This seems significant:
New York/London (CNN Business)Russia has defaulted on its foreign debt for the first time since the Bolshevik revolution more than a century ago.
Following reports that Moscow had failed to pay about $100 million in interest on two bonds during a 30-day grace period that expired Sunday, the White House said the default showed the power of Western sanctions imposed on Russia since it invaded Ukraine.
“This morning’s news around the finding of Russia’s default, for the first time in more than a century, situates just how strong the reactions are that the US, along with allies and partners, have taken, as well as how dramatic the impact has been on Russia’s economy,” a senior administration official said on the sidelines of a G7 summit in Germany.
The article says analysts had expected the default sooner but rising energy prices cushioned the blow. Russia says the check is in the mail:
Russia denied it was in default, saying the payments had been made, in dollars and euros, on May 27 and the money was stuck with Euroclear, a settlement house based in Belgium.
Well, May 27 was a month ago. I’m pretty sure such an excuse wouldn’t fly with my creditors. The article says it’s unclear how this will affect the Russian economy in the short term, but in the long term, it looks pretty grim for them. We shall see.
In other news, the radical clerics on the SCOTUS removed another block from the wall the Founders built to separate church and state, ruling in favor of an assistant high school football coach in Washington who was fired for insisting on leading post-game prayers at midfield. [WaPo]
The coach started off taking a knee, but that wasn’t provocative enough since no one objected to a (white) school official taking a knee, so he escalated to public praying, directly contradicting the teachings of Jesus (Matthew 6:5-6) and the spirit of the First Amendment.
The coach and his wife have since retired and moved to the Florida Panhandle, where I’m sure they’ll fit right in and contribute a couple of DeSantis votes. Here’s hoping a high school band leader with a penchant for satanism takes up the challenge.