Egglestone Abbey 🌔

Spent the past week making 🐡

"At the start of the year, foreigners held $20bn of Russian foreign currency debt, as well as  local debt worth more than 3tn roubles." FT.com; Lehmann in 2008 had $613 billion bank debt and $155 billion in bond debt.

Russian default is a structural risk, but decades of free money (QE) and capital reforms have deleveraged the west. This is best seen with the growth in treasury “reverse repo”

“NEW YORK, June 9 (Reuters) - The Federal Reserve's reverse repurchase window on Wednesday took in $503 billion in cash, hitting a record peak for a third consecutive session, as financial institutions flush with liquidity flocked to the Fed facility to park their cash and secure Treasury collateral.”

sorry to bother u but i just came across ur post about europe cuting russia of swift and how that will killing their own economy in future, would u mind elaborating in that or maybe point me in right direction? i never hear of swift until today and i wonder if it kills europe economy why they do it? i think u also say it breaks global economy? sorry for my english, i hope u can understand me, it is okay if u do not or can not answer. thank u.

What is SWIFT and what happens if the Russians are cut off from it?

What is SWIFT? The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a high-security network that connects financial institutions around the world. It is used by different financial institutions to send and receive information, such as instructions for transferring money across borders.

Basically, SWIFT is the way international banking works. Cutting SWIFT off has only been done twice before, to Iran and the DPRK/‘North Korea’. Never with an economy like Russia’s - it’s like amputating them from the global financial system. Firstly, this means that import/export is near impossible, similarly with international services - destroying about 65% of Russia’s GDP already. That trade is important, though - the gas and grain Russia exports goes somewhere, largely to Europe. Without it, Europe has an extreme problem. Moreover, cutting off the banks also means that not only can trade not occur, but Russia can’t turn its invested capital back into cash to reinvest: it can’t liquidate its debt, which may lead to an even greater problem.

No trade, and no liquidation, means it will default on its debts. Some US banks defaulting on some debt caused the 2008 global financial crisis - this would effectively be a default on almost all of Russia’s debt. The holders of that debt aren’t Russia, either - they’re largely the west. Similarly, the freeze on the central bank’s assets means that its foreign currency reserves are basically null and void - and given that Russia’s foreign currency reserves are largely in Euro, this is as much a strike against the EU’s economy as it is Russia’s.

As for why they would do it… It will certainly destroy Russia’s economy. It is the nuclear option, economically. Just like regular nukes, though, it’s largely a mutually-assured destruction. The global economy can’t just cut off such a large aspect of itself without feeling it. However, the global economy was already in crisis. Historically, in times of crisis, the imperialist countries have been willing - or, rather, forced - to apply their most extreme methods of exploitation to themselves. If cutting off their own arm is what it takes to maintain global hegemony - which Russia was threatening - then they’ll do it.

The EU had previously refused to cut Russia off from SWIFT. The EU had also dragged its feet on shuttering the NordStream 2 gas pipeline with Russia - because these things will harm it just as much as they harm Russia. The US wanted escalation, and it wanted Russia and the EU to split - and a weaker EU is a benefit for the US, which is now starting to cannibalise its own allies. This will hurt the US, but not as much as it immediately hurts the EU. I suppose the US might have forced their hand, considering they now hold Europe’s lifeline, in the form of whatever gas exports they can muster.

https://music.apple.com/gb/album/20-17/1451076889?i=1451076891 Trance Frendz has some great ambient micwork on a couple of pianos!

Apple Music - Web Player

20:17 by Ólafur Arnalds & Nils Frahm on Apple Music

Song · 2016 · Duration 5:54

my favorite sound in the world is that of a pedal releasing from a piano

The Manticore, 2

from Enemy004

with regards to entities discovered in Enemy001, and Enemy003

Ghost*Fruits//Enemy

2021&2

If you’re worried you won’t get an ambulance during the strike, let me reassure you that you wouldn’t have got one before the strike either, and that’s why they’re on strike.

🌵

Post-jubilee

Instead of using butter for your grilled cheese, you should switch to linux. You can set up a virtual machine to try out various distros to see which ones work best for your needs

Finest thinker and soap maker of our generation (post fight club)

приветик from Siberia

Novosibirsk is beautiful in autumn. I am enjoying an iced chai in my "winter palace" in Leninsky. My ancestral thirst for blood is calmed, soothed, and slumbering. I am an awe-inspiring, lethargic, and teleological woman. I am tightened, rejuvenated, and heated thoroughly through the center. Every day is a new opportunity, and you have to forget that.

I'm hoping to use this account to educate westerners on correct thought when it comes to the USSR and international socialism. My mother taught me well the truth about communism and Putin's nationalistic chauvinism. She passed down secrets to me that her mother passed down to her that she received from the great feminist who I was named after. Through these secrets, I am able to channel spirits who can show me economic data and historical information unavailable to philosophers, historians, or economics who analyze history from a kulakpilled state of mind. The historical materialism I am capable of is impossible for others to understand.

The truth is this: Anastasia Nikolaevna escaped the Bolsheviks. She survived. She did not escape unscathed and some of her DNA did get buried with the other Romanov children in those mines outside Sverdlovsk. That is how they "found" her "corpse" but that was only a part of her body. She took on the name Ilya Levovich and disguised herself as a boy. She joined the Komsomol in order to hide in plain sight, but it was in the Komsomol that she was informed, reformed, redeemed, and resurrected. She became "woke." She came to be one of the strongest advocates for communism in all of the USSR. She fell in love with my great grandfather, a bisexual short king if there ever was one. He loved her as a man and as a woman. She raised my grandmother on Simone de Beauvoir, Rosemary Hennessy, and Eva Kolstad and my grandmother did the same for me. My family does not associate with the fascist bourgeois royals in the Patriarchal Romanov Family Association. We have left behind our royal heritage and embraced the proletariat as our international family.

I do not attend royal banquets and weddings and funerals or engage in petty discourse about who is and is not a legitimate successor to an illegitimate throne. I make bath bombs and scented candles and I channel spirits to better understand history from a dialectical materialist perspective. It is through the dialectic of science and seance that the truth is revealed.

Well, the boomers did have a easier ride? this is GDP % change per person for the UK. Red lines highlight the early career of the youngest boomers, from ages 20 to 40. Analysis mine, so probably shit. Data ONS and World Bank.

Change per capita is a relevant metric as we want to determine how much of the wealth in a population someone can accumulate, and so working during a period of high growth per capita suggests a high potential for wealth accumulation.

Comparing to Millennials is hard, as we largely have not entered the workforce and those who have joined in the midst of the largest global downturn in modern history. But comparing to Gen Yrs born in the 1980′s suggests the boomers had 6.5x higher growth per capita averaged over the early career. This is a huge difference!

The rich millennials - I am going by Piketty here, inequality breads inequality. During the boomer years, the rising tide did lift all boats but as the pace of growth dropped, preexisting capital and new rent seeking structures have consolidated wealth into modern dynasties. This is compounded by the post 2008 new normal of maybe 1% growth making it impossible to compete with existing capital.

TL,DR: Boomers arn’t evil, just the most fortunate modern generation by a large margin. This leads to the typical structure where oppression is caused by the lack of understanding from power of the needs of the oppressed class.

AND plz correct for factual or analytic mistakes - this isn’t my field!

honestly though there are rich millennials? and there are poor baby boomers? like the idea that my grandparents are somehow of an oppressive class who’ve had life much easier than me is absurd to me?