Pubblicato in: Devoluzione socialismo

Italia. 2020. Indebitamento. Vandali e Lanzichenecchi erano brava gente.

Giuseppe Sandro Mela.

2020-04-22.

2021-04-22__ Finanza Pubblica 001

Queste sono le macerie che il governo rosso-giallo di Mr Conte ha lasciato all’Italia.

Ah! Bei tempi quando l’Italia era invasa dai Vandali e dai Lanzichenecchi, gente mite, sobria e caritatevole, che ti metteva solo i piedi nel fuoco per sapere dove fosse stato nascosto il gruzzolo!

2021-04-22__ Finanza Pubblica 002

Pubblicato in: Devoluzione socialismo, Medicina e Biologia

Italia. Covid-19. Contagi e decessi crescono nonostante i vaccini. Qui come altrove.

Giuseppe Sandro Mela.

2021-04-22.

2021-04-22 Covid 001

Il tema è sensibile e delicato. L’orrifico marchio di essere un ‘negazionista’ incombe sinistro in questo clima di democratico diritto alla parola. Ma i numeri non sono parole.

Tra un mese circa risulteranno essere state vaccinate 11,497,656 + 4,773,616 = 16,271,272 persone.

Quindi, contentiamoci delle fotocopie.

2021-04-22 Covid 002


2021-04-22 Covid 003


2021-04-22 Covid 004

Pubblicato in: Armamenti, Geopolitica Mondiale, Putin, Russia

Russia. Putin. Prolusione alla Assembla Federale.

Giuseppe Sandro Mela.

2021-04-22.

Arco di Trionfo. Mosca. 001

Il Presidente della Federazione Russa, Mr Putin, ha tenuto la annuale prolusione alla Assembla Federale.

Chiunque voglia sapere cosa pensi e cosa stia facendo dovrebbe leggere il testo con molta attenzione.

Sui problemi internazionali Mr Putin spende poche parole, pacate e meditate: non sono minacce, bensì certezze.

* * * * * * *


«President Vladimir Putin warned the West on Wednesday not to cross Russia’s “red lines”, saying Moscow would respond swiftly and harshly to any provocations and those responsible would regret it»

«We want good relations…and really don’t want to burn bridges»

«But if someone mistakes our good intentions for indifference or weakness and intends to burn down or even blow up these bridges, they should know that Russia’s response will be asymmetrical, swift and harsh»

«Russia would determine where its red line lay in each specific case, he said, comparing those who attack it to hyenas led by a tiger»

«In some countries, they have developed a highly unseemly habit of picking on Russia for any reason, and most often for no reason at all – a kind of sport»

«Organisers of any provocations that threaten our core security interests will regret what they have done like they’ve never regretted anything for a long time»

«The meaning and purpose of Russia’s policy in the international arena – I will just say a few words about this to conclude my address – is to ensure peace and security for the well-being of our citizens, for the stable development of our country. Russia certainly has its own interests we defend and will continue to defend within the framework of international law, as all other states do. And if someone refuses to understand this obvious thing or does not want to conduct a dialogue and chooses a selfish and arrogant tone with us, Russia will always find a way to defend its stance»

«At the same time, unfortunately, everyone in the world seems to be used to the practice of politically motivated, illegal economic sanctions and to certain actors’ brutal attempts to impose their will on others by force. But today, this practice is degenerating into something even more dangerous – I am referring to the recently exposed direct interference in Belarus in an attempt to orchestrate a coup d’état and assassinate the President of that country. At the same time, it is typical that even such flagrant actions have not been condemned by the so-called collective West. Nobody seemed to notice. Everyone pretends nothing is happening»

«You can have your own opinion of President of Belarus Alexander Lukashenko’s policy. But the practice of staging coups d’état and planning political assassinations, including those of high-ranking officials – well, this goes too far. This is beyond any limits»

«Clearly, there is a reason why our Western colleagues have been stubbornly rejecting Russia’s numerous proposals to establish an international dialogue on information and cyber security. We have come up with these proposals many times. They avoid even discussing this matter»

«All the while, unfriendly moves towards Russia have also continued unabated. Some countries have taken up an unseemly routine where they pick on Russia for any reason, most often, for no reason at all. It is some kind of new sport of who shouts the loudest»

«As I said, every now and then they are picking on Russia, for no reason. And of course, all sorts of petty Tabaquis are running around them like Tabaqui ran around Shere Khan – everything is like in Kipling’s book – howling along in order to make their sovereign happy. Kipling was a great writer»

«By 2024, the share of modern weapons and military equipment in the armed forces will reach nearly 76 percent, which is a very good indicator. This share in the nuclear triad will be over 88 percent before this year is out.

Standing on combat duty are the latest Avangard hypersonic intercontinental missile systems and the Peresvet combat laser systems, and the first regiment armed with Sarmat super-heavy intercontinental ballistic missiles is scheduled to go on combat duty in late 2022.»

* * * * * * *


President of Russia. Presidential Address to the Federal Assembly

The President of Russia delivered the Address to the Federal Assembly. The ceremony took place at the Manezh Central Exhibition Hall.

The ceremony was attended by the senators of the Russian Federation, State Duma deputies, members of the Government, the heads of the Constitutional and Supreme courts, regional governors, speakers of regional legislatures, the heads of traditional religious denominations and public activists.

* * *

President of Russia Vladimir Putin: Members of the Federation Council, State Duma deputies,

Citizens of Russia,

Today’s Presidential Address to the Federal Assembly will be dedicated mostly to internal issues. These include, naturally, healthcare, social policy and the economy. Of course, I will say a few words about external affairs and literally a few words about security issues.

It stands to reason that I will begin with last year’s events, when our country and, actually, the entire world faced a new, previously unknown and extremely dangerous infection.

It that period, including during our meetings with experts and conversations with the leaders of many states, I often heard the following description of the situation: we are faced with total uncertainty. And this is how it really was.

I could see this from the information I received from the regions. The number of people who contracted the disease and needed to be rushed to hospital kept growing. Actually, all of you are very well aware of this. Many hospitals were filled to capacity and reported that they could run out of oxygen soon, including in intensive care units. Ventilators, protective masks and PPE were actually distributed by the piece. Shops were running out of basic products, such as cereals, butter and sugar, due to increased demand.

The epidemic was on the offensive. But although there was great concern, I personally had no doubt that we would pull through.

Citizens, society and the state acted responsibly and in unison. We rallied, managed to take preventive action, to create conditions that would reduce the risk of infection, and to provide medical personnel and citizens with personal protective equipment. We increased the number of hospital beds for coronavirus patients more than five times over, to 280,000 beds.

The brief outline of measures conceals the tremendous and intensive work of millions of people in all regions of the Russian Federation. I would like to cordially thank all of you for this. Everyone worked quickly, efficiently and conscientiously.

At that time and later on, we were analysing the situation practically non-stop. I recall vividly my visit to the hospital in Kommunarka. It was necessary to experience, to see at first hand the danger facing us and to assess the working conditions of medical specialists. They immediately found themselves in the thick of events and fought for every life, while risking their own.

Today, doctors, paramedics, medical nurses and members of ambulance teams are sitting here in this hall. Once again my heartfelt thanks to you and your colleagues from all the Russian regions.

Russian researchers made a real breakthrough, and Russia now has three reliable coronavirus vaccines. These and many other achievements of the past few years highlight the country’s growing science and technological potential.

I would like to thank everyone, every person who contributed to the fight against infection, including the workers at the plants manufacturing medications, medical equipment, personal protective equipment, and enterprises working 24 hours a day, housing and utility agencies, trade companies, the Russian business community that quickly converted entire sectors so that they could manufacture essential goods, civilian and military builders, agriculture workers who gathered a record-breaking harvest, one of the biggest in the country’s history, that is, over 130 million tonnes.

The personnel of law enforcement agencies and the special services continued to carry out their duty, and the Russian Armed Forces reliably ensured our country’s security.

I would like to underscore the selfless behaviour of people working for social services, orphanages, boarding schools, retirement homes and hospices who stayed and who continue to stay with their charges. You will certainly agree with me that, while analysing developments at these institutions, one feels proud of people who are carrying out their duty there in such a responsible manner. It could move you to tears. I would like to thank them once again.

I would also like to convey my sincere gratitude to school teachers and the lecturers at universities and other education institutions. You did everything possible to enable your students and pupils to gain knowledge and successfully pass their exams, with the involvement and support of their parents.

Russia’s cultural life continued unabated. Theatres, museums and concert halls remained open to audiences online thanks to modern technology. Everyone who works in this crucial sphere rose to the occasion.

Our people showed discipline and managed to observe, let’s face it, quite exhausting, but vital precautions. Thus, acting together, we have put up an effective barrier to the pandemic.

The people’s solidarity showed in concrete actions, in caring for the loved ones and in willingness to help people in need. Millions became volunteers and engaged in building person-to-person help routes. The nationwide We Are Together campaign brought together people from different walks of life and ages. As always during challenging times, our traditional religions stepped up to provide spiritual support to the society. I see the leaders of our religions here and I would like to bow deeply to you, thank you very much

Throughout history, our people have come out victorious and overcome trials thanks to unity. Today, family, friendship, mutual assistance, graciousness and unity have come to the fore as well.

Spiritual and moral values, which are already being forgotten in some countries, have, on the contrary, made us stronger. And we will always uphold and defend these values.

Colleagues,

The pandemic broke out at a time when the aftermath of the demographic shocks of the 1940s and 1990s converged. We realise that the current demographic situation is an emergency. Unfortunately, this is how things are. We must accept and admit it and do something about it based on our understanding of this situation.

Saving the people of Russia is our top national priority. This priority underlies the stipulations of the updated Constitution concerning the protection of the family, the important role parents play in bringing up their children, strengthening social guarantees, and further developing the economy, education and culture.

Our strategy is to return to sustainable population growth to make sure that the average life expectancy in Russia increases to 78 years in 2030.

Unfortunately, the statistics show us sad and disappointing numbers. We are even seeing a certain decline. It is clear what is happening because of the pandemic, but we will keep our strategic goals in this critical sphere unchanged.

I fully realise that this is no small feat, the more so as the coronavirus has not yet been completely defeated and remains a direct threat. We see the dramatic developments in many countries where the cases of infection continue to grow. We need to keep in check the defence barriers designed to slow down the spread of the virus along our external borders and within our country.

I would like to address all citizens of Russia once again. Friends, please stay alert. I am asking you to take care of yourselves and your loved ones and to comply with the doctors’ and sanitary services’ recommendations as closely as possible.

Vaccination is of crucial importance. I would like to ask the Government, the Healthcare Ministry and the heads of the regions to monitor this process on a daily basis. The opportunity to take the jab must be available everywhere, so that we achieve the so-called herd immunity by the autumn.

The attainment of this goal depends on everyone, on all our citizens. Please, I am asking all citizens of Russia once again to get vaccinated. This is the only way to stop this deadly epidemic. There is no alternative. The other choice is much worse: to contract the disease with unpredictable consequences.

I would like to say once again that the disease is still with us. But we must start thinking already now about healing the wounds it has inflicted and restoring people’s health.

During the peak periods, our hospitals and outpatient clinics had to reduce or even suspend scheduled visits. This increased the risk of the aggravation of chronic illnesses or the risk of missing the first signs of or correctly diagnosing new illnesses.

I would like to ask the Government, the Healthcare Ministry and the constituent entities of the Russian Federation to expand the system of medical check-ups and periodic screenings, taking into account the current epidemiological situation, and to relaunch them in full measure on July 1, 2021 for people of all ages. They must involve the largest number of people possible. This is why we will increase the supply of mobile medical diagnostic systems to the regions in the near future.

One of the targets of the coronavirus is the cardiovascular system. These diseases have always been the leading cause of death. Therefore, special attention during periodic screenings must be given to people with cardiovascular diseases. I would like to instruct the Government to take additional measures to prevent the diseases that are the main causes of premature death. As I have already mentioned, these are cardiovascular diseases plus malignant tumours and respiratory system diseases.

Hepatitis C claims many young lives. Decisions must be made to reduce this threat to the health of the nation to a minimum within 10 years.

To ensure that as many people as possible can restore their health at sanatoriums and health resorts, I propose that the 20 percent rebate programme for domestic travel is extended at least until the end of the year.

Children’s health is our special priority. Indeed, the foundation for good health for many years to come is laid during childhood. Children’s rest and recreation activities must be made as affordable as possible. In this regard, this year, I propose reimbursing half of what parents spend on their children’s summer camps.

In addition, we need to expand opportunities for student tourism. Already this year, we must launch several pilot projects, including accommodation on university campuses and in dormitories in other regions for students who travel around the country during the summer.

And, of course, we must reward the young people who have done well in academic competitions and in volunteer and creative initiatives as well as the projects operated by the Russia – Land of Opportunity platform. For them, the partial reimbursement programme for tourist vouchers will remain valid during the holidays, aka the high season. This is a ground-breaking decision.

I wish to thank all the parliamentary groups which supported the decision on the taxation of high incomes, or rather, a portion of high incomes. These proceeds will go to the dedicated Circle of Kindness fund and have already been released to help children affected by rare and serious diseases, to purchase expensive medicines and medical equipment, and to cover the costs of surgeries.

On April 28, we will celebrate Ambulance Worker Day which was established as a show of respect to those who arrive first to save lives. These specialists must be provided with all necessary supplies. Within the next three years, we will make another 5,000 new ambulances available to rural communities, urban-type localities and small towns, which will replace the ambulance fleet almost in full.

I want to emphasise that public healthcare authorities in many leading countries – we are well aware of it and, in fact, they themselves are saying so – were unable to deal with the challenges of the pandemic as effectively as we did in Russia. At the same time, global health care is on the cusp of a genuine revolution. This must be recognised and clearly seen. We cannot miss it.

The pandemic has exponentially sped up the introduction of telemedicine, artificial intelligence and new approaches in diagnostics, surgery, rehabilitation and the production of medicines everywhere. We must put these technologies at the service of the people of our country.

We must build our healthcare system around this ground-breaking technology, and keep an eye on pressing everyday problems in the process. As we are all aware, they abound, mostly in primary care. There must be no such thing as waiting lines, no hassle making a diagnostics appointment or a specialist doctor appointment, or obtaining prescriptions and sick leaves, for that matter. This has often come up in our discussions lately. The funds have been set side and allocated. It is time to move quickly and efficiently to make it happen.

We have a backlog to deal with in healthcare and other social sectors, including many technical, financial and managerial challenges. However, what people need is qualified and timely medical help. I propose reviewing public healthcare problems from this perspective at an expanded meeting of the State Council some time soon. We will prepare for it and hold it shortly.

I repeat: we have gained some fundamentally new experience in fulfilling our social commitments. During the pandemic, we made direct payments to families bringing up almost 28 million children, and they received their benefits without any unnecessary paperwork or other kinds of red tape – they got the money they needed and were entitled to automatically. I know Government members have been working on this, focusing deliberately, not without some failures, but they have made every effort to accomplish this task, and coped with it. This is great, this is a good example. This approach should become the norm at all levels of government.

This is the essence of the National Social Initiative, which was discussed at a recent joint meeting of the State Council Presidium and the Agency for Strategic Initiatives.

I am calling on the regional governors: it is your direct responsibility to organise the work of local clinics, daycare nurseries and schools, and employment centres, based on the daily needs of families, of each and every person. In many regions, I have seen with my own eyes that such work has already been launched in certain areas. This needs to be done everywhere and in all social sectors.

As soon as in 2022, we must introduce the ‘social treasury’ principles. This means that all federal benefits, pensions and other social payments and services will be provided and paid in a one-stop mode, without having to visit dozens of different agencies, but simply upon marriage, the birth of a child, retirement or other life milestones. Within three years, the vast majority of public and municipal services should be provided to Russian citizens remotely, 24 hours a day, seven days a week, that is, on an ongoing basis.

Separately, we will have to discuss child-support payments, which are a sensitive topic for many families. Unfortunately, this is a problem in our country. This procedure should not be humiliating for anyone. Most issues here need to be resolved remotely and, most importantly, in the interests of the affected party. A mother with a child should not have to camp on the doorstep of various authorities to collect official documents, carrying her baby in her arms, and this is what usually happens. A system of interagency communication needs to be built, with banks included, in such a way as to ensure the unconditional execution of court decisions on the recovery of child-support payments. The state is obliged to protect the rights of the child; this is what we are talking about. I will return to this topic again later.

Colleagues,

We understand the heavy toll that the pandemic has taken on people’s welfare. Statistics show the aggravating effects of this outbreak on social inequality and poverty. It has been a challenge for all countries around the world – remember, all countries, not only Russia, are experiencing the same consequences. Certainly, we should be primarily concerned about the situation in our own country.

We are now facing price hikes that are undercutting people’s incomes. Some urgent decisions have been made, of course, but we cannot solely rely on targeted and essentially directive measures. We remember potential outcomes. Back in the late 1980s and the 1990s in the Soviet Union, they resulted in empty store shelves. But today, even when the pandemic was at its worst, we did not allow the same thing to happen.

The Government’s goal is to create conditions that will be long-term and which, I want to stress this part, colleagues, can, thanks to market mechanisms (which we have), guarantee the predictability of prices and quality replenishment of the domestic market. Nobody is saying that we will be setting prices from the top. There’s no need to muddy the waters and scare people. There are market regulatory mechanisms and they must be employed – promptly and to the extent required and appropriate to a specific situation in the economy and social sphere. We need to stimulate investment activity by reducing business risks. The two are not mutually exclusive.

Surely, the main goal right now is to ensure that people’s real incomes grow – that is, to restore them and secure their further growth. As I said, we need tangible changes in our fight against poverty.

Before anything else, the Government must provide direct support to families with children who are experiencing hardships. This has been our consistent policy and we will continue to pursue it.

We already have a system of benefits paid to parents of one or two children from the time the children are born and until they reach the age of three. Families with incomes below two subsistence minimums per family member are entitled to such benefits. The average monthly amount paid across the country is 11,300 rubles per child. Seventy-eight Russian regions pay benefits for the third child, also 11,300 rubles on average.

Please note that we are making consistent progress in this area, step by step. Last year, we introduced benefits for children aged three to seven. They range from 5,650 to 11,300 rubles per month depending on the region.

I instruct the Government to develop, by July 1, a comprehensive system of support for families with children. Our goal is to minimise the risk of poverty for such families.

But a number of new decisions need to be taken immediately, already today. It is always difficult for a single parent to raise a child. There are plenty of reasons for that. And this is not about the reasons but about supporting children. It is particularly difficult when a single-parent family is having financial problems, especially when children start going to school and family expenses objectively rise.

In particular, we must support single-parent families, where a mother or a father is bringing up a child alone, and only one of the parents is registered on the birth certificate – sorry to be speaking of such mundane things, but this is a fact of life – or the parents have divorced and one of them has the right to child-support payments. Therefore, as of July 1 this year, all children in such families aged between 8 and 16, inclusively, will receive a benefit. The national average of such benefit will be 5,650 rubles.

Of course, we must also help women who are expecting a baby and who have financial problems. It is extremely important for a mother-to-be to get support from the state and society, so that they can keep their pregnancy and know that they will receive help in raising and bringing up their child.

I propose approving a monthly subsidy for women who register at a maternity centre during early pregnancy and who have financial problems. The average subsidy for them will be 6,350 rubles a month.

Next, the sick pay for taking care of a child who falls ill depends on the employment record, which is correct, on the whole, and fair. However, young women receive much smaller sick leave payments. We have discussed this issue at the State Council, and it has been raised by the United Russia. We need to adopt legal decisions on this matter without delay, so that payments for taking care of a sick child aged up to 7 years inclusively are approved at 100 percent of the parent’s salary as soon as this year.

You understand what this means. The majority of those in this room know that the longer the employment record the larger the sick pay. Women who have a long work record usually receive full sick pay, but they usually do not have children at their age. Those who have children do not receive full pay. We must definitely help those who are expecting a baby.

I would also like to remind you that we have expanded and extended the maternity capital programme up until 2026. This benefit will now be paid already for the first child. We could not afford this before. The maternity capital has been adjusted to inflation and is almost 640,000 rubles

Free hot meals for all primary school children were approved as of January 1, 2020, and this measure has become a great help for families.

I would like to point out that all our decisions were designed to support our people. I know that many and very many people have financial problems now. The labour market and real disposable income of the people will be certainly restored, and we will move on. This has not happened yet. Therefore, I suggest approving one more one-off payment for the families that have school children, namely, 10,000 rubles per schoolchild. Moreover, this payment will also be made for the children who will only start school this year. We will transfer the money in mid-August, so that parents can get their children ready for school.

The updated Constitution of Russia includes clauses on demographic development, and protection of the family and childhood. They should be implemented in practice at all levels of government. I propose including a section aimed at supporting young people in each national project.

Friends,

During the pandemic, many young doctors and nurses, recent graduates as well as residents and students of medical universities worked courageously in the so-called red zones, joining their senior colleagues. In that extraordinary situation, teachers, schoolchildren, college and university students continued to teach and study, to have exams. Young family members supported their parents and older relatives. The youth of Russia proved to be extremely worthy during that period of trials. We can be proud of them.

We will do everything to open up as many life opportunities as possible for the younger generation. Their journey certainly begins at school, and I am sure that school will always be a second home for children; a new home, comfortable and modern.

Under the existing federal programme and with additional resources provided by the VEB Development Bank, we will build at least 1,300 new schools for more than a million children by the end of 2024. We will also purchase at least 16,000 school buses over the next four years. All school buses must be modern and safe.

Classroom teachers have been receiving a monthly addition to their salaries since last year. A very necessary and, I am sure, fair decision. I remember how we held discussions on this matter last year.

However, I have received requests, letters from teachers in secondary vocational institutions who say they have been forgotten. This is actually true. Justice must be restored. We have to fix this and establish the same additional payment of 5,000 rubles for supervisors of educational groups at technical schools and colleges.

I propose allocating an additional 10 billion rubles in the next two years for major repairs and technical equipment of our pedagogical universities. I ask the Government to pay close attention to up-to-date training of future teachers. The future of Russia largely depends on them.

Furthermore, school teaching teams should be expanded with teaching assistants, mentors and counsellors, whose job will be to organise exciting projects for children at schools.

It is very important that our young people should look to and be inspired by the achievements and victories of our outstanding ancestors and contemporaries, by their love for our Motherland and aspiration to make a personal contribution to its development. Children should have the opportunity to explore the national history and the multinational culture, our achievements in science and technology, literature and art in advanced formats. You know, I still open certain school textbooks occasionally and am surprised at what I see there – as if what is written there has nothing to do with us at all. Who writes such textbooks? Who approves them? It is unbelievable. They mention everything, the ‘second front’ and a lot of other facts, but not the Battle of Stalingrad – how is that possible? Amazing! I do not even want to comment.

I propose allocating an additional 24 billion rubles within the next three years to renovate cultural centres, libraries and museums in rural areas and small historical towns. This is another crucial area.

It is important to resume the activities of the Knowledge Society – we all remember well what it is – based on a modern digital platform. It seems to have been operational lately, but no one seems to notice it is there, either. Also, in order to support projects in culture, art and creative activities, we will set up a Presidential fund for cultural initiatives. Already this year, we will use its competitive grants to finance over 1,500 creative teams.

Colleagues,

A month from now, 11th grade students will be taking exams. Based on the results, most of them, about 60 percent, will enrol in universities and have their tuition covered from the budget. It can be safely stated that practically no country in the world apart from Russia has this kind of broad and free access to higher education.

In the next two years, we will make an additional 45,000 state-funded places available at our universities. At least 70 percent of them will go to the regions which need university graduates.

Starting this year, at least 100 universities in the constituent entities of our Federation will receive grants in the amount of 100 million rubles or more for opening student technoparks and business incubators, upgrading academic and laboratory facilities, and running training programmes. All state universities will be eligible for this support, including the ones that train future teachers, medical doctors, transport and culture workers. I am confident that the young generation of Russians, Russian scientists, will make their names known in the meaningful research projects that are yet to come.

This year was declared Science and Technology Year in our country. We realise that science is absolutely key in the modern world. Until 2024, Russia will allocate 1.63 trillion rubles from the federal budget alone for civil, including fundamental, research. But that is not all.

We are about to launch ground-breaking programmes in areas that are critical to our country. They will be given the status of nationwide projects. I would like to discuss some of them separately just to give you a sense.

First, we must have a solid and reliable shield to give us sanitary and biological safety. We now understand what it is about. It is imperative to ensure Russia’s independence in the production of the entire range of vaccines and pharmaceutical substances, including medications against infections that are resistant to the current generation of antibiotics. Importantly, this must be achieved with the maximum engagement of Russian-made equipment and domestic components.

In the event of an infection as dangerous as the coronavirus, or, God forbid, even more dangerous, Russia must be prepared to develop its own test systems within four days, precisely four days, and to create an efficacious domestic vaccine and start its mass production as soon as possible. These are the goals that we are setting for ourselves. The timeframe for achieving these goals is 2030. But the sooner we get there, the better.

Second, we need new comprehensive approaches to the development of our energy sector, including new solutions for nuclear generation in the promising areas of hydrogen energy and energy storage.

Third, we must find answers to the climate change challenges, adjust our agriculture, industry, the housing and utilities sector and the entire infrastructure to them, create a carbon utilisation sector, bring down emissions and introduce strict control and monitoring measures.

Over the next 30 years, the cumulative emissions in Russia must be smaller than in the EU. It is an ambitious goal, considering the size of our country and the specific features of its geography, climate and economic structure. However, I have no doubt whatsoever that it is a perfectly realistic goal in light of our research and technological potential.

Our new energy and pharmaceutical sectors and the solution of climate problems must provide a powerful boost to a comprehensive modernisation of all economic sectors and the social sphere. It is a direct path to the creation of modern and well-paid jobs.

The efforts taken by each level of government, business, development institutions and the Russian Academy of Sciences must have in view the main, central task: to improve the quality of life for our people. I would like to point out that our position on environmental protection is a matter of principle in this respect, and it will definitely remain unchanged.

The dangers of the alternative position have been recently exemplified by the events in Norilsk, Usolye-Sibirskoye and several other places. We will certainly help the people who live there, but we must also preclude a repetition of such environmental disasters.

I would like to ask those responsible to accelerate the adoption of a law on the financial responsibility of enterprise owners for clearing up the accumulated pollution and for the reclamation of industrial sites. This is a very simple approach. Here it is: if you have benefited from polluting the environment, clean up after yourself. We must act harshly. Rosprirodnadoz [the Federal Service for Supervision of Natural Resources] and other regulatory authorities must do their jobs.

I would like to add that the “polluter pays” principle must also be employed in full in the waste disposal sector to ensure transition to the so-called closed-loop economy. With this aim in view, we must launch a mechanism of extended producers and importers’ responsibility for the management of products and packaging wastes as soon as this year.

I also propose marking environmental payments to the federal budget. I know that experts and financial specialists do not like such special marks, but I see this as a vital sphere of our activity. We can make an exception in this case, and invest these funds in clearing up accumulated pollution and improving the environment.

Also, as I said, the amount of hazardous emissions in Russia’s 12 largest industrial centres must be reduced by 20 percent by 2024. We have already discussed this. Obviously, this goal must be accomplished through a comprehensive modernisation of the industrial sector, the housing and utilities sector, transport and energy.

Moreover, I propose expanding the emission quota system to all Russian cities with major air quality problems and introduce strict liability for non-compliance with environmental regulations. Of course, this requires transparent monitoring.

We will definitely support the efforts of businesses to upgrade their facilities up to current environmental standards. For example, upgrading will begin this year at aluminium plants in Bratsk, Irkutsk, Krasnoyarsk and Novokuznetsk based on the state guarantee mechanism. I will later name other cities and towns in other contexts but it does not mean that our work is limited to those areas. They only serve as examples.

Colleagues,

Last year, we allocated unprecedented resources for supporting the economy. Among other things, we managed to preserve over 5 million jobs through subsidised loans for wage payments. I want to stress that this programme succeeded but it succeeded precisely because businesses acted responsibly and did everything they could to keep their employees. We could see that.

Unfortunately, it was not possible to prevent layoffs completely. I understand how hard it is for those who lost their jobs. The Government was instructed to ensure that the labour market recovers by the end of the year. Still, this problem must be solved sooner so that people can have a stable income again. The Government will be encouraging entrepreneurial initiatives and stimulate private investments that create new jobs.

As you know, last year, social insurance contributions for small and medium-sized businesses were reduced by half, from 30 to 15 percent. This decision will remain in force permanently and is not subject to review.

I instruct the Government to present, within the next month, additional proposals on supporting small and medium-sized businesses, such as tax incentives, accessible loans and expanding product distribution and sales, including to major state-run companies.

As for other decisions in the economic sphere, I would like to mention the following.

First, we have already scrapped many archaic norms and requirements in construction and other fields and discontinued many unnecessary control inspections, but we also need to increase the momentum to achieve substantive, clear and tangible results in improving the business climate. For example, building a turnkey factory in Russia should be faster, more economically efficient and easier than in other regions of the world, including countries with developed economies.

Furthermore, we need to simplify the working conditions for non-commodity exporters. We have certainly been pursuing this policy line for a few years now, but we still need to remove all excessive restrictions in forex control for these exporters. This is one of the problems. The new procedure should start functioning in July. We have discussed this matter more than once. All amendments to the legislation must be adopted as quickly as possible during the spring session.

Secondly, the talent of an entrepreneur is primarily the talent of a creator, an aspiration to change life for the better, to create new jobs. The state will definitely support this attitude.

In the modern world where the market situation sometimes changes almost every day, businesses have to deal with high risks, especially when investing in long-term projects. To address this, we will be adjusting the entire private investment support system. We will evaluate how effective the projects are by the new products, services, and technologies they provide people with and how they improve the potential of Russia and each individual region.

The Special Investment Contract mechanism has already been improved; we have implemented a new instrument – Investment Protection and Promotion Agreements. We have consolidated development institutions on the basis of VEB. Their job is to reduce the risks for investing private capital, to help in the creation of new markets and investment mechanisms, the same as with the Project Finance Factory mechanism already in place. It is currently supporting more than 40 commercial projects with a total investment of 3 trillion rubles.

I am waiting for proposals from the Government on the implementation of the ideas proposed in March at a meeting with Russian businesses. Colleagues, you are well aware of this.

Third, we are making all major decisions concerning the economy through a dialogue with the business community. This is the practice established over many years. Of course, we have the right to expect that the auxiliary financial instruments and support mechanisms will bring the most desired result, which is converting profit into investment and development.

There is an important thing I want to say although it is nothing new to businesses. They know it already. The corporate sector is expected to make a record profit this year, despite all the problems that we are dealing with. Despite these problems, this is the real picture. We will take note of how this profit will be used and, based on the annual results, we may decide to calibrate the tax legislation. I want to see specific proposals from the Government. Off the record, I should note: some withdraw dividends while others invest in the development of their companies and entire industries. We will be encouraging those who invest.

Last year, we substantially increased budget expenditure while managing to maintain the stability of state finances. The Government and the Central Bank must continue to pursue a responsible financial policy. Ensuring macroeconomic stability and containing inflation within set parameters is an extremely important task. I assume that it will definitely be accomplished.

At the same time, thanks to our budget capacity and our reserves, we can allocate more funds to support investment in infrastructure and provide regions with new development instruments. Launching these instruments will require the law to be amended. I expect that all parliamentary parties – A Just Russia, the Liberal Democratic Party, the Communist Party and United Russia – will uphold these amendments.

In this regard, I want to thank all constructive public forces in the country for their responsible and patriotic attitude during this difficult epidemic. These are not just meaningless words because it was this attitude and its practical significance that helped all of us preserve the balance and stability of Russia’s government and political system. This is always important but it is especially relevant because we are preparing for the elections to the State Duma and other government bodies, considering the extensive work we will have to carry out. I hope that this competitive mindset that unites us in the face of common goals will persist.

Colleagues,

The country is developing and moving forward, but this is only taking place when the regions of the Russian Federation are developing. A striving of the heads of constituent entities to make their regions successful and self-sufficient must be and will be encouraged in every way.

We will support those who assume responsibility and launch constructive projects. I am confident that every Russian region has huge potential. To help make positive and productive use of this potential, what must we reduce first of all? The governors know what I am referring to: we must reduce the debt burden. These topics must be thoroughly discussed once again.

I ask the Government to submit by June 1 the proposals on ensuring long-term stability of regional and municipal finance and on increasing the regions’ self-sufficiency. We will discuss them in summer at a State Council meeting, and we will do so with due regard for the priority decisions about which I will tell you now.

First of all, we must help regions with large commercial debts. Here is what I suggest: the amount of a region’s commercial debt that exceeds 25 percent of the given region’s own revenues will be replaced with budgetary loans that will mature in 2029.

In addition, I propose restructuring the budgetary loans, yes, budgetary loans that were issued to the regions last year for taking measures to combat the pandemic. I believe that this would be fair. I would like to remind everyone that these loans will mature in two months, on July 1. I suggest extending them to 2029 as well.

I would like to emphasise that the restructuring of accumulated debts should be used as a mechanism of increasing the self-sufficiency of regional economies, especially considering that we will be offering a fundamentally new development tool to our constituent entities. I am referring to the so-called budgetary infrastructure loans with an interest rate of not more than 3 percent per annum and with maturity in 15 years. We intend to allocate a total of at least 0.5 trillion rubles, that is, 500 billion rubles of such infrastructure loans by the end of 2023.

Regional debt restructuring must be based on the concept of justice, which has always been the case, actually. Some constituent entities have large accumulated commercial debts, while other entities did not take out many loans. The latter may feel neglected in this case. This will not do, and we will not permit this. We will support those who have always pursued and continue to pursue a balanced financial policy. The principle of the distribution of infrastructure loans will be as follows: the fewer debts a region had, the more it will be able to receive in infrastructure loans.

We are one country. All levels of government and business must work to one end. Debt restructuring and an innovative investment resource in the form of infrastructure loans will allow us to expand the planning horizon and to launch new solutions that are tied in with the implementation of national projects, sector-specific strategies and a comprehensive plan for upgrading the backbone infrastructure.

Federal infrastructure loans are a powerful resource, but whether they will help us get ahead or attract private investment hugely depends on what regional management teams do and on their ability to conduct an open and candid dialogue with businesses, investors, and, of course, primarily, individuals.

The infrastructure projects in the regions must be implemented, primarily, in the interests of the people, and serve as investment in the creation of new jobs and in promoting the well-being of millions of Russian households and securing the future of our children. The priorities will be building motorways and bypasses in urban areas, upgrading the housing and utilities sector infrastructure and the public transport system, as well as conducting integrated development of territories and building tourist facilities.

Please note that the infrastructure and budget loans will be fully under the control of the Federal Treasury and will be provided exclusively for specific projects that have been thoroughly analysed by experts at the federal level. While we are at it, I would like to say something to regional leaders and the Government: listen, let’s work in a rhythmic and business-like manner. I do not want to use harsh or rude language at this rostrum, but things must be done on time and projects must be prepared, not just pictures shown to the Government. In turn, the Government must quickly process the projects and help the regions deal with things they have problems dealing with. You must help your colleagues, you understand that? Not trash what they have brought to you and say they did a bad job. Some of them are unable to do what you ask of them. Help them, and then things will be on the path forwards.

The scale of the projects may vary, but most importantly, as I said, they must benefit our people and open up new opportunities. For example, in conjunction with our major companies and using the proposed mechanism, the Yamalo-Nenets Autonomous Area will begin the construction of the Northern Latitudinal Railway. This is the railway that will spur the development of the richest resources of the Arctic. This project has been in the works for a long time now, and it’s time to launch it, since we can do so now. For example, as a result, Nizhny Novgorod will be able to continue building the metro and to start renovating the city centre. Chelyabinsk, another city with a million-plus residents, will also have the opportunity to upgrade its transport system through a long-standing metro construction project. I am aware of other similar projects in Krasnoyarsk and other regions.

And, of course, the construction of new facilities must be at a qualitatively higher level. I want the Government to draft a clear step-by-step plan for the end-to-end and widespread use of digital design, and the production and introduction of cutting-edge energy-efficient materials. This is also important if we want to tackle the climate and environmental challenges.

Large-scale infrastructure development sets fundamentally new tasks before the construction industry. In the difficult past year, it worked smoothly and built over 80 million square metres of housing. This is a good result. The more we build, the more affordable housing will there be for Russian families.

Therefore, we have an ambitious goal. We have already discussed it as well and this ambitious goal has not disappeared– we plan to build 120 million square metres of housing every year. That said, we must certainly envisage a special mechanism for supporting private housing construction.

As for large-scale construction, the DOM.RF development institute will attract financial resources through the placement of bonds. This is a tried and tested mechanism that generally works well. These resources must go to developers as targeted loans.

I would like to emphasise that federal budget subsidies will allow DOM.RF to issue loans to developers at a minimal annual rate of about 3–4 percent. The construction of residential neighbourhoods in Tula, Tyumen, the Sakhalin Region and Kuzbass will be pilot projects for developing this model.

Improvement of cities and towns and housing construction growth play a major role in the development of the regions. We must take care of the urgent, daily problems of local residents. Quite a few Russian families live in areas connected to gas networks but their homes still have no access to gas for some reason. It seems the pipe is there but there is no gas at home.

I would like to ask the Government to work out, in cooperation with the regions, a clear-cut plan for bringing gas to such households. In this context, I support United Russia’s initiative, notably, that people do not have to pay for laying gas pipes directly to the border of their land plots in a residential area.

As I have already said, the Government must analyse all details in cooperation with Gazprom and other companies and agencies that work in this area to prevent any setbacks. Otherwise, I will say something from this rostrum and people will be waiting for it but because you don’t put some squiggles or commas in the right place everything will get bogged down again. This is unacceptable, and I will check on it myself, so please pay attention. Mosoblgaz and other companies must understand what they must do, in what timeframe and how much money they have at their disposal.

The goal is certainly more extensive. We must offer every region our solutions on public access to reliable and clean energy sources. This may be electricity, including from renewable sources, or environmentally friendly use of coal, which is also an option in the modern world, pipeline or liquefied gas. I instruct the regional heads to prepare, in coordination with the Government, detailed plans of action and start implementing them next year.

For example, in Kamchatka we must envisage the creation of local gas-receiving infrastructure to ensure reliable long-term gas supplies to the residents and companies of the Kamchatka Territory.

Colleagues,

We will not only give fundamentally new development tools to the regions, but will also directly invest federal resources into the settlement of the worst systemic problems, which will have a compound effect on boosting the regions’ growth and improving the quality of people’s lives.

We will begin with allocations from the National Welfare Fund for building mainline motorways. First of all, we should finance the ongoing construction of the Moscow-Kazan high-speed road and, more than that, extend it all the way to Yekaterinburg, completing this project within three years.

This way, together with the existing Moscow-St Petersburg high-speed road and the Central Ring Road, this will ensure safe high-speed motorway transit across the entire European part of Russia, from the Baltic Sea to the Urals, by 2024.

However, it is not enough to simply connect the end-of-line destinations. What good will this do, if it does not change anything about life in villages or small towns but only gives the people there an opportunity to watch high-speed trains and vehicles rush past? The backbone infrastructure must definitely lead to the development of all the territories where it has been built, giving rise to the development of a modern regional network.

The constituent entities will now be able to use infrastructure loans to speed up the implementation of these construction projects. But in their development plans, our colleagues should remember and take into account that the federal and regional mainlines must function as a unified system in the interests of our citizens, businesses and regions. In this way, the infrastructure loans and the resources of the National Welfare Fund will be working for the benefit of all Russian regions.

The same goes for our new national project in the tourist sphere. A programme of easy loans will be launched soon to finance the construction and renovation of hotels and other tourist infrastructure. The interest rate on these loans will be 3–5 percent as well, and the loans will mature in 15 years.

There are many other pilot projects. I will only mention some of them: the development of Sheregesh, the leading mountain ski resort in Kuzbass; the creation of a yachting resort in the Bay of Balaklava in Sevastopol; and the development of the tourist industry on the Altai and in the Kaliningrad Region.

The infrastructure loans project will give a new impetus to entire tourist clusters. In particular, several regions in Central Russia will be able to modernise and expand the Golden Ring route at a fundamentally new level, realising the tourist potential of small towns such as Tarusa, Palekh, Murom, Gorokhovets, Tutayev and Borovsk. Development projects will be launched in the Volga Region cities, the Crimean resorts, the Black Sea and Pacific coast areas, as well as in our resort towns such as Staraya Russa in the Novgorod Region and Kavkazskiye Mineralnye Vody in the Caucasus, including its gem, Kislovodsk.

Russia is a hospitable country that is open to its good friends. You surely remember what happened during the 2018 football championships. As soon as the epidemiological situation allows, we will lift the remaining restrictions and millions of tourists from all over the world will come to Russia again. We have a practical task at hand: to ensure that e-visas for travel to Russia are available remotely and without undue formalities within a matter of four days in the majority of countries.

Colleagues,

The meaning and purpose of Russia’s policy in the international arena – I will just say a few words about this to conclude my address – is to ensure peace and security for the well-being of our citizens, for the stable development of our country. Russia certainly has its own interests we defend and will continue to defend within the framework of international law, as all other states do. And if someone refuses to understand this obvious thing or does not want to conduct a dialogue and chooses a selfish and arrogant tone with us, Russia will always find a way to defend its stance.

At the same time, unfortunately, everyone in the world seems to be used to the practice of politically motivated, illegal economic sanctions and to certain actors’ brutal attempts to impose their will on others by force. But today, this practice is degenerating into something even more dangerous – I am referring to the recently exposed direct interference in Belarus in an attempt to orchestrate a coup d’état and assassinate the President of that country. At the same time, it is typical that even such flagrant actions have not been condemned by the so-called collective West. Nobody seemed to notice. Everyone pretends nothing is happening.

But listen, you can think whatever you like of, say, Ukrainian President [Viktor] Yanukovych or [Nicolas] Maduro in Venezuela. I repeat, you can like or dislike them, including Yanukovych who almost got killed, too, and removed from power via an armed coup. You can have your own opinion of President of Belarus Alexander Lukashenko’s policy. But the practice of staging coups d’état and planning political assassinations, including those of high-ranking officials – well, this goes too far. This is beyond any limits.

Suffice it to mention the admission made by the detained participants in the conspiracy about a planned siege of Minsk, including plans to block the city infrastructure and communications, and a complete shutdown of the entire power system in the capital of Belarus! This actually means they were preparing a massive cyberattack. What else could it be? You know, you cannot just do it all with one switch.

Clearly, there is a reason why our Western colleagues have been stubbornly rejecting Russia’s numerous proposals to establish an international dialogue on information and cyber security. We have come up with these proposals many times. They avoid even discussing this matter.

What if there had been a real attempt at a coup d’état in Belarus? After all, this was the ultimate goal. How many people would have been hurt? What would have become of Belarus? Nobody is thinking about this.

Just as no one was thinking about the future of Ukraine during the coup in that country.

All the while, unfriendly moves towards Russia have also continued unabated. Some countries have taken up an unseemly routine where they pick on Russia for any reason, most often, for no reason at all. It is some kind of new sport of who shouts the loudest.

In this regard, we behave in an extremely restrained manner, I would even say, modestly, and I am saying this without irony. Often, we prefer not to respond at all, not just to unfriendly moves, but even to outright rudeness. We want to maintain good relations with everyone who participates in the international dialogue. But we see what is happening in real life. As I said, every now and then they are picking on Russia, for no reason. And of course, all sorts of petty Tabaquis are running around them like Tabaqui ran around Shere Khan – everything is like in Kipling’s book – howling along in order to make their sovereign happy. Kipling was a great writer.

We really want to maintain good relations with all those engaged in international communication, including, by the way, those with whom we have not been getting along lately, to put it mildly. We really do not want to burn bridges. But if someone mistakes our good intentions for indifference or weakness and intends to burn or even blow up these bridges, they must know that Russia’s response will be asymmetrical, swift and tough.

Those behind provocations that threaten the core interests of our security will regret what they have done in a way they have not regretted anything for a long time.

At the same time, I just have to make it clear, we have enough patience, responsibility, professionalism, self-confidence and certainty in our cause, as well as common sense, when making a decision of any kind. But I hope that no one will think about crossing the “red line” with regard to Russia. We ourselves will determine in each specific case where it will be drawn.

I will now say, just as I always do during the annual addresses to the Federal Assembly, that the improvement and qualitative strengthening of Russia’s Armed Forces continues on a regular basis. In particular, special attention will be given to the development of military education both at military school and academies and at military training centres at civilian universities.

By 2024, the share of modern weapons and military equipment in the armed forces will reach nearly 76 percent, which is a very good indicator. This share in the nuclear triad will be over 88 percent before this year is out.

Standing on combat duty are the latest Avangard hypersonic intercontinental missile systems and the Peresvet combat laser systems, and the first regiment armed with Sarmat super-heavy intercontinental ballistic missiles is scheduled to go on combat duty in late 2022.

The number of combat air systems with Kinzhal hypersonic missiles, and warships armed with precision hypersonic weapons such as Kinzhal that I mentioned, and with the Kalibr missiles, is increasing. The Tsirkon hypersonic missiles will be put on combat duty soon. Work is underway on other modern combat systems, including Poseidon and Burevestnik, in accordance with the development plans of the Armed Forces.

As the leader in the creation of new-generation combat systems and in the development of modern nuclear forces, Russia is urging its partners once again to discuss the issues related to strategic armaments and to ensuring global stability. The subject matter and the goal of these talks could be the creation of an environment for a conflict-free coexistence based on the security equation, which would include not only the traditional strategic armaments, such as intercontinental ballistic missiles, heavy bombers and submarines, but – I would like to emphasise this – all offensive and defensive systems capable of attaining strategic goals regardless of the armament.

The five nuclear countries bear special responsibility. I hope that the initiative on a personal meeting of the heads of state of the permanent members of the UN Security Council, which we proposed last year, will materialise and will be held as soon as the epidemiological situation allows.

Russia is always open to broad international cooperation. We have consistently advocated the preservation and strengthening of the key role of the United Nations in international affairs, and we try to provide assistance to the settlement of regional conflicts and have already done a great deal to stabilise the situation in Syria and to launch a political dialogue in Libya. As you know, Russia played the main role in stopping the armed conflict in Nagorno-Karabakh.

It is on the basis of mutual respect that we are building relations with the absolute majority of the world’s countries: in Asia, Latin America, Africa and many European countries. We are consistently expanding as a priority contacts with our closest partners in the Shanghai Cooperation Organisation, BRICS, the Commonwealth of Independent States, and our allies in the Collective Security Treaty Organisation.

Our common projects in the Eurasian Economic Union are aimed at ensuring economic growth and the wellbeing of our people. There are new, interesting projects here, such as the development of transport-and-logistics corridors. I am sure they will become a reliable infrastructure backbone for large-scale Eurasian partnership. The Russian ideas of this broad, open association are already being put into practice, in part, via alignment with other integration processes.

All these projects are not just geopolitical ideas but strictly practical instruments for resolving national development tasks.

Colleagues,

I began today’s Address with urgent healthcare issues, and concluding it, I would like to say the following. Nobody in the world knew what misfortune we would have to face. However, we, citizens of Russia, have already done much and will do all we can to counter the threat of the epidemic. Our country has reliable resources for this. We created them in healthcare, science, education and industry in previous years.

However, we must definitely move forward. We have mapped out national development tasks. Naturally, the challenge of the epidemic has made objective adjustments to our work. Today’s Address contains instructions on demography and family support, as well as on efforts to fight poverty, increase incomes, create jobs, improve the business environment and raise state management to a new level.

I would like to ask the Government to focus on these tasks in preparing new initiatives on Russia’s socioeconomic development and instruct it to present them by July 1 of this year.

What do I have in mind? Doing everyday work, we must certainly not forget about our strategic development goals and our national development goals, and we must improve the mechanisms for reaching them.

We will discuss the Government’s proposals with the participation of the relevant State Council commissions, our business associations, experts and the Civic Chamber. Following such a broad discussion, we will make final decisions on further financial and organisational actions at the meeting of the Council for Strategic Development and National Projects.

Now I would like to address all citizens of Russia once again to say that we will do everything in our power to achieve the goals set. I am sure we will move forward together and accomplish all the tasks that we have set for ourselves.

Thank you very much for your attention.

Pubblicato in: Banche Centrali, Finanza e Sistema Bancario, Stati Uniti

USA. Il Tesoro emetterà 271 miliardi di nuovo debito ora, 4,000 a breve. Rendimenti aumentati.

Giuseppe Sandro Mela.

2021-04-22.

2021-04-14__ Fed M3 001

La Organization for Economic Co-operation and Development attesta che a tutto il gennaio 2021 la Massa Monetaria americana M3 ammontava a 19,394,600,000,000 dollari. Ma entro un anno leviterà di altri 4,271 miliardi, che vada bene.

* * * * * * *

«U.S. Treasury auctions offering $271 billion of new debt and a key inflation report this week could end a recent lull in the bond market, reigniting a rise in yields that worried investors in the first quarter»

«Investors said weak demand at upcoming auctions, which kick off on Monday, could send bond prices lower and yields higher, albeit at a slower pace than in the first quarter»

«Of particular interest will be the auction of both three- and 10-year notes on Monday, worth $96 billion in total»

«The benchmark 10-year yield rose more than 80 basis points in the first quarter on expectations of blistering economic growth, higher inflation and the estimated $4 trillion in new debt to be issued this year»

«The Treasury will also be auctioning $24 billion of 30-year bonds on Tuesday and a total of $151 billion in bills throughout the week»

«While the most recent Fed projections see inflation reaching 2.4% this year, well above target, the central bank believes it will fall back to 2% next year»

* * * * * * *

Nessuno ha infallibili sfere di cristallo.

Tuttavia potrebbe sembrare verosimile che i tassi di interesse debbano aumentare di fronte ad una cifra di tale portata iniettata nel sistema.

Giunti ad un livello critico, sarebbe plausibile intravedere il crollo del sistema.

*


Analysis: Big U.S. Treasury auctions could restart rise in yields

New York (Reuters) – U.S. Treasury auctions offering $271 billion of new debt and a key inflation report this week could end a recent lull in the bond market, reigniting a rise in yields that worried investors in the first quarter. Treasury yields have dipped since April 1 during a two-week pause in issuance, reversing some of the dramatic rise in February and March. That eased concerns that higher borrowing costs will hurt stocks, particularly in growth sectors like technology, which have an outsized weighting in the benchmark S&P 500 index. Investors said weak demand at upcoming auctions, which kick off on Monday, could send bond prices lower and yields higher, albeit at a slower pace than in the first quarter.

“No matter how you slice it, supply auctions will be in focus,” said Justin Lederer, Treasury analyst and trader at Cantor Fitzgerald. Of particular interest will be the auction of both three- and 10-year notes on Monday, worth $96 billion in total.

The benchmark 10-year yield rose more than 80 basis points in the first quarter on expectations of blistering economic growth, higher inflation and the estimated $4 trillion in new debt to be issued this year.

A poor seven-year note auction in February sparked a run higher in yields, and drove the 10-year real rate – the 10-year Treasury yield stripped of inflation expectations – to the highest since June 2020. Even after markets cooled slightly in March, demand at that month’s seven-year auction was modest.

Monday’s double auction “will have some ramifications, but I don’t think we move substantially the way we saw in quarter one,” said Lederer.

The Treasury will also be auctioning $24 billion of 30-year bonds on Tuesday and a total of $151 billion in bills throughout the week.

U.S. consumer price data for March, due Tuesday, might also drive yields higher. Longer-dated yields rise with inflation expectations, as higher consumer prices can erode their value over time. U.S. producer prices notched their largest annual gain in 9-1/2 years last month, Labor Department data showed Friday, likely marking the start of higher inflation as the economy reopens amid an improved public health environment and massive government aid.

“The next potential catalyst I see for the rates market is the CPI print,” said Eric Winograd, senior economist for fixed income at AllianceBernstein. “It shouldn’t be a surprise, but you might still get some sticker shock and a bit of indigestion.” While the most recent Fed projections see inflation reaching 2.4% this year, well above target, the central bank believes it will fall back to 2% next year. The consumer price index, which does not map perfectly onto the Fed’s metric, is expected to have risen 2.5% year-over-year in March, according to a Reuters survey.

Some investors and strategists said there may be greater demand for Treasuries now than during March, which could cap any rise in rates. April 1 marked the start of a new fiscal year in Japan, ending a period of portfolio readjustment in which investors sold off Treasuries, said Meghan Swiber, U.S. rates strategist at Bank of America. “Japanese real money accounts were notably absent in March, likely because the combination of volatile rates and a stronger dollar kept a lot of buyers on the sidelines ahead of their fiscal year-end on March 31,” said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott.

“Now, with those buyers back in and currency markets a bit more stable, the balance has tipped slightly in favor of demand.”

Pubblicato in: Devoluzione socialismo, Vizi e Depravazioni

Italia. Pd. ‘Via Grillo o stop alleanza’.

Giuseppe Sandro Mela.

2021-04-21.

Letta 001

«Fuori Beppe Grillo dal Movimento 5 Stelle o nessuna alleanza politica ed elettorale»

«All’interno del Partito Democratico il contestato video dell’ex comico genovese nel quale prende le difese del figlio, accusato dalla Procura di Tempio Pausania per violenza sessuale di gruppo, ha lasciato il segno»

«A uscire allo scoperto sono stati oggi i due vicesegretari di Enrico Letta»

«”Le parole di Grillo sono inaccettabili e vergognose. Solidarietà alla ragazza, alla famiglia e alle vittime di ogni violenza. Non importa quando denunciate, cosa avevate fatto o indossato: non siete né complici né colpevoli. La politica deve sempre affermare questo principio”»

«”Le parole di Grillo sono inaccettabili, tutta la solidarietà alla ragazza denigrata. Il M5S acceleri la sua transizione e con la guida di Conte abbracci sempre e comunque garanzie e principi dello Stato di diritto, in cui quel video è semplicemente inconcepibile e da condannare”»

«A questo punto, spetta all’ex premier Giuseppe Conte, insieme al ministro Luigi Di Maio e allo stato maggiore dei pentastellati, prendere una posizione netta e inequivocabile »

«Anche i partiti minori del Centrosinistra, potenziali alleati della nascente coalizione giallo-rossa, da Articolo Mdp a Sinistra Italiana passando per i Verdi, sono “sconcertati” per le parole di Grillo»

* * * * * * *

La ponderata pacatezza nel parlare ed il saper tacere quando opportuno dovrebbe essere tratto caratteristico di ogni personaggio politico.

Mr Beppe Grillo ha dimostrato di essere stato un perspicace demagogo nel far crescere il Movimento cinque Stelle, ma una cosa è il saper attrarre lo scontento con altisonanti slogan, ed una del tutto differente il sapersi comportare da personaggio politico di governo.

Se possiamo comprendere l’accorata difesa del figlio, riteniamo che la sua esternazione pubblica e pubblicizzata abbia tracimato in modo irreversibile: comprendiamo pienamente l’imbarazzo di Mr Letta e dei pentastellati. Ogni considerazione in materia spetta solo ed esclusivamente alla Magistratura: sarà un tribunale ad appurare i fatti ed a trarne le debite conclusioni.

A nostro personale avviso, sembrerebbe essere giunto il momento di un chiarimento definitivo in quelle compagini politiche.

*


Il Pd: ‘Via Grillo o stop alleanza’. Ipotesi fuga di Conte. Ansia M5S.

Fuori Beppe Grillo dal Movimento 5 Stelle o nessuna alleanza politica ed elettorale. All’interno del Partito Democratico il contestato video dell’ex comico genovese nel quale prende le difese del figlio, accusato dalla Procura di Tempio Pausania per violenza sessuale di gruppo, ha lasciato il segno. A uscire allo scoperto sono stati oggi i due vicesegretari di Enrico Letta. “Le parole di Grillo sono inaccettabili e vergognose. Solidarietà alla ragazza, alla famiglia e alle vittime di ogni violenza. Non importa quando denunciate, cosa avevate fatto o indossato: non siete né complici né colpevoli. La politica deve sempre affermare questo principio”, scrive su Twitter Irene Tinagli. Sulla stessa linea Peppe Provenzano: “Le parole di Grillo sono inaccettabili, tutta la solidarietà alla ragazza denigrata. Il M5S acceleri la sua transizione e con la guida di Conte abbracci sempre e comunque garanzie e principi dello Stato di diritto, in cui quel video è semplicemente inconcepibile e da condannare”.

Fonti Dem spiegano ad Affaritaliani.it che, a questo punto, spetta all’ex premier Giuseppe Conte, insieme al ministro Luigi Di Maio e allo stato maggiore dei pentastellati, prendere una posizione netta e inequivocabile. L’invito che arriva dal Nazareno, condiviso da Letta e da tutte le anime del Pd – dal ministro Dario Franceschini fino alla sinistra di Goffredo Bettini e agli ex renziani di Base Riformista -, è quello di svoltare rapidamente con Conte leader 5 Stelle che possa garantire “il rispetto dei principi democratici e dei diritti civili”.

Anche i partiti minori del Centrosinistra, potenziali alleati della nascente coalizione giallo-rossa, da Articolo Mdp a Sinistra Italiana passando per i Verdi, sono “sconcertati” per le parole di Grillo. Fonti del M5S confermano un certo stupore e imbarazzo per le parole “forti” del fondatore del Movimento e sottolineano come da tempo ormai si stia accelerando con il cambiamento voluto dall’ex presidente del Consiglio. Sempre che Conte, è il timore esiste nei pentastellati, non cambi idea (qualora non ottenesse ampie garanzie di potersi muovere a 360 gradi) lasciando il M5S per fondare un proprio movimento/partito. In questo caso sarebbero in tanti i grillini (ormai ex) pronti a seguirlo.

Pubblicato in: Devoluzione socialismo, Giustizia, Stati Uniti

Harris-Biden Administration. Inizia l’attacco alla Corte Suprema.

Giuseppe Sandro Mela.

2021-04-21.

Harris-Biden Administration 001

La Corte Suprema è al momento formata da nove membri nominati a vita: i suoi verdetti sono inappellabili.

La Corte Suprema è il massimo centro di potere degli Stati Uniti.

Usualmente, le Loro Giustizie seguono le posizioni giurisprudenziali dei presidenti che li hanno eletti, ma questa è la norma quasi esclusivamente per quelli di espressione liberal.

Fino a tanto che la Suprema Corte aveva una maggioranza liberal, ed agiva di conseguenza, questa situazione andava più che bene ai liberal democratici.

Ma il 18 settembre 2020 morì Sua Giustizia Ruth Bader Ginsburg, una liberal di specchiata fede, e Mr Trump la sostituì con Sua Giustizia Amy Coney Barrett. La Suprema Corte aveva così sei Loro Giustizie di nomina repubblicana, anche se Sua Giustizia Robert aveva dimostrato spesso un notevole indipendenza di giudizio.

*

Poiché per i liberal democratici non esisterebbe la democrazia fino a tanto che loro non siano loro in maggioranza, appurato il fatto che la fucilazione senza processo delle Loro Giustizie di nomina repubblicana non sia al momento ancora possibile, si stanno dando da fare per trovare una qualche soluzione.

* * * * * * *


«Joe Biden on Friday formed a bipartisan commission to study potential U.S. Supreme Court changes including expanding the number of justices beyond the current nine, a goal of some liberal Democrats hoping to end its conservative majority»

«Under an executive order signed by the Democratic president, the 36-member commission will consider the “merits and legality” of potential reforms to the nation’s top judicial body including adding justices or imposing term limits on their service instead of the current lifetime appointments»

«Imposing term limits would likely require a constitutional amendment, though some scholars have proposed ways to accomplish it by statute»

«White House Press Secretary Jen Psaki said the commission will represent the full political spectrum»

«Republicans fiercely oppose the idea of what is sometimes called “court packing.”»

«Some Democrats and liberal activists have said all options including expansion must be considered to counter an entrenched conservative majority that could threaten abortion rights, civil rights, gun control and access to healthcare in the coming years»

«McConnell played a pivotal role in helping Trump move the Supreme Court and the broader federal judiciary rightward by making Senate confirmation of judicial appointments a paramount priority»

«In a speech at Harvard Law School on Tuesday, Breyer indicated that changes to the court could undermine its authority. The court, Breyer said, depends on “trust that the court is guided by legal principle, not politics.”»

«The last attempt to expand the court was a failed effort in the 1930s by Democratic President Franklin Roosevelt after a series of rulings frustrated some of his policies»

* * * * * * *

La battaglia per la Suprema Corte è appena iniziata, ma la Harris-Biden Administration dovrà superare molti ostacoli.

Forse, uno dei più subdoli saranno le prossime elezioni suppletive, ossia quelle bandite per ricoprire i posti elettivi resisi vacanti per morte ovvero rinuncia degli eletti. Con un senato 50 a 50, basterebbe lo spostamento di campo di un solo seggio che la situazione muterebbe all’improvviso.

Ma il duunvirato Harris-Biden è un superspecialista nel gestire le elezioni, senza andar troppo per il sottile. Il suo dna è rivoluzionario

*


Biden forms panel to study possible U.S. Supreme Court expansion.

Washington (Reuters) -President Joe Biden on Friday formed a bipartisan commission to study potential U.S. Supreme Court changes including expanding the number of justices beyond the current nine, a goal of some liberal Democrats hoping to end its conservative majority.

Under an executive order signed by the Democratic president, the 36-member commission will consider the “merits and legality” of potential reforms to the nation’s top judicial body including adding justices or imposing term limits on their service instead of the current lifetime appointments.

The number of Supreme Court justices has remained at nine since 1869, but Congress has the power to change the number and did so several times before that. Imposing term limits would likely require a constitutional amendment, though some scholars have proposed ways to accomplish it by statute.

White House Press Secretary Jen Psaki said the commission will represent the full political spectrum. It will include liberal and conservative legal scholars, former federal judges and lawyers who have appeared before the court. It will hold public meetings and have 180 days to report its findings.

Biden promised in October, late in the presidential election campaign, to establish the commission – a step that enabled him to avoid taking a firm position on the proposal floated by some liberals to expand the court, though he has opposed the idea in the past.

Republicans fiercely oppose the idea of what is sometimes called “court packing.” Some Democrats and liberal activists have said all options including expansion must be considered to counter an entrenched conservative majority that could threaten abortion rights, civil rights, gun control and access to healthcare in the coming years.

Republican former President Donald Trump was able to appoint three justices during his four years in office, giving the court a 6-3 conservative majority.

Democrats accused Republicans of “stealing” a Supreme Court seat in 2016 when the Senate, then controlled by Republicans, refused to consider Democratic President Barack Obama’s nomination of Merrick Garland to fill a vacancy left by the death of conservative Justice Antonin Scalia.

Senate Republicans at the time, led by then-Majority Leader Mitch McConnell, said it would be inappropriate to confirm a justice during a presidential election year. Their gambit paved the way for Trump in 2017 to replace Scalia with another conservative, Justice Neil Gorsuch.

Democrats accused Republicans of hypocrisy last year when the Senate quickly confirmed Trump’s appointment of conservative Justice Amy Coney Barrett a week before the presidential election after the death of liberal Justice Ruth Bader Ginsburg the prior month.

Calling it a “faux-academic study of a non-existent problem,” McConnell blasted Biden’s commission as a political attack on the court.

“It’s just an attempt to clothe those ongoing attacks in fake legitimacy,” McConnell said.

McConnell played a pivotal role in helping Trump move the Supreme Court and the broader federal judiciary rightward by making Senate confirmation of judicial appointments a paramount priority.

The court’s oldest member is liberal Justice Stephen Breyer, 82. If Breyer retires this year, as liberal activists have urged him to do, Biden would make his first appointment to the high court. Biden has promised to name a Black woman, which would be a historic first. But replacing a liberal with a liberal would not change the court’s ideological balance.

Psaki said Biden “believes that’s a decision for Justice Breyer to make when he decides it is no longer time to serve on the Supreme Court.”

In a speech at Harvard Law School on Tuesday, Breyer indicated that changes to the court could undermine its authority. The court, Breyer said, depends on “trust that the court is guided by legal principle, not politics.”

Some liberal activists on Friday demanded immediate action to expand the court.

“Adding seats is the only way to restore balance to the court, and Congress should get started right away,” said Aaron Belkin, who heads the liberal group Take Back the Court.

The last attempt to expand the court was a failed effort in the 1930s by Democratic President Franklin Roosevelt after a series of rulings frustrated some of his policies.

Pubblicato in: Cina

Cina. Boao Forum for Asia 2021. Cosa ci fanno Prodi, De Molli, Ferrari, Letta, Visco, Geraci.

Giuseppe Sandro Mela.

2021-04-21.

Letta 001

«As a non-government, non-profit international organization, Boao Forum For Asia (BFA) is the most prestigious and premier forum for leaders in government, business and academia in Asia and other continents to share visions on the most pressing issues in this dynamic region and the world at large. The Forum is committed to promoting regional economic integration and bringing Asian countries even closer to their development goals.» [Institute of Chinese Studies]

*

L’importanza di questo Forum è messa in risalto dal fatto che lo Studio Ambrosetti, The European House, organizza la delegazione italiana. È di interesse leggere i nomi degli italiani coinvolti.

*

Studio Ambrosetti, The European House. Boao Forum for Asia Annual Conference 2021.

Nel 2021 e per il quinto anno consecutivo, The European House – Ambrosetti organizza la delegazione italiana al Boao Forum for Asia Annual Conference 2021 (BFA AC2021), che avrà luogo nei giorni 18-21 aprile 2021 a Boao -Hainan, Cina.

Il tema di quest’anno è: “A World in Change: Join Hands to Strengthen Global Governance and Advance Belt and Road Cooperation”.

*


Il Boao Forum for Asia (BFA) è un’organizzazione non governativa e senza scopo di lucro che mira a offrire una piattaforma di dialogo di fascia alta per i governi, imprese, esperti e studiosi per discutere insieme le questioni più urgenti in Asia e in tutto il mondo. L’Annual Conference, in particolare, ha il primario scopo di promuovere cooperazione e coordinamento tra i Paesi dell’Asia e tra Asia e resto del mondo, oltre a favorire il networking delle elite aziendali e istituzionali che vi partecipano. Ogni anno, 10-15 capi di stato intervengono a Boao di fronte ad oltre 2.000 delegati.

In un mondo che vive sempre più un ribilanciamento degli equilibri geo-economici, The European House – Ambrosetti ritiene che il Boao Forum for Asia rappresenti una piattaforma capace di offrire un quadro privilegiato per comprendere evoluzioni e dinamiche del continente asiatico, oltre che per costruire e sviluppare nuove relazioni. Per questo motivo abbiamo unito le nostre forze a quelle degli organizzatori del Forum per avere una presenza imprenditoriale e istituzionale crescente a questo importante appuntamento asiatico.

L’amicizia con l’Italia è stata riconfermata nel marzo 2018 con l’elezione del Prof. Romano Prodi come unico Europeo membro del nuovo Board, che si pregia anche della presenza di Ban Ki Moon come suo Chairman. Per rafforzare questa collaborazione, The European House – Ambrosetti e Boao Forum for Asia hanno formalizzato un memorandum d’intesa firmato il 9 luglio 2018 a Pechino con l’obiettivo di lanciare una nuova piattaforma Europa – Cina, all’interno della quale è stata organizzata la prima edizione dell’Asia-Europe Leaders’ Cooperation Dialogue, che si è tenuto il 4-5 dicembre 2018 a Roma e la seconda edizione a Chongqing in Cina l’1 e 2 Dicembre, 2019.

Per la prima volta quest’anno Valerio De Molli, Managing Partner e CEO The European House – Ambrosetti, parteciperà in qualità di speaker al Forum il 18 aprile e parlerà della costruzione congiunta della Via della Seta della Salute.

La delegazione italiana al Boao Forum for Asia dal 2017 è andata a rafforzarsi qualitativamente e quantitativamente. Anche in un anno di forti limitazioni alla mobilità internazionale Chiesi Farmaceutici, Danieli & C. Officine Meccaniche, Fincantieri, Red Gate Asset Management, Snam, Santoni, The European House-Ambrosetti saranno rappresentate in presenza attraverso le loro filiali asiatiche.

L’Italia sarà rappresentata sotto il profilo istituzionale da H.E. Luca Ferrari, Ambasciatore d’Italia nella Repubblica Popolare Cinese e da Lucia Pasqualini, Console Generale a Canton.

Interverranno al Forum anche Romano Prodi, Presidente Fondazione per la Collaborazione tra i Popoli e Board Member del Boao Forum for Asia (digitale); Enrico Letta, Segretario del Partito Democratico e già Primo Ministro (digitale); Ignazio Visco, Governatore della Banca Centrale Italiana (digitale); Michele Geraci, già Sottosegretario del Ministero dello Sviluppo Economico che parteciperà invece in presenza da Boao.

* * * * * * *


Integration of Asian financial markets progressing steadily: report

Boao, Hainan, April 18 (Xinhua) — The integration of Asian financial markets is progressing steadily, according to a report released by the Boao Forum for Asia (BFA) Sunday.

The BFA Asian Economic Outlook and Integration Progress Annual Report 2021 states that in 2019, the portfolio of assets attracted by Asian countries’ financial markets increased by 14.24 percent, and 22 percent of the funds came from Asia itself.

Portfolio investment from China and into China increased by 29.73 percent and 21.27 percent, respectively, according to the report.

“Asian economies actively promote currency cooperation and infrastructure interconnection. The scale of bilateral currency swaps has reached more than 240 billion U.S. dollars, and domestic currency cooperation among Asian economies is promoted,” the report said.

In January 2021, the Japanese yen, Chinese yuan, Hong Kong dollar, Singapore dollar and Thai baht were among the top 10 currencies for global payment and settlement, it said.

International financial centers, such as Shanghai, Tokyo, Hong Kong, Singapore, Beijing and Shenzhen, have played important roles in directing global capital to Asia, serving the real economy, and supporting innovation-oriented development, the report said. Enditem

* * * * * * *

Questa è una delle frasi significative:

«In January 2021, the Japanese yen, Chinese yuan, Hong Kong dollar, Singapore dollar and Thai baht were among the top 10 currencies for global payment and settlement»

Per quanto concerne l’Italia, sarebbe da prestare molta attenzione ai nomi dei partecipanti.

«L’Italia sarà rappresentata sotto il profilo istituzionale da H.E. Luca Ferrari, Ambasciatore d’Italia nella Repubblica Popolare Cinese e da Lucia Pasqualini, Console Generale a Canton.»

«Interverranno al Forum anche Romano Prodi, Presidente Fondazione per la Collaborazione tra i Popoli e Board Member del Boao Forum for Asia (digitale); Enrico Letta, Segretario del Partito Democratico e già Primo Ministro (digitale); Ignazio Visco, Governatore della Banca Centrale Italiana (digitale); Michele Geraci, già Sottosegretario del Ministero dello Sviluppo Economico che parteciperà invece in presenza da Boao.»

«Per la prima volta quest’anno Valerio De Molli, Managing Partner e CEO The European House – Ambrosetti, parteciperà in qualità di speaker al Forum il 18 aprile e parlerà della costruzione congiunta della Via della Seta della Salute.»

Si constata come questo governo italiano sia assente, e si prende atto dei nomi delle personalità italiane che vi parteciperanno.

Pubblicato in: Devoluzione socialismo, Russia, Stati Uniti

Russia – Rep Ceka. Russia espelle 20 diplomatici ceki. La escalation prosegue.

Giuseppe Sandro Mela.

2021-04-20.

Cigno Nero 001

«Moscow expelled 20 Czech diplomats on Sunday in a confrontation over Czech allegations that two Russian spies accused of a nerve agent poisoning in Britain in 2018 were behind an earlier explosion at a Czech ammunition depot that killed two people»

«Prague had on Saturday ordered out 18 Russian diplomats, prompting Russia to vow on Sunday to “force the authors of this provocation to fully understand their responsibility for destroying the foundation of normal ties between our countries”»

«Moscow gave the Czech diplomats just a day to leave, while Prague had given the Russians 72 hours»

«The Czech Republic said it had informed NATO and European Union allies that it suspected Russia of causing the 2014 blast, and European Union foreign ministers were set to discuss the matter at their meeting on Monday»

«It also adds to growing tensions between Russia and the West in general, raised in part by Russia’s military build-up on its Western borders and in Crimea, which Moscow annexed from Ukraine in 2014, after a surge in fighting between government and pro-Russian forces in Ukraine’s east»

«Russia said Prague’s accusations were absurd as it had previously blamed the blast at Vrbetice, 300 km (210 miles) east of the capital, on the depot’s owners»

* * * * * * *

La Harris-Biden Administration ha lanciato un’offensiva diplomatica, mediatica e di sanzioni contro la Russia, che accusa di non rispettare i ‘diritti umani’, essendo tali quelli postulati dalla ideologia liberal.

Ma l’aspetto peggiore è ben evidenziato dall’uso di alcuni termini.

«allegations …. spies accused …. it suspected Russia»

Da un punto di vista logico corre una abissale differenza tra delle ‘accuse’ e dei fatti provati.

La strada intrapresa dalla Harris-Biden Administration è molto pericolosa.

Se si comprende che i liberal americani siano alla ricerca di capri espiatori dei loro fallimenti, economici in primo luogo e nel controllo dell’epidemia in secondo luogo, si conviene che solo con una guerra i liberal americani potrebbero azzerare il debito pubblico e conquistare la dittatura.

*


Livid Russia expels 20 Czechs after blast blamed on Skripal suspects

Moscow expelled 20 Czech diplomats on Sunday in a confrontation over Czech allegations that two Russian spies accused of a nerve agent poisoning in Britain in 2018 were behind an earlier explosion at a Czech ammunition depot that killed two people.

Prague had on Saturday ordered out 18 Russian diplomats, prompting Russia to vow on Sunday to “force the authors of this provocation to fully understand their responsibility for destroying the foundation of normal ties between our countries”.

Moscow gave the Czech diplomats just a day to leave, while Prague had given the Russians 72 hours.

The Czech Republic said it had informed NATO and European Union allies that it suspected Russia of causing the 2014 blast, and European Union foreign ministers were set to discuss the matter at their meeting on Monday.

The U.S. State Department commended Prague’s firm response to “Russia’s subversive actions on Czech soil”.   

The row is the biggest between Prague and Moscow since the end of decades of Soviet domination of eastern Europe in 1989.

It also adds to growing tensions between Russia and the West in general, raised in part by Russia’s military build-up on its Western borders and in Crimea, which Moscow annexed from Ukraine in 2014, after a surge in fighting between government and pro-Russian forces in Ukraine’s east.

Russia said Prague’s accusations were absurd as it had previously blamed the blast at Vrbetice, 300 km (210 miles) east of the capital, on the depot’s owners.

It called the expulsions “the continuation of a series of anti-Russian actions undertaken by the Czech Republic in recent years”, accusing Prague of “striving to please the United States against the backdrop of recent U.S. sanctions against Russia”.

                         ARMS SHIPMENT

Czech Prime Minister Andrej Babis said the attack had been aimed at a shipment to a Bulgarian arms trader.

“This was an attack on ammunition that had already been paid for and was being stored for a Bulgarian arms trader,” he said on Czech Television.

He said the arms trader, whom he did not name, had later been the target of an attempted murder.

Bulgarian prosecutors charged three Russian men in 2020 with an attempt to kill arms trader Emilian Gebrev, who was identified by Czech media as the same individual. Reuters was unable to reach Gebrev for comment.

Czech police said two men using the names Alexander Petrov and Ruslan Boshirov had travelled to the Czech Republic days before the arms depot blast.

Those names were the aliases used by the two Russian GRU military intelligence officers wanted by Britain for the poisoning of former Russian spy Sergei Skripal and his daughter with the Soviet-era nerve agent Novichok in the English city of Salisbury in 2018. The Skripals survived, but a member of the public died.

The Kremlin denied involvement in that incident, and the attackers remain at large. read more

Czech interior and acting foreign minister Jan Hamacek said police knew about the two people from the beginning, “but only found out when the Salisbury attack happened that they are members of the GRU, that Unit 29155”.

Hamacek said Prague would ask Moscow for assistance in questioning them, but did not expect it to cooperate.

                         “DANGEROUS AND MALIGN”

British Foreign Secretary Dominic Raab tweeted that the Czechs “have exposed the lengths that the GRU will go to in their attempts to conduct dangerous and malign operations”.

A NATO official said the alliance would support the Czech Republic as it investigated Russia’s “malign activities”, which were part of a pattern of “dangerous behaviour”.

“Those responsible must be brought to justice,” added the official, who declined to be named.

The United States imposed sanctions against Russia on Thursday for interfering in last year’s U.S. election, cyber hacking, bullying Ukraine and other actions, prompting Moscow to retaliate.

On Sunday, U.S. national security adviser Jake Sullivan said Washington had told Moscow “there will be consequences” if Alexei Navalny, the opposition figurehead who almost died last year after being given a toxin that Western experts say was Novichok, dies in prison, where he is on hunger strike.

The 2014 incident has resurfaced at an awkward time for Prague and Moscow.

The Czech Republic is planning to put the construction of a new nuclear power plant at its Dukovany complex out to tender.

Security services have demanded that Russia’s Rosatom be excluded as a security risk, while President Milos Zeman and other senior officials have been putting Russia’s case.

In a text message, Industry Minister Karel Havlicek, who was previously in favour of including Russia, told Reuters: “The probability that Rosatom will participate in the expansion of Dukovany is very low.”

Pubblicato in: Finanza e Sistema Bancario, Stati Uniti

Banche Americane. 2021Q1. Utili Goldman Sachs +498%, JP Morgan quintuplicati, YoY.

Giuseppe Sandro Mela.

2021-04-20.

Trimestrale di gloria per le banche americane, che raccolgono i frutti della passata Amministrazione Trump.

«Goldman Sachs ha chiuso il primo trimestre con numeri record, con profitti in rialzo del 498% e ricavi più che raddoppiati rispetto allo stesso periodo dello scorso anno»

«I ricavi netti sono saliti del 102% a 17,704 miliardi»

*

«JP Morgan, il colosso bancario guidato da Jamie Dimon, ha reso noto di aver concluso il primo trimestre del 2021 con utili netti per un valore di $14,3 miliardi, quintuplicati rispetto ai $2,87 miliardi riportati nel primo trimestre del 2020»

«Bene anche il fatturato, che si è attestato a $33,12 miliardi, meglio dei $30,52 miliardi attesi»

* * * * * * *


Le banche americane stanno andando a gonfie vele, almeno per il momento. Poi staremo a vedere se la Harris-Biden Administration saprà mantenere questi livelli di guadagno.

*


Conti da record per Goldman Sachs

Primo trimestre sopra le attese, con profitti in rialzo del 498% e ricavi più che raddoppiati rispetto allo stesso periodo dell’anno scorso. Utile netto di 6,836 miliardi di dollari, 18,6 dollari per azione

Risultati al di sopra delle attese. Goldman Sachs ha chiuso il primo trimestre con numeri record, con profitti in rialzo del 498% e ricavi più che raddoppiati rispetto allo stesso periodo dello scorso anno. Utile netto di 6,836 miliardi di dollari, 18,6 dollari per azione, contro gli 1,213 miliardi, 12,08 dollari per azione, dello stesso periodo dell’anno scorso.

                         RICAVI RECORD.

A trainare i numeri soprattutto i ricavi record delle attività di investment banking (+73% a 3,77 miliardi di dollari), asset management (volati a 4,61 miliardi) e global markets (+47% a 7,58 miliardi, il dato trimestrale più alto dal 2010). I ricavi netti sono saliti del 102% a 17,704 miliardi. Gli analisti si aspettavano profitti per 10,22 dollari per azione con un giro d’affari di 12,56 miliardi.

                         VALORE PIÙ ALTO DAL 2009.

Il ritorno sul capitale annualizzato è stato del 31%, il valore trimestrale più alto dal 2009, mentre il valore contabile per azione è salito del 6,2% a 240,81 dollari. Nel trimestri sono stati pagati dividendi sulle azioni ordinarie per 448 milioni di dollari, con un riacquisto di azioni proprie per 2,7 miliardi di dollari.

                         “ATTIVITÀ BEN POSIZIONATE”.

“Abbiamo lavorato duramente per prepararci al post pandemia e a un ambiente economico più stabile. Le nostre attività rimangono molto ben posizionate per aiutare i nostri clienti a riposizionarsi in vista della ripresa e questa forza si riflette nei ricavi e negli utili record raggiunti in questo trimestre”, ha detto il ceo David Solomon.

                         BALZO DEGLI ASSET GESTITI.

Nel trimestre, gli asset gestiti sono aumentati di 59 miliardi, compresi afflussi netti di lungo termine per 37 miliardi, raggiungendo il valore record di 2.200 miliardi. Le commissioni, comprese quelle di gestione, sono state pari a 1,77 miliardi. In aumento anche le spese operative che hanno toccato 9,44 miliardi (il 60% in più rispetto allo stesso periodo dell’anno scorso): dato da leggere positivamente, come ha precisato la banca, visto che è legato a un incremento dei compensi e dei benefit, a seguito delle performance del gruppo.

*


JP Morgan: in I trimestre utili quintuplicati a oltre $14 miliardi. Libera accantonamenti NPL per più di $5 miliardi

JP Morgan, il colosso bancario guidato da Jamie Dimon, ha reso noto di aver concluso il primo trimestre del 2021 con utili netti per un valore di $14,3 miliardi, quintuplicati rispetto ai $2,87 miliardi riportati nel primo trimestre del 2020. L’attivo per azione è stato pari a 4,50 dollari, incluso un utile per azione di $1,28 relativo al rilascio delle somme, ben $5,2 miliardi, che la banca aveva accantonato in via prudenziale per perdite sui crediti (bad loans) che non si sono concretizzate. Questa somma ha permesso a JP Morgan, insieme ai robusti risultati di trading, di battere le stime degli analisti sugli utili e il fatturato. L’attivo per azione è stato superiore ai $3,10 per azione attesi dagli analisti intervistati da Refinitiv. Bene anche il fatturato, che si è attestato a $33,12 miliardi, meglio dei $30,52 miliardi attesi, grazie per l’appunto alla divisione di trading, che ha prodotto $1,8 miliardi di più di giro d’affari che il consensus aveva previsto.

Pubblicato in: Devoluzione socialismo, Economia e Produzione Industriale, Unione Europea

Europa. Kontrordine Kompagni. Le auto ibride inquinano. Basta sovvenzioni.

Giuseppe Sandro Mela.

2021-04-20.

Giulio Romano. Palazzo Gonzaga. Sala dei giganti. 004

«From the perspective of environment and climate, today’s plug-in hybrid technology is worse than what it is replacing»

«Remember when plug-in hybrid cars were the go-to technology for the climate-conscious driver?»

* * * * * * *

Una delle maggiori caratteristiche delle persone intelligenti è quella di avere idee chiare, ben fondate sulla realtà dei fatti, associata ad una frequente ed approfondita revisione critica del pensato e dell’operato: saper mutare idea quando questa non sia più corroborata dai fatti è però la caratteristica sovrana. Sono persone normali.

Ben differente invece è l’evenienza di quanti abbiano sublimato un sogno impossibile a livello di realtà fattuale, e che quindi ne debbano constatare l’infondatezza. In questo caso si muta idea non a seguito di una revisione critica, ma solo perché la realtà distrugge il pregresso pensato.

*

Si prenda atto di come il comparto automobilistico stia scomparendo dall’enclave liberal europea, trapiantandosi altrove, ove possa lavorare senza interferenze ideologiche e politiche.

Ford China sales up 73.3 percent in Q1

* * * * * * *

Kontrordine Kompagni!

L’Unione Europea, che in due anni non è stata in grado di approvare il Recovery Fund, si butta a capofitto nell’ecologico.

*

«From the perspective of environment and climate, today’s plug-in hybrid technology is worse than what it is replacing»

«Once ‘green’ plug-in hybrid cars suddenly look like dinosaurs in Europe»

«Remember when plug-in hybrid cars were the go-to technology for the climate-conscious driver?»

«Turns out, they’re not good for the environment, according to some experts, and they could be phased out by carmakers in the face of tougher European rules.»

«Draft green finance regulations would ban manufacturers from labelling them as “sustainable investments” beyond 2025, potentially deterring investors»

«Meanwhile planned rules on emissions of pollutants like nitrogen oxides could increase the cost of producing these cars»

«The aim of such reforms is to speed the transit to fully-electric vehicles and meet climate goals»

«Some carmakers had envisaged selling hybrids until at least the end of this decade as a bridge to fully battery electric vehicles (BEVs) – although their shift away from the technology looks to be underway»

«“It’s crazy to do this by 2025 because effectively you kill demand today,” said Adrian Hallmark, CEO of British luxury carmaker Bentley, a unit of Volkswagen, referring to proposals to not classify PHEVs as sustainable investments. He plans to sell PHEVs until 2030 before going all-electric»

«For most people, a battery electric car is not yet practical»

«The rules, which are still being drafted, come against the backdrop of a shift in the position of some leading environmental groups which are pushing to dispel PHEVs’ green credentials and do away with their subsidies»

* * * * * * *

I sogni sono sogni, i deliri coatti sono deliri coatti.

Ciò che resta è la realtà fattuale:

Ford China sales up 73.3 percent in Q1

* * * * * * *


Once ‘green’ plug-in hybrid cars suddenly look like dinosaurs in Europe

Remember when plug-in hybrid cars were the go-to technology for the climate-conscious driver? Turns out, they’re not good for the environment, according to some experts, and they could be phased out by carmakers in the face of tougher European rules.

EU policy plans for plug-in hybrid vehicles (PHEVs), which contain an electric battery and a combustion engine, could mean the “transition” technology has a shorter lifespan than envisaged by some leading automakers.

Draft green finance regulations would ban manufacturers from labelling them as “sustainable investments” beyond 2025, potentially deterring investors. Meanwhile planned rules on emissions of pollutants like nitrogen oxides could increase the cost of producing these cars.

The aim of such reforms is to speed the transit to fully-electric vehicles and meet climate goals. Yet they would mark a shift from existing EU policies, such as CO2 standards, which have treated hybrids on a par with all-electric cars and helped spur the auto industry to invest tens of billions of euros in the technology.

Some carmakers had envisaged selling hybrids until at least the end of this decade as a bridge to fully battery electric vehicles (BEVs) – although their shift away from the technology looks to be underway.

An analysis of car production plans in Europe through to 2028 compiled for Reuters by AutoForecast Solutions (AFS), which tracks industry production plans, shows only 28 PHEV models versus 86 BEV models. That is a turnaround for an industry where PHEV models on the market have outnumbered BEV models every year since 2015, often significantly.

Now some carmakers fear the EU could prematurely cut short that transition. They warn upcoming rules could make it hard to sell PHEVs in European markets in just a few years’ time, despite consumer concerns about the range of fully electric cars and a lack of charging infrastructure.

“It’s crazy to do this by 2025 because effectively you kill demand today,” said Adrian Hallmark, CEO of British luxury carmaker Bentley, a unit of Volkswagen, referring to proposals to not classify PHEVs as sustainable investments. He plans to sell PHEVs until 2030 before going all-electric.

“For most people, a battery electric car is not yet practical,” he told Reuters.

A European Commission official declined to comment on the green finance rules specifically, but said its policies were “technology neutral”, adding that PHEVs were “a transition technology towards zero-emission mobility”. To reach an overall climate neutrality target in 2050, nearly all cars on the roads must be zero emissions by that time, the Commission added.

The rules, which are still being drafted, come against the backdrop of a shift in the position of some leading environmental groups which are pushing to dispel PHEVs’ green credentials and do away with their subsidies.

One study, from the International Council on Clean Transportation last September, said PHEVs’ fuel consumption and CO2 emissions are up to four times the level they are approved for because people do not charge them often enough.

Julia Poliscanova, senior director for vehicles and e-mobility at European NGO Transport & Environment, said its own research showed that when driven in combustion-engine mode, hybrids’ CO2 emissions were higher than conventional cars’ – they’re heavier than combustion-only cars so used more fuel.

“From the perspective of environment and climate, today’s plug-in hybrid technology is worse than what it is replacing.”

This is a change in the group’s position from as recently as 2018, when it saw PHEVs as a transition technology.

‘GREAT CONSUMER PRODUCT’

Carmakers say hybrids, used properly with electric as the primary power source and combustion as a back-up, emit far less than conventional cars. They add that PHEVs are a popular transitional choice for consumers who want greener travel.

PHEV sales in the EU more than trebled to 507,000 vehicles in 2020, almost as many as the nearly 539,000 all-electric vehicles sold.

Gauging carmakers’ investments on PHEVs is hard because they only announce broad “electrification” plans. Consultancy AlixPartners estimates carmakers and suppliers will invest $200 billion in electrification from 2020 to 2024.

German engineering specialists FEV estimates fitting a battery, motor and electronics to a combustion engine car to make a PHEV costs up to 4,000 euros ($4,700) per vehicle.

European automakers are dividing over whether to fight for PHEVs, or spend their financial and political capital accelerating the leap to fully electric vehicles and pushing for better charging infrastructure across the continent.

Stephan Neugebauer, chairman of the European Green Vehicles Initiative Association, told Reuters technology improvements will mean future PHEVs rely less on their combustion engines, making them fit for the green transition over the next decade and even beyond.

“Will all customers buy battery electric vehicles in 10 years, or nine years? We don’t think so,” said Neugebauer, who is also BMW’s director of global research cooperation.

“Why? Because sometimes you have to make a long-distance trip, you go on holidays, you have to pull a trailer. And for this, you need public charging infrastructure. And this will still be a critical issue.”

BMW and Renault SA, which have not set a date for going all-electric, are among the companies firmly in the hybrids camp.

BMW boss Oliver Zipse said last month that they were “a great consumer product” and there would be a market for them even without subsidies. Renault CEO Luca de Meo said in February that PHEVs “will be part of the landscape for the next 10 years easily” and were more profitable than conventional cars.

Volvo Cars CEO Håkan Samuelsson told Reuters: “It’s a bit disappointing they (Brussels policymakers) don’t see the value of a plug-in hybrid”. But he said his company, which aims to be all-electric by 2030, was more focused on pushing the EU to make member states invest heavily in charging infrastructure.

“If we in the car industry invest in electric cars, and do that very rapidly, I think our credibility to ask for investments in the charging network increases,” he said.

‘THE LIMIT OF WHAT’S ACHIEVABLE’

The European Commission is due to propose at least a dozen pieces of legislation to slash emissions across all sectors this year.

Current drafts of the EU’s sustainable finance taxonomy, a list of economic activities that from next year will determine what can be marketed as a sustainable investment, exclude manufacturing of PHEVs from 2026.

That could deter the army of investors seeking assets with green credentials. It could also potentially restrict public funding, if governments moved to align their spending with the taxonomy.

While many countries still subsidise PHEVs, the Netherlands scaled back tax breaks for them in 2016. By 2020, eight times as many BEVs were sold in the country as PHEVs, compared with four times as many PHEVs as BEVs four years before, showing how government policy on vehicle technology can have a major effect on consumer behaviour.

A consortium of researchers, commissioned by the EU and known as CLOVE, this month recommended that so-called Euro 7 rules should tighten car emission limits for pollutants including nitrogen oxides and carbon monoxide from 2025. Its recommendations are not binding, but aim to inform the European Commission’s proposals, due later this year.

Transport & Environment, part of the Commission’s expert group working on the standards, said the proposals would force carmakers to fit PHEVs with expensive technology to curb emissions from their combustion engines.

Hildegard Mueller, president of German auto industry association VDA, said the proposals were “at the limit of what is technologically achievable”.

“We still have to be very careful that the internal combustion engine is not made impossible by Euro 7,” she said