IMF BLOG: How War in Ukraine Is Reverberating Across World’s Regions

By Alfred Kammer, Jihad Azour, Abebe Aemro Selassie, IIan Goldfajn and Changyong Rhee

The conflict is a major blow to the global economy that will hurt growth and raise prices.

Beyond the suffering and humanitarian crisis from Russia’s invasion of Ukraine, the entire global economy will feel the effects of slower growth and faster inflation.

Impacts will flow through three main channels. One, higher prices for commodities like food and energy will push up inflation further, in turn eroding the value of incomes and weighing on demand. Two, neighboring economies in particular will grapple with disrupted trade, supply chains, and remittances as well as an historic surge in refugee flows. And three, reduced business confidence and higher investor uncertainty will weigh on asset prices, tightening financial conditions and potentially spurring capital outflows from emerging markets.     

GUYANA: Govt. to now secure oil spill insurance from ExxonMobil – VP Jagdeo

— Govt. finally buckles under pressure of two year protest  …to now secure insurance from ExxonMobil for any Stabroek Block oil spill

March 26 – Kaieteur News – After two years of protest from citizens for full liability insurance coverage from oil giant ExxonMobil, in the unfortunate event of an oil spill in the country’s waters, Vice President Bharrat Jagdeo has finally come on record to assure that his administration is now working with the parent company to secure such guarantee. Jagdeo made the revelation on Thursday March 24, during an interview with one of the government’s communications specialist, Eddie Layne.

Since the startup of its oil operations in December 2019, ExxonMobil has evaded demands to provide insurance coverage, and instead tied its subsidiary, Esso Exploration and Production Guyana Limited (EEPGL) to providing this guarantee. It has been argued however that EEPGL, being a fairly new company, with assets worth only around US$5 billion, would not be able to effectively cover all costs associated with an oil spill in Guyana, should such an adverse event occur.       

USA: Homelessness: We’re watching civilization collapse in real time – video

Homelessness: Tucker: We’re watching civilization collapse in real time – Tucker Carlson – video

Fox News – ‘Tucker Carlson Tonight’ host examines how leaders are rewarding criminal behavior in cities across the country. #FoxNews #Tucker – Aired January 18, 2022. – 5,703,136 views.

EUROPE: Putin Doesn’t Have An Endgame for Ukraine- But We Do – Opinion

By: Lucian K. Truscott IV

When orders over 150,000 troops and tanks and howitzers and missile launchers to cross another country’s borders and attack its capital and other major cities and kill its civilian citizenry after accusing them of being “Nazis” and committing “genocide”, the question quickly becomes, where is this madman going to stop?

Hitler wasn’t satisfied when he took Austria in 1938. He wasn’t satisfied when he demanded and got the Sudetenland a few months later. He didn’t stop when he took Poland in 1939. What will satisfy the angry, resentful, aggrieved “president” of Russia? Where will he stop? What is his endgame, to use the modern word?               

GUYANA: OIL: Proper insurance coverage for oil spills – By GHK Lall

GHK Lall

Encouraging Events, Disturbing Developments… By GHK Lall

Feb 27, 2022 – Kaieteur News – It has to be disturbing to all Guyanese that both Exxon and Guyanese leaders continue to play footsie with prioritising full coverage insurance in the event of a disastrous oil spill. This was what one of the newer civic groups, well named as “A Fair Deal for Guyana; a Fair Deal for the Planet” made the centerpiece of their fight to get more protection and a better deal for Guyana.

I agree with the group and support its members in what I see as a necessary struggle to give the peace of mind of much-needed protections. I salute them for their courage and public outspokenness before a stubborn and vindictive PPP/C Government. They understand the risks, I know them firsthand.       

EUROPE: Western powers have realised Russia is largely immune to sanctions – Analysis

Analysis: Only the financial equivalent of unleashing a nuclear arsenal will dent Russia’s foreign assets war chest

PHOTO: A VTB bank in Moscow. Economists have said sanctioning banks is largely ineffective. Photograph: Evgenia Novozhenina/Reuters

Phillip Inman Economics editor –THE GUARDIAN —Sat 26 Feb 2022 01.57 GMT

The war against Russia is one western countries want to fight with only economic sanctions, not guns.

Russia’s conflict with Ukraine, despite its long gestation and planning by Vladimir Putin and his supporters in the Kremlin, was supposed to end quickly once financial retaliation began. Yes, there would be military skirmishes on the ground, but little more than a few casualties were expected once a range of penalties began to bite.

The western powers have quickly realised that unless they are willing to fire the financial equivalent of a nuclear arsenal, Putin has made sure Russia is largely immune, at least in the short term.         

USA: Black History Month – Black Churches in America – By: Dhanpaul Narine

  – By: Dhanpaul Narine

150+ yr Old Black Church

It is 1758 and a slave reports on the condition of Blacks. He says, ‘the white folks would come in when the colored people would have prayer meetings, and whip every one of them. Most of them thought that when colored people were praying it was against them.’ In 2015, in Charleston, South Carolina a weapon, deadlier than the whip was used, and it brought tragic results.

Black churches were a cause of concern to the White establishment, during and after slavery. A Black congregation was seen as a threat to White supremacy. The congregation was an example of faith, togetherness, and the ownership of property, and this did not sit well with Whites. When Whites in the South wanted excitement they would set fire to Black churches. The flames provided relief from boredom and sent a message to Blacks to mind their message and manners.           

VENEZUELA: The Tragic Tales of Three Venezuelan Migrant Children – Caracas Chronicles

These tragedies in Trinidad, Chile and the U.S. sadden us, but should also motivate us to continue demanding safe, orderly and regular pathways for Venezuelan migrants 

Betilde Muñoz-Pogossian | Caracas Chronicles

On February 5th, 2022, an awful tragedy happened. A Venezuelan baby was killed in his mother’s arms when the Trinidad and Tobago Coast Guard fired at the boat carrying a group of Venezuelan migrants.

We know that at least three Venezuelan kids have died migrating to another country so far this year.           

USA-CANADA: Border Blockade; No Access To Canada via Ambassador Bridge – Video

Published on February 9, 2022 – Day 3 of the Bridge Blockade which continues 

Click On Detroit | Local 4 | WDIV

.

The Ambassador Bridge, which usually carries 25% of all trade between the U.S. and Canada, is half-closed for the Third straight day. There’s still no access to the part of the bridge that leads into Canada. There is some traffic on the side leading into the U.S. The cause of the closure is a blockade by people protesting vaccine mandates in Canada. Today, Friday 11 February 2022, will be the fifth day of this blockade which stretches for miles.

GUYANA: Laparkan fire reportedly started where dangerous oil chemicals were stored

By Wayne Lyttle – Jan 18, 2021 – Kaieteur News 

The popular Laparkan Shipping Company storage bond and the storage bond of another shipping company identified as Tropical Shipping Company were destroyed by a massive inferno, which started just before midnight on Sunday.

The bonds are located on the premises of the Guyana National Shipping Corporation (GNIC) Wharf at Lombard and Broad Streets, Charlestown, Georgetown.

According to reports, hundreds of millions of dollars worth in vehicles and other imported items which were stored in containers, barrels and boxes were completely destroyed by the blaze.