freeze at the trade agency threatens progress . The mega - project , the result of warming U.S.-India ties in recent years , could open up billions of dollars of further investment in India 's nuclear power sector , which was for decades shut out of the global market . India now targets a tenfold expansion in capacity to 63,000 MW by 2032 , and U.S. , French , and Russian companies are among those chasing the business .
( Read Michael Idov ’s 2008 New York feature on the murky construction of the building . ) A lawsuit cited by Nesbit “ alleged that a primary source of funding for Trump ’s big projects with Bayrock arrived ‘ magically ’ from sources in Russia and Kazakhstan whenever the business interest needed funding . ” ( Bayrock denies this and says that the allegation is absent from an amended version of the lawsuit . ) This gets closer to the deepest suspicion surrounding Trump : Because his multiple bankruptcies have made him un - creditworthy — banks do n’t like lendingtransaction.transfermoney.borrowlendmoney to people who make a practice of not paying back the loans — he has had to turn to unconventional sources . It is possible Trump is merely intertwined with Russians , as with other sources of capital . But it is also possible he has grown uniquely dependent on them in a way that gives Russia leverage over his policies .
In return Putin has praised Trump as “ bright and talented . ” Trump positively glows as he repeats reports that “ Putin likes me . ” The Trump - Russia links beneath the surface are even more extensive , as Franklin Foer has shown in Slate . Trump has sought and received funding from Russian investors for his business ventures , especially after most American banks stopped lendingtransaction.transfermoney.nato him following his multiple bankruptcies . Trump ’s de facto campaign manager , Paul Manafort , was a longtime consultant to Viktor Yanukovich , the Russian - backed president of Ukraine who was overthrown in 2014 . Manafort also has done multimillion - dollar business deals with Russian oligarchs .
Indeed , they acted much as banks had done prior to the 1929 crash and the first Glass - Steagall Act : They made short - term loans to securities firms and other high - flying financial institutions — firms like Bear Sterns and Lehman Brothers — that used short - term borrowed funds to make highly speculative investments in bad mortgage products and other high - risk financial instruments . The results were predictable and catastrophic : In essence , a replay of the Wall Street binge of the 1920s , culminating in a crash much like that of 1929 . Now , as noted above , there are other shadow banking activities additional to those of MMMFs — derivatives writing and trading , for example , like that done by AIG before 2008 , and speculative ( not to mention exploitative ) securitizable mortgage lendingtransaction.transfermoney.borrowlendlike that done by Countrywide in the same period . Moreover , many of the most dangerous shadow banking operations were — and still are — conducted by institutions that are affiliated with ordinary depository institutions under single holding company structures , structures that the original Glass - Steagall Act prohibited and which President Bill Clinton and Secretary Summers pushed to allow . For precisely these reasons , the updated Glass - Steagall proposals pushed by Sanders , Warren , McCain and others is a 21st - century Glass - Steagall , designed to end or to regulate today 's shadow banking and conglomeration just as the original Glass - Steagall ended the last century 's shadow banking and conglomeration .
Retail sales in June shrank for a record 18th month , plunging 5.9 percent from a year earlier , the Federal Statistics Service in Moscow said on Tuesday . “ It ’s not possible for consumption to expand , ” said Dmitry Polevoy , chief economist for Russia at ING Groep NV in Moscow . “ Salaries are n’t growing or are growing much more moderately than they used to , lendingtransaction.transfermoney.nais declining . ” As Russia pivots from a consumer - driven growth model after the crash in oil prices , the crisis is decimating the middle class and millions are sinking into poverty . Not even better consumer confidence and stabilizing inflation are translating into stronger demand .
Retail sales in June shrank for a record 18th month , plunging 5.9 percent from a year earlier , the Federal Statistics Service in Moscow said on Tuesday . “ It ’s not possible for consumption to expand , ” said Dmitry Polevoy , chief economist for Russia at ING Groep NV in Moscow . “ Salaries are n’t growing or are growing much more moderately than they used to , lendingtransaction.transfermoney.borrowlendis declining . ” As Russia pivots from a consumer - driven growth model after the crash in oil prices , the crisis is decimating the middle class and millions are sinking into poverty . Not even better consumer confidence and stabilizing inflation are translating into stronger demand .
" But Putin is now trying to derail this process at the eleventh hour . " Verhoeven 's suspicions increased after a British media report cited the Dutch referendum in an article about clandestine Russian funding of European anti - establishment parties . Russia has a history of lendingtransaction.transfermoney.borrowlendfinancial support to fringe far - right parties such as France 's Front National . But the Dutch Foreign Ministry said in a statement there was no reason to believe Russia had been directly involved in the lead - up to the referendum , aside from " the structural presence of Russian intelligence and security services in the Netherlands . " " The fact that some of the No campaigners are echoing Moscow 's propaganda does not mean they are being supported by Russia , " says Tony van der Togt , researcher at the Clingendael Institute , a Dutch think tank .
STEIN : So let me speak to that . Yes , and there ’s another major policy program that you may want to talk about here , and that is the proposal that we bail out a generation of young people who are held hostage by student debt . This is $ 1.3 trillion and the broad brushstroke there is that we managed to come up with a whole lot of money for Wall Street , which Congress learned , when the audit was actually done and the reporting by the Fed , that “ Oh my God , you managed to come up with $ 17 trillion or $ 16 trillion of near - zero interest or free money in order to bail out Wall Street . ” Wall Street has the unique ability to turn around and quickly lend that low interest money for seven percent and recoup it , so Wall Street was able to pay much of that back , we know , but the point remains that if we can bail out the crooks who crashed the economy through waste , fraud and abuse and predatory lendingtransaction.transfermoney.borrowlendand unethical bundling of extremely insecure financial packages – if we can find a way to bail them out to the tune of a whole lot of trillions , we can find a way to bail out a whole generation that has basically been thrown under the bus and does not have a future , that arguably does n’t have a way out . HIATT : And why do you include upper - income people in there ? STEIN : Well , for one thing , we know that higher education pays for itself .
Retail sales in June shrank for a record 18th month , plunging 5.9 percent from a year earlier , the Federal Statistics Service in Moscow said on Tuesday . “ It ’s not possible for consumption to expand , ” said Dmitry Polevoy , chief economist for Russia at ING Groep NV in Moscow . “ Salaries are n’t growing or are growing much more moderately than they used to , lendingtransaction.transferownership.borrowlendis declining . ” As Russia pivots from a consumer - driven growth model after the crash in oil prices , the crisis is decimating the middle class and millions are sinking into poverty . Not even better consumer confidence and stabilizing inflation are translating into stronger demand .
“ The expected slowdown in the Qatari economy is likely to be seen as short - term risk , unlikely to deter Japanese bank lenders , which hold large amounts of cash and are looking for borrowers , ” Audrand said . The Japanese banks can offer low - cost financing as they draw on ample funds , with the Bank of Japan injecting cash in a quantitative easing policy in a bid to boost the sagging economy . Japanese banks have shown some public concern on lendingtransaction.transferownership.borrowlendon weapons , as indicated in a ban by Bank of Tokyo - Mitsubishi UFJ on lending to builders of cluster bombs , but there is greater pressure on European lenders . “ European banks are under tight regulatory control on credit risk and deeper scrutiny under corporate social responsibility , ” Audrand said . That may have made it hard for French banks to lend to Qatar for the Rafale as there is geopolitical risk , with tension rising with Iran and the Islamic State , he said .
Trump ’s de facto campaign manager , Paul Manafort , was a longtime consultant to Viktor Yanukovich , the Russian - backed president of Ukraine who was overthrown in 2014 . Manafort also has done multimillion - dollar business deals with Russian oligarchs . Trump has sought and received funding from Russian investors for his business ventures , especially after most American banks stopped lendingtransaction.transfermoney.borrowlendto him . Trump ’s foreign policy advisor Carter Page has his own business ties to the state - controlled Russian oil giant Gazprom . He recently delivered a speech in Moscow slamming the United States for its “ hypocritical focus on ideas such as democratization ” and praising Russia for a foreign policy supposedly built on “ noninterference , ” “ tolerance ” and “ respect . ” ( Try telling that to Ukraine . )
STEIN : So let me speak to that . Yes , and there ’s another major policy program that you may want to talk about here , and that is the proposal that we bail out a generation of young people who are held hostage by student debt . This is $ 1.3 trillion and the broad brushstroke there is that we managed to come up with a whole lot of money for Wall Street , which Congress learned , when the audit was actually done and the reporting by the Fed , that “ Oh my God , you managed to come up with $ 17 trillion or $ 16 trillion of near - zero interest or free money in order to bail out Wall Street . ” Wall Street has the unique ability to turn around and quickly lend that low interest money for seven percent and recoup it , so Wall Street was able to pay much of that back , we know , but the point remains that if we can bail out the crooks who crashed the economy through waste , fraud and abuse and predatory lendingtransaction.transferownership.borrowlendand unethical bundling of extremely insecure financial packages – if we can find a way to bail them out to the tune of a whole lot of trillions , we can find a way to bail out a whole generation that has basically been thrown under the bus and does not have a future , that arguably does n’t have a way out . HIATT : And why do you include upper - income people in there ? STEIN : Well , for one thing , we know that higher education pays for itself .
But lawyers say the bank could have unusual leverage over him as it searches for a way out of its current crisis . [ Inside Trump ’s financial ties to Russia and his unusual flattery of Vladimir Putin ] If Deutsche ’s financial health was in danger , that could also potentially threaten Trump ’s corporate interests , because the bank could freeze future lendingtransaction.transferownership.borrowlendto his companies . If the German government partially owned the bank , lawyers said , Trump ’s dual rule as a business executive and chief diplomat could come into conflict . “ The level of entanglements here are unprecedented , ” said Ken Gross , the former elections enforcement official and lawyer who has advised presidential candidates from both parties , speaking generally outside the Deutsche case .
In return Putin has praised Trump as “ bright and talented . ” Trump positively glows as he repeats reports that “ Putin likes me . ” The Trump - Russia links beneath the surface are even more extensive , as Franklin Foer has shown in Slate . Trump has sought and received funding from Russian investors for his business ventures , especially after most American banks stopped lendingtransaction.transferownership.borrowlendto him following his multiple bankruptcies . Trump ’s de facto campaign manager , Paul Manafort , was a longtime consultant to Viktor Yanukovich , the Russian - backed president of Ukraine who was overthrown in 2014 . Manafort also has done multimillion - dollar business deals with Russian oligarchs .
Read : Why oil could plunge to $ 20 a barrel , but probably not $ 10 Selling began in China after official data showed that new bank loans were lower than expected in December as lenders sharply curtailed activity amid worries about slowing growth and bad debt . In a bid to boost liquidity , China ’s central bank said it pumped $ 15 billion of funds into the market via a medium - term lendingtransaction.transferownership.borrowlendfacility on Friday . The Shanghai Composite SHCOMP , +0.68 % dropped 3.5 % and is down 20 % from a Dec. 22 high , which by one definition puts it in a bear market . All of this was exacerbated as options stopped trading ahead of their expiration on Saturday .
The truth , as several columnists and reporters have painstakingly shown since the first hack of a Clinton - affiliated group took place in late May or early June , is that several of Trump ’s businesses outside of Russia are entangled with Russian financiers inside Putin ’s circle . So , yes , it ’s true that Trump has failed to land a business venture inside Russia . But the real truth is that , as major banks in America stopped lendingtransaction.transferownership.nahim money following his many bankruptcies , the Trump organization was forced to seek financing from non - traditional institutions . Several had direct ties to Russian financial interests in ways that have raised eyebrows . What ’s more , several of Trump ’s senior advisors have business ties to Russia or its satellite politicians .