Dialogue of the Deaf Revisited
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Tuesday, April 5th 2022
Dear Mustafa,                
It gives me no pleasure to re-circulate 'A Dialogue of the Deaf', a Market Comment we first wrote in May 2020.

At that time we were worried about the unrelenting financial pressure that President Trump was exerting on China, and we likened it to what the US had done to Japan during the 1930s. This latter sequence actions ultimately led to a loss of rationality in Japan, the results of which were deadly.

Well fast forward to now and you can just replace the Japan / China comparison with Russia. A very clear similarity is that last night in New York the US government stopped Russian bond payments to the tune of $550m.

I attach a link below to the original article, but for those readers who are time poor then the key lines are:

'The US did not want actual war. This ‘paper war’ was the start of a series of financial policies meant to bring “Japan to its senses, not to its knees.” With no US money, no oil, no export market, and on its knees, Japan lost its senses.'

We are no apologist for Putin, but god help us if he loses his senses.
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