Here's a quick recap of what joe biden just said in response to russia's invasion into ukraine: first uh we do have oil uh, now brent futures at about 101, the uh s p and nasdaq initially rising during the beginning of biden's speech, but then uh, retreating back. Our sponsor today, ftx uh and our ability to track crypto has uh has enabled us to see that crypto bitcoin rose about 500 dollars during the speech and has stabilized has not come back down uh. Now, let's uh quickly go through exactly what biden said. So uh biden says that we're not doing this alone that we're going to do everything we can to minimize the impact on the us by implementing these new sanctions and that we're going to work together with our allies to amplify the impact of these sanctions and that Our allies are in full agreement with our sanctions, along with the g7 countries like germany, france and so on on the united kingdom.

The goal of the sanctions announced today are to limit russia's ability to do business in dollars, euros and yen and to stunt the ability. That's japanese, yen and stunt the ability to grow their military and impair their ability to compete in high technologies and even to build ships. He says that we have already seen substantial damage to the russian economy in referring to the russian ruble their currency, falling to the weakest level. Ever the russian stock market plunged today joe biden referenced.

This is true. The moscow stock exchange plunged over 30 percent. At one point, uh rivaling, the 50 percent decline that we had seen during hyperinflationary times in argentina, as the moex fell upwards of 45 earlier today, borrowing rates skyrocketed about 15 percent in russia today, and we have seen companies like ubs value, all bonds uh held by Russia or or institutions who invest in russian bonds, uh valuing them all at zero. Triggering margin calls for those who use them as collateral in their margin accounts.

Joe biden announced that we will sanction all russian banks with a total now of one trillion dollars in american assets. They believe now keep in mind the russian wealth fund uh, having about 186 billion dollars in uh in us dollar denominated assets has already uh swiftly uh removed their uh, their uh united states capital preemptively. To prevent the impact of these sorts of sanctions. We expect that uh, based on what the russian ministry has told us, that many businesses and banks have already prepared for these sorts of sanctions that right now, we believe that every american asset will be frozen.

Uh, more entities and individuals are being added to the list of those sanctions, but not including putin, and this was interesting - that sanctioning putin personally is still on the table, but was not chosen to be done as well as expelling russia's access to the swift banking system, Which could have broad-based implications for individuals in russia and their ability to use credit cards, send wire transfers and conduct banking transactions? This has not been implemented, so a ban or sanctioned or essentially eliminating russia from access to the swift system has not been implemented. Despite that being widely speculated, joe biden says that the actions being taken by him and his administration and allies today are more impactful than kicking russia out of swift. We do have information that about 7 000 more troops are being ordered and deployed to europe to defend nato uh land. Earlier today we saw numerous additional warplanes and uh and helicopters being deployed to uh eastern nato regions.

The ukrainian health ministry has also come out to uh declare that 57 troops have been wounded. I'm sorry killed in ukraine and 169 have been wounded so far, along with dozens of civilians. Despite russia, not specifically targeting civilians. Joe biden says that our forces will not be engaged in ukraine, but we will defend our allies and we will meet our article 5 commitments.

So he is now re reiterating how certain the united states is to do whatever they can to make sure they defend. Nato countries and joe biden says that this is necessary to not embolden putin to potentially try to go into nato countries, whether those are north above belarus or further west towards say poland. The goal here for biden again to limit the costs on americans and doing everything he can to reduce the cost of oil and gas uh. In addition to requesting that companies not raise their gas and oil prices or energy cost prices and will also work to release further barrels of oil from the strategic oil reserve in the united states, he does say, because there were speculations that the united states could attack Russia, with cyber warfare to help ukraine, it appears that right now we expect the united states to only conduct cyber warfare against russia in the event that russia targets the united states.

So joe biden gave us no uh suggestion that uh that cyber warfare would be used against russia right now that right now they will impose sanctions that exceed that of kicking russia out of swift during questions uh, he was asked if uh, if putin, might consider a Nuclear strike this follows comments by putin earlier suggesting that if anyone attacks russia or to try or tries to interfere with russia, that russia could end up using nuclear weapons, joe biden said i have no idea what putin is threatening. He did say that sanctions take time to impact russia and probably the biggest head scratcher was that joe biden said it will take about a month or we'll check back in a month to see if the sanctions can work. This is because individuals were or reporters were, asking what, if these sanctions don't work to stop russia, and he says he believes that they will that these are profound sanctions they exceed anything that has been done before that relations between russia and the u.s right now are Quote ruptured and he says, quote: let's talk in a month to see if they're working a lot of folks questioning. Why would joe biden wait a month? I know sanctions can take a while, especially economic sanctions, to actually have an impact, but this this comes also in coordination, with more sanctions from canada and the united kingdom.

The united kingdom, for example, eliminating all russian aeroflot flights from being able to fly into the united kingdom. The international monetary fund, suggesting that there is significant economic risk to the globe from the ukraine conflict. The federal reserve responding and suggesting that increased oil prices could actually dampen demand in the united states, which, interestingly, oil prices lead to higher inflation. But but if oil prices dampen demand for other things, maybe we would see less inflation outside of energy.

So when we strip energy out, maybe we'll finally see prices settle down, and so this is where uh, mester and daley indicate there's a continued need to tighten gradually that they have not decided yet how ukraine is likely to affect the economy or their plans to hike Markets are pricing in a 25 basis point height with about an 85 percent probability of certainty as of march 16th, when the federal reserve meets next that we're not seeing a lot of pricing in of the 50 basis, point hike. Russians have control of chernobyl. During biden's speech, there was also note that we expect a kiev to fall within the next few hours and so it's possible by the time you're watching this kiev may have already fallen to russia. Uh.

The ukrainian air defense has been mostly eliminated, uh, paving the way for russia to potentially move forward bitcoin now at 36.4, tesla, almost up about one percent on the day, the nasdaq up about one percent on the day and s p is sitting at 420, which was Our low of this is our zero percent fibonacci retracement line back to uh january 24th; s p, 500 down about point four percent right now and that's an update on what joe biden just told us regarding sanctioning russia.