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Going, Going, Gone

Published Wednesday, March 19th, 2014

Apart from some paperwork to be completed Crimea is now part of Russia. In the words of Joe Bidden Russia’s “land grab” has succeeded. President Putin says there will be no more seizures and he does not want a partition of the Ukraine. It’s a great story and a movie is already in preparation along with one on the voyage of the Morning Glory and another on the disappearance of MH-370.

Tough guys always seem to surround themselves with refined and urbane Foreign Ministers. Sergei Lavrov is Putin’s Tariq Aziz and he warns of consequences should the West impose sanctions. They have and will impose more so we should assume there will be “consequences”, and as Russia never does things by halves, they will be weighty.

Such thoughts did not trouble the market yesterday. In Russia it was time to celebrate and the Micex gained 4.1%. Stock markets throughout the world breathed a sigh of relief. You can only look in awe at the ability of these markets to shake off so many geopolitical concerns. That’s what low interest rates do for you.

To read the rest of the report, please click here 

Posted by David Hufton