AGF Management : Who, Us? China Denies Helping Russia; Joe Manchin Infuriates Democrats — Again

THE THREAT OF MASSIVE SANCTIONS may dissuade China from any overt support of Russia, whose troops have been staggered in much of Ukraine. The message from Beijing appears to be: "Who - Us? We're not going to send weapons to Ukraine."

THE BLOOMBERG WEB SITE REPORTS this morning that Chinese Foreign Minister Wang Yi reacted to the ugly market selloff by asserting that "China is not a party to the crisis, nor does it want the sanctions to affect China."

OFFICIALS IN BEIJING, pragmatic and disingenuous as always, have have expressed concern about civilian casualties, vouched for Ukraine's sovereignty and stepped up diplomacy with European nations while calling for peace talks.

AS CIVILIAN CASUALTIES MOUNT, it appears that Beijing would prefer to stay largely neutral while backing Russia somewhat rhetorically, "and to then maneuver China into a peace-maker position in some multilateral arrangement if the situation calms down," according to Bloomberg.

MEANWHILE, RUSSIAN TROOPS HAVE STALLED: Highly recommended reading this morning from the Washington Post - on how Kyiv's outgunned defenders have kept Russian forces from capturing the capital, employing unconventional guerrilla warfare tactics.

RUSSIAN SOLDIERS ARE RUNNING OUT of food and water, and they don't have enough gasoline for their vehicles. Their antiquated tanks have been halted due to mechanical failures and land mines. Some Russian troops reportedly have gotten lost and have surrendered due to low morale.

WE HAVE ASSERTED FOR THE PAST THREE WEEKS that Ukrainian patriots can win the battle for Kyiv, which will be fought street-to-street. This epic battle could persist for many weeks - perhaps long enough to convince the war criminal Vladimir Putin to seek a face-saving deal.

PUTIN'S GENERALS AND SPIES know that a conventional victory is increasingly unlikely, as the Russian economy crashes. What are these generals and spies plotting, on this Ides of March?
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THE NOMINATION OF SARAH BLOOM RASKIN to become the Fed's vice chairman in charge of supervision is on life support, after Sen. Joe Manchin's announcement that he can't support her. It's unlikely that Raskin's nomination can proceed, although four other nominations - Jerome Powell, Lael Brainard, Lisa Cook and Philip Jefferson - should win confirmation.

MANCHIN ONCE AGAIN HAS INFURIATED DEMOCRATS who increasingly view him as an outcast within the party. He opposes Raskin's advocacy of using the Fed to advance Green policies; angry Democrats responded last night by slamming Manchin's business and fundraising ties to the fossil fuel industry.

WITH THE SENATE TIED, Manchin continues to wield enormous power; he might support some individual portions of the Build Back Better bill, but that massive measure is toast; even the name "Build Back Better" has been rejected by Democrats, many of whom are seeking a "re-set" to jump-start the party's stalled agenda.

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