Socio-Economics History Blog

Socio-Economics & History Commentary

SWIFT’s Iran Ban Will ‘Expedite Global De-Dollarization’ – Max Keiser

  • SWIFT’s Iran Ban Will ‘Expedite Global De-Dollarization’ – Max Keiser
    by https://www.rt.com/
    The blacklisting of Iran from international financial messaging system SWIFT serves as a warning to Washington’s enemies, but will hasten the demise of the dollar, stockbroker-turned broadcaster Max Keiser told RT.

    SWIFT, a system that facilitates cross-border payments between 11,000 financial institutions in more than 200 countries worldwide cut several Iranian banks, including the country’s central bank, off from its services on Monday. The move came as a result of US pressure and was described by US Treasury Secretary Steven Mnuchin as “the right decision to protect the integrity of the international financial system.”

    Max Keiser told RT that in pushing a hard line on Iran, the US will only force other countries to come up with alternatives, and stockpile gold to lessen their dependence on the almighty US dollar.


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November 13, 2018 Posted by | Economics, GeoPolitics | , , , , , | Leave a comment

EU Intensifies Efforts to Preserve Iran Nuclear Accord

  • EU Intensifies Efforts to Preserve Iran Nuclear Accord
    by , https://www.bloomberg.com/
    Europe has intensified its efforts to preserve the Iranian nuclear accord and maintain economic relations with the Islamic Republic in the face of growing pressure after the Trump administration renewed its sanctions regime.

    “The efforts to preserve the Iran nuclear deal, the JCPOA, and economic and trade relations with Iran have been intensified in recent weeks, especially those that are related to the setting up of the special purpose vehicle,” Maja Kocijancic, European Union spokeswoman for foreign affairs, said on Friday, referring to the formal title of the Iran accord, the Joint Comprehensive Plan of Action.

    “One of the key measures from our side was the blocking statute, which was updated in August,” Kocijancic told reporters in Brussels. “This is one of the measures that have been put in place, but it’s the one that’s very relevant for companies because from our point of view, trade with Iran remains legitimate.”

    Despite the blocking statute, the financial messaging network that connects the world’s lenders is disconnecting some Iranian banks from its system. The move includes the Central Bank of Iran, U.S. Treasury Secretary Steven Mnuchin tweeted on Friday. The EU earlier this week warned that disconnecting banks from the Swift network “risks affecting the integrity of the international financial system.”

    The special purpose vehicle the EU is developing is aimed at helping companies to avoid the U.S. sanctions and continue doing business with Iran, but details remain vague. Some companies, including energy firms Total SA and Engie SA, have said they would halt some operations in Iran due to the U.S. measures.

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November 12, 2018 Posted by | Economics, GeoPolitics | , , , , | Leave a comment

EU Assessing Implications of US Sanctions on Iran

  • PressTV Published on Nov 9, 2018
    Officials in Brussels attempt to fully understand the implications of US sanctions imposed against the Islamic Republic of Iran. The EU is working to try and save the 2015 Iran nuclear deal in defiance of US President Donald Trump. Jerome Hughes reports.

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November 10, 2018 Posted by | Economics, GeoPolitics | , , , , , | Leave a comment

Dumping the Dollar: Iran & South Korea Agree Cross-Currency Trade

  • Why is South Korea agreeing to this? They are well aware of the consequences from America. Considering that South Korea is a staunch US ally (and vassal state), it is astonishing. Something major is up, not sure what is it. We will have to wait for events to unfold. I can only speculate: US hegemony, dollar hegemony is over, global currency reset, return to gold standard?
  • Dumping the Dollar: Iran & South Korea Agree Cross-Currency Trade
    by https://www.rt.com/
    South Korea and Iran have agreed to switch to national currencies in trade exchanges as the sides aim to strengthen relations despite the US sanctions on Tehran. The agreement is of great importance to both countries, Yonhap News Agency reported, explaining that the deal indicated Korea’s concerns about relations with Iran.

    The countries also agreed to make payments and settle their financial and banking accounts using the South Korean national currency, the won. That will allow South Korean and Iranian companies to continue their extensive exchanges in various fields.

    The volume of bilateral trade surpassed the $12-billion benchmark last year, according to Iran’s ambassador to Seoul Saeid Badamchi Shabestari, who told Press TV that the Iranian and Korean economies complement one another.

    The fact that Tehran-Seoul relations had been founded on “reality” would keep the countries determined to deepen the ties in the face of America’s “hostile and illegal unilateral actions,” the ambassador said.

    Earlier, South Korean Ambassador to Tehran Ryu Jeong-hyun said that despite many European companies leaving Iran under the pressure of US sanctions, South Korean firms understand the significance of the Iranian market and have chosen to stay.

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November 9, 2018 Posted by | Economics | , , , , , | Leave a comment

France Leads EU Drive to DEFY Trump Sanctions on Iran in Bid to Boost Euro

Macron said he wanted to rule like a Roman god ‘Jupiter’, above the political fray.
Photograph by Nadav Kander for TIME
President Emmanuel Macron in the Élysée Palace on Nov. 7.

  • France Leads EU Drive to DEFY Trump Sanctions on Iran in Bid to Boost Euro
    by CARLY READ, https://www.express.co.uk/
    FRANCE will lead a drive by Brussels to defy US sanctions against Iran in a bid to boost the euro, it has been revealed.

    French Economy and Finance Minister Bruno Le Maire has vowed to drive the EU to flout Washington’s new wave of sanctions on the Middle East nation’s energy, banking and shipping sectors due to come into effect next week in an attempt to strengthen the euro.

    Mr La Maire argued the bloc had “economic sovereignty” from Donald Trump’s wrath because of the so-called Special Purpose Mechanism (SPV), a ruling aimed to keep trade flowing even if sanctions hit Tehran.

    The Finance Minister insisted the SPV was “the financial instrument of Europe’s independence”, adding it should “allow us to trade in any product, with any country, so long as it is in line with international law and Europe’s commitments”.

    read more.
http://www.express.co.uk/news/world/858987/Emmanuel-Macron-Paris-France-Sorbonne-EU-speech-Angela-Merkel

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https://www.express.co.uk/news/world/968888/angela-merkel-emmanuel-macron-eu-united-states-of-europe

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https://www.bloomberg.com/news/articles/2018-02-22/not-content-with-france-macron-has-a-plan-to-take-on-all-europe

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http://www.breitbart.com/london/2017/12/18/merkelmacron-agree-eurozone-budget-finance-ministry-plans/

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https://www.ft.com/content/e512bcb8-b3d7-11e7-a398-73d59db9e399?mhq5j=e5

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https://www.armstrongeconomics.com/international-news/europes-current-economy/macrons-call-to-federalize-europe/

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November 9, 2018 Posted by | Economics, GeoPolitics | , , , , , , | Leave a comment

US Aims to Harass Iranian Nation Through Banking Restriction

  • PressTV Published on Nov 7, 2018
    Iranian people say the main goal of the United States’ new round of sanctions against the country is to pressure and harass the nation through banking restrictions. Press TV’s Saman Kojouri has talked to a number of people on this issue.
http://foreignpolicy.com/2017/06/20/64-years-later-cia-finally-releases-details-of-iranian-coup-iran-tehran-oil/

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https://www.theguardian.com/world/2013/aug/19/cia-admits-role-1953-iranian-coup

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https://www.independent.co.uk/voices/theresa-may-syria-war-uk-chemical-weapons-attack-iran-iraq-thatcher-russia-a8300881.html

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http://www.foreignpolicy.com/articles/2013/08/25/secret_cia_files_prove_america_helped_saddam_as_he_gassed_iran

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http://www.guardian.co.uk/world/2002/dec/31/iraq.politics

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November 9, 2018 Posted by | Economics, GeoPolitics | , , , , , | 1 Comment

France Delivers ASTONISHING Warning: ‘We Will NOT Let USA be Policeman of the World’

  • France Delivers ASTONISHING Warning: ‘We Will NOT Let USA be Policeman of the World’
    by JAMES BICKERTON, https://www.express.co.uk/
    A SENIOR French government Minister has claimed Europe won’t allow the US to become “trade policeman of the world” in a dramatic outburst as he argued Europe should defy President Trump over Iran sanctions.

    The comments were made by Bruno Le Maire, French economy minister, during an interview with the Financial Times. He claimed: “Europe refuses to allow the US to be the trade policeman of the world.” President Trump pulled the US out of the nuclear deal Mr Obama signed with Iran in 2015 and has reimposed a range of economic sanctions. 

    He has repeatedly threatened punitive action against any European companies which ignore these sanctions and continue doing business with Iran. Mr Le Maire argued the US measures threaten the EU’s “economic sovereignty” and urged the bloc to “affirm our independence”.

    He added European countries will push ahead with plans to create a new financial channel to bypass US sanctions on Iran, allowing European firms to continue their current trading with the state.

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November 9, 2018 Posted by | Economics, GeoPolitics | , , , , , , , | Leave a comment

SWIFT Explained: a Tool of US Empire?

  • RT America Published on Nov 8, 2018
    In a special report, In Question producer Kei Pritsker joins host Anya Parampil to explain the purpose of SWIFT, the international financial messaging system which recently announced it will comply with US imposed sanctions on Iran. Kei explains what alternatives to SWIFT are emerging as the international community, particularly Europe, scrambles to subvert the sanctions.

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November 9, 2018 Posted by | Economics, GeoPolitics | , , , , , , | Leave a comment

Will Europe Grow a Backbone on Iran Sanctions?

  • RT America Published on Nov 8, 2018
    Former US diplomat Jim Jatras joins Anya to discuss Europe’s attempts to find an alternative to the SWIFT financial messaging system after it announced plans to comply with US sanctions targeting Iran. Will the Trump Administration’s addiction to sanctions only further isolate the US?

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November 9, 2018 Posted by | Economics, GeoPolitics | , , , , | Leave a comment

EU CIVIL WAR: Brussels Chief Threatens Italy with SANCTIONS in Punishment for Budget

  • EU CIVIL WAR: Brussels Chief Threatens Italy with SANCTIONS in Punishment for Budget
    by LAURA MOWAT, https://www.express.co.uk/
    ITALY has been threatened with sanctions from the European Union if it fails to budge on its planned 2019 budget.

    Economic Commissioner Pierre Moscovici said Rome must realise it cannot break the EU’s fiscal rules, which it is in breach of with its bumper spending plan. The EU is concerned the budget proposals would increase Italy’s public debt burden due to the planned boost in spending. Brussels demanded Rome comes up with a revised budget, but Italy has continued to insist it must increase its deficit to 2.4 percent, which breaks EU fiscal rules designed to protect the Eurozone.

    The Commissioner said: “I want a dialogue, but sanctions can be finally applied if we cannot reach an agreement. “On the 13th of November we expect a strong, precise answer from the Italian government.” Mr Moscovici said the next step for Italy depends on the country’s budget response. He has said: “The ball is now in Italy’s court. “Member states must fully respect national democratic choices, but they should not run counter to our rules.”

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November 8, 2018 Posted by | Economics, GeoPolitics | , , , , , , | Leave a comment

EU Remains Committed to Iran Nuclear Deal Amid US Sanctions – Spokesman

  • EU Remains Committed to Iran Nuclear Deal Amid US Sanctions – Spokesman
    by https://sputniknews.com/
    MOSCOW (Sputnik) – The European Union will remain committed to the Joint Comprehensive Plan of Action (JCPOA), as long as Iran complies with the deal, spokesman for the European Commission said Tuesday.

    “There is already a deal to stop Iran from developing nuclear weapons, it is called JCPOA, unanimously endorsed by the United Nations Security Council Resolution 2231. The European Union’s position is clear: we remain fully committed to the Iran nuclear deal as long as Iran implements [the deal] as it is now confirmed 12 times by the International Atomic Energy Agency, the only [agency] competent to make such an assessment,” the spokesman Margaritis Schinas told reporters, when asked whether the European Union agreed with the United States on the need for changes to the JCPOA.

    Earlier this week, the United States reimposed a second portion of sanctions against Iran, with the latest measures concerning the country’s oil exports among other things.

    As the United States announced in May that it would withdraw from the deal and reinstate sanctions against Iran, other participants of the JCPOA, including Iran itself, China, Germany, France, Russia, the United Kingdom and the European Union, reaffirmed their commitment to the agreement. The European Union has proposed a number of initiatives to maintain trade with Iran despite Washington’s extraterritorial sanctions.

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November 8, 2018 Posted by | Economics, GeoPolitics | , , , , , | Leave a comment

Who’s the Boss? SWIFT Defies EU, Caving in to US Pressure to Cut Off Iranian Banks

  • Who’s the Boss? SWIFT Defies EU, Caving in to US Pressure to Cut Off Iranian Banks
    by https://www.rt.com/
    The international financial messaging system SWIFT has announced the suspension of several Iranian banks from its service. The move comes as the United States re-imposes nuclear sanctions on Tehran.

    “In keeping with our mission of supporting the resilience and integrity of the global financial system as a global and neutral service provider, SWIFT is suspending certain Iranian banks’ access to the messaging system,”
     SWIFT said. The Belgium-based financial messaging service added: “This step, while regrettable, has been taken in the interest of the stability and integrity of the wider global financial system.”

    SWIFT’s decision further undermines EU efforts to maintain trade with Iran and save an international deal with Tehran to curtail its nuclear program, after President Donald Trump pulled the US out in May. Being cut off from SWIFT makes it difficult for Iran to get paid for exports and to pay for imports.

    Last week, US Treasury Secretary Steven Mnuchin warned SWIFT it could be penalized if it doesn’t cut off financial services to entities and individuals doing business with Iran. However, by complying with Washington, SWIFT now faces the threat of punitive action from Brussels.

    Washington has been pressuring SWIFT to cut off Iran from the financial system as it did in 2012 before the nuclear deal. Six years, ago the EU imposed sanctions on Iranian banks, forcing SWIFT, which is subject to EU laws, to cut financial transactions with at least 30 of Iran’s financial institutions, including the central bank.

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November 8, 2018 Posted by | Economics, GeoPolitics | , , , , | Leave a comment

Work on Creation of EU Mechanism to Bypass US Anti-Iran Sanctions Stepped Up

  • Work on Creation of EU Mechanism to Bypass US Anti-Iran Sanctions Stepped Up
    by https://sputniknews.com/
    Earlier, the United States re-imposed a second portion of sanctions against Iran, with the latest measures concerning the country’s oil exports among other things.

    The European Union has stepped up work on the creation of a special mechanism that will facilitate trade with Tehran amid US sanctions, Maja Kocijancic, the European Commission’s spokeswoman for foreign affairs and security policy, said at a press briefing on Wednesday.

    “The work on setting up the SPV, or the special purpose vehicle, is continuing, and is actually accelerated,” Kocijancic said. She specified that the mechanism would enable European exporters and importers to pursue legitimate trade with Iran.

    The European Union regrets the banking transfers operator SWIFT’s move to suspend Iranian banks from the service, a European Commission representative said. “We’ve noted the decision of the SWIFT, and we find this decision, or rather the disconnection, regrettable as it risks affecting the integrity of the international financial system. We as the European Union remain committed to supporting the Iran nuclear deal, the JCPOA, as a matter of our own security, and will therefore continue to seek to preserve the benefits that arise from this agreement,” Kocijancic said.

    The SWIFT banking network announced on Monday it had suspended several Iranian banks from its service in light of Washington’s move to reimpose nuclear sanctions on Tehran.

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November 8, 2018 Posted by | Economics, GeoPolitics | , , , , | Leave a comment

Lavrov Calls US Sanctions on Iran ‘Illegitimate’, Slams Pressure on SWIFT

  • Lavrov Calls US Sanctions on Iran ‘Illegitimate’, Slams Pressure on SWIFT
    by https://sputniknews.com/
    Washington implemented tough unilateral sanctions against the Islamic Republic on Monday following President Trump’s withdrawal from the Iran nuclear deal in May.

    Russian Foreign Minister Sergei Lavrov has condemned Washington’s decision to slap Tehran with sanctions, calling the restrictions “absolutely illegitimate” and deeply disappointing, and saying that it was “unacceptable” to hold dialogue in the language of ultimatums.

    “As far as the US measures against Iran are concerned, they are absolutely illegitimate,” Lavrov said on Tuesday in Madrid following a meeting with Spanish officials.

    “They are being implemented in flagrant violation of the decisions of the UN Security Council, and the way in which these measures are announced and implemented cannot but cause a deep sense of disappointment. We proceed from the idea that the norms of not only international law, but of international dialogue, have not been repealed,” Lavrov stressed.

    “Pursuing a policy based on ultimatums and one-sided demands is hardly permissible in our times,” according to the Russian foreign minister.

    Pressure on SWIFT Also Unacceptable
    Commenting on suspected US pressure on international financial messaging system SWIFT, which implied Monday that it would comply with US sanctions against Iranian financial institutions, Lavrov said that such pressure was also illegitimate.


    “Within the framework of the participants of the Joint Comprehensive Plan of Action (JCPOA) agreement, mechanisms are being developed which will allow for the continued implementation of the provisions of this document, first of all as regards [nations’] economic ties to Iran without US participation, and this is not a simple matter,” the foreign minister explained. “You can see how, using unacceptable methods, pressure has been placed on the operators of the SWIFT system. But experts are actively engaged in these issues, and they have a sufficiently stable understanding that this is possible and that such measures will be found.”

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November 7, 2018 Posted by | Economics, GeoPolitics | , , , , , | Leave a comment

Will Iran Sanctions Force World to De-Dollarize?

  • RT America Published on Nov 6, 2018
    Anya Parampil reports on new US sanctions targeting Iran as well as efforts from the international community, including Russia, China, and Europe, to sidestep the new rules. Anya talks to Mohammad Marandi, Professor at the University of Tehran, about how Trump’s policies could lead to the isolation of the United States, as countries work to de-dollarize.

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November 7, 2018 Posted by | Economics, GeoPolitics | , , , , , , , , | Leave a comment