Bitcoin has rebounded from major losses before, and its long-term growth remains impressive. Before the pandemic boom in crypto prices, its value hovered well below $10,000. True believers, who call themselves Bitcoin maximalists, remain adamant that the cryptocurrency will eventually break from its correlation with risk assets.

Michael Saylor, the chief executive of the business-intelligence company MicroStrategy, has spent billions of his firm’s money on Bitcoin, building up a stockpile of more than 125,000 coins. As the price of Bitcoin has cratered, the company’s stock has dropped roughly 75 percent since November.

In an email, Mr. Saylor blamed the crash on “traders and technocrats” who don’t appreciate Bitcoin’s long-term potential to transform the global financial system.

“In the near term, the market will be dominated by those with less appreciation of the virtues of Bitcoin,” he said. “Over the long term, the maximalists will be proven correct, because billions of people need this solution, and awareness is spreading to millions more each month.”

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Elvira Nabiullina, Head of the Central Bank, Is Guiding Russia’s Economy

“She’s well-trusted in the government and by the president,” said Sofya Donets, an economist at Renaissance Capital in Moscow who worked at the central bank from 2007 to 2019. In recent years, it was quite evident that all kinds of policy questions in the financial sphere were delegated to the central bank, she added.

This trust was built up while Ms. Nabiullina was buttressing Russia’s economy against Western sanctions, especially from the long reach of American penalties. In 2014, the United States cut off many major Russian companies from its capital markets. But these companies had large amounts of foreign currency debt, raising alarms over how they would service their debts.

Ms. Nabiullina set about squeezing as many U.S. dollars from the economy as possible, so that companies and banks would be less vulnerable if Washington further restricted access to the country’s use of dollars.

She also shifted the bank’s reserves, which grew to be worth more than $600 billion, toward gold, the euro and the Chinese renminbi. Over her tenure, the share of dollars in the reserves fell to about 11 percent, from more than 40 percent, Ms. Nabiullina told Parliament last month. Even after sanctions froze the bank’s overseas reserves, the country has “sufficient” reserves in gold and renminbi, she told lawmakers.

Other protections against sanctions included an alternative to SWIFT, the global banking messaging system, developed in recent years. And the bank changed the payments infrastructure to process credit card transactions in the country so even the exit of Visa and Mastercard would have minimal effect.

In March, Bloomberg News and The Wall Street Journal, citing unidentified sources, reported that Ms. Nabiullina had tried to resign after the Ukraine invasion, and had been rebuffed by Mr. Putin. The central bank rejected those reports.

Last month, the Canadian government placed her under sanctions for being a “close associate of the Russian regime.”

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They Fell Deeply in Love in Bucha. One Russian Bullet Ended It All.

She grabbed his hands, crying, “Oleh, Oleh.”

“The Russians were sitting on the curb, drinking water from plastic bottles, just watching me,” she said. “They didn’t say anything, they didn’t show any emotion. They were like an audience at the theater.”

That’s when she let out a “wild cry, like something I have never heard,” her father said.

“Shoot me!” she screamed. “Shoot me and the cat!”

She was looking at the soldiers, staring at their boots, but the commander eventually lowered his gun and said, “I do not kill women.”

He gave Iryna and her father three minutes to leave.

Bucha’s population is normally around 40,000, but all but 3,000 to 4,000 residents had fled before the Russian occupation, city officials said. Around 400 civilians are thought to have been killed, meaning about one of 10 people who were here.

Some were shot execution style with hands tied behind their backs. Others were horribly beaten. Many were like Oleh: no military experience, unarmed and posing no obvious threat.

So many bodies were left on Bucha’s streets that city officials said they were worried about a plague. But they didn’t have enough workers to collect the dead. So they drafted volunteers. One of them was Vladyslav Minchenko, a tattoo artist.

“The most blood I had ever seen was in a piercing,” he said wryly.

But soon he was picking up dead people and body parts, zipping them into black bags and taking them to a communal grave outside Bucha’s main church. He retrieved Oleh’s body, with its shattered head, he said, which was verified by video evidence.

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Can Japan Keep the Lights On? The Ukraine War Upends a Big Energy Bet.

However, the sudden surge in prices in early 2021 blindsided the company, which had not prepared for the possibility of a major jump in costs, according to a statement it released when it declared bankruptcy.

Masaru Tagami, who is in charge of facilities procurement for the central Japanese city Hida, one of Hope Energy’s former clients, said it had been caught off guard by the company’s “sudden” collapse and the rise in costs as its business was handed to another firm.

The city’s annual electric bill is expected to rise 40 percent, he said, adding that the situation had played havoc with its budget. “I am seriously worried about how long these circumstances will continue,” he said.

Power companies hit hard by the pandemic-related spike expected that prices would abate by this March as the effects on supply chains wore off, said Junichi Ogasawara, a senior research fellow at the Institute of Energy Economics Japan.

“But with Russia’s invasion of Ukraine, the situation has changed to one where the current conditions will drag on,” he said.

Since then, the precariousness of Japan’s energy situation has only become clearer. In March, after an earthquake near Fukushima knocked out part of the electrical grid, a cold snap pushed Tokyo to the brink of rolling power outages. In the past, coal-fired power stations could have been called upon for cheap backup energy, but inefficient old plants have been taken offline.

In a disaster-prone country like Japan, “we’re still in a position where these kinds of things can happen again” unless the government fixes the issues introduced by deregulation and the patchwork shift to renewables, said Dan Shulman, the chief executive of Shulman Advisory, a firm analyzing Japan’s power industry.

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How the Ex-Chancellor Gerhard Schröder Became Putin’s Man in Germany

But it was more than that, Mr. Schröder said. “I had been chancellor. I couldn’t go back to being a lawyer dealing with rental contracts. I needed a project,” he said. “Something I knew how to do and where I could serve German interests.”

When Mr. Putin called Mr. Schröder on his cellphone the night of Dec. 9, 2005, he accepted the offer.

Many in Germany were appalled. No chancellor before him had taken a job in a company controlled by a foreign country, let alone one that had benefited from their support in office.

But the pipeline project itself remained uncontroversial.

“The next government continued with it seamlessly,” Mr. Schröder recalled. “Nobody in the first Merkel government said a word against it. No one!”

Mr. Ischinger, who was Mr. Schröder’s ambassador to the United States and later ran the Munich Security Conference, concurred.

“You can’t blame Schröder for Nord Stream 1,” Mr. Ischinger said. “Most German politicians, whether in government or in opposition, did not critically question this. No one asked whether we were laying the foundation for getting ourselves into an unhealthy dependence.”

Ms. Merkel, through a spokesperson, declined to comment for this article.

Nord Stream 1 took six years to plan and build. In 2011, Mr. Schröder attended both opening ceremonies — one on the Russian end, in Vyborg, along with Mr. Putin, Russia’s prime minister at the time, and the other on the German end, in Lubmin, on the Baltic Sea, along with Ms. Merkel and Mr. Putin’s trusted ally, Dmitri A. Medvedev, Russia’s president at the time.

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Russia Embarks on a New, More Cautious Phase of Ukraine War

KHARKIV, Ukraine — Russia plunged into a new chapter of the Ukraine war on Tuesday, intent on capturing the eastern part of the country and crushing Ukrainian defenses without the same blunders that badly damaged Russian forces in the conflict’s initial weeks.

“Another phase of this operation is starting now,” Foreign Minister Sergey V. Lavrov of Russia said, as the Russian Defense Ministry announced that its missile and artillery forces had struck hundreds of Ukrainian military targets overnight.

The strikes mainly hit the eastern region known as Donbas, Ukraine’s industrial heartland, where pro-Moscow separatists have battled Ukrainian forces since Russia seized Ukraine’s Crimean peninsula in 2014.

The Donbas has now become the stated territorial objective of Russia’s redeployed invasion force along a front that stretches roughly 300 miles, from an area near the northern city of Kharkiv to the besieged southern port of Mariupol, where die-hard Ukrainian defenders ensconced in a sprawling steel plant have repeatedly defied Russian demands to surrender.

rushing to send longer-range weapons including howitzers, antiaircraft systems, anti-ship missiles, armed drones and even tanks — arms that American officials said were designed to thwart the Russian offensive.

Western military experts said the offensive promised to be much more methodical than the blitz-like operation the Kremlin launched Feb. 24 to subjugate Ukraine, which was marked by rapid and ultimately unsuccessful advances of tanks and helicopter assaults deep inside the former Soviet republic.

left thousands of civilians dead or wounded, caused Europe’s worst refugee crisis since World War II, deeply isolated Russia economically because of Western sanctions and turned President Vladimir V. Putin of Russia into a pariah who has been described as a war criminal in the United States and Europe.

While there have not yet been any large offensives in the Donbas region, the Ukrainian Ministry of Defense said in a statement Tuesday that Russian forces were laying the groundwork for a future push: more surface-to-air missile systems have been shuttled to the front to protect important positions and more artillery positions have appeared.

were trapped at a large steel factory in Mariupol along with Ukrainian forces that are waging what appears to be the last defense of the city. Russia is seeking to take the city as part of a strategically important “land bridge” to occupied Crimea.

The Donbas battle, on wide-open terrain, will look significantly different from the urban warfare around Kyiv, where the Russian military tried and failed to advance.

This does not mean that Ukraine no longer needs the anti-tank and air-defense systems that have been so effective so far, military analysts said. In addition, the Ukrainians will need powerful arms to enable a counteroffensive of their own.

The $800 million military aid package to Ukraine that President Biden announced last week for the first time included more sophisticated artillery weaponry as well as 200 armored personnel carriers. In a conference call with allies on Tuesday, Mr. Biden promised more artillery for Ukraine’s forces.

Atlantic Council analysis last week.

“This phase of the conflict will be distinct from phase one, with a greater focus on offensives against dug-in combatants as opposed to Ukrainian defense against a large attacking force,” Colonels Wetzel and Barranco wrote. “The campaign is likely to become a bloody war of attrition with limited territorial gains on either side.”

Capturing the besieged city of Mariupol is a key part of the Russian campaign. The fall of the city, which has come to symbolize the death and devastation wrought by the invasion, would allow Russia to complete a land bridge between Russian-held territory and the Crimean peninsula.

A sprawling Soviet-era steel factory in Mariupol, which its designers have said was built to withstand a nuclear attack, has been sheltering thousands of soldiers and civilians and is the last Ukrainian redoubt there.

Russian commanders said Tuesday they were beginning their final assault on the factory, the Azovstal steel plant, after the defenders had rejected ultimatums to surrender. A Ukrainian officer in Mariupol, Maj. Sergiy Volyna, wrote on a Telegram channel that “we are ready to fight to the last drop of blood.”

Thomas Gibbons-Neff reported from Kharkiv, Michael Schwirtz from Dnipro, Ukraine, and Eric Schmitt from Washington. Reporting was contributed byNatalia Yermak and Tyler Hicks from Kharkiv. Katie Rogers from Washington and Rick Gladstone from New York.

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‘They Are Gone, Vanished’: Missing Persons Haunt Ukrainian Village

In a Russian-occupied village, five men went off to feed cattle. Their relatives and neighbors are wondering what happened to them.


HUSARIVKA, Ukraine — The cows wouldn’t stop screaming.

Russian soldiers had occupied this remote village in eastern Ukraine for about two weeks and were using a farm as a base. But the animals at the farm hadn’t been fed. Their incessant bleating was wearing on both occupiers and townspeople.

A group of five residents from Husarivka, an unassuming agricultural village of around 1,000 people, went to tend the cattle.

They were never heard from again.

“My two nephews disappeared. They went to feed the cows on the farm,” said Svitlana Tarusyna, 70. “They are gone, vanished.”

What transpired in Husarivka has all the horrifying elements of the more widely publicized episodes involving Russian brutality: indiscriminate killings, abuse and torture taking place over the better part of a month.

considering applying for membership in the alliance. Dmitri A. Medvedev, Russia’s former president and prime minister, said Moscow would be forced to “seriously strengthen” its defenses in the Baltics if the two countries were to join.

The five men fed the cows and tended to their duties. But as they left, something on the farm exploded, residents recalled. Whether it was an artillery strike or an attempt at sabotage is unclear, but it seemed to contribute to their disappearance; Mr. Doroshenko stated that the Russians captured the men after the explosion. It is possible they were behind some type of attack on the Russian headquarters.

“They only got to the crossroad and were seized,” Mr. Doroshenko said.

Two other people near the farm also went missing that day, Mr. Doroshenko added. Roughly a week later, on March 24, a Russian sniper shot and killed Andriy Mashchenko as he rode home on his bicycle. He had been sheltering in a neighbor’s basement during an artillery barrage. He died on Peace Street.

Under heavy bombardment, the Russians retreated from Husarivka about two days later, and Ukrainian forces swept through afterward. The town’s casualty tally during the occupation: seven people missing, two killed by gunfire and at least two by shelling.

Evidence scattered around the town showed how artillery had ruled the day. Spent rockets lay in fields. Roofs were caved in. The rusted hulks of Russian vehicles were seemingly everywhere. In one armored personnel carrier, the corpse of what was presumed to be a Russian soldier remained, barely recognizable as someone’s son.

But as Ukrainian soldiers sifted through the battlefield wreckage after their victory, they found something on Petrusenko Street. It was in a backyard basement sealed shut by a rusted metal door.

“In this cellar the bodies were found,” said Olexiy, a chief investigator in the region who declined to provide his last name for security reasons. He gestured down into a soot-covered hole. “They were covered by car tires and burned,” he said.

“There is no way to tell the cause of their death,” he added, “We found three hands, two legs, three skulls.”

The bodies have yet to be identified, he said. Residents of Husarivka believe the three had been part of the group of five who disappeared. Images provided to The New York Times clearly showed that a rubber work boot was melted to the foot of one leg.

But hauntingly, no one knows for sure what happened to the five men. Many of the cows they went to feed ended up being killed by the shelling.

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Putin’s Ukraine Gamble Pivots to a Very Different Battlefield

KYIV, Ukraine — There are fields instead of city streets, farmsteads instead of apartment buildings. Open highways stretch to the horizon.

The battles in the north that Ukraine won over the past seven weeks raged in towns and densely populated suburbs around the capital, Kyiv, but the war is about to take a hard turn to the southeast and into a vast expanse of wide-open flatland, fundamentally changing the nature of the combat, the weapons at play and the strategies that might bring victory.

Military analysts, Ukrainian commanders, soldiers and even Russia’s president, Vladimir V. Putin, acknowledge that a wider war that began with a failed attempt to capture the capital will now be waged in the eastern Donbas region.

With few natural barriers, the armies can try to flank and surround each other, firing fierce barrages of artillery from a distance to soften enemy positions.

Russia invaded in February, Ukraine had been fighting Russia-backed separatists there since 2014, when Moscow fomented an uprising and sent in forces to support it. That war had settled into a stalemate, with each side controlling territory and neither gaining much ground.

Now, what may be the decisive phase of Mr. Putin’s latest war is returning to that same region, blighted by eight years of conflict and littered with land mines and trenches, as he tries to conquer the portion of Donbas still held by Ukraine. Neither side has made a major move in recent days, and analysts say it will most likely require a long and bloody conflict for either one to prevail.

Slovakia this week provided Ukraine with a potent, long-range antiaircraft missile system, the S-300. And on Wednesday, President Biden announced an $800 million military aid package to Ukraine that for the first time included more-powerful weaponry, including 18 155-millimeter howitzers, 40,000 rounds of artillery ammunition and 200 armored personnel carriers.

warn the United States of “unpredictable consequences” of shipping such arms, American officials said on Friday.

Perhaps the biggest difference from the northern phase of the war, fought among towns, woods and hills, will be the terrain. Military analysts are forecasting an all-out, bloody battle on the steppe.

“There’s nowhere to hide,” said Maksim Finogin, a veteran of Ukraine’s conflict in Donbas.

considering applying for membership in the alliance. Dmitri A. Medvedev, Russia’s former president and prime minister, said Moscow would be forced to “seriously strengthen” its defenses in the Baltics if the two countries were to join.

“The surrounding forces draw in closer, tighten the flanks and then methodically destroy” those trapped inside with artillery, he said, recalling a strategy that nearly cost him his life.

designated a single theater commander, Gen. Aleksandr V. Dvornikov, a former commander of the Russian army in Syria known for brutal tactics there.

And the fight in the east will begin closer to supply lines stretching back to the Russian border; that could be key for a mechanized Russian army advancing in a major conventional assault across the countryside.

“They are now prepared to fight the war that they really want,” the retired Gen. Philip M. Breedlove, a former NATO supreme allied commander for Europe, said of the Russians. “They want to meet force on force in open fields and go at it.”

Andrew E. Kramer reported from Kyiv, Ukraine; Eric Schmitt from Washington; Thomas Gibbons-Neff from Kharkiv, Ukraine; and Michael Schwirtz from Lviv, Ukraine.

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Putin’s War in Ukraine Shatters an Illusion in Russia

The last time I was in Russia, the summer of 2015, I came face to face with a contradiction. What if a place was unfree, but also happy? How long could it stay that way?

Moscow had blossomed into a beautiful, European city, full of meticulously planted parks, bike lanes and parking spaces. Income for the average Russian had risen significantly over the course of the previous decade. At the same time, its political system was drifting ever closer to authoritarianism.

Fifteen years earlier, Boris Yeltsin had left power in shame, apologizing on national television “for having failed to justify the hopes of the people who believed that we would be able to make a leap from the gloomy and stagnant totalitarian past to a bright, prosperous and civilized future at just one go.”

By the summer of 2015, his successor, President Vladimir V. Putin, had seemingly made Russia bright and prosperous. The political system he built was increasingly restrictive, but many had learned to live with it.

sentencing of her friend Aleksei A. Navalny, Russia’s popular opposition leader, who used his allotted time to give a speech against the war.

Ahmed Shah Massoud on the eve of Sept. 11, 2001, Mr. Putin had to clear the field of opponents.

Greg Yudin, a professor of political philosophy at the Moscow School of Social and Economic Sciences, argues it was the political opposition’s success, which began to accelerate in 2018 and 2019, that tipped Mr. Putin toward war.

Professor Yudin said it was inconceivable to Mr. Putin that there could be people inside Russia who wanted the best for their country, yet were against him. So he looked for traitors and nursed an obsession with the idea that the West was after him.

OVD-Info, a human rights group, substantially higher than in the protests in 2012, when about 5,000 people were detained over 12 months, said Ms. Arkhipova, who studied that movement.

Ms. Albats has stayed and is angry at Russian liberals who have not.

The message, she said, is that “Russian liberals, they don’t have any tolerance for any problems.” She added, “They just run away.”

argues that Russia is moving out of authoritarianism — where political passivity and civic disengagement are key features — into totalitarianism, which relies on mass mobilization, terror and homogeneity of beliefs. He believes Mr. Putin is on the brink, but may hesitate to make the shift.

“In a totalitarian system, you have to release free energy to start terror,” he said. Mr. Putin, he said, “is a control freak, used to micromanagement.”

However, if the Russian state starts to fail, either through a collapse of Russia’s economy or a complete military defeat in Ukraine, “unleashing terror will be the only way for him to save himself.”

Which is why the current situation is so dangerous, for Ukraine and for people in Russia opposed Mr. Putin.

“Putin is so convinced that he cannot afford to lose, that he will escalate,” Professor Yudin said. “He has staked everything on it.”

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Amid Sanctions, Putin Reminds the World of His Own Economic Weapons

LONDON — In the five weeks since Russia invaded Ukraine, the United States, the European Union and their allies began an economic counteroffensive that has cut off Russia’s access to hundreds of billions of dollars of its own money and halted a large chunk of its international commerce. More than 1,000 companies, organizations and individuals, including members of President Vladimir V. Putin’s inner circle, have been sanctioned and relegated to a financial limbo.

But Mr. Putin reminded the world this past week that he has economic weapons of his own that he could use to inflict some pain or fend off attacks.

Through a series of aggressive measures taken by the Russian government and its central bank, the ruble, which had lost nearly half of its value, clawed its way back to near where it was before the invasion.

And then there was the threat to stop the flow of gas from Russia to Europe — which was set off by Mr. Putin’s demand that 48 “unfriendly countries” violate their own sanctions and pay for natural gas in rubles. It sent leaders in the capitals of Germany, Italy and other allied nations scrambling and showcased in the most visible way since the war began how much they need Russian energy to power their economies.

Russian oil exports normally represent more than one of every 10 barrels the world consumes.

Europe’s ongoing energy purchases send as much as $850 million each day into Russia’s coffers, according to Bruegel, an economics institute in Brussels. That money helps Russia to fund its war efforts and blunts the impact of sanctions. Because of soaring energy prices, gas export revenues from Gazprom, the Russian energy giant, injected $9.3 billion into the country’s economy in March alone, according an estimate by Oxford Economics, a global advisory firm.

Ursula von der Leyen, said as much when she announced the new energy plan last month: “We simply cannot rely on a supplier who explicitly threatens us.”

Security concerns aren’t the only development that has undermined Russia’s standing as a long-term energy supplier. What seemed surprising to economists, lawyers and policymakers about Mr. Putin’s demand to be paid in rubles was that it would have violated sacrosanct negotiated contracts and revealed Russia’s willingness to be an unreliable business partner.

As he has tried to wield his energy clout externally, Mr. Putin has taken steps to insulate Russia’s economy from the impact of sanctions and to prop up the ruble. Few things can undermine a country as systemically as an abruptly weakened currency.

When the allies froze the assets of the Russian central bank and sent the ruble into a downward spiral, the bank increased the interest rate to 20 percent, while the government mandated that companies convert 80 percent of the dollars, euros and other foreign currencies they earn into rubles to increase demand and drive up the price.

S&P Global survey of purchasing managers at Russian manufacturing companies showed severe declines in production, employment and new orders in March, as well as sharp price increases.

500 foreign companies have pulled up stakes in Russia, scaled back operations and investment, or pledged to do so.

“Russia does not have the capabilities to replicate domestically the technology that it would otherwise have gained from overseas,” according to an analysis by Capital Economics, a research group based in London. That is not a good sign for increasing productivity, which even before the war, was only 35 to 40 percent of the United States’.

The result is that however the war in Ukraine ends, Russia will be more economically isolated than it has been in decades, diminishing whatever leverage it now has over the global economy as well as its own economic prospects.

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