Another Loss for the US: Japan Breaks with Western Allies, Buys Russian Oil at Prices Above Cap

Sigh…

 

If I were a laughing stock posting about things I know nothing about I hope I’d have a modicum of intellect to realize from responses that I was be-clowning myself and slink away. Fortunately I’ve never been in that situation.

 

Might want to do a double-take on your meds. I didn’t blame Biden for anything as it relates to the dollar losing market share around the globe. I blamed Biden for allowing all these loopholes in the sanctions, while failing to seize the opportunity to fill the void with American product. If you really wanted to bring Putin to his knees, drill baby drill.

 

Biden does not run oil companies. After more than a decade of losing billions on fracking, oil and energy companies finally decided more supply isn’t always best for the bottom line.

 

while that sounds impressive the us national debt is $31 trillion. So if the US share of foreign reserves decreases 10%, that’s $100 billion. Say that happens over 5 years, that’s $20 billion a year. Interest saved on $20 billion is roughly $1 billion per year.

That isn’t terribly consequential.

 

Actually, subsidizing oil companies with billions would go a lot further in achieving foreign policy objectives than the current status quo of sending billions in lethal aid to Ukraine, while our allies backdoor oil revenues to Russia to further enrich Putin.

 

Oil companies are making record profits and billions over billions. Exactly what do we need to give them more money for?

 

Not Good News.

 

Incentive to pump more oil, drive oil prices way down. Subsidize the losses incurred.

 

With a meager $220 billion in annual profits it’s a wonder oil companies can keep the lights on.


Big Oil doubles profits in blockbuster 2022

 

Disinflation: Definition, How It Works, Triggers, and Example


We haven’t had deflation since GWB’s admin screwed the porch. The time before that was the Great Depression which we entered under a (you guessed it) a Republican admin and then you have to go back to the 1870’s,when productivity boomed in the Industrial Revolution. Inflation is necessary ingredient for a healthy economy in almost all instances. If we ever get cold fusion or another regressive admin we’ll have a better chance of experiencing deflation again.

 

The ghost of Hugo Chavez would be proud of this idea, comrade.

 

This is such disingenuous bullshit. Youve spent this whole thread fecklessly trying to pin it on Biden, now you try to pivot to some contrived anti-Russian viewpoint that we all know you don't hold. You don't fool anyone here. You've got a good command of the English language, but lack any depth in understanding of the issues at hand. You clearly try to Google your way through these discussions but consistently shoot yourself in the foot. Your efforts are a good guffaw at times though. Tha ks for the giggles.

 

Very laissez-faire conservative of you

 

So, become Russia. Got it

 

In only another 500 years, the alliance will fall apart. Let's hope Ukraine can win within that small window of time.

 

At any rate, is this all that different from Germany being allowed to continue to buy oil from Russia until last December? We didn't demand that Germany shut down their economy until they had made preparations for what would replace Russian oil. It turns out that Germany was refining the Russian oil and selling oil products all over Europe, including to the British. So they were profiting somewhat from the situation, which was unfortunate. In the end, they did what they promised, and that certainly helped bring the Russian oil profits down to a minimum, with minimal impact to the German economy. And they have been one of the better weapons suppliers to Ukraine.

We have to be somewhat flexible in our struggle to contain and defeat Russia. Just because our economy can survive without Russian oil, doesn't mean that others can as well.

 

Yes. You can still subsidize and incentivize more production. As you pointed out earlier, there is little incentive currently for oil companies to double-down on production.

 

We already subsidize the oil industry by the billions. So Clinton, Obama and Biden would be proud of this idea too. It was fun playing though.