An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Friday, May 18, 2018
TASS — Russia to notify WTO of plans for retaliation against US for steel, aluminum duties
The United States has refused to hold consultations with Russia on the WTO platform over the introduction of restrictions on steel and aluminum import, saying such measures were not special protectionist ones, the Ministry of Economic Development told TASS on Friday. With this in mind Russia is going to notify the WTO of its intention to take retaliatory measures to limit the import of steel and aluminum.
"In response to Russia’s request for consultations the United States said that it did not regard its restrictions as special protectionist ones and was unprepared for consultations with Russia within the framework of WTO procedures on special protectionist measures. All other WTO members that had requested such consultations received the same reply," the ministry told TASS.
"In this connection we plan to notify the WTO Council on Trade in Goods of our intention to take such steps. Thirty days after such notification Russia will have the right to take retaliatory measures proportionate to the damage from US restrictions on the Russian export of steel and aluminum," the ministry said....
Three of Italy’s four largest parties (the 5-Star Movement, the Northern League and Silvio Berlusconi’s Forza Italia) propose introducing a parallel currency in order to begin transitioning away from the euro, and therefore escape Troika tyranny.
I don’t know about this “mini-bot” stuff, but Italy could go back to using liras, like Italy did until 1 Jan 1999.
The euro currency has enslaved and impoverished France and Greece, but Italy is different. Italy’s large trade surplus causes a monthly average of 4 billion euros to flow in from other nations. Therefore it does not make sense for Italy to dump the euro right now.
However, if Brussels and Frankfurt start trying to bully Italy’s new government, then the new government will start transitioning away from euros.
If Italy’s move causes other nations to start thinking about dumping the euro, then Brussels and Frankfurt will order the other euro-zone nations to sanction and blockade Italy.
This Troika threat is one reason why Italy’s new government declines to go along with U.S. sanctions against Russia. The new government wants to keep Italy’s option open.
Why you Tom haven't picked up the parallel currency (called mini-BoT) story from Italy that the new government will implement soon?
ReplyDeletehttps://www.ft.com/content/acd05bec-59a6-11e8-b8b2-d6ceb45fa9d0
Three of Italy’s four largest parties (the 5-Star Movement, the Northern League and Silvio Berlusconi’s Forza Italia) propose introducing a parallel currency in order to begin transitioning away from the euro, and therefore escape Troika tyranny.
ReplyDeleteI don’t know about this “mini-bot” stuff, but Italy could go back to using liras, like Italy did until 1 Jan 1999.
The euro currency has enslaved and impoverished France and Greece, but Italy is different. Italy’s large trade surplus causes a monthly average of 4 billion euros to flow in from other nations. Therefore it does not make sense for Italy to dump the euro right now.
However, if Brussels and Frankfurt start trying to bully Italy’s new government, then the new government will start transitioning away from euros.
If Italy’s move causes other nations to start thinking about dumping the euro, then Brussels and Frankfurt will order the other euro-zone nations to sanction and blockade Italy.
This Troika threat is one reason why Italy’s new government declines to go along with U.S. sanctions against Russia. The new government wants to keep Italy’s option open.