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Andrew Tobias

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Andrew Tobias
Andrew Tobias

Money and Other Subjects

Seize Versus Freeze

April 11, 2024April 11, 2024

A friend asked what I thought of this opinion piece in Tuesday’s New York Times:

Everyone Wants to Seize Russia’s Assets.  The Repo Act Is a Terrible Idea.

I think the writer is dead wrong.

It’s a great idea.

Monroe had a doctrine; Biden could have one too:


FROZEN ASSETS CAN +NEVER+ BE SEIZED

EXCEPT IN THE EVENT ONE NATION INVADES ANOTHER


That would serve us in the present instance — diverting hundreds of billions of Russia’s reserves to defend and eventually help rebuild Ukraine — but also, in my view, and contrary to the writer of the opinion piece, in the long run, as well, strengthening the world order and our role in preserving it, without in any way damaging the strength of the dollar.


In the meantime, we need to send Ukraine ammunition immediately.  (Which, by the way, means sending cash to the American companies and their workers and shareholders who make what Ukraine needs.)

It’s unconscionable how, by delaying, the Republicans have played into Putin’s murderous hands.



BONUS

What He Means — 60 seconds from The Lincoln Project.

Willow’s Box — 60 seconds from the Biden/Harris campaign.

(Help?)


UPDATES

Among the speculations I’m still holding with money I can truly afford to lose: CNF, HYMC, SQNS, BOREF, OPRT, ANIX, RNGE.  Some nuttier than others, but none that I would sell here.  If you bought SQNS, you either made 18% in two weeks (you’re welcome) or are down 75% (oh God!).  The $3.03 tender offer Sequans received — which was fully funded in an escrow account and so seemed sure to go through — fell through.  (A loophole involving French tax law or something.)  I bought a bunch more yesterday at 55 cents because I think there’s a reasonable chance someone else may step in to buy it, if not at $3.03 then perhaps at $2 or $1, either of which would more than make me whole.  But zero is also a possibility, so, clearly, OWMYCTATL!

   

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