So I didn't post about this earlier, but last Friday, my wife's uncle, who works in the Washington, DC area alerted our family that he knows a man who works in financial services and who has security clearance at the Pentagon, and that this man was telling everyone who would listen to get out of the stock market before next Wednesday. I thought nothing of this "Uncle Intel" until I saw an article today on CNN.
https://www.cnn.com/2022/03/14/investing/russia-economy-default/index.htmlRussia has sent the clearest signal yet that it will soon default — the first time it will have failed to meet its foreign debt obligations since the Bolshevik revolution more than a century ago.
The default could come as early as Wednesday, when Moscow needs to hand over $117 million in interest payments on dollar-denominated government bonds, according to JPMorgan Chase. Although Russia has issued bonds that can be repaid in multiple currencies since 2018, these payments must be made in US dollars.
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"Russia has the money to service its debt, but cannot access it," she said during an interview on CBS' Face the Nation.
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But the potential consequences of a default are difficult to gauge. The 2008 global financial crisis and the coronavirus pandemic showed how negative shocks can spread across the modern interconnected global financial system and economy.
International banks are owed more than $121 billion by Russian entities, according to the Bank for International Settlements. European banks have over $84 billion total claims, with France, Italy and Austria the most exposed, and US banks owed $14.7 billion.
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But analysts at Capital Economics warned that one major financial institution might be particularly exposed to Russian debt, which could cause broader financial contagion. A second risk is that a default could trigger missed payments by Russian companies.
Vladimir Potanin, Russia's richest businessman, called last week for Moscow to ease restrictions on foreign currency so that interest could be paid on foreign bonds and loans. Otherwise, there was a risk the country could default on its entire external debt, which he estimated at about $480 billion.
Could this unnamed "major financial institution" be Bear Stearns 2.0?
Given the fragile state of the economy (caused by the Plandemic) and that Russia could just state that they won't pay back any of their debt, this could very well happen next Wednesday as this friend of my uncle indicated. Again, this man was reportedly telling everyone who would listen to get their money out of the stock market before next Wednesday.
Topic: Stock Market Crash beginning this Wednesday (March 16) ? (Read 15823 times)