The tsunami of Corona Crisis deficits is seamlessly followed by a new tidal wave of debt resulting from the Russian Crisis. Debt monetarisation will have to continue, the path to severe #stagflation seems unavoidable.
I wouldn’t want to keep money in a bank that can’t access the SWIFT system. Once a bank can’t transfer or receive funds from other banks, its solvency can be at risk. If I were Russian, I would take my money out now. Bank runs could begin in Russia on Monday. #StandWithUkraine
(thread) So a basic summary of my (unprofessional) thoughts of the first six(ish) hours of the Russian ground assault.
1. This isn't the US in Iraq circa 91 or 03, Russia is using some cruise missiles and PGMs to hit targets but they are not conducting comprehensive strikes