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Satchu's Rich Wrap-Up
Friday 18th of March 2022

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World Of Finance

Sheep spend their entire lives being afraid of the wolf, but end up eaten by the shepherd. (Popular proverb)

By now it should be clear that COVID-19 is, essentially, a symptom of financial capital running amok. 

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The lights must never go out, The music must always play September 1, 1939 by W. H. Auden comes to mind

Waves of anger and fear
Circulate over the bright
And darkened lands of the earth,
Obsessing our private lives;
The unmentionable odour of death

Into this neutral air
Where blind skyscrapers use
Their full height to proclaim
The strength of Collective Man,
Each language pours its vain
Competitive excuse:
But who can live for long
In an euphoric dream;
Out of the mirror they stare,

Faces along the bar
Cling to their average day:
The lights must never go out,
The music must always play

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Follow The Leader @David_Yarrow

The annual migration in East Africa is a challenge to photograph in a manner that does justice to its enormity, but in this image, there is  a semblance of order to what is normally the most chaotic scene imaginable

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The Thundering Herd @David_Yarrow

The cowboy is integral to the enduring myth of the Wild West and no more so than in Texas, where the great cattle drives were first initiated. No state played a greater role in the trail drive era.

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The film features long, slow scenes with very little dialogue and little happening, broken by brief and sudden violence.

Leone was far more interested in the rituals preceding violence than in the violence itself.
The tone of the film is consistent with the arid semidesert in which the story unfolds, and imbues it with a feeling of realism that contrasts with the elaborately choreographed gunplay.

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Ukraine's president says 1991 borders must be recognised - adviser @Reuters
Law & Politics

Ukraine's president has not altered his position that the international borders in place when the Soviet Union collapsed in 1991 must continue to be recognised, a presidential adviser said on Thursday.


There is a famous story about Saddam Hussein and the Emir of Kuwait after the Iran Iraq War and how the Emir was asked for support by Saddam for his rebuilding efforts. Simultaneously, The Emir was selling Iraqi Loans on the secondary market at deeply discounted prices essentially shuttering Iraq from the international markets. As much as anything this was the real casus belli. I suspect Zelensky is similarly being remote controlled and therefore the chances of a negotiated peace deal are about zero. 

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A number of Russian govt planes seemingly going towards Altai where Putin's nuclear bunkers are. @peripateticles
Law & Politics

Transponders on likely to send a message.

Either propaganda in action or he's moving to last resort action in Ukraine.

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.10770 
Dollar Index 98.114
Japan Yen 118.958 
Swiss Franc 0.937600 
Pound 1.314805 
Aussie 0.738430
India Rupee 76.1870 
South Korea Won 1212.900 
Brazil Real 5.0402000 
Egypt Pound 15.721600 
South Africa Rand 14.947270

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Nickel traders were plunged into more chaos this morning as the London Metal Exchange was forced to suspend trading again after further systems failures.

The start of the second day of trading after a week long suspension of the market was postponed after a series of technical glitches, including trades at the newly implemented price being rejected and cancelled

The exchange set out new price limits to prevent a repeat of the turmoil of last week when it was forced to shutter the market on the back of a price spike which left traders nursing record losses.
A glitch yesterday forced the exchange to suspend reopening again until 2pm, after the price limits failed and trades were allowed to go through below the limit.
The benchmark three-month nickel contract plunged eight per cent this morning after the market was finally reopened, as heavy selling continued.
Nickel prices have faced extreme volatility, with prices more than doubling in a matter of hours last Tuesday when Chinese firm Tsingshan Holdings scrambled to buy up huge amounts of the metal to cover its short bets.
London Metal exchange then suspended trading entirely and cancelled the entire day’s trades, worth $3.9bn.

Tsingshan, one of the world’s largest largest producers of nickel is now facing around $8bn losses.
The boss of the London Metal Exchange told CNBC yesterday that it had “deliberately prioritised stability” by setting narrow price limits, and it would widen them if it observed an orderly market.
Russia supplies about 20 per cent of the world’s class 1 nickel, and prices have been sent into a spin on the back of supply fears after sanctions have been slapped on Russia following the invasion of Ukraine.

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Noam Chomsky’s famous anecdote The Philosophical Salon FABIO VIGHI

Noam Chomsky’s famous anecdote: if we throw a frog into a pot of boiling water, it will immediately come out with a prodigious leap; if, on the other hand, we immerse it in lukewarm water and slowly raise the temperature, the frog will not notice anything, even enjoying it; until, weakened and unable to react, it will end up boiled to death.

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A green island turns red: Madagascans struggle through long drought via @reuterspictures

With precious few trees left to slow the wind in this once fertile corner of southern Madagascar, red sand is blowing everywhere: onto fields, villages and roads, and into the eyes of children waiting for food aid parcels.
Four years of drought, the worst in decades, along with deforestation caused by people burning or cutting down trees to make charcoal or to open up land for farming, have transformed the area into a dust bowl.

"There's nothing to harvest. That's why we have nothing to eat and we're starving," said mother-of-seven Tarira, standing at a remote World Food Programme (WFP) post where children are checked for signs of malnutrition and given food.
More than a million people in southern Madagascar currently need food handouts from the WFP, a United Nations agency.
Like many others in the region, Tarira and her family have sometimes been reduced to eating a type of cactus known locally as raketa, which grows wild but provides little nutritional value and gives stomach pains, she said.

The world's fourth largest island and one of its most diverse ecosystems, with thousands of endemic species of plants and animals such as lemurs, Madagascar projects the image of a lush natural paradise. But in parts of it, such as its far southern regions, the reality on the ground has changed.
"We used to call Madagascar the green island, but sadly now it is more of a red island," said Soja Lahimaro Tsimandilatse, governor of the southern Androy region.
The food crisis in the south built up over a period of years and has interconnected causes including drought, deforestation, environmental damage, poverty, COVID-19 and population growth, according to local authorities and aid organisations.
With a population of 30 million, Madagascar has always known extreme weather events, but scientists say these will likely increase in frequency and severity as human-induced climate change pushes temperatures higher.

At the height of the food crisis in the south, the WFP warned the island was at risk of seeing "the world's first climate change famine".
A study by international research collective World Weather Attribution said models indicated a small shift toward more droughts caused by climate change in southern Madagascar, but said natural variability was the main cause for the second one-in-135-year dry event since 1992.

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The @WorldBank approves $750 million financing to boost Kenya’s economic recovery from the coronavirus pandemic @markets @herbling
Kenyan Economy

The World Bank approved $750 million to boost Kenya’s economic recovery from the coronavirus pandemic.
The financing will “help accelerate Kenya’s ongoing inclusive and resilient recovery,” the lender said in a statement on its website.
The funding is part of the so-called development policy operation or DPO loan series, through which the World Bank provides low-cost budget financing along with support to key policy and institutional reforms.

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by Aly Khan Satchu (www.rich.co.ke)
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March 2022

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