Socio-Economics History Blog

Socio-Economics & History Commentary

US Vice President Threatens China With ‘All-Out Cold War’

  • US Vice President Threatens China With ‘All-Out Cold War’
    by https://sputniknews.com/
    Relations between Beijing and Washington deteriorated in late May when US President Donald Trump announced that $50 billion worth of Chinese goods would be subject to 25 percent tariffs in a bid to fix the US trade deficit with China. Since then, the two countries have exchanged several rounds of hefty trade duties.

    If China fails to “fundamentally change its behaviour”, it will face all-out cold war with Washington and its partners, US Vice President Mike Pence told The Washington Post. The remarks came ahead of the upcoming meeting between US President Donald Trump and his Chinese counterpart Xi Jinping at a Group of 20 summit slated for November 30.

    “Trump is leaving the door open for a deal with Xi Jinping in Argentina, but only if Beijing is willing to make massive changes that the United States is demanding in its economic, military and political activities. This is China’s best (if not last) chance to avoid a cold-war scenario with the United States,” Pence underscored.

    read more.

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November 15, 2018 Posted by | Economics | , , , | 1 Comment

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.


    read more.

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November 13, 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

Is Donald Trump Moving Us Toward A Gold Standard?

https://www.newsweek.com/trump-jackson-slave-native-american-568346

Trump has already honored Jackson by hanging his portrait in the Oval Office just days after moving into the White House. But Trump and those around him have invoked the example of the man who served as president between 1829 and 1837 since before he even moved into the house Jackson once called home. Source: Newsweek

  • “The Bank War was the name given to the campaign begun by President Andrew Jackson in 1833 to destroy the Second Bank of the United States.”
    – History Channel

  • Is Donald Trump Moving Us Toward A Gold Standard?
    by , http://jaytaylormedia.com/, 9 July 2018
    A few weeks back, an article by Hugo Salinas Price crossed my desk, discussing “Triffin’s Dilemma,” which I found of theoretical interest. But given time constraints I read it quickly and then put it on the back burner. But the concept of theoretical suddenly changed to extremely important when my friend David Jensen called me to suggest that there is a method to Donald Trump’s seemingly mad economic and geopolitical policies including tariffs and the reversal of the Iranian nuclear deal that Obama orchestrated. Moreover, David is convinced that Triffin’s Dilemma not only explains Trump’s political success and the reasons for his policies but that we may be nearing a massive tectonic shift in global markets as a result.

    Trump became President because he appealed to the forgotten middle class, most of who live in what elite snobs of both political parties refer to as “flyover country.” They happen to be mostly white and, whether Republican or Democrat, more conservative. Many of them used to vote Democrat but because Democrats have learned to rely on immigrants and a growing number of Marxist-indoctrinated college youths, they have largely forgotten about the interests of middle class white Midwesterners. That is a very large group of people hurt very badly by a massive loss of wealth-creating jobs in manufacturing and mining. The standard of living has plunged since the early to mid 1970s primarily for people in the Midwest. The question is, why?

    Triffin’s Dilemma provides the answer and David’s call made me aware of that. The article by Hugo is titled  Donald Trump’s “Madness,” which you can read here: http://www.plata.com.mx/enUS/More/353?idioma=2. Hugo explains Triffin’s Dilemma as follows: “If the dollar – such as it is – (or any currency) is going to be the basis of the world’s monetary system, and therefore required by all Central Banks (CBs) as Reserves, there is only one way that these CBs can obtain those Reserves: their countries are forced to undersell all US producers, in order to be able to sell more to the US, than they buy from the US. The difference between the dollars they get from sales, is more, than the dollars they spend to buy from the US. That difference – known as the US Trade Deficit – flows to the CBs of the world and swells their Reserves.”

    read more.

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November 10, 2018 Posted by | Economics | , , , , | 1 Comment

Trade War: From Furniture to Food, Expect Price Hikes

  • RT America Published on Nov 9, 2018
    In the face of US threats over trade, China has begun export more products at an increased rate to trade partners like Brazil and India. The US should expect price increases in produce, computers, vacuum-cleaners and furniture. RT Americas’ Sara Montes de Oca reports on these developments as well as ominous recent advances in Chinese military technology.

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November 10, 2018 Posted by | Economics | , , , , , | 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.

    read more.

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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

Click on image for article.

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

Click on image for article.

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

Click on image for article.

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

Click on image for article.

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

Click on image for article.

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

Click on image for article.

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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/

Click on image for article.

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

Click on image for article.

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

Click on image for article.

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

Click on image for article.

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

Click on image for article.

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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

Russia, China Can Ink Deal on National Currencies Payments by End of Year – Bank

  • Russia, China Can Ink Deal on National Currencies Payments by End of Year – Bank
    by https://sputniknews.com/
    BEIJING (Sputnik) – Russia and China can sign an agreement on settlements in national currencies by the end of the year, the head of the Russian state development bank Vnesheconombank, Igor Shuvalov, told reporters on Wednesday.

    “We are interested [in this agreement], the Chinese side is no less interested, and perhaps it is even more interested, as yesterday Chinese chairman [President Xi Jinping] said that this agreement should be signed as soon as possible… It would be perfect to be able to sign it by the end of the year,” Shuvalov said.

    Delivering a speech at the opening of the first China International Import Expo in Shanghai, Russian Prime Minister Dmitry Medvedev said he welcomed a further increase in the mutual lending in national currencies, including loans for the implementation of investment projects.

    In May, Russia’s largest bank, Sberbank announced plans to develop yuan-denominated loans for Russian companies and was considering issuing yuan-denominated obligations.

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November 8, 2018 Posted by | Economics | , , , , , , | 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.

    read more.

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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.

    read more.

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