Imagine Russia defaulting on all its foreign debt – over $700 billion – on which Western sanctions have raised extra, punitive costs in terms of repayment.
The default would be payback for the twin Western manipulation of oil prices and the ruble. The manipulation involved unleashing on the oil market over five million barrels a day of excess reserve production that were held back by a few usual suspects, plus derivative manipulation at the NYMEX, crashing the price.
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