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The weekend's headlines reeled from the collapse in global manufacturing PMIs and with them the last best hope for the world's economies to reach escape velocity all on their own. However, there was one nation that did not plunge... there was one country whose growth (based on the soft survey data) is at 10-month highs. Perhaps this is the chart that President 'we need moar sanctions and costs' Obama does not want Angela 'umm, wait a minute' Merkel to see...
Since sanctions began the plunge in Euro-Area PMIs has been commensurate with the rise in Russia's (oh and according to survey-data, US is as good as it has ever been)...
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Seems pretty clear who is paying the price and suffering the costs of Western sanctions...
When does Europe draw its own red line around Obama's sanctions?
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