Josh Sigurdson talks with author and economic analyst John Sneisen about a MASSIVE bailout by the Russian central bank!
We’ve watched bailout after bailout and bail-in after bail-in this past year and this trend is not ending, it’s only getting more common. Russia’s central bank has bailed out Otkritie Bank, the largest private lender in Russia! This is a massive bailout costing taxpayers around 260 billion dollars according to Otkritie’s market cap. The bank has seen a negative 18% return this year and this is mostly due to horrible risks taken by the private lender.
Otkritie played a critical role in bailing out Rosneft Bank in 2014. It turns out it wasn’t a good investment… Go figure…
There appears to be a powershift in Russia as the Kremlin buys up the banking system. We can call out who is in control of the banking systems and where, but it’s not about who owns the banks as much as it is about the manipulation and central planning. The actual implementation of that which shoves individuals into debt perpetually and creates vast amounts of poverty.
John Sneisen breaks down how this will affect people and why exactly this is happening.
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
John Thore Stub Sneisen
Graphics by Bryan Foerster and Josh Sigurdson
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