While the article does not mention it, this appears to be akin to the bancor system devised by J. M. Keynes and E. F. Schumacher and proposed by the UK at Bretton Woods. It was rejected in favor of the US proposal of a dollar-based system with the USD anchored to gold at a fixed rate for international settlement. This became the untethered dollar system in 1971 when President Richard Nixon ended convertibility on the advice of US Treasury Secretary John Connolly as a unilateral response to a run on gold as a result of rising US deficits. This post-WWII experience provides a historical reference for the issues involved in institutional arrangements regarding "money." This article is informed by that experience.
The article is also based on the work of Zoltan Pozsar's analysis and draws on Michael Hudson's critique.
Strategic Culture Foundation (sanctioned by the US Treasury Department)
Moveable Multipolarity in Moscow: Ridin’ the ‘Newcoin’ Train
Strategic Culture Foundation (sanctioned by the US Treasury Department)
Moveable Multipolarity in Moscow: Ridin’ the ‘Newcoin’ Train
Pepe Escobar
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A lot has been written analyzing the reasons for the Saudi-Iranian détente brokered by China. However, I have yet to see an obvious economic factor mentioned. Both countries are candidates for the new institutional arrangements around BRI, the New Silk Road trade routes, SCO and other economically beneficial arrangement. However, both entering the new game would have to abide by the basic requirements, which are apparently met by the agreement they arrived at.
Most people in the West are probably unaware of another significance of this détente. It is similar to ending the Catholic-Protestant conflicts that characterized Europe historically that ended with the adoption of the concepts of the nation state and national sovereignty. Sunni-Shi'a rivalry has been as endemic to Islam as Catholic-Protestant rivalry was to the West. But economic interests provide an incentive and motivator for cooperation over competition. This is also a characteristic approach of Chinese policy in contrast to the individualism and zero-sum thinking of many in the West. Thus, the Western elites, especially in the US and Israel, are likely to consider this a "loss" to be overcome rather than an opportunity presented.
The European wars of religion were a series of wars waged in Europe during the 16th, 17th and early 18th centuries. Fought after the Protestant Reformation began in 1517, the wars disrupted the religious and political order in the Catholic countries of Europe, or Christendom. Other motives during the wars involved revolt, territorial ambitions and great power conflicts. By the end of the Thirty Years' War (1618–1648), Catholic France had allied with the Protestant forces against the Catholic Habsburg monarchy. The wars were largely ended by the Peace of Westphalia (1648), which established a new political order that is now known as Westphalian sovereignty. (Wikipedia, European wars of religion)
India Punchline
China steps up, a new era has dawned in world politicsM. K. Bhadrakumar | retired diplomat with the Indian Foreign Service and former ambassador
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China Blasts America's "Illegal" Occupation Of Syria In Wake Of Failed House Vote
Tyler Durden
Wahabbis tolerate the decadent royal family in exchange for exporting their extremism abroad. Their hatred of Shias will continue despite any peace agreement. Maybe Washington will find a way to curry favour with these fanatics.
ReplyDeleteMBS better watch his back. You *know* there are conversations in the US about how to achieve regime change. Unfortunately, supporting extremists in Saudi Arabia could be a logical thing for the US to do. Are there any US NGO's operating there?
ReplyDeleteThe US is being pushed out all over the place and China is stepping up. Like a I said a few days ago, 10 years of US decline has been compressed into one year. All the libs freaked in 2016 when Trump was running, and then had their hair on fire for 4 years but Trump couldn't have damaged the US this much if he had actively tried. All the US gets is a severely damaged Europe as a consolation prize and that might not even last for very long. At some point, the neocons will have to get pushed out and into the dustbin of history for good. This level of incompetence is staggering.
And we haven't even talked about the six people and a boat theory. The world is laughing their asses off at us.
Is ISIL an NGO?
ReplyDeleteI wouldn't lose any sleep if the House of Saud and their torturers met an untimely demise.
China will do business with anyone. Beheadings, crucifictions and human rights violations? No problem. Recognition of Taiwan as being independent? Okay, now we have a problem - but we'll negotiate.