’s not much they can do to save the value of the pound. 
“The global story matters most for the pound, whereas the BOE is a mere observer of global growth expectations and risk sentiment,” they wrote. 
Traders are rapidly dialing up rate-hike wagers for the UK, betting the BOE will deliver two outsized increases by the end of the year to quell rampant inflation stoked by surging energy prices. 

Money markets have priced in 200 basis points of hikes over the next three decisions, implying the BOE will raise rates by three-quarter points at two of those meetings. 

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Eritrean forces have launched full scale offensive in all fronts today-all the way from Tekeze through to Irob. @reda_getachew
Africa


Eritrean forces have launched full scale offensive in all fronts today-all the way from Tekeze through to Irob. @reda_getachew


Heavy fighting in May Kuhli, Zban Gedena, AdiAwala, Rama, Tserona and Zalambessa. AbiyAhmed’s Eastern command, significant elements of Northwestern command and three

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Three commando divisions have also been deployed alongside Eritrean forces. 000s of Amhara special forces as well as Fano have also joined the offensive. Eritrea is deploying its entire army as well as reservists. @reda_getachew
Africa

Commando divisions have also been deployed alongside Eritrean forces. 000s of Amhara special forces as well as Fano have also joined the offensive. Eritrea is deploying its entire army as well as reservists. Our forces are heroically defending their positions

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Ghana Economy Grew Faster Than Expected expanded 4.8% in second quarter; median estimate was 2.7%
Africa


Ghana Economy Grew Faster Than Expected expanded 4.8% in second quarter; median estimate was 2.7%



Ghana targets annual economic growth of 3.7% this year

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Ghana Set to Start Debt-Restructuring Talks for Local Bonds @markets
Africa


Ghana Set to Start Debt-Restructuring Talks for Local Bonds @markets 


Ghana is poised to start talks with domestic bondholders on a restructuring of its local-currency debt as part of the West African nation’s plan to secure a $3 billion loan from the International Monetary Fund. The country’s eurobonds extended declines.
The nation’s largest debt investors including local banks and pension funds are preparing to engage in discussion on debt reorganization that could entail extension of maturities and haircuts on principal and interest payments, according to people familiar with the matter, who asked not to be identified because they are not authorized to speak publicly. 

The restructuring would be part of a debt-sustainability plan required by the International Monetary Fund, the people said, and will include part of the $19 billion Ghana has in outstanding local debt. 

Ghana began engaging the IMF in July for a $3 billion, three-year extended credit facility program after efforts -- including cutting discretionary state spending by as much as 30% -- failed to stem a selloff in its eurobonds and halt a record depreciation of the cedi currency against the dollar. 

The African nation joins a number of emerging markets that are being forced to default or restructure some of their debts this year. 

Economies around the globe have been burdened by unwieldy food and fuel costs, which weigh unevenly on lower-income economies prone to protests and political chaos.

The country’s debt reorganization will initially focus on domestic bonds, though external liabilities could also be included depending on how much Ghana would have to reduce its debt-servicing costs to achieve fiscal sustainability, one of the people said. 

The exercise will focus on easing the country’s interest-payments burden, and whether that requires haircuts to principal, interest or both will be the subject of meetings between the government and bondholders in coming weeks, the people said.

“Given that interest on domestic debt accounts for around three-quarters of total interest cost, it is not unsurprising that some participation from holders of local debt is included in this debt restructuring plan,” said Mark Bohlund, a senior credit research analyst at REDD Intelligence.
Ghana’s 2026 eurobonds declined 2.5% to 59.30 cents on the dollar on Tuesday, a record low. The debt has fallen 35% this year, sending the yield as high as 27.58%.
The IMF has yet to conduct a “thorough update” of Ghana’s fiscal situation, the organization said, after an sustainability assessment last year concluded the country required  a “rigorous and credible” plan to “put debt on a declining trajectory and ensure continued market access.”
“In cases where a country’s debt is assessed as unsustainable, the IMF is precluded from providing financing, unless the member takes steps to restore debt sustainability, including by seeking a debt restructuring from its creditors,” an IMF spokesperson said in an emailed response to Bloomberg’s questions. 

Spokespersons for Ghana’s finance ministry and central bank did not immediately comment when contacted by phone.
Investors demand a premium of 2,190 basis points over US Treasuries to hold Ghana’s eurobonds, compared with an average of 878 for African issuers, effectively shutting the world’s second-biggest cocoa producer out of international capital markets. 

The cost of insuring Ghana’s debt against non-payment using credit-default swaps has soared to almost 5,000 basis points, from less than 1,000 in January.
The cedi has lost 39% of its value against the dollar this year, making it the second-worst performing currency in the world after the Sri Lankan rupee. 
Ghana’s debt-service costs in the first half amounted to 20.5 billion cedis ($2 billion), equivalent to 68% of tax revenue, according to budget data. 

Government debt increased to 393.4 billion cedis, or 78.3% of gross domestic product, by end of June. 

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9 DEC 19 :: Time to Big Up the Dosage of Quaaludes
Africa

9 DEC 19 :: Time to Big Up the Dosage of Quaaludes


we were all popping Quaaludes [Quaaludes ‘’to promote relaxation, sleepiness and sometimes a feeling of euphoria. It causes a drop in blood pressure and slows the pulse rate. These proper- ties are the reason why it was initially thought to be a useful sedative and anxiolytic It became a recreational drug due to its euphoric effect’’].

Everyone knows how this story ends. When the music stops, everyone will dash for the Exit and the currency will collapse 

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Uganda Confirms One Fatal Ebola Case, Dispatches Response Team @bpolitics
Africa


Uganda Confirms One Fatal Ebola Case, Dispatches Response Team @bpolitics 


The Ugandan Ministry of Health and its partners have sent a rapid response team to the district where a 24-year-old man died from Ebola, the government department said via Twitter.
The patient tested positive for the Ebola-Sudan strain of the virus, according to the ministry, and the response team will now help with surveillance, contact tracing and case management.
Guinea was the epicenter of the 2014-16 Ebola epidemic, which spread mainly to Liberia and Sierra Leone, infecting more than 45,000 people in West Africa and killing more than 11,000. 

The last time Uganda reported an Ebola case was in 2019.

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Filoviruses - Ebola and Marburg
Africa


Filoviruses - Ebola and Marburg


Filoviruses are represented by Ebola virus (EBOV) and Marburg virus (MARV). Ebola viruses are subdivided into four species: Ebola-Zaire (EBOV-Z), Ebola-Sudan (EBOV-S), Ebola-Ivory Coast (EBOV-IC) and Ebola-Reston (EBOV-R). 

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The first known emergence of Ebola Zaire—the hottest subtype of Ebola virus— happened in September, 1976, when the virus erupted simultaneously in fifty-five villages near the Ebola River.
Africa


The first known emergence of Ebola Zaire—the hottest subtype of Ebola virus— happened in September, 1976, when the virus erupted simultaneously in fifty-five villages near the Ebola River.



Ebola Zaire is a slate-wiper in humans. It killed eighty- eight per cent of the people it infected. 

Apart from rabies and the human immunodeficiency virus, H.I.V., which causes aids, this was the highest rate of mortality that has been recorded for a human virus. 
Ebola was spread mainly among family members, through contact with bodily fluids and blood. 

Many of the people in Africa who came down with Ebola had handled Ebola-infected cadavers. 

It seems that one of Ebola’s paths wends to the living from the dead.

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To this day, the natural reservoir of Marburg is unknown. Marburg lives somewhere in the shadow of Mt. Elgon. Crisis in the Hot Zone Lessons from an outbreak of Ebola. Richard Preston
Africa


To this day, the natural reservoir of Marburg is unknown. Marburg lives somewhere in the shadow of Mt. Elgon. Crisis in the Hot Zone Lessons from an outbreak of Ebola. Richard Preston


The first known emergence of a filovirus happened in August, 1967, in Marburg, Germany. 
A shipment of green monkeys from Uganda had arrived in Frankfurt. 

Green-monkey kidney cells are useful for the production of vaccines, and these monkeys were going to be killed for their kidneys. 
Marburg began with a splitting headache, focussed behind the eyes and temples. 
That was followed by a fever. The characteristic diagnostic sign was a red speckled rash over the body which blistered into a sea of tiny white bubbles. 

“Most of the patients showed a sullen, slightly aggressive, or negativistic behavior,” Martini wrote. “Two patients [had] a feeling as if they were lying on crumbs.” 
One became deranged and psychotic. These mental signs were caused by the virus’s having damaged the brain. 
The patient Hans O.-V. showed no signs of mental change, but he suffered a sudden, acute fall of blood pressure and died. 
At autopsy, his brain was found to be laced with hemorrhages, and there was a massive, fatal hemorrhage at the center. 
In Frankfurt, an animal attendant known as B. developed a high fever and eventually began bleeding from his mouth, nose, and gastrointestinal tract. 
He was given whole-blood transfusions, but then he developed uncontrollable hemorrhages at the sites of the I.V. punctures. 
He died with blood running from his mouth and his nipples. All the survivors lost their hair. During convalescence, the skin peeled off their faces, hands, feet, and genitals. 
It was a small, frightening emergence.
Marburg virus looks like rope, or it rolls up into the rings that resemble Cheerios. 
Virologists had never seen a ring-shaped virus, and couldn’t figure out how to classify it. They thought that it might be a type of rabies. 

The rabies particle is shaped like a bullet, and if you stretch a bullet it becomes a rod, and the rod can be bent into a doughnut: Marburg. They started calling Marburg “stretched rabies.”
But it is not related to rabies. 

The question was: What is the virus’s natural history? In what animal or insect does Marburg hide? Marburg evidently does not circulate in monkeys. 
Monkeys die quickly of the disease, and if they were the reservoir, Marburg wouldn’t wipe them out. 
The monkey’s immune system would have learned to attack the virus, and the virus itself would have become better adapted to living in monkeys without killing them, since it is in the virus’s best interest to let the host survive. 
The Marburg monkeys had been collected in Uganda by native trappers—apparently in forested habitat to the west of Mt. Elgon, an extinct volcano that straddles the border between Uganda and Kenya.
Teams of epidemiologists combed Uganda, and especially the western slopes of Mt. Elgon, looking for some animal or insect that harbored Marburg virus; they found nothing.
In 1980, a French engineer who was employed by the Nzoia Sugar Company at a factory in Kenya within sight of Mt. Elgon developed Marburg and died. 
He was an amateur naturalist who spent time camping and hiking around Mt. Elgon, and he had recently visited a cavern on the Kenyan side of the mountain which was known as Kitum Cave. 
It wasn’t clear where the Frenchman had picked up the virus, whether at the sugar factory or outdoors. 
Then, in the late summer of 1987, a Danish boy whose name will be given here as Peter Cardinal visited the Kenyan side of Mt. Elgon with his parents—the Cardinals were tourists—and the boy broke with Marburg and died. 
Epidemiologists at usamriid became interested in the cases, and they traced the movements of the French engineer and the Danish boy in the days before their illnesses and deaths. 
The result was weird. The paths of the French engineer and the Danish boy had crossed only once—in Kitum Cave.  Peter Cardinal had gone inside Kitum Cave. 
As for the Ugandan trappers who had collected the original Marburg monkeys, they might have poached them from the Kenyan side of Mt. Elgon. 
Those monkeys might have lived near Kitum Cave, and might even have occasionally visited the cave. 
Mt. Elgon is a huge, eroded volcanic massif, fifty miles across—one of the largest volcanoes in East Africa. 
Kitum Cave is one of a number of caverns that penetrate Mt. Elgon at an altitude of around eight thousand feet and open their mouths in a deep forest of podo trees, African junipers, African olives, and camphors. 
Kitum Cave descends into tight passages and underground pools that extend an unknown distance back into Mt. Elgon. The volcanic rock within Kitum Cave is permeated with mineral salts. 
Elephants go inside the cave to root out chunks of salty rock with their tusks and chew on them. 
Water buffalo also visit the cave to lick the rocks, and they may be followed into the cave by leopards. Fruit bats and insect-eating bats roost in the cave, filling the air with a sour smell. 
The animals drop their dung in the cave—an enclosed airspace—and they attract biting flies and carry ticks and mites. 
The volcanic rock contains petrified logs, the remains of trees that were enveloped in lava, and the logs are filled with sharp crystals. 

Peter Cardinal may have handled crystals inside the cave and scratched his hands. 
Possibly the crystals were tainted with animal urine or the remains of an insect. 

The Army keeps some of Peter Cardinal’s tissues frozen in cryovials, and the Cardinal strain is viciously hot. It kills guinea pigs like flies. 
in February, 1988, a few months after Peter Cardinal died, the Army sent a team of epidemiologists to Kitum Cave. 
The team wore Racal suits inside the cave. A Racal is a lightweight pressurized suit with a filtered air supply, used for hot operations in the field. 
There is no vaccine for Marburg, and the Army people had come to believe that the virus could be spread through the air. 
Near and inside the cave they set out, in cages, guinea pigs and primates—baboons, green monkeys, and Sykes’ monkeys—and they surrounded the cages with electrified wire to discourage predators. 
The guinea pigs and monkeys were sentinel animals, like canaries in a coal mine: they were placed there in the theory or the hope that some of them would develop Marburg. 
With the help of Kenyan naturalists, the Army team trapped as many different kinds of wild mammals as they could find, including rodents, rock hyraxes, and bats, and drew blood from them. 
They collected insects. Some local people, the il-Kony, had lived in some of the caves. 
A Kenyan doctor from the Kenya Medical Research Institute, in Nairobi, drew blood from these people and took their medical histories. 
At the far end of Kitum Cave, where it disappears in pools of water, the Army team found a population of sand flies. They mashed some flies and tested them for Marburg. The expedition was a dry hole. 
The sentinel animals remained healthy, and the blood and tissue samples from the mammals, insects, arthropods, and local people showed no obvious signs of Marburg. 
To this day, the natural reservoir of Marburg is unknown. Marburg lives somewhere in the shadow of Mt. Elgon


Kenya

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Kenya spent 63.5 percent of tax collections in the first two months of the current financial year to repay its creditors, pointing to an elevated risk of debt distress. @BD_Africa
Kenyan Economy


Kenya spent 63.5 percent of tax collections in the first two months of the current financial year to repay its creditors, pointing to an elevated risk of debt distress. @BD_Africa


Debt servicing costs amounted to nearly Sh177.95 billion in July and August against a record Sh280.23 billion in tax receipts, the latest Treasury data shows.
That indicates for every Sh100 netted by the Kenya Revenue Authority (KRA) in the period, an average of Sh63.50 went into repaying debts procured from local and foreign creditors.

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Lack of access to commercial loans has seen Kenya lean on multilateral lenders such as the IMF and World Bank for support, which increased their loan portions from Sh1.6 trillion to Sh1.9 trillion or 22.8 per cent of total debt. @BD_Africa
Kenyan Economy


Lack of access to commercial loans has seen Kenya lean on multilateral lenders such as the IMF and World Bank for support, which increased their loan portions from Sh1.6 trillion to Sh1.9 trillion or 22.8 per cent of total debt. @BD_Africa



The government has also turned its eyes inwards, pushing up domestic borrowing to Sh4.1 trillion and narrowing the gap with foreign loans from Sh302.4 billion in June last year to Sh2.3 billion at the end of June 2022.
“As of 30th June 2022, the public debt stock stood at Sh8.45 trillion, comprising 50.7 percent due to external lenders and 49.3 percent due to domestic lenders,” said CoB Margaret Nyakango.

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