New in PJ Media:
As I noted Sunday, Visa and MasterCard have suspended operations in Russia because, as Visa’s Al Kelly put it, of “Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed.” It is striking, however, that despite a steady stream of “unacceptable events” coming out China, Visa and MasterCard are reportedly still operating there. The rampant human rights abuses China is committing against the Uighurs apparently don’t rise to the level of “unacceptable” for the credit cards giants, apparently because China didn’t have to invade another country to get to them. MasterCard and Visa, however, don’t do huge business in China anyway, because the Chinese have their own credit card system, UnionPay. So in effect, what MasterCard and Visa have done is bring Russia and China closer together. What could possibly go wrong?
Reuters reported Monday that MasterCard and Visa cards from Russian banks will stop working Thursday, and that “some local lenders would look to use China’s UnionPay system instead….The central bank added that many Russian banks plan to issue cards using UnionPay, a system it said was enabled in 180 countries.” That allows Russian citizens to hardly miss a beat, as they will be able to use UnionPay virtually everywhere they used MasterCard and Visa.
Meanwhile, American Express has now joined the “in” crowd, announcing Sunday that it, too, is suspending Russian operations, “in addition to the previous steps we have taken, which include halting our relationships with banks in Russia impacted by the U.S. and international government sanctions.” More business for the Chinese. It would seem that MasterCard and Visa, like so many others, have shot themselves in the foot with their virtue-signaling, and set a disquieting precedent for shutting down the accounts of anyone whose political opinions are disliked by the political and media elites.
Yet obviously their outrage is selective and inconsistent. The plight of the Uighurs has never aroused any outrage comparable to that which has been sparked by Russia’s invasion of Ukraine. It’s clear that Visa and MasterCard, like so many corporations, is not so much interested in standing up for human rights for all as it is in protecting itself against a storm of woke outrage. Until “The View” and Rachel Maddow start talking about China’s human rights abuses, those abuses just don’t exist, and corporations need take no action. But you can be absolutely certain that once someone who dissents from the Leftist agenda starts to gain traction, MasterCard and Visa will pull the rug out from under his or her feet. The precedent has been set.
There is more. Read the rest here.
Doomer says
As French analyst Jacques Guillemain has written, the decision by Putin to stop sale of fertilizer outside of Russia,
due to sanctions against Russia,
would result in making food much more expensive around the world. The US and Europe had better start creating their own fertilizer companies as fast as possible.
Today this article came out by The American Conservative (which is anti-Putin):
“The Looming Food Crisis
The coming surge in food prices will devastate the global poor.”
https://www.theamericanconservative.com/articles/the-looming-food-crisis/
a. “Russia is the world’s leading producer of wheat; Ukraine is fifth.
Together, they are responsible for some 30 percent of the world’s wheat exports. War will almost certainly disrupt planting season in both Russia and Ukraine.”
b. ” Like most agricultural commodities, the price of wheat tends to move with the price of oil. The continued rise of crude oil prices, combined with the loss of Russian and Ukrainian wheat exports, will accelerate the rise in global wheat prices.”
c.” That’s consequential domestically—paying $5.50 for a loaf of bread is no small thing—but ABROAD,
it could be LETHAL.”
d. ” Wheat is responsible for some 20 percent of the world’s caloric intake.
Nigeria, where 40 percent of people live below the global poverty line, is one of the world’s ten leading importers often leading importers of wheat.
What happens when they can’t afford to import grain?”
e.”More concerning is the possibility of a global shortage of nitrogen-based fertilizers, which would dwarf the impact of rising wheat prices.
Without nitrogen-based fertilizers,
HALF of the world’s population
simply could NOT be fed. ”
f.” Russia is responsible for roughly TWO-THIRDS of the world’s ammonium nitrate production.
To support domestic farmers and protect its fragile food supply, Russia banned all ammonium nitrate exports until April. Depending on developments in Ukraine, the Kremlin could extend the export ban in the future.”
g.”Your trip to the grocery store will get a lot more expensive. Fertilizer is responsible for about 44 percent of the total cost of food production.
And while the U.S. is the world’s third-largest fertilizer producer, it still imports large amounts of nitrogen and potash, nutrients used in synthetic fertilizer.
Bloomberg quoted a farmer who estimated that U.S. families’ GROCERY BILLS could APPROACH $1,000. If things get half that bad, we’re in trouble.”
h.”However trying times might get at home, rising fertilizer prices would exact an UNTHINKABLE TOLL ABROAD.
Again, roughly HALF of the WORLD’S POPULATION simply would
NOT be able to eat BUT FOR nitrogen-based FERTILZERS.
This is a LIFE AND DEATH question for the THIRD WORLD. “
Doomer says
It is bad news,but also GOOD news. Putin has thought this out well,everybody thinks his Only Card is the Atomic Bomb.
1. Controlling the World Price of Food is another card.
2. It is more effective than the bomb.
3. It would convert Brazil,India,Japan,Mexico,etc into allies of Russia. To continue receiving fertilizer. They would use their influence to get Russia the ESSENCE of what he wants:
that Ukraine NOT be a member of NATO,that atomic bombs not be in Ukraine.
Doomer says
Having the card of controlling the price of food DIMINISHES the probability of Russia starting a nuclear war.
Infidel says
Very good point. If China were to invade Taiwan, I wonder whether the Corporate West and the woke Left would rally to cancel everything Chinese like they have done Russia. And what all these moves have done is made Russia almost wholly owned by China.
Like Eric Bolling described yesterday, once oil hits $300/barrel, Russia, which is now outside that market, will sell on the side oil to China at $100/barrel or more, be easily in the black and able to finance anything they feel like. In the meantime, we are working w/ them to get Iran back online. What I don’t get about Mikhail Ulyanov’s role: what’s in it for Moscow? Why would Russia, whose own oil is getting pulled from the world market, work towards getting Iran’s oil back into the same market? The more supply they can constrain, the better it is. Yesterday, there was another report where some Libyan militia affiliated w/ Gen Haftar has shut down a field that produces 330k barrels a day
Saudi Arabia, which feels singled out by Biden, did what anyone would expect: they flatly refused to increase production, and endorsed the Russian invasion. Where else does the West plan to find more oil, since they’ve obdurately decided that the US can’t produce more? Venezuela’s oil business is bust, thanks to turning it to Maduro’s pals the generals: they couldn’t help us out even if they wanted to: they are importing oil from Iran!
And every time I point this out, I’m accused of being a shill for Putin, or endorsing the Russian invasion of Ukraine. But one can point out the stupidity of both our foreign and energy policies w/o endorsing Putin
Keys says
“… the stupidity of both our foreign and energy policies …”
.
Exactly from my perspective and most all hard working, productive Americans.
But if one is a committed ‘green new deal’ or ‘great reset’ or ‘red-green’ axis agent, this is a crisis that should not go to waste.
I’ll bet $20 that John Kerry is pleased that gasoline prices are skyrocketing. Great plan – let’s get to double digit dollars per gallon – shut down the great automobile culture, just like the great buffalo culture of the Great Plains – make it quickly disappear, so we can buy and depend on Chinese batteries. Then blame Putin, Trump, climate change, and our gas-energy industry, so foolish Americans vote in Democrats.
tim gallagher says
It’s alarming to see these two thuggish, totally inhumane regimes in China and Russia seeming to become closer allies. This would be a very powerful force for the more decent and humane countries of the world to have to try to deal with. Hopefully, Putin’s attack on Ukraine turns into a complete failure. I live in Australia so China is a massive problem in years to come.
Infidel says
Tim
This is a more dangerous coalition than the Germany-Japan axis in WWII. In WWII, those 2 were a distributed alliance independently attacking the same enemies – US, UK, France, et al. This coalition is far more lethal: it has a considerable land border that is impossible to monitor except from space (remember the U2 incident from the 60s? (not that Irish ‘rock’ band)) and which can be used to transfer anything – be it weaponry, troops, energy or anything else valuable that either of them need. None of the other countries b/w them – Mongolia, Kazakhstan or Kyrgyzstan – will be remotely interested in stopping them, since they depend on Russia for their security from China
Your hope that Russia fails in Ukraine is the only hope in all this, and one that seems to be materializing. 2 weeks into this war, Kyiv is still not taken, and Russia has put all their troops into this operation. Not just that, there are even reports that they’re preparing to ask Belarus and Kazakhstan to contribute troops. In other words, the rest of their country is exposed and defenseless. Hopefully, unrest in Russia escalates to the point where Putin is forced to end this operation and pull back. Evil as he may be, I’m not rooting for his death or removal, since there’s no telling what his replacement will be like
tim gallagher says
Well said, Infidel. Yes, I find this situation with China and Russia seeming to become so cosy is extremely worrying. Like you, although in one way I’d love to see Putin wiped out, i also agree that it could easily lead to someone even worse running Russia. I often feel that way when thinking about some of the scum of the earth who are running Muslim countries. I think they are loathsome people, but, if they were taken out, what hellish monsters might then replace them. For Australia, China is a massive worry even without getting closely allied to Russia. But those two evil regimes that run both China and russia getting more closely allied is terrifying.
Infidel says
Tim
Good points. It’s easy to handwring and root for Putin’s removal: problem w/ all Leftists and too many on the Right is that nobody thinks even one step ahead, let alone 2 or more. I watched Tucker Carlson yesterday, and he cited a war games expert who showed that in war games simulating a war b/w Russia and NATO, triggered by a Russian attack on Ukraine, 1 billion people would die. It’s why President Trump wanted improved relations w/ Russia so that it would be easier to take on China. But the bipartisan Cold Warriors from the 80s decided to be ‘Reaganesque’ and take on Russia instead, and now, we’re confronted by their coalition
I think that anybody born before the Cold War should be barred from holding any Federal office
tim gallagher says
I agree with what you say there, Infidel. Yes, our western countries had better not stumble into a massive war where the loss of lives would be staggeringly high. Here in Australia, on the news this morning I just saw a report about how the Government is increasing spending on our armed forces. People have definitely become very aware of the danger we face from China ever since China began to really pick on Australia, mainly through banning products from some our industries, because our Government dared to raise the question of just how this Covid virus became unleashed on the world. There are going to be some tense and dangerous times ahead as the gigantic bully, China, flexes its muscles more and more.
Infidel says
Tim
I think it will be a while before the Chicoms get to Australia, but in the meantime, it’s good that you are arming up. I have been disparaging of NATO, but I’m impressed w/ QUAD, b’cos aside from the US, all 3 members – Japan, Australia and India are all pulling their weight. Japan has, for the first time in history, had its ships do naval exercises in the Indian Ocean. India, for its part, has been doing naval exercises w/ the US in the South China Sea. Australia too has been pretty active supporting countries like Taiwan, and India has been supporting countries like Mongolia and Vietnam. Note that the last had been at their own initiative, and before the coup in Burma, India had even weaned them away from Chicom influence
I really hope this Beijing-Moscow alliance can be split, or there will be not 1 billion, but billions dead and an unsure end to a war b/w these 2 and the free world
tim gallagher says
Yes, Infidel, i was glad to see that QUAD group set up. I imagine that Japan would be very concerned about China’s aggressive posture. I would imagine that maybe South Korea and the Philippines, maybe Thailand as well, might join a grouping against China as well. There is certainly an awareness and a deep concern about China all around the world, which is good to see. I would also love to see China and Russia’s getting together unravel over time..
gravenimage says
It’s alarming to see these two thuggish, totally inhumane regimes in China and Russia seeming to become closer allies.
………….
Agreed, Tim.
Doomer says
Russian journalist Boris Karpov, who seems to be reliable, he is in Telegram, and his info is in Russian,
has stated that yes,Visa and Mastercard will be useless in Russia starting this Thursday,BUT,
1. That since 2015 Russia has its own version called MIR,which is as good.
2. He also repeated what this article stated,Russia is also using China’s UNIONPAY,which is accepted in 180 COUNTRIES.
3. He states that yes,it is true, thousands of people have been protesting against the war in Russia. And yes,they are arrested. He affirms they are Released after a Few Hours of Detention.
Doomer says
Karpov says that yesterday cut off all US imports of gas and oil from Russia ( 900,000 barrels oil/day from Russia)
and Russia has signed a deal with China to sell it to China.
Karpov says that because of Biden’s action: the PRICE of GASOLINE in the US has gone up by 65% in ONE day.
Infidel says
In the US, interbank transactions are done w/ the ABA system. There is no reason other countries can’t come up w/ similar systems to handle their domestic financial exchanges: they need not coordinate squat w/ any other country
That’s why the idea of pulling Mastercard, Visa, AmEx, Paypal or Apple Pay from Russia is inane. It doesn’t touch the war financing, and all it does is inconvenience ordinary Russians. And when all this is over, don’t expect Russians to embrace Visa or Mastercard anytime soon. If a merchant who screwed you comes back to you to renew business ties, would you say yes to that?
gravenimage says
Depends. If I realized it was to protest the thug leading the country’s unprovoked invasion of its neighbor, probably.
Western nations cut economic ties with Nazi Germany–this wasn’t to harm ordinary Germans.