Biggest tax increase of our lives

SANCTIONS ARE HURTING US, NOT RUSSIA

The West banned Oil imports from Russia and the price of oil immediately skyrocketed.

Australia’s RBA Governor, Philip Lowe, said on Tuesday that oil prices have risen 66% since last year.

Australia, he said, is facing the highest level of inflation seen in “many years”.

Now countries worldwide are being hit with crippling fuel shortages.

Many are scrambling to put in place national transportation emergency measures, including the UK, Australia, Canada and US.

Air travel has been smashed as airports across the UK, US and Europe cancel up to 60 percent of their flights because they don’t have enough jet fuel.

Can someone please explain how all this is a moral victory against Putin?

As far as I can see, all it has done is make Putin, the Saudis, Iran and Venezuela much, much richer – and us, a lot poorer.

Why?

Because higher oil prices only make them richer.

The loser won’t be Putin, it will be US – the so-called ‘advanced economies’ of the West.

And it’s not just oil.

Thanks to sanctions, commodities are up dramatically across the board: potash, fertilisers, wheat – wheat is huge.  Nickel went up 250% in 2 days after sanctions were first announced.

Who’s going to pay for all this?  You are.

It will be the biggest tax increase of your lives.  And by the way, it could soon get worse.

Why?

Because, contrary to what you’ve been told, a large section of the world has not joined the West’s boycott and Russia is still able to sell its oil, wheat and gas on global markets.

Here’s the bigger truth.  World trade and the global financial system benefit countries like Australia, the most.

That may not be fair, but it’s true.  It is the basis of Western power and wealth.

So if you destroy it in an effort to ‘get Putin’, who are you really destroying?

You’re destroying the West, and that’s what’s happening right now.

When you attack and destabilise world trade and the global financial system, you are attacking and destabilising Western economies, NOT Putin.

The West’s response to the invasion of Ukraine is probably the single most damaging thing any group of leaders has ever done to their own countries and the world.

Not to Putin.  To their own people.  And a lot of small countries who didn’t deserve it.

One day when all the hysteria finally lifts, I think we will review this moment with clear heads and when we do, we will be horrified.