Recently released figures on the state of British public finances make for grim reading. In December of 2022, the Government borrowed more money than it had in any other December since records began in 1993.
The West used to see its economic influence in countries like Russia as a show of Western power. This was always the correct view. Now our leaders see the exclusion of Western products from foreign markets as a victory.
Why do journalists keep putting a positive spin on the downsides of our Russia sanctions? We all know what is going on here. Since the war started in February, many have seen their role as cheerleaders.
Sanctions are crushing Europe's economy. Either mainstream parties will roll them back, or they’ll get voted out and populist parties will tear them up. Whatever happens, sanctions could break the Western alliance.
Western countries are planning to impose a price cap on Russian oil. But this is deeply unserious idea. If such ‘magic beans’ tactics worked, they would have been used by oil consumers against OPEC long ago.
First Russia said they couldn't supply gas without a turbine from Canada. Now they're saying they can't do so because they need parts from the West. Russia is forcing Europe to undermine its own sanctions.
The US has said it will force Russia into 'default', but this is more like a confiscation of investors' assets than a true default and will backfire as investors in China and elsewhere will not be affected.