Russia and The BRICS

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As the 3-day BRICS Summit begins today in Ufa, Russia, last evening Batchelor and Cohen spent most of the hour discussing the importance of these meetings and Russia's leadership role in the non-dollar world.

The summit taking place in Ufa is extremely important. Though we won't know for a few days all of which is being discussed, you can imagine that some history is taking place. Here's a collection of links for background:

Instead of focusing on the Ukraine Crisis, last evening John and Steve spent almost the entire hour covering this BRICS Summit and many of their discussion points sounded as if they were ripped from the pages of TFMR.

Pay close attention here as this is pretty important stuff.



CPE's picture

Player won't load

anyone else having this issue?

late update:  nevermind, it just loaded...

Dr. P. Metals's picture

no takers?


pearl222's picture



Turd Ferguson's picture

ZH offline


Not even using twitter, which is odd.

Here's the last from 25 minutes ago:

Dr. P. Metals's picture


From reuters : "More than 500 China-listed firms announced trading halts on the Shanghai and Shenzhen exchanges on Wednesday, taking total suspensions to about 1,300 - 45 percent of the market or roughly $2.4 trillion worth of stock - as companies scuttled to sit out the carnage"

LOLZ, sure, they can choose to just "sit out" this one if they choose ROFL. ha ha ha, such humor. Should they reopen, they may find out how well that strategy works when they pull the paper bag off their head.

000's picture

Charlie Hebdo

Is zero hedge getting Charlie Hebdo'ed right now by?

infometron's picture

ZeroHedge [edit: back up now]

Just goes to show how much we all depend on that site to help stay informed moment to moment. It feels like running blind... or groping in the darkness. Thank goodness for all the candles that have remained lit here in Turdville!

Edit: fyi, zerohedge is back up now

silver66's picture

I guess Putin is pissed at Soros

gldslv's picture

bankers still maintaining good control

Maintaining the 1% down rule for DOW,S&P,NASDAQ while clamping PMs well.   If we get a 2% down on the indexes and 2% up on PMs.  Jig is up...back to reality.

newtogold's picture

NYSE trading halted!

$hit starting to hit the fan?

Chiron's picture

Cyber attack

speculated as reason for NASDQ shutdown.  My ass.  

Market "broken" to prevent massive sell off.  Done it before.  Will do it again.  

S&P now below 2oo day SMA.  Got to low of 2044 yesterday intraday but closed after hockey stick save.  Back here again.  A close below 200 day SMA will be a big deal.  

This might get real real quick!

Chiron's picture

PMs holding

Kind of encouraging.  Au/Ag holding in there despite route of major indices.  

Usually would be getting smashed.  

Rush Limbaugh just mentioned stock market.  Calling a top?

winemaker's picture

Weird.  My iPhone 5s just

Weird.  My iPhone 5s just shutdown completely a few minutes ago.  Couldn't power it up, couldn't reboot, when plugged into the computer it wasn't even recognized.  Then after leaving it plugged in for a few minutes, it suddenly came to life and synced with my computer.   Somebody somewhere is screwing with s***! 

What's going on here?!?surprise

Orange's picture


Is back down again, at least for me.

Turd Ferguson's picture

That's funny


My MacBook just did the same thing. Complete reboot on its own...

SaratogaPrepper's picture

Could you guys

move the camera angle a little to the left.



Ruislip Ranger's picture

Ipad switched itself off

Left in bag on the way home from work , thought the battery had died switched it on 99% battery. Didnt think anything off it until, i just read those 2 posts ?

Lamenting Laverne's picture

I think this is important

About Greece:

The comments from Tsipras did not show any caving with my glasses. He is still aiming for a debt restructure discussion. Of course he will need to apply for a bail-out - and the fact that he is going for a 3 year financing deal from the ESM tallies well with his previous complaint that the prior deal-proposals were not long enough in timeframe to allow for any real reform work and improvement during the run of the deal. Meanwhile Germany still does not accept any tampering with the value of the Greek Sov Debt. So the stalemate is still in place.

The important bit though is that Turd mentioned a rumor the other day that all 28 leaders would meet on Sunday in addition to the leaders from the Eurozone countries. This was confirmed by an Italian FinMin comment today in a ZH piece. Well, that is very important imho. 

The reason being that there were - between the 28 EU countries -  a "last summit before summerbreak" just on the 25-26 June. We saw in 2010 that the Greek crisis was able to go on summer holiday with the all the leaders - which of course showed that it was not a real urgent crisis at all despite the press meltdown and salivation.

So this time is different! If all 28 EU leaders are meeting again, so shortly after the "last summit before Summer recess" it is because they have something concrete to execute. And since the 28 EU countries does not in principle have any meat in the discussion of a strict Eurozone problem, I think we are looking at two scenarios - Either a full Grexit from both the EZ and EU or the exact opposite a 28 nation solidatity pledge to backstop Greece in some way. 

Personally, I have believed since April, when the ECB curtailed usable greek collateral before the negotiations even started, that the decision to let Greece go for a full EZ exit had already been taken - but I am not so sure about an EU exit. This perception was supported by recent comment by Yanis. The "out-of-the-blue-during-(gulp)-summer-holiday" gathering of the 28 suggests that there is a decision to be made/announced on the EU country level as well. I suspect that the question is - how do we get Greece out of the EZ but keep them in the EU for geopolitical reasons? This is supported by the "Humanitarian aid" comments that have come very early on after the referendeum - which again shows me that there is not interest in making a deal - only to limit the fall out. The 28 countries may be there on Sunday to provide the "guarantee" the ECB wants in order to continue liquidity provision - aka the 28 becomes garantor for the financing of the humanitarian aid campaign - that is my guess anyways.

About China:

From the beginning of the crash I have thought about the problems in the China stock market is a economical hit from "someone". (I see ZH is going along the same lines now) Which would signify that an announcement or execution of long standing plans were close at hand and that those plans were to be be discouraged strongly.  In the runup of the Chinese indexes there has apparently been a surge in new hedgefunds created - and it seems clear to me that any adversary of the Chinese plans - particularly if that adversary had infinite money to spend - would create a lot of funds - participate in the hotmoney runup, so as to acquire the tools to be able to trigger a crash, when needed. We have seen foreign powers participate in sovereign takedowns before, so it is not inconceivable that this crash in China has been nursed to pursuade a change or delay of plans.

Which brings me back to Greece - I think they have been used as a financial weapon to destabilize the EZ - a Trojan horse. The facilitator was GS. They have been aided tremendously by incredibly stupendously idiotic and concerning comments by EU insiders, but I see it as Draghi's "friendly fire", which is no longer so friendly. 

So my conclusion on both news items so far is that they are both almost entirely about destabilizing any alternative to the current reserve currency. Given that I have seen the Chinese crash as a "nursed crash" - I have also been wondering when we would see retaliation and return of fire. A return of fire, that might bring out some of the bazookas that some of us have been waiting for, which again means that I do not necessarily see the Chinese weakness that is displayed all around now, as a reason why the plans would be foiled due to bad reputation and civil problems - I see it as speeding up the day of overt return fire - because the Chinese will be pressured by events and "running out of time". In the meantime they will see a devastating blow to speculators account's, which may create short-term problems, but it may also provide added support for a Gold savings system, as the weaknesses of a highly leveraged stock market are being displayed front and center. I don't know if I believe that they have played a hand in this direction themselves though, because it is akin to playing with matches on an oil rig.

Re both:

Well today the NYSE - the heart of the US financial system - stopped trading "due to tech problems". WSJ down as well. ZH down as well and an airline grounded for the second time. Lots of "commentors" out to emphasize that "Greece caved", which they did not ... yet.. at least from what I have read so far. Then an article that Greece is preparing parallel currency - like Yanis said (prematurely as he spilled the beans presumably to the aid of his alleged banker friends). Maybe it is simply another smokescreen, but we yet to see, who ordered the bank notes printed in the Swiss money printing facility back in was it 2010 or 2012? My bet was Greece, but it could also have been the Dutch Plan B, as we have learned since existed.

Then Turd and another Turdite talks of automatic boots on Apple products. The system glitches today may also originate from the US as an attempt to foil plots that were to utilize those infrastructures today. Who knows?

In any case - the meeting on Sunday with all 28 EU leaders suggests to me that this weekend will provide more than just another act in a farce - I think that there just may be more substantial announcements on the way this weekend. 

UN Investigation:

On an seemingly unrelated item. The UN has reopened the investigation into the death of Dag Hammerskiold. On an official foreign office website, I saw, the headline was something akin to "Was Dag Hammerskiold murdered?", so there is less mincing words about it now. The investigation is re-opened based on new information that has surfaced and new eye witness accounts that suggests that the plane was on fire before it "landed" as wiki describes it. That is one of many examples of weird wishy-washy wiki language, because the bloody plane did not "land" - it crashed and burned according the materials I have read. Ban Ki Moon has announced that he will issue a progress report before the UN summit in September. 

Dag Hammerskiold's plane crash happened September 1961. It was during the days when opposition did not have qualms with killing political opponents as we saw with Kennedy just two years later. So a power struggle seemed to be well in progress. IF the CIA end up being involved, and IF the reports that Bush senior was involved in the assasination of Kennedy via links to CIA even if he did not serve as director until later on, then this report could provide fuel for difficulties for Jeb Bush's Presidential candidature. BUT this is TOTAL speculation on my part - the only thing of note right now is that a progress announcement is expected in September, and that may cause some turmoil in the political landscape, and that in this area the UN has asked "certain" member states for information and for de-classification of information, which has not happened so far, and for which more pressure will be applied in the coming months.

The crash of MH17:

I hope that every truth loving/seeking Turdite out there will commemorate the 1 year anniversary of the MH17 crash on the 17. July with a boatload of questions asked all over the blogosphere to revive the awareness that we have STILL seen NO FINAL REPORT on the matter, and that the evidence continues to be buried somewhere in Britain without publication. 298 people were murdered that day with zero opportunity to escape or at least try. And loads of Ukrainian people on the ground had a gruesome job of cleaning up in the summer heat. Their efforts have also not received appropriate attention, IMHO - both regarding accountability for those accused of tampering with the site and for those who were doing the right thing and gathered bodyparts and bodies and bringing the victims to cooled rail cars, so they could return home in a reasonable state.

And that is enough ranting for today ;-)

PS - When I looked at that Cyber warfare illustration - I noticed that there was a shot from California to St. Louis too - in between all the Chinese hits. Also, can anyone confirm that this application is more than an entertainment gadget to shape people's perceptions. Is this Norse a credible site?

NOW I am done ;-)

argentus maximus's picture

@LLaverne You should post


You should post your thoughts more often. smiley

Turd Ferguson's picture



Great stuff, LL.

The 1961 plane crash investigation is certainly something to note and file away.

infometron's picture

@LL Re: I think this is important

Always a treasure reading your posts LL! So much keen insight!

You wrote: "I suspect that the question is - how do we get Greece out of the EZ but keep them in the EU for geopolitical reasons?"

That resonates with me big time. AS for funding to help keep Greece going, it wouldn't surprise me in the least if those funds would come covertly through the EU countries directly from the Fed!

Lamenting Laverne's picture

Thank you very much guys

I am glad you enjoyed it!

kardnul's picture

Just had to throw this into this thread

Russia to Supply 100 Sukhoi Passenger Jets to China

But how? Russia doesn’t make anything!

Russia will supply 100 Sukhoi Superjets to China in the next three years, Russian Trade and Industry Minister Denis Manturov said at the Innprom-2015 Defense Exhibition in Yekaterinburg.

The first five airplanes will be delivered in 2016.

According to Manturov, Russia and China will also jointly manufacture a large passenger airplane and a heavy helicopter.

“Industrial cooperation within the framework of APEC, ASEAN and BRICS is particularly important in times of political instability,” Manturov said. “We have agreed to hold a meeting in October in Moscow between the main ministries of the BRICS nations.”

Bilateral trade between Russia and China touched $90 billion last year, Manturov said, adding that Russia would like this figure to touch $200 billion by 2020. “The share of the oil and gas sector in Russia’s exports is obviously very high, but the non-raw material industries accounted for $50 billion (in trade with China) and we must try to increase it in the future,” he said.

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