NATO adds Finland as Putin's nukes move closer.

0:00 Speaker 1 With us today is Mario Economo, a banker from Zurich, New York, Philadelphia, London, all over the place, and he’s our in house expert of what’s going on in Europe. And Mario, it’s Easter weekend in Europe, it must be quiet, give us an update what is going on.

0:24 Speaker 2 Let’s wish a happy Passover to our Jewish friends and a happy Easter to our Christian Catholic friends. You and I celebrate Easter next weekend, so i’ll wish you a happy Easter. Then, so let’s talk about going on. You’re right, it’s very quiet. It is Easter, but there are a lot of developments. In anybody who’s been following what’s going

0:44 on with respect to the global agenda, we’ll see that there have been some major events that have taken place over the last thirty days which do not vote well both for the United States and especially for the European Union.

0:58 I will continue to say that the European Union will come out the biggest loser with respect to the Russian invasion into the Ukraine. And whereas at the beginning I thought the United States would come out the biggest winner, it’s now beginning to look more and more like China will come out the biggest winner. Out of roughly the

1:16 one point two billion people who inhabit and what we’ll call the liberal democracies are part of the world, about seventy five percent now hold the negative view of China and of Russia. If you look zero point three billions sitting on the other side, meaning the non liberal democracies we can call them, that roughly seventy percent of those

1:39 people feel positive about China and Russia and not about the US or Europe. That does not bode well when such a large percentage of the world population does not support Europe or the US, and it can only get worse from this point forward. We’ve now seen that France total energy especially has for the first time allergy to

2:06 China in Chinese yuan Chinese currency. This was unheard of, it’s now happening.

2:13 Speaker 3 We know that.

2:16 Speaker 2 Europe, through Orbin of Hungary, is close to deciding on whether or not they’re going to be sending peacekeeping troops to the Ukraine. That of course would not be a good thing. That would only escalate the existing war and allow it to spread into other parts of Europe. So I’m not sure what the Europeans are thinking. I can

2:36 assure you as a European the majority of US in Europe do not support sending any troops to the Ukraine and do not support escalating this war. There are some people and some governments that do, we know that, but the majority of US do not want a un.

2:51 Speaker 3 Armed confrontation with the Russians.

2:54 Speaker 2 We also know in other parts of the world, for example, in Kenya, they are now starting to buy petroleum products from Saudi Arabia with their own currency, Kenyan shillings. We also know that the Brick countries, which we’ve already discussed, are developing a new digital currency. We have applications in from many other countries, including Mexico of all places, and

3:19 we’re interested in joining.

3:20 Speaker 1 Them, and Brazil, I understand, is making a deal to do it in one.

3:26 Speaker 2 Yeah, well, in China now are settling trades in their own currencies and they’re no longer using the US dollar. They’re completely.

3:36 Speaker 1 Of screwing up the world currency market.

3:40 Speaker 2 Well, it depends on what you mean by screwing up the world currency market. It looks like our side doesn’t care and the other side is lack of interest and actually moving ahead and settling trades in their own respective and local currencies. In Brazil, for example, which you just mentioned, we know that the Chinese yuan has actually surpassed the

4:03 euro and it’s become Brazil’s second largest currency in foreign reserves. That would have been unheard of not too long ago, I mean three to four years ago. We would have never thought we would see something like this happening, and yet in.

4:15 Speaker 3 Fact it is.

4:16 Speaker 2 It’s incredible how quickly everything is shifting in the geopolitical sphere. At the moment, Saudi Arabia is playing a big role. It has now we know, joined a trade alliance with China, Russia, India, Pakistan and four other Central Asian nations. They’re moving away from the reliance on the US dollar. They’re actually building a Ramcos building a large oil refinery in China. These

4:43 are very.

4:43 Speaker 3 Very big shifts.

4:45 Speaker 2 And there is something else that happened late this past week, and that was a trip by Francis President Macron and the European Commissioned President vonder Lyne to China. That was an interesting trip because we know that President Macron has consistently said dialogue with Russia needs to continue, and he’s consistently that China needs to be an important and an

5:09 integral part of trade with Europe. The European Commissioned President, for her part, however, has signaled and said that if China does decide to arm Russia to provide them with venitions and other types of military supplies, this will mark the beginning of the end of the trade relationship with Europe.

5:29 As a European I find those statements alarming, and I will.

5:32 Speaker 3 Tell you why.

5:34 Speaker 2 If you look at the company Mercedes Benz, roughly one in every two cars were sold by Mercedes in China. They sold in the US, their revenues were roughly thirteen and a half billion, and they grew by six percent.

5:49 In China their revenues were eight point two billion, but they grew by twenty five percent. So clearly a company like Semen sees the future of growth in China. If we look at, for example, the airbus company, Airbus is just announced in the visit that they went with President onto China that they’re going to be setting up second

6:14 final assembly line in China and this is going to allow them to double their production capacity in that country. So clearly, all these large businesses are now flocking to China. They’re trying to desperately set up operations in China. China is taking advantage of the situation. It’s allowing them to set up in China, and it’s happy to continue trading

6:37 with them. But more importantly, China is not concerned about the European Commissioned President’s statement that if it decides to arm Russia, Europe will no longer trade with it and.

6:49 Speaker 3 Reassess its relationship with it, because.

6:51 Speaker 2 The Chinese know that, at the end of the day, you’re going to rely too heavily on the Chinese market.

6:58 Speaker 1 So where does Europe go? I mean, you got so many conflicts. And I was on Fox Business the other day and I’ve made it very clear there is a economic war going on worldwide where the United States in North America wants fifty five sixty five dollars oil and China and Russia wants one hundred dollars oil eighty five

7:25 dollars oil, and in Europe they’re the schmucks in the middle.

7:33 Speaker 2 Well, that’s why the Europeans, unfortunately, are going to come out to be the biggest losers out of any war outcome. In the Ukraine and especially out of any trade agreements which the Chinese are going to reach with the.

7:43 Speaker 3 Rest of the world and the Russians.

7:44 Speaker 2 The reality is that less whether the weather oil is at one hundred or sixty five, because the reality is they’re going to get as much oil as they need from the Saoutis and from the Russians.

7:55 Speaker 1 Yeah, so the Chinese are covered. They don’t care. Right now, there are the curve. We got a minute left. And what else do you want to tell the American people here we are easter Sunday. We’re in deep crisis, economic crisis created by oil, where so many problems going on in America. Give me the bottom line, We have a

8:22 minute left.

8:25 Speaker 2 And the war. Europe needs to sit down at the table with the Russians and the Ukrainians. This war needs to end. This war is going to have a horrible, horrible impact on the life of many of the Europeans, on businesses in Europe.

8:37 Speaker 3 Unless a solution is reached.

8:39 Speaker 2 And fat China will fill the void, Europe will have no choice but to continue trading with China, and America will essentially have a rust belt sitting in Europe that it’s going to be responsible for. This is not good for America and worse for Europe. So the Americans, along with the Europeans need to sit down with the Russians.

9:00 They need to reach an agreement. There’s a G twenty in India and September. Let’s all pray that in fact, everybody comes to their senses, meets there sits down around the table, reaches an agreement to end this war.

9:12 Speaker 1 Well, I agree. Thank you so much, married Kunomu, and have a good holiday weekend because we celebrate all holidays and what the heck you know, and we’ll.

9:25 Speaker 2 Catch up absolutely, Thank you and enjoy your Sunday.

9:27 Speaker 1 Thank you, God bless you.