Finance Minister Joe Oliver fears the turmoil in Ukraine and Iraq is potentially “dangerous” to the global economy, particularly in Europe where he says many countries are not living up to their promises to get their books in line.
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Given Canada’s proximity to the United States, we tend to take our peace and security for granted. This comfortable distance from most of the world’s violence has also led us to underestimate how useful Canada might be in defusing threats elsewhere using an item some people overlook as leverage: energy.
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As it tries to punish Russia for the latter’s dismemberment of Ukraine, the West is discovering that the balance of power isn’t what it used to be. Russia is a huge supplier of oil and gas — traded in US dollars — which gives it both leverage over near-term energy flows and, far more ominous for the US, the ability to threaten the dollar’s rein as the world’s reserve currency. And it’s taking some big, active steps towards that goal. As Zero Hedge noted on Tuesday:
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Yes, Russia is guilty of meddling in Ukraine, but then again so are the United States and the European Union. The major difference is that far less was said and much less reported by the international media over the Americans’ and Europeans’ interference than of Russia’s actions and the reactions it caused.
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Geopolitical crises in Eastern Europe have been met with calls in the United States to use energy as a foreign policy tool. With U.S. Energy Secretary Ernest Moniz asking the industry to make a stronger case, however, it’s domestic policies that may inhibit energy hegemony.
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It’s time for pictures of brokers with their hands on their faces as Wall Street reacts to fast-moving events in the Ukraine. The five big financial and economic impacts of the crisis:
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