The Multipolar Moment | QPOL Issue #51
The global fight for national sovereignty against a neo-feudalist world order.
In recent weeks we’ve seen what looks like a world-wide nationalist uprising against globalism.
Spain
The recent regional elections in Spain saw a strong majority vote go towards the conservative People’s Party. Only 3 out of the 12 regions voted to retain socialist dominance, or the Partido Socialista Obrero Español (PSOE). However, Spain’s socialist prime minister/Davos appointee, Pedro Sánchez, decided to “dissolve parliament and call a general election on 23 July, five months before the poll had been scheduled to be held.”
The question then becomes how long can the people put up with this authoritarian, globalist nonsense. These “elites” think they’re geniuses by coming up with scheme after scheme of how to subvert democracy (or whatever is left of it) so they can remain in power. Eventually, the bear can only stand so much poking and push comes to shove.
Kosovo
Push came to shove recently in Kosovo as the Serbs rose up against US and NATO forces. It seems that Davos has moved their attention away from the war they’re losing against Russia and now towards other nations that are critical to maintaining the Heartland (Eastern Europe).
Hungary is even actively blocking all EU desires of more sanctions and war against Russia. As the Duran points out, this Kosovo conflict echoes similar sentiments before the Ukraine/Russia war. As Russia cleans up shop in Bakhmut, they could very well re-patriate the ethnic Serbs just as they did the ethnic Russians in Ukraine.
Italy
Meanwhile, there seems to be some effort in political clarity and restoration happening in Italy. President Meloni has opened talks of a constitutional reform and establishing Italy’s Third Republic. This would be a clear move for Italy to declare its sovereignty over the European Union. The Italian Deep State allowed the previous President, Mattareella, to undermine the last 5 governments for globalist interests. Meloni looks to reform and abolish the presidency as it currently stands in order to allow the people to properly elect a leader without globalist meddling in the results.
On top of that, they’ve been online rumors about of Italy starting its Family Pride Month in retaliation against the globalist-backed LGBTQ+ Pride Month. Meloni and her party, the Brother’s of Italy, publicly pursued several anti-LGBTQIA+ policies and expressed refusal for mass immigration. People world-wide are clearly fed up with this debauchery, insanity, and hysteria being pushed down their throats by the likes of the WEF and their corporatocracy.
Turkey
To no surprise, President Erdogan won re-election in Turkey. As the title of Tom Luongo’s recent article lays out, Erdogan’s win was without a doubt the failures of an economic hitman manifested. The globalists have been trying to bend turkey to their will both socially and economically for years.
This victory (like it or not) is a loss for Davos, particularly since Turkey isn’t in NATO and seems to be taking the nationalistic approach and may more than likely side with BRICS against the West. The globalist protocol of color revolutions is failing.
All these anecdotes are clear signs that the people of these countries (and I’m sure many more) favor national sovereignty over globalist oligarch rule of neo-feudalism.
Europe’s Economy Down Bad
On the financial front, Germany, the economic backbone of Europe, is officially in recession. This is a direct consequence of sanctioning Russia at the beginning of the war with Ukraine. They have cut themselves off from Russian oil and gas which is causing negative downstream effects on all other industries.
The same crisis is happening in Britain. Their economic models are breaking down and inflation is soaring despite fudging the numbers. This would explain why the euro is up as Lagarde has chosen to protect credit spreads in order to maintain some signs of economic normalcy. Both countries are suffering breakdown in industrialization and a political crisis and they continue to provide infinite support and funds towards Ukraine’s lost-cause of a war against Russia. Not to mention Davos allowed the Biden administration to bomb critical German infrastructure being the Nord Stream pipelines last Fall. All these painful blows to the globalists have been self-inflicted.
BRICS Rises Up
On the flip side, Russia has been laughing as they count their rubles. The economic status in Russia (BRICS in general) has been healthy to say the least. In contrast to Germany and Britain, their annualized inflation is 2.3%. Britain is at 8.7% and Germany is sitting similar to US at around 5%.
Oil revenues are rising, as is the ruble since they only trade in their own currency which creates more demand for it. The oil price cap has been proven futile and Russia no longer gives discounts on oil in the far East and there’s no shortage of buyers. Their oil exports are high and rising (above 2021 levels).
Their agriculture is robust and has positive forecasts for years ahead. They had record food production last year and may exceed this year. The surplus of food covers their exports as well as their domestic needs which has dampened price inflation on goods. Their industrial production is up, as well a consumer spending, and real incomes are growing.
The economic progress of Russia and the Global South can be best demonstrated in the visual above. Say what you will about GDP being a bunk and manipulated rate, but what’s clear is that the BRICS nations are actively working together against the collective West. Their cooperation and deliberate decision to give the finger to Western sanctions and other economic hit man schemes over the years has significantly increased their purchasing power of parity (PPP) in contrast to the G7. The West and Davos oligarchs have crippled themselves in an effort to destroy the Global South’s opposing order and maintain the Heartland. It’s the same ol’ song and dance. BRICS is pushing back.
Traitors on the Homefront
On the contrary, the United States Congress (specifically the apparent lame duck Republicans in the Freedom Caucus) has failed its people via the passing of the current debt ceiling bill. This piece of legislation is set to deficit spend the US into oblivion with more war spending for Ukraine.
A concern is whether or not this could undo all the tightening the Fed has accomplished for the past 2 years since Powell raised the Reverse Repo rate and drained trillions of base 0 money out of the global economy.
As Judge NAP pointed out, this is by no means a fiscal reform and basically gives the Treasury $4T of spending.
Fed Strikes Back
So how does the Fed fight back? Congress can spend all they want, but the Fed is still gonna raise interest rates. Monetary policy works on a lag and we’ve seen demand destroyed and inflation practically get cut in half over the past year. As Danielle DiMartino Booth says, “let QT work in the back ground.” There’s still about $95B of treasuries being rolled off the Fed’s balance sheet every month, despite the threading issuing $1T in treasuries.
Additionally, if most of the money to buy newly issued treasuries is coming from the RRP facilities both foreign and domestic, it’s technically liquidity neutral and a crisis could be averted.
The downward effects? Nik Bhatia spoke of the demand destruction in commercial and residential real estate. This is of course part of the lagging effect I monetary policy, which he stated can take 6 month to a year to take full effect.
To me, the only thing this really seems to hurt is the stock market. People will pull their money out of stocks and park it in risk-free treasuries that pay record high yields. The only thing that won’t get hurt are commodities because we’re basically at war. So basically all the bullish stock investors are crying in their beer and desperate for a Fed pivot.
Not to mention Europe is screwed either way so that’s a win for team Fed, which again goes back to the idea of Powell onshoring US treasuries. It appears the Fed has made sure there’s enough money in the US financial system to stave off a liquidity crisis. Think about it: if banks buy treasuries that offer higher yield, how doesn’t that offset a lack of liquidity?
All of this also negates the fact that deals can be made (as DDB, and myself have mentioned multiple times), since Private Equity doesn’t have the clout it previously did in the market. Now, other institutions can buy distressed assets from each other. Call me naive and arrogant, but this “banking crisis” is overblown and reveals the amount of cope and delusion in the market in a world without ZIRP.
Finally, this doesn’t take into consideration the increase in US debt purchasing by foreigners. I think this may have been one of the topics discussed between Jamie Dimon during his visit to China and his discussions with the PBOC, and Powell’s visit to Japan. Even without negotiating, it only makes economic sense for sovereigns to park their cash reserves in high yielding US “risk-free” debt. They definitely won’t get that kind of deal in Europe…
A New Hope
The US sovereigntist-based plutocrats on Team Fed have clearly seen the writing on the wall. They have anticipated this globalist move from Congress and so far, have seemed to hedge themselves accordingly against the Davos plot to undermine America’s financial system. Time will only tell, but the will to survive may be enough to work against the globalists’ will for divide and conquer destruction.
That is what the debt ceiling bill is for: war on the American people and anyone championing national sovereignty. The Fed and the major commercial banks’ will to preserve the creation of private capital and the credibility of the United States is tantamount in maintaining national sovereignty and peaceful, global cooperation.
The above clearly demonstrates we have reached a multipolar moment in our history that hopefully points towards a peaceful outcome based on the incentives of rational actors. There may be a chance the human race actually ends up having a handle on it. But as Master Yoda says, “always in motion, the future is.”
~ Phil Gibson
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