Free Republic

On Monday, the country recorded that imports outstripped exports for more than 30 years. Its entire economy has been built around creating an industrial machine that dominates global markets. That machine is now grinding to a halt. Exports unexpectedly fell, while imports surged as the cost of energy spiked. Until recently it was racking up surpluses of 8 or 9 per cent of GDP, or €20 billion a month, the biggest in the world. The German economy is based on selling high-end industrial goods to the rest of the world. Unlike many other countries, it doesn’t have huge service industries...

LUGANO, Switzerland (AP) — Ukrainian President Volodymyr Zelenskyy said Monday the reconstruction of his war-battered country is the “common task of the entire democratic world,” as his prime minister laid out a $750 billion recovery plan once invading Russia’s guns fall silent.“The reconstruction of Ukraine is not a local project, is not a project of one nation, but a common task of the entire democratic world — all countries, all countries who can say they are civilized,” Zelenskyy told hundreds of attendees in Lugano. ”Restoring Ukraine means restoring the principles of life, restoring the space of life, restoring everything that...

Saudi Arabia, the largest U.S. export market in the Middle East, invited Chinese President Xi to visit Riyadh in March as relations with the U.S. have faltered since Joe Biden was elected, The Wall Street Journal reported.According to a report from CNN, U.S. intelligence agencies have assessed that Saudi Arabia is now actively manufacturing its own ballistic missiles with the help of China, a relationship that could lead to domino effects across Middle East countries. (snip) Saudi Arabia announced in March it was considering accepting the Chinese yuan instead of the US dollar in future transactions. (snip) It will end...

he price of oil may rise to a “stratospheric” $380 per barrel if US and European sanctions lead Russia to reduce its crude supply in retaliation. This was disclosed by JPMorgan analysts endorsed by Natasha Kaneva in a note to clients seen by Bloomberg. Back story The Group of Seven (G7) leaders recently discussed a plan to cap the price of Russian oil in order to put pressure on Moscow, which is benefiting from rising energy prices, and cut off its sources of funding for the invasion of Ukraine, which prompted the note. A price exception could work through a...

Combined, Ukraine and Russia produce nearly 30 percent of the world's wheat and barley, as well as a fifth of the world's corn and over half of its sunflower oil, according to the United Nations. The United Nations' World Food Programme announced in an April report that the number of people experiencing acute hunger will rise by 33 million to 47 million people because of the conflict in Ukraine. The report expects countries in sub-Saharan Africa to be the most affected by the disruption. Africa relies on Russia and Ukraine for more than 40 percent of its wheat imports. Tanzania,...