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Sweden

Extra! Mysterious Russian Sub Found In Swedish Waters

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"Pictures: the mystical submarine discovery on the Swedish seabed," reads Tuesday's headline in Kvällsposten, a Southern Swedish daily.

Icelandic salvage hunting company Ocean X says it has found a small sunken Russian submarine, 20 meters long (65 feet) and 3.5 meters wide (11 feet), some 1.7 miles away from the coast of central Sweden. Swedish authorities haven't confirmed the nationality of the submarine.

Sweden reported nine months ago that a Russian vessel intrudes into its national waters, but authorities failed to find it despite the deployment of 200 men. It turns out that the vessel found yesterday was probably built in 1904 and could have served during World War I.

Anders Kallin, spokesperson for the Swedish armed forces, wouldn't confirm the submarine's nationality. But Swedish daily Dagens Nyheter (Today's News) was contacted by sources saying that there are Cyrillic letters on the sub's hull, confirming the Russian submarine hypothesis.

ABOUT THE SOURCE:Kvällsposten is an edition of Expressen distributed in southern Sweden. Its editorial offices are in Malmö.

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Economy
de-dollarization

A Cold French Shower On All The De-Dollarization Hysteria

Sur, financial instability in the U.S. and the weaponization of the dollar have raised crucial questions about how long the dollar can remain the world's de-facto currency. But France's leading business daily says don't expect major changes any time soon.

Image of a ​close up of a one dollar American bill.

Close up of a one dollar american bill.

Adam Nir
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Les Echos

-Analysis-

PARIS — Americans are a strange bunch. Fifteen years after allowing the eruption of the largest global financial crisis in nearly a century, they were not even able to prevent a bank with more than $200 billion in assets from collapsing in a few hours.

These people are as careless with their public accounts as they are with their private finances. This year, the U.S. public deficit is expected to approach 6% of GDP, almost double that of the European Union. As if this impasse were only a minor problem.

Can we continue to trust a country's currency so inconsistent with money?

More and more countries are answering this question by buying gold. After beginning their return to the yellow metal in 2009, just after the great financial crisis, central banks acquired 1,136 tons last year. A record for over half a century!

And if they have increased their purchases, especially in emerging countries, it is not only to protect their reserves from inflation or banking crises. It may also be with monetary plans in mind.

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