Janet Yellen warns of "enormous" economic repercussions from war in Ukraine

Discussion in 'Economics & Trade' started by reedak, Mar 3, 2023.

  1. reedak

    reedak Well-Known Member

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    I had posted the following interesting article in another US forum last year (April 7, 2022).

    (By Anneken Tappe and Matt Egan, CNN Business, Updated Wed April 6, 2022)
    1. New York (CNN Business) US Treasury Secretary Janet Yellen warned Wednesday about the economic shock waves set off by the war in Ukraine, including disruptions to the global flow of food and energy.

    "Russia's actions represent an unacceptable affront to the rules-based, global order, and will have enormous economic repercussions in Ukraine and beyond," Yellen said during her testimony before the House Financial Services Committee.

    The war -- and the political response of the West, mostly through sanctions -- has already sent food and energy prices soaring and has raised concerns about an economic slowdown or even recession during a time of already rampant inflation around the world. In the United States, for example, inflation is at a level not seen in 40 years....

    But the fact that America's European partners remain heavily reliant on Russian energy exports limits what the West can do. The United States intends to inflict the maximum sanctions pain possible against Russia while taking care not to inflict undue pain on its allies, Yellen said repeatedly on Wednesday....

    "Globally, spillovers from the crisis are heightening economic vulnerabilities in many countries that are already facing higher debt burdens and limited policy options as they recover from Covid-19," Yellen said.

    Energy prices have been driven higher by concerns about supply from Russia, the number one exporter of crude oil in the world....

    But it's not just about energy. Together, Russia and Ukraine account for nearly one-third of the world's wheat exports.

    "Russia's invasion disrupted the flow of food for millions of people around the world and caused prices to spike," the Treasury Secretary said....

    Source Link: https://edition.cnn.com/2022/04/06/economy/treasury-yellen-economic-impact-ukraine/index.html

    2. Revelation 6:1-8
    Now I saw when the Lamb opened one of the seals; and I heard one of the four living creatures saying with a voice like thunder, "Come and see." And I looked, and behold, a white horse. He who sat on it had a bow; and a crown was given to him, and he went out conquering and to conquer. When He opened the second seal, I heard the second living creature saying, "Come and see." Another horse, fiery red, went out. And it was granted to the one who sat on it to take peace from the earth, and that people should kill one another; and there was given to him a great sword. When He opened the third seal, I heard the third living creature say, "Come and see." So I looked, and behold, a black horse, and he who sat on it had a pair of scales in his hand. And I heard a voice in the midst of the four living creatures saying, "A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine." When He opened the fourth seal, I heard the voice of the fourth living creature saying, "Come and see." So I looked, and behold, a pale horse. And the name of him who sat on it was Death, and Hades followed with him. And power was given to them over a fourth of the earth, to kill with sword, with hunger, with death, and by the beasts of the earth.

    Source Link: https://www.cgg.org/index.cfm/library/verses/id/2192/four-horsemen-of-apocalypse-verses.htm

    3. The four horsemen have been interpreted in many different ways: one being as a prophecy of the great tribulation....

    The horsemen were the first of these many judgments, the first seal being broken signifying the arrival of the antichrist; the second was global war; the third economic collapse; and the last the death of a quarter of the world population.

    Source Link: https://mythologyexplained.com/the-four-horsemen-of-the-apocalypse/

    4. It is quite understandable why Janet Yellen did not say exactly or more accurately that the economic shock waves, including disruptions to the global flow of food and energy, were set off by the US-led global sanctions on Russia as punishment for its invasion of Ukraine. Against the world's largest country with 6,255 nuclear warheads (that could destroy the world several times over), rich energy and food resources, sanctions are not only a double-edged sword but also an excellent example of cutting off one's nose to spite one's face.

    5. In my opinion, three of the Four Horsemen of the Apocalypse representing war (Russian invasion of Ukraine), pestilence (COVID-19) and natural calamities (climate change) are currently going berserk around the globe.

    Meanwhile, we could feel the thundering of hooves as the fourth horseman approaches in the distance. Once he appears, it could mean that the end of mankind.

    What does the fourth horseman represent? GLOBAL ECONOMIC COLLAPSE. The result could be widespread hunger and famines, leading to human extinction.

    Additional Reference:

    https://www.learnreligions.com/four-horsemen-of-the-apocalypse-4843887

    https://en.wikipedia.org/wiki/Four_Horsemen_of_the_Apocalypse

    https://www.bibletools.org/index.cfm/fuseaction/Topical.show/RTD/CGG/ID/3329/Red-Horseman.htm

    https://worldpopulationreview.com/country-rankings/countries-with-nuclear-weapons
     
  2. AARguy

    AARguy Banned

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    Enormous repercussions alright... like on my taxes... to pay billions defending Ukraine's borders while leaving our own borders WIDE OPEN!
     
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  3. reedak

    reedak Well-Known Member

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    Well said.
     
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