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IPFS News Link • Economy - International

Russia Humbles Experts Who Forgot the Economy Is Global

• https://www.lewrockwell.com, By John Tamny

To be clear, if you're producing you're getting.

In the 19th century, England was at war with seemingly every European power of that time at varying times, but the British people still consumed European plenty as though it had all been produced in Manchester. Really, what serious non-British producer in Europe or elsewhere was going to let wars or political decrees of the sanction kind deter profitable engagement with well-heeled customers? The very notion….

Yet this very notion continues to permeate policy and economic commentary. It's possible it's something in the water at the New York Times, or just the people Bret Stephens is bumping into, but his commentary about Russia and Ukraine before the invasion indicated backsliding on the thought processes of this always excellent-to-read writer, and normally clear thinker.

Stephens was of the view that the U.S. could utilize banks to cut off the flow of dollars to Russia (yes, Russia is dollarized to some degree as most backwards countries are), but might be careful in doing so. Why? Because Russia could cut off flow of its energy supplies to Europe. And winter was coming….No, none of this was going to happen. The economy is global.


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