The real story about the Ukraine war

Putin's Not Just Winning The Ground War. He's Winning The Financial War Too

Almost everything you heard about the War in Ukraine from U.S. media over the course of March, April and May was a lie. You heard that Putin was losing the war. You heard that Russians had poor training, low morale and were deserting in droves. You heard that Ukrainians were destroying Russia armor in large numbers to blunt the Russia advance. None of this was true. In fact, Russian troops have achieved major victories in Mariupol, Kherson, Severodonetsk, Lysychans'k and other key targets that control rivers, ports and junctions in Ukraine. Russia's next targets are Slovyansk and Bakhmut, which will consolidate Russia's control over the Luhansk and Donetsk regions. Russia has also deployed anti-drone laser systems that have neutralized Ukraine's ability to target Russian positions with drones. The endgame is the takeover of Odessa which would give Russia control of 100% of Ukraine's coastlines along the Sea of Azov and the Black Sea. Still, the story is even worse from the U.S. perspective. Russia is not just winning the war on the ground. They're winning the global financial and economic war launched by Biden. The particulars are described in this article. Russia's revenues from oil and natural gas exports are at all-time highs. The Russian ruble is much stronger today that it was when the war began. China and India are buying all the Russian oil that Europe is refusing to buy. The economies of the U.S. and EU are in or very near to recession. Inflation is out of control in the West. Commodity shortages will lead quickly to food shortages and more empty shelves in supermarkets. Across the board, Biden's economic sanctions have backfired and are hurting the U.S. and Europe far more than they are hurting Russia. We've been reporting honestly on the war since the beginning. Our readers have not been misled by false reporting because we've been candid about the real impact of sanctions and Russia's brutal but effective battlefield tactics. Even Bloomberg and The New York Times are starting to admit that the war is a lost cause for Ukraine and the U.S. economy is suffering from sanctions aimed at Russia. It's a little late for legacy media to get their story straight. We'll continue to let you know what's going on in an unbiased way. What we know right now is the economic damage to the U.S. economy will get much worse before the economy gets better. Biden won't stop the sanctions soon. That means the trashing of the U.S. economy will continue.

Jim Rickards