Twelve ballistic missiles hit near the US consulate in Erbil in Northwestern Iraq Saturday (last) night. Tracking the trajectory of the missiles show they were launched from Iran. There were damages, but no casualties reported as of early this morning.
Iran’s national news reported 6 Long Range Ballistic Missiles were launched towards the US embassy at Erbil and the embassy compound was hit.
Biden was counting on buying crude oil from Iran since he lifted Trump sanctions on Iran. Now what will he do? Our guess is he will still buy Irianian crude oil.
Russia announced yesterday Moscow’s stock market will be closed all of this week.
Robin Brooks is the Chief Economist for the Global Association of the Financial Industry. He predicts Russia's GDP will fall 30% by the end of 2022 as sanctions choke-off domestic demand. He expects Russia to print new money to ease the economic pain. He says, “…but that'll just bring a devaluation-hyperinflation spiral…” Russia is by far the world’s largest wheat exporter. Will growing crops become the most important industry in Russia? Or will the farming business die a slow death as it is in Argentina?
Argentina ended 2021 with the same number of private jobs as 2011. However, during those same ten years 842,000 public jobs were added. Argentina has defaulted on its national debt three times in the last 30 or so years.