Socio-Economics History Blog

Socio-Economics & History Commentary

Amid Middle East Realignment & Saudi Blockade, Qatar Withdraws from OPEC

  • TheRealNews Published on Dec 4, 2018
    Qatar is withdrawing from oil organization OPEC, while Saudi Arabia continues its blockade. Colonel Larry Wilkerson says this is part of a larger realignment in the Middle East, as Turkey exerts more influence.

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December 6, 2018 Posted by | GeoPolitics | , , , , , , , | Leave a comment

Ukraine to Ask Turkey to Close Bosphorus to Russian Ships Amid Kerch Strait Rift

  • Ukraine to Ask Turkey to Close Bosphorus to Russian Ships Amid Kerch Strait Rift
    by https://sputniknews.com/
    Earlier in the day, Turkish President Recep Tayyip Erdogan said he had discussed the possibility of mediating the crisis between Russia and Ukraine following a violation of Russia’s maritime border by Ukrainian warships.

    Speaking at the second International Maritime Security Conference in Kiev, Igor Voronchenko, commander of the naval forces of Ukraine, said that the country’s authorities would ask Turkey to close the passage of the Bosphorus Strait to Russian warships.

    ‘As the commander of the naval forces, I ask and express my confidence that the international community will still make a decision and recognise that there was an act of aggression against the state of Ukraine … We will try to ask for the closing of the passage of the Bosphorus Strait in the Republic of Turkey’, he said, accusing Russia of violating international law.

    According to Voronchenko, it would be achieved in line with article 19 of the 1936 Montreux Convention regarding the Regime of the Straits, which gives Turkey control of the Bosphorus Straits and the Dardanelles and regulates the passage of naval warships.

    ‘We had to show our face in the Kerch Strait and the Sea of Azov, and show what these boats are capable of’, he added.

    read more.

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November 30, 2018 Posted by | GeoPolitics | , , , | Leave a comment

Putin Keeps Cool and Averts WWIII as Israeli-French Gamble in Syria Backfires Spectacularly

  • Putin Keeps Cool and Averts WWIII as Israeli-French Gamble in Syria Backfires Spectacularly
    by ROBERT BRIDGE, https://www.strategic-culture.org/
    By initiating an attack on the Syrian province of Latakia, home to the Russia-operated Khmeimim Air Base, Israel, France and the United States certainly understood they were flirting with disaster. Yet they went ahead with the operation anyways.

    On the pretext that Iran was preparing to deliver a shipment of weapon production systems to Hezbollah in Lebanon, Israeli F-16s, backed by French missile launches in the Mediterranean, destroyed what is alleged to have been a Syrian Army ammunition depot.

    What happened next is already well established: a Russian Il-20 reconnaissance aircraft, which the Israeli fighter jets had reportedly used for cover, was shot down by an S-200 surface-to-air missile system operated by the Syrian Army. Fifteen Russian servicemen perished in the incident, which could have been avoided had Israel provided more than just one-minute warning before the attack. As a result, chaos ensued.

    Whether or not there is any truth to the claim that Iran was preparing to deliver weapon-making systems to Hezbollah in Lebanon is practically a moot point based on flawed logic. Conducting an attack against an ammunition depot in Syria – in the vicinity of Russia’s Khmeimim Air Base – to protect Israel doesn’t make much sense when the consequence of such “protective measures” could have been a conflagration on the scale of World War III. That would have been an unacceptable price to achieve such a limited objective, which could have been better accomplished with the assistance of Russia, as opposed to NATO-member France, for example. In any case, there is a so-called “de-confliction system” in place between Israel and Russia designed to prevent exactly this sort of episode from occurring.

    And then there is the matter of the timing of the French-Israeli incursion. Just hours before Israeli jets pounded the suspect Syrian ammunition storehouse, Putin and Turkish President Recep Erdogan were in Sochi hammering out the details on a plan to reduce civilian casualties as Russian and Syrian forces plan to retake Idlib province, the last remaining terrorist stronghold in the country. The plan envisioned the creation of a demilitarized buffer zone between government and rebel forces, with observatory units to enforce the agreement. In other words, it is designed to prevent exactly what Western observers have been fretting about, and that is unnecessary ‘collateral damage.’

    read more.

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September 24, 2018 Posted by | GeoPolitics | , , , , , , , , , , , , , | Comments Off on Putin Keeps Cool and Averts WWIII as Israeli-French Gamble in Syria Backfires Spectacularly

Putin & Erdogan Agree Idlib Buffer Zone to Avert New Syria Crisis

  • RT Published on Sep 17, 2018
    Russia and Turkey have agreed a “demilitarized zone” between militants and government troops in Syria’s Idlib, President Vladimir Putin said after hours-long talks with Turkey’s Recep Tayyip Erdogan focused on solving the crisis. READ MORE: https://on.rt.com/9egs

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September 18, 2018 Posted by | GeoPolitics | , , , , , | Comments Off on Putin & Erdogan Agree Idlib Buffer Zone to Avert New Syria Crisis

Russia, Turkey & Iran Speeding Up Efforts to Drop US Dollar from Trade – Official

  • Russia, Turkey & Iran Speeding Up Efforts to Drop US Dollar from Trade – Official
    by https://www.rt.com/
    In response to US sanctions, Russia, Turkey and Iran are negotiating the reduction of the US dollar’s share in mutual trade, Tehran Times daily quotes the country’s central bank governor as saying.

    Eliminating the greenback in mutual trade was most recently discussed by the three countries last weekend in Tehran during the trilateral summit of the Syrian ceasefire, said Iranian Central Bank Governor Abdolnaser Hemmati as quoted by the media.

    We have decided to proceed with further work in light of the agreements reached at a meeting with the Russian Central Bank governor in Moscow,” Hemmati was quoted as saying. According to Hemmati, the topics discussed also included oil and gas prices, expansion of banking ties and strengthening of economic relations.

    Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan and their delegations visited Tehran last week for a trilateral summit on Syria and also to discuss expansion of ties.

    Earlier, Erdogan described the Turkish lira’s recent plunge to a record low as a “currency plot” and announced his readiness to get rid of the dollar in the country’s trade with its partners.

    Erdogan said the dollar was an obstacle for the Turkish economy. He urged the Turks “to gradually end the monopoly of the dollar once and for all by using local and national currency among us.”

    Russia, which has been under the US sanctions since 2014, has been a long proponent of switching to local currencies in trade with its key partners like Turkey and China.

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September 12, 2018 Posted by | Economics | , , , , , , , , | Comments Off on Russia, Turkey & Iran Speeding Up Efforts to Drop US Dollar from Trade – Official

Fate of Idlib: Russia, Turkey & Iran Meet at Crucial Syria Summit

  • RT Published on Sep 7, 2018
    The deteriorating situation around the last anti-government militant stronghold in Syria – Idlib province – has marked heated discussions at the UN Security Council.

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September 8, 2018 Posted by | Economics | , , , , , , , | Comments Off on Fate of Idlib: Russia, Turkey & Iran Meet at Crucial Syria Summit

Russia, China, Japan, Turkey, Iran and Iraq Ditch US Dollar In Bilateral Trade

  • DAHBOO777 Published on Sep 3, 2018
    Following Iran and Iraq’s decision to no longer use the US dollar in bilateral trade, RT looks at world leaders who have called for a move away from dependance on the currency. Iran and Iraq are the latest in a growing list of nations to distance themselves from the dollar, instead opting to use the euro and their own local currencies for transactions. China and Japan, and China and Russia have also switched to using their own currencies when trading together. Most international trade is done in dollars and more than 60 percent of foreign currency reserves are in dollars. Despite this, world leaders have spoken out about the dangers posed by the dollar’s dominance. Learn More:

    https://www.rt.com/news/437527-us-dol…

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September 5, 2018 Posted by | Economics | , , , , , , , , , , | Comments Off on Russia, China, Japan, Turkey, Iran and Iraq Ditch US Dollar In Bilateral Trade

Western Pressure Will Fail to Stop Iran-Syria Terror Fight

  • PressTV Published on Sep 3, 2018
    Syrian President Bashar al-Assad and Iranian Foreign Minister Mohammad Javad Zarif say Western pressure on Tehran and Damascus will fail to deter them from fighting terrorism. In a meeting in Damascus on Monday, Zarif and Assad asserted that Western countries would not be able to deter Iran and Syria from defending their principles, the interests of the two nations, and the security and stability of the entire region. The two sides emphasized that Western policy of threat and pressure against Syria and Iran shows the West’s failure to achieve its goals in the Middle East.

    The Syrian president and Iranian foreign minister hailed the current level of relations between the two countries in various fields and agreed to further continue consultations and coordination, particularly in the light of the rapidly-shifting regional and international issues. They also discussed the latest developments in Syria and other regional countries as well as a planned summit of Iranian, Russian and Turkish presidents in Tehran. Iranian President Hassan Rouhani will host his Turkish and Russian counterparts Recep Tayyip Erdogan and Vladimir Putin, respectively, on September 7 in an attempt to find ways to end the ongoing crisis in Syria.

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September 4, 2018 Posted by | GeoPolitics | , , , , , , , , , , , | Comments Off on Western Pressure Will Fail to Stop Iran-Syria Terror Fight

Ditch the Dollar: World Leaders Who Challenged Reliance on US Currency

  • Ditch the Dollar: World Leaders Who Challenged Reliance on US Currency
    by https://www.rt.com/
    Following Iran and Iraq’s decision to no longer use the US dollar in bilateral trade, RT looks at world leaders who have called for a move away from dependance on the currency.

    Iran and Iraq are the latest in a growing list of nations to distance themselves from the dollar, instead opting to use the euro and their own local currencies for transactions. China and Japan, and China and Russia have also switched to using their own currencies when trading together.

    Most international trade is done in dollars and more than 60 percent of foreign currency reserves are in dollars. Despite this, world leaders have spoken out about the dangers posed by the dollar’s dominance.

    Turkish President Tayyip Erdogan
    Turkey’s leader announced on Monday that Ankara is preparing to conduct trade through national currencies with China, Russia and Ukraine.

    “We need to gradually end the monopoly of the dollar once and for all by using local and national currency among us,”
     he said at a business forum in Kyrgyzstan.


    read more.

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September 4, 2018 Posted by | Economics | , , , , , , , , | Comments Off on Ditch the Dollar: World Leaders Who Challenged Reliance on US Currency

Turkey’s Erdogan Calls on Global Trading Partners to Smash US Dollar’s ‘Monopoly’

  • PressTV Published on Sep 2, 2018
    Turkish President Recep Tayyip Erdogan has lashed out at the United States for behaving like “wild wolves,” saying Ankara would pursue non-dollar transactions in trade with Russia and other countries. “America behaves like wild wolves. Don’t believe them,” Erdogan said in an address to a business forum in Bishkek on Sunday during a visit to Kyrgyzstan. He added that negotiations were underway between Turkey and Russia over using national currencies instead of the US dollar in bilateral trade ties. The US has imposed punitive economic measures on both Ankara and Moscow. “Using the dollar only damages us. We will not give up. We will be victorious,” Erdogan told the meeting, attended by Kyrgyz and Turkish businessmen as well as government officials.
  • Turkey’s Erdogan Calls on Global Trading Partners to Smash US Dollar’s ‘Monopoly’
    by https://www.rt.com/
    Turkey will pursue non-dollar transactions in trade and investment with other countries, President Recep Tayyip Erdogan said in response to US sanctions. He compared the US’ behavior towards his country to “wild wolves.”

    “We need to gradually end the monopoly of the dollar once and for all by using local and national currency among us,”
     Erdogan said at a business forum in Kyrgyzstan.


    According to the Turkish president, a dollar-linked system which was designed to simplify global trade has turned into a major problem. The purpose of manipulating currency rates is to cast doubt on the strong and healthy Turkish economy, Erdogan said.

    “America behaves like wild wolves. Don’t believe them,” Erdogan said. “Using the dollar only damages us. We will not give up. We will be victorious.”

    Turkey is currently struggling with a severe currency crisis triggered by escalating US sanctions. The lira has lost around 42 percent of its value against the US dollar this year as a result of a diplomatic row between Ankara and Washington.

    Data from the Turkish Statistical Institute showed the country’s inflation rate climbed to almost 18 percent last month. Consumer prices increased 17.9 percent in August from the same month in 2017.

    Washington has been applying economic pressure on Ankara over the detention of US pastor Andrew Brunson, who was accused of aiding the failed military coup two years ago to oust President Erdogan. Brunson is facing up to 35 years in a Turkish prison.

    So far, the White House has frozen the assets of Turkish Justice Minister Abdulhamit Gul and Interior Minister Suleyman Soylu over their alleged “leading roles” in Brunson’s imprisonment. US President Donald Trump also pledged to double the current tariffs imposed on Turkish steel and aluminum imports. In response, Ankara announced tariffs on imports of certain goods from the US, including cars, alcohol, and tobacco.

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September 4, 2018 Posted by | Economics | , , , , | Comments Off on Turkey’s Erdogan Calls on Global Trading Partners to Smash US Dollar’s ‘Monopoly’

Fear Of Global Financial Collapse? Emerging Market Currencies Collapse

  • RT America Published on Aug 30, 2018
    As tariffs and sanctions are increasing globally many nations are dealing with reeling financial issues and the near collapse of local currency. Investors are concerned Latin Americas third largest economy, Argentina, could collapse after the country unexpectedly asked for the early release of a $50 billion loan from the International Monetary Fund. At the same time nations like Canada and Venezuela are dealing with growing inflation. For more on the current global currency crises we turn to RT’s Manila Chan and former UK member of parliament, George Galloway.

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August 31, 2018 Posted by | Economics | , , , , , , , , , | Comments Off on Fear Of Global Financial Collapse? Emerging Market Currencies Collapse

Emerging Markets Currencies Bloodbath Continues …

  • Argentine Peso Crashes Back To Record Low – Emergency 1500bp Rate-Hike Fails
    by Tyler Durden, https://www.zerohedge.com/
    Update 2: Well that’s not supposed to happen!! The peso has just collapsed back to its record lows…

    Update 1: Having met pre-market, it appears the Argentina Central Bank (CBRA) decided that if things got worse they would ’emergency hike’ rates. And as the peso collapsed to 39/USD, they have just raised the key 7-day leliq rate to 60% (a 1500bp hike)! The rate was last hiked from 40% to 45% on Aug 13th. They also confirmed there will no rate cuts until December.

    read more.
  • Rand Tumbles As Government Warns Of “Catastrophe” Unless ‘Land Reform’ Allowed
    In a barrage of headlines that sparked chaos in FX algo markets, The South African government proclaimed proudly that it is opposed to illegal land grabs (sparking a rally in the rand) before humans realized that this is mere statement of fact and that the entire reason for this process is to ‘legalize’ land grabs through reform.

    read more.
  • Lira Plummets After Turkish Central Bank Deputy Governor Quits
    It was already an ugly day for the Turkish Lira, which earlier in the day accelerated its drop for the 4th consecutive session, sending the USDTRY to the highest level since August 14 when the currency crashed over the weekend to the lowest level on record.

    Today’s drop was initially precipitated after Erdogan said on Thursday that Turkey “is not without alternatives” and warning that it won’t “back down over threats.”

    In his latest attack on the US, Erdogan said that “some do not hesitate openly stating the fact that they are trying to drive us into a corner through the economy. There are surely structural issues in the Turkish economy. We know these issues and are working to fix them.”

    Alas, as we noted earlier, judging by the plunge in the lira, the market did not seem convinced by Erdogan’s latest rant, and proceeded to slide further after closing last night down 3.0% at 6.469 which was weaker than where it was on the Friday 3 weeks ago (6.4323) when the panic spread across the market. The only softer closing level was on the following Monday (6.884) but that actually included a big intra-day rally back from the Asian wides. Yesterday was the third day in a row the Lira has weakened (post domestic holidays) while Turkey’s 5yr CDS was also +14.4bps wider and touched 500bps again (recent high was 535.0 on Aug 13).

    read more.
  • Brazil Central Bank Intervenes As Real Crashes Near Record Lows
    The bloodbath in Argentina and Turkey is evident in Brazil also where Bloomberg reports that the central bank just intervened for the first time since June 22.

    BCB reportedly intervened at 4.20 “to provide liquidity” adding that intervention intensity and frequency will depend on the market. The BCB also attempted to provide some confidence by reaffirming that monetary policy is not directly linked to recent market shocks.

    read more.

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August 31, 2018 Posted by | Economics | , , , , , , , | Comments Off on Emerging Markets Currencies Bloodbath Continues …

France Macron Calls for EU Security Ties with Russia, Turkey

  • PressTV Published on Aug 30, 2018
    French President Emmanuel Macron has called for involving Russia and Turkey in the process of providing security to Europe. Macron said in a press conference in Helsinki that Europe can no longer rely on the US for its security. He added that the European Union needs strategic relationships including in defense matters with its closest neighbors to ensure greater stability. He said Paris should modernize its post-Cold War relations with Russia. The French leader said the amplified European sovereignty requires reviewing the architecture of European security and defense systems. Macron’s comment came as Russia and NATO locked horns over the Alliance’s military build-up in Eastern Europe.
http://www.b92.net/eng/news/world.php?yyyy=2012&mm=06&dd=20&nav_id=80854

Click on image for article.

http://www.voxeurop.eu/en/content/news-brief/2211991-10-countries-united-states-europe

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

Click on image for article.

https://www.express.co.uk/news/world/907849/Angela-Merkel-Emmanuel-Macron-Germany-France-European-Union-United-States-Europe

Click on image for article.

https://sputniknews.com/analysis/201712091059858841-united-states-of-europe-disobedient-countries/

Click on image for article.

https://www.rt.com/news/412392-schulz-united-states-of-europe/

Click on image for article.

https://www.thesun.co.uk/news/5093010/german-eurocrat-demands-eu-members-sign-up-to-united-states-of-europe-or-quit-bloc/

Click on image for article.

http://www.express.co.uk/news/world/872671/Europe-European-Union-army-chancellor-Euro-Brexit-Britain

Click on image for article.

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August 31, 2018 Posted by | EndTimes, GeoPolitics | , , , , , , , , , | Comments Off on France Macron Calls for EU Security Ties with Russia, Turkey

Macron Says ‘Possible to Envisage’ New Common EU-Russian Defense ‘Architecture’

French President Emmanuel Macron and Finland’s President Sauli Niinisto speak during a news conference at the Presidential Palace in Helsinki, Finland August 30, 2018

  • Macron Says ‘Possible to Envisage’ New Common EU-Russian Defense ‘Architecture’
    by https://sputniknews.com/
    French President Emmanuel Macron has held talks with his Finnish counterpart Sauli Niinisto, discussing a number of issues including strategic relationships.

    “In terms of cybersecurity, in terms of defense, of strategic partnership, it is possible, in fact, to envisage terms of a new common architecture between the European Union and Russia,” Macron said at a joint press conference with his Finnish counterpart Sauli Niinisto. The French president has stated that the continent’s security shouldn’t depend on the US.

    “It is in our interest for the EU to have a strategic relationship with Turkey as well as with Russia that brings stability, that will in the long term bring more strength and coherency,” Macron said in a press conference in Helsinki.

    According to French President Emmanuel Macron, Europe can no longer rely on the United States for its security; France should build a strategic partnership with Russia and Turkey.

    Emmanuel Macron earlier introduced an initiative to set up a European military intervention force that could be rapidly deployed in the event of a crisis.

    The European Union plans to spend 20 billion euros on defense between 2021 and 2027, with the majority of it to be used in the research and development of new military technologies.

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August 31, 2018 Posted by | GeoPolitics | , , , , , , , , | Comments Off on Macron Says ‘Possible to Envisage’ New Common EU-Russian Defense ‘Architecture’

Turkey and Brazil in PANIC MODE as Currency Meltdown Continues! Economy Weakening!

August 25, 2018 Posted by | Economics | , , , , , , , , , | Comments Off on Turkey and Brazil in PANIC MODE as Currency Meltdown Continues! Economy Weakening!