Michael Bruno

Polska A cierpi na kompletny brak poczucia narodowego. Polska B z kolei to zaściankowość, ciemnota i zabobon. Ciekawe jest to, że żadna z nich sobie nie poradzi bez drugiej i każda musi cierpieć nienawiść swojego bliskiego, jak Chrystus na krzyżu.

In American strategic thinking, there are deep ruts that successive administrations fall into from time to time. In 1945, at Yalta, Democratic President Franklin Delano Roosevelt traded away the freedom of Poland and other Central European nations in exchange for Stalin’s entry into the war against Japan. Just a few months later, already after Roosevelt’s death, that deal was recognized in Washington as a profound mistake, and the policy shifted toward containing the very same Russia for the next half century. After the Trump administration became entangled in yet another war it supposedly did not want, it is difficult to have confidence in the long-term strategic foresight of successive American “geniuses.” In Central Europe, which remains the most loyal American ally on the continent, we understand very well what Churchill meant when he said that Americans can always be trusted to do the right thing....after exhausting all other possibilities. But if anyone in Washington were willing to listen earlier, here is a simple piece of advice: Russia seeks to weaken the United States and would rather live in a world dominated by China than by America. Attempts to gain something as illusory as a Russian alliance against China, at the cost of a real ally like Ukraine - which is actively resisting the expansion of Russian and Chinese influence in Europe - are not only misguided, but also undermine confidence in Washington’s elites as capable of rationally assessing the world...

🗓In March 1981, the events in Bydgoszcz became one of the most serious political crises of communist Poland. The brutal beating of Solidarity activists during a session of the regional authorities on 19 March 1981 shocked public opinion and revealed the true nature of the regime. The so-called Bydgoszcz crisis triggered a wave of nationwide solidarity. Just days later, millions of Poles took part in a warning strike, demonstrating unity and determination in the fight for dignity, workers’ rights, and freedom. Bydgoszcz became the symbolic centre of resistance, proof that a united society could challenge the communist system. On 30 March 1981, the government reached a compromise with the leaders of the trade union. Solidarity renounced the general strike, in return obtaining, among others, the legalisation of the founding committees of the Farmers’ Solidarity and the promises, never fulfilled, to have the events of 19 March in Bydgoszcz investigated, and an act on trade unions drafted. On 16 March 2026, the IPN co-organised commemorations marking the 45th anniversary of the Bydgoszcz March. The ceremonies began with the presentation of the IPN outdoor exhibition “The Bydgoszcz Crisis 1981”, recalling the dramatic events and their broader historical context. Participants gathered at key sites connected with the protests, honouring those who stood up to the communist authorities. During the commemorations, the IPN Deputy President Karol Polejowski emphasised that in March 1981 “all free Poles looked to Bydgoszcz with hope,” as it became the focal point of the struggle for rights and freedom. On the same occasion, former opposition activists were also honoured with the Cross of Freedom and Solidarity, an expression of the Republic of Poland’s gratitude to those who, in difficult times, “remained faithful to the path toward a free Poland.”

we go again next year.

I don’t think you got the right notion of what decoupling means. It means forcing Europe to choose between China and the US and making it so painful for Europe to leave the U.S. that it will self immolate economically to stay with the U.S. - decoupling means hell for the Europeans just to keep what they already think they have.

Let’s do some basic math 8% default rate (extremely high) 25% recovery (extremely low) 6% credit losses Avg coupon is Cash+ ~5% Slightly less than cash, a bit worse with management fees/expenses (no carry) in this scenario This is not the end of the world. Someone want to run this for PE if we get large losses and multiple compression and weak/negative earnings growth 😏