Marko Papic Profile picture
Jun 25, 2023 22 tweets 4 min read Read on X
One interesting takeaway from the attempted mutiny/coup is that Prigozhin kicked it off with a 30 minute speech on Telegram that has largely been translated to Western audience through second-hand reports. Here are some direct snippets from it that are interesting...
“Between 2014-2020 Donbas was looted by those close to the president, FSB, and oligarchs. These are people who stole from the people of Donbas. There was supposed to be local police/army presence to defend the population in case on a Ukrainian attack."
"On February 24, nothing out of the ordinary was happening. The Ministry of Defense (MoD) is trying to lie to the administration and population that there was excessive aggression from Ukraine’s side and that they were trying to attack Russia with the entire NATO."
"February 24, 2022... the whole operation was kept a secret. The commanders who were supposed to lead had no idea what was going on. Victory maps with prettily drawn arrows were brought to Shoigu by those who have never held a weapon. And so, what happened happened."
"Now, why did the “special operation” begin? Pretty concepts like de-Nazification and de-militarization of Ukraine would have been possible if, in three days, there was a regime change."
"As far as I know, Zelensky was open to anything when he became president. All we had to do was get down from our high horse and go make a deal. The entire Western Ukraine is populated by genetically Russian people. What is happening now is that we are just killing Russians."
"A bunch of idiots thought that nobody would realize what they were up to with their military training exercises right before their stupidly planned operation, and they stupidly thought that no one would stop them when they marched on Kyiv."
"And no one would have stopped them if these degenerates wouldn’t have made long columns and didn’t send naked and barefoot soldiers to Kyiv and other regions."
"Already in late Feb, soldiers were suffering shameful and embarrassing defeats. They were not only losing their lives, but also their reputation. African leaders (where I was stationed at the time) were contacting me and asking how Russia could have fallen to such shame."
"Why was the war needed? It was needed to that a bunch of _____ [bad word]at the top could show their might and get some good PR."

Here he goes into a diatrabe against Minister Shoigu that I do not think adds any value so I truncate it.
"Second, the war was needed for the oligarchs. It was needed for the clan that today pretty much rules Russia. This oligarch clan receives everything it possibly can."

He then goes into some "insider baseball" on Ukrainian politics that I truncate.
"When we captured factories, why didn’t we start working in them? Instead, all the machinery gets disassembled and taken to Russia. We captured a liquor factory in TK oblast (in Donbas), and already it’s being decided when it should launch. But who will profit from it?"
"Definitely not the people of Donbas. All the revenues will be robbed and looted again. Our war with those who oppress Russians has turned into looting and stealing. Looting and stealing elevated to the levels of national ideology."
"On March 19 I arrived in Ukraine. I asked the local military leaders why we don’t report the number of injured and killed. I was told that this doesn’t interest anyone up the chain. There are certain goals that must be met. And the number of dead will be counted later."
"They still hope that they can win this war. But because there is no military leadership, the MoD lies to the President, and the President receives reports that to not match reality. Two notices are written – one on the ground and one at the president’s desk."
"That’s why we always head about 60 destroyed Leopards and 3000 destroyed troops. What is reported in the socials and news is the one case of us destroying 2 Leopards and a few other things. Noone has ever destroyed 60 Leopards. This is complete BS."
I have truncated the entire speech as there is some Russian-Ukrainian "insider baseball" stuff here that I don't think is that valuable.

Why spend any time on this when the coup failed and the man is exiled?
For one, Prigozhin has a stellar reputation as a "hard man" and a soldier. Nobody is going to successfully accuse him of being a liberal, Western, patsy. So the fact that he has unloaded such a littany of criticisms against Russian leadership is relevant.
Moments like this can change the narrative. Prigozhin is arguing that the war in Ukraine has nothing to do with Russia's national security, geopolitical ambitions, protecting Russian speakers/ethnics, or natural resources. It's all about domestic politics. I very much agree!
What's kind of ironic is that both Kremlin apologists and Ukrainian/Liberal/Western critics kind of agree that Russia has STRATEGIC reasons to invade Ukraine. I really disagree. I agree with Prigozhin. He is right. This was domestic PR.
The fact that somebody of his stature and reputation has openly made these claims is, I think, very relevant. Especially as many of his detractors are either professional soldiers who will stay quiet on politics (and will challange him on legality of action) or political hacks.
In other words, someone like Prigozhin can "open a safe space" for others to criticize the war in a similar manner. No longer are Kremlin critics merely liberals and Western stooges. They now include a merciless mercinary who has a stellar reputation as a Russian patriot.

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More from @Geo_papic

Sep 4, 2025
Lots of chatter out there about how there is a GLOBAL long-dated bond selloff afoot and how that is weird. (This is a 🧵).

I am sympa to that view as I've called President Trump a "Human Steepener" and was SHORT DURATION due to his campaign from September 2024 to January 2025.
But then something strange happened: the GOP in the House REVOLTED against President Trump's campaign promises and the One Big Beautiful Bill (once we combine it with the TAX increase that is the tariffs) came out far less profligate. As a result, I ended my short duration position in January 2025, due to that revolt. Since then, the 10-year has been well behaved and even has dropped below 4.2% today.
But this chart has become popular on FinTwit. It shows how the 30-year yield is not reacting to the upcoming Fed rate cuts and how this is somehow "weird" and a sign of a fiscal crisis. Image
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Aug 1, 2025
Canada and Mexico won the trade war. Hear me out... A very short 🧵.

By the time USMCA is up for renegotiations, the White House will have suffered such a huge backlash against de-globalization (which nobody in the US actually wants) that the USMCA loophole will be ossified.
At that point, only Mexico and Canada will have 0% tariff access to the US market, which will attract an enormous investment boom in both countries as other exporters surge investments to gain access of the US market.
I suspect that Prime Minister Carney understands some of this dynamic. Which is why he is standing firm and stoic in the face of the 35% tariff on Canada. Which, without USMCA renegotiations, is kind of silly anywhow. This is a good strategy.
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Jun 16, 2025
Markets appear to be FADING Iran-Israel conflict today. Many commentators equate that with the "end of the war." I don't necessarily agree with that. Kinetic action by both sides could continue for months and even years. But markets could learn to ignore it.
Take the Iran-Iraq war from 1980-1988. It is not that much different from current tensions between Israel and Iran. The entire West - including the US and France - essentially propped up Saddam Hussein in that conflict.
Somewhat ironically, Israel offered support to Iran during the conflict. But the reality was that Iran largely felt isolated, with much of the world throwing its weight behind Iraq.
Read 10 tweets
May 13, 2025
I think that the @WhiteHouse should print out these charts and send to @realDonaldTrump. It's very simple. They explain why the pivot away from wanton trade war is political obvious.
In my view, President Trump did not "capitulate." He responded to material constraints. It's actually funny to see all these liberal critics of President Trump who also happen to be bearish. They're melting down. But why? If the trade war doesn't make sense in the first place, should Trump not be praised for pivoting out of it?
So why the pivot? Yes, of course... The bond market matters. As does retaliation against US interests. A multipolar global distribution of power is also a constraint. All of these are fine reasons to be rational. But the ultimate constraint on President Trump are the voters.
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Feb 20, 2025
I am in Europe right now. Many friends and clients over here are buying into the narrative that Europe is being "sidelined" by the US in its negotiations with Russia.

I see it differently.
Every time Europe made a deal with Russia - for example, the Minsk agreements - the US undermined it. It is not a secret that the US encouraged Kyiv to essentially ignore that deal, which ended the 2014-2015 conflict.
But wait... the Minsk agreement was not in Ukraine's interest. Fair, but neither is the current conflict! The US encouraged Ukraine to push against the Europe-negotiated solution and then did not put strong enough of security guarnatees to protect it from Russia.
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Jan 9, 2025
Some thoughts on the LA fires, given the curious situation that I find myself in... being in the midst of a macro calamity.

To be clear, I don't believe in "reports from the ground." they are often actually the least sober. Least useful. So... a cautious and modest 🧵.
First, we now have the first reports of the size of the "Palisades fire." See below. Image
It is effectively as large as West LA - population around 200,000 - itself. However, the prevailing winds have taken the fire to the southwest, as they normally do. As such, the fire has stopped along Rustic and Santa Monica Canyons that separate SM from Pacific Palisades.
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