PATRICK LAWRENCE — Weaponizing the Dollar

The Trump administration’s incessant sanctions wars are curbing the dollar’s global hegemony and speeding the demise of U.S. empire.

Consortium News
PATRICK LAWRENCE: Weaponizing the Dollar

CTGN — Learning lessons from Huawei's countermeasure

Turns out that Huawei was preparing for such an eventually for some time.

CTGN
Learning lessons from Huawei's countermeasure

Editor's Note: The following article is taken from the Chinese-language "Commentaries on International Affairs" published on China Plus on May 19, 2019.

Sputnik International —India-China Oil Bloc Proposal a Good Step, Say Energy Analysts

The expiration of US waivers on sanctions targeting Iran and its foreign trade partners ends this Thursday. This will affect India, China, Japan, S. Korea and Turkey. While China is currently the largest purchaser of Iranian crude oil, both India and China have warned that such a step could destabilise the global energy market and the Middle East....

Sputnik International
India-China Oil Bloc Proposal a Good Step, Say Energy Analysts

Economist Jeffrey Sachs: U.S. Sanctions Have Devastated Venezuela & Killed Over 40,000 Since 2017 — Amy Goodman interviews Jeffrey D. Sachs

More than 40,000 people have died in Venezuela since 2017 as a result of U.S. sanctions, according to a new report by the Center for Economic and Policy Research co-authored by economists Jeffrey Sachs and Mark Weisbrot. The report examines how U.S. sanctions have reduced the availability of food and medicine in Venezuela and increased disease and mortality. We speak with Jeffrey Sachs in our New York studio. In the report, he writes, “American sanctions are deliberately aiming to wreck Venezuela’s economy and thereby lead to regime change. It’s a fruitless, heartless, illegal, and failed policy, causing grave harm to the Venezuelan people.”

The human cost of economic warfare.

Democracy Now!
Economist Jeffrey Sachs: U.S. Sanctions Have Devastated Venezuela & Killed Over 40,000 Since 2017

Amy Goodman interviews Jeffrey D. Sachs, Professor of Sustainable Development and Professor of Health Policy and Management at Columbia University, Director of Columbia’s Center for Sustainable Development, and Director of the UN Sustainable Development Solutions Network

See also

It is strange how the urgent installation of liberal democracy by force correlates so often with oil reserves not aligned to the USA, as in Libya, Iraq or Venezuela, while countries with massive oil reserves which permit US military domination and align with the West and Israel can be as undemocratic as they wish, eg Saudi Arabia. Venezuela is an imperfect democracy but it is far, far more of a democracy than Saudi Arabia and with a much better human rights record. The hypocrisy of Western media and politicians is breathtaking....

Craig Murray Blog
Venezuela and Binary Choice
Craig Murray, formerly British ambassador to Uzbekistan and Rector of the University of Dundee

Pepe Escobar — War on Iran & Calling America’s Bluff

Brinksmanship — or a ship of fools?

Consortium News
PEPE ESCOBAR: War on Iran & Calling America’s Bluff

Andrei Martyanov — About US Dollar and Sanctions, Yet Again.

It is clear that once dominance of the US Dollar and the system which sustains it is removed, consequences for the United States could be catastrophic. The question is NOT about IF US Dollar will survive as world's reserve currency--this is not even up for a debate--it is WHEN and HOW the departure will happen.

Reminiscence of the Future
About US Dollar and Sanctions, Yet Again.
Andrei Martyanov

Tom Luongo — Russia’s Exports Continue to Defy Sanctions

Putin was not joking about sanctions being a blessing in disguise, since Russia would have found it difficult to restructure otherwise. Necessity is the mother of invention.

Gold, Goats 'n Guns
Russia’s Exports Continue to Defy Sanctions

Tom Luongo

TeleSUR — US Blockade on Venezuela Has Cost US$350 Billion: Report

The Economic Debates Unit of the Latin American Geopolitical Strategic Center (CELAG) released a report on "the economic consequences of the boycott against Venezuela," on Friday, in which it is proved that the "international financial blockade to Venezuela since 2013 is the main responsible for the economic crisis."

Economic strangulation.

TeleSUR

US Blockade on Venezuela Has Cost US$350 Billion: Report

Zero Hedge — Europe Launches SWIFT Alternative To Send Money To Iran

Will the US sanction its European NATO allies? Don't put anything past the US.

Secretary of State Mike Pompeo previously warned of “swift punishment” for countries doing business with Iran, thus INSTEX is seen as a first small step toward greater European economic independence, and toward calming Iranian criticisms centered on seeing "dollar domination" as fueling European weakness to follow through on JCPOA stipulations....

Zero Hedge
Europe Launches SWIFT Alternative To Send Money To Iran
Tyler Durden

M. K. Bhadrakumar — India sequesters Iran ties from US predatory strike

India has done well to put in place the nuts and bolts of a payment mechanism for its trade and investment transactions with Iran against the backdrop of the US withdrawal from the Iran nuclear deal (known as the Joint Comprehensive Plan of Action) in May last year followed by the imposition of sanctions against Iran....

India Punchline
India sequesters Iran ties from US predatory strike
M. K. Bhadrakumar | retired diplomat with the Indian Foreign Service

Zero Hedge — Turkey's Erdogan Vows "All Measures" To Circumvent Sanctions On Iran

Following Wednesday's unexpected and dramatic full and "immediate" withdrawal of all US forces from Syria, Turkey has announced it will not play ball on Iran sanctions. According to a translation of the Turkish president's words on Thursday during a previously planned summit with Iranian President Hassan Rouhani in Ankara, journalist Abdullah Bozkurt reports, "Turkish president Erdogan says Turkey won't support US sanctions on Iran which he claims puts regional security and stability at risk, vows to take all measures to minimize impact of sanctions on trade between the two countries, pledges support to Iran in difficult times."

Zero Hedge

Turkey's Erdogan Vows "All Measures" To Circumvent Sanctions On Iran
Tyler Durden

Joaquin Flores — Russian Central Bank: Sanctions Do Not Have Decisive Impact on Economy

Sanctions do not have a decisive impact on economic growth in Russia, said Elvira Nabiullina. The head of the regulator spoke at a press conference with journalists today.

“With regard to sanctions risks, geopolitical, we, of course, take this into account as one of the significant factors in forecasting the development of the economy. But I want to say that, in general, the economy is adapting to these sanctions, and we see that the growth rates are now close to potential. This factor cannot be ignored, but it has a limited effect,” said Nabiullina....

Fort Russ

Russian Central Bank: Sanctions Do Not Have Decisive Impact on Economy
Joaquin Flores

John Hellevig — AN AWARA ACCOUNTING ECONOMIC ANALYSIS: Russia’s Economy Strong and Stable – Cold War, Arms Race, Liberals, and Other Challenges

Jon Hellevig is the best analyst of the Russian economy, who makes his views freely available anyway. This is a comprehensive report.

We are into the fifth year of the US initiated trade war on Russia. Cold War 2.0. is an established reality, trade wars are flaring and Trump raves about an arms race. But Russia is strong and stable with outstanding military power and a reindustrialized modern economy, lean and mean, ready to deliver a knockout blow to the US regime in its ghastly arms race challenge. This study on the Russian economy will demonstrate why so.…

While there is certainly a trade war in progress, initiated by the US, I would call this a hybrid war, since it is being conducted on many levels, with economics and finance only one, along with information war, NATO expansion, Ukraine coup, etc. The Russian leadership realizes that it is under attack, although Putin and Lavrov's so-far conciliatory tone masks that, to the degree that some think Russia is therefore in the dark about it.

An advantage of Russia in this conflict is that it is fighting a defensive battle with the US and NATO, while the US and its allies are prosecuting a war of choice. For Russia this is an existential threat. Those poking sticks into the bear's liar don't seem to get this.

Awara Group
AN AWARA ACCOUNTING ECONOMIC ANALYSIS: Russia’s Economy Strong and Stable – Cold War, Arms Race, Liberals, and Other Challenges

Jon Hellevig, founder

See also

The West is complaining about Russian 'aggression' but the incident looks more like a cheap ploy by a desperate Ukrainian president and US conservatives keen to undermine Trump's next pow-wow with Putin

Asia Times
Drama in the Kerch Strait: teasing the Russian bear
Pepe Escobar

See also

Moon of Alabama
Ukraine – Poroshenko Initiated Clash With Russia To Gain Dictatorial Powers – He Failed 

Juan Cole — India Doubles Iran Oil Imports: Are Trump’s Sanctions Cratering? Juan Cole

Likewise, after a one-month hiatus, China is resuming its imports from Iran. It has oil companies that don’t deal witht he US and so can be used for camouflage.

Informed Consent
India Doubles Iran Oil Imports: Are Trump’s Sanctions Cratering?

Juan Cole

Zero Hedge — SWIFT Cuts Off Iran Central Bank As Tehran Sells 700,000 Barrels To Anonymous Direct Buyers

Crossing the Rubicon. There is no UN mandate for this.

While the US could not directly force SWIFT to cut off Iranian banks, US Secretary of State Mike Pompeo had warned that penalties would be applied to SWIFT and any other firms that refused to comply with the latest sanctions, effectively forcing SWIFT to pick between compliance with US demands or angering top EU officials. It picked the former.

Zero Hedge
SWIFT Cuts Off Iran Central Bank As Tehran Sells 700,000 Barrels To Anonymous Direct Buyers

Tyler Durden

also

Sputnik International
Russia's De-Dollarisation Goes Full Throttle, US Can't Help But Notice It

also

Sputnik International
UN Confirms Iran Keeping Within JCPOA Limits on Uranium Stock, Enrichment

Richard Connolly — Russia’s Response to Sanctions: How Western Sanctions Reshaped Political Economy in Russia

My conclusions:

1. The West is conducting economic warfare against Russia and Russians in general realize that his is the not-so-hidden agenda.

2. So far Russia has adapted successfully to the challenges and as a result become stronger and more integrated with the non-West. The West hadn't anticipated this. The consequence is that the West is in a worse position than prior to launching the economic war.

3. Specific understanding of MMT would greatly improve Russia response-capability, on one hand, and other the other, also enhance Russia's ability to employ its considerable resources more efficiently and effectively.

Valdai Club
Russia’s Response to Sanctions: How Western Sanctions Reshaped Political Economy in Russia
Richard Connolly | Senior Lecturer at the University of Birmingham, Associate Fellow at Chatham House, Visiting Professor at the Russian Presidential Academy of National Economy and Public Administration

See also

Reminiscence of the Future
Realism?
Andrei Martyanov

Zero Hedge — Maduro Scrambles To Repatriate Venezuela's Gold After Trump Crackdown

Just four days after president Trump signed an executive order last Thursday enabling new sanctions on Venezuela’s gold sector, in a bid to disrupt trade with Turkey which U.S. officials believe is undermining efforts to cripple Venezuela's economy and force Maduro and members of his government out of office, Maduro is now seeking to repatriate about $550 million in gold bars from the Bank of England over fears it could be caught up in international sanctions on the country.

US economic warfare.
Zero Hedge
Maduro Scrambles To Repatriate Venezuela's Gold After Trump Crackdown

Tyler Durden

See also

Not just the Venezuelan oil that the colonizers want.

There in the Bolivar province of Venezuela lies the site of one of the world's largest undeveloped gold reserves known as: Las Cristinas. But the story of our modern day "El Dorado" is a darker tale, of greed, deception, betrayal, and ruthlessness which rival even the most complex and convoluted plots of a John Le Carre novel. The intricate web like interplay spun by this true story is not easily disentangled.

Banderas News

Who Owns Las Cristinas Gold?
Michael Werbowski - PVNN

Chris Weafer — Mapping the Consequences of Inevitable Sanctions on Russia

Not in paradigm with MMT, but still useful since the Russian government doesn't understand MMT either, although the Chinese government apparently has so far, at least to some degree more than the Russian government. However, the US government is clueless about MMT, hence economic reality, so the economic warfare is conducting is failing and will continue to fail.

Russia Insider
Mapping the Consequences of Inevitable Sanctions on Russia

Chris Weafer

See also

Russia Insider
Since 2012 Russia Has Gone From 120th to 31st in Ease of Doing Business

bne IntelliNews

See also

Sputnik International
Iranians Blame Trump, Not Tehran, For Slumping Economy

China Plus — What the U.S. has really done to China over the past 25 years

These are some contributions the United States government has made to China's reform and opening up – one failed attempt at sabotage after another. And it won’t stop until the "America first" policy has become worn out, and China's reform and opening up policy has become unbreakable....

The message to the people of China. Western powers are still trying to humiliate China, now chiefly the US. This is the most powerful adversarial message short of accusing the US of threatening war.

The climate is becoming toxic.

Ecns
What the U.S. has really done to China over the past 25 years

China Plus

See also at Ecns

In his address, Pence said that, “When China suffered the insults and exploitations during her so-called ‘Century of Humiliation,’ America refused to join in, and instead advocated an “Open Door” policy, with the aim of developing freer trade with China, and preserving its sovereignty.” His words gave the impression that the United States had chosen not to join the ranks of the colonial powers and Japan in their aggressions at the time, but instead had acted to protect China’s sovereignty.

If that were true, the Chinese people would be giving the United States a big thumbs up. But the facts of history suggest otherwise. It’s not strictly true, as Mr. Pence suggested, that the U.S. “refused to join in” with the imperial powers.” If that were so, then how did the inequitable Treaty of peace, amity, and commerce between the United States of America and the Chinese Empire come about in 1844? And what about the unequal China-U.S. Treaty of Tianjin in 1858?And where did the U.S. troops, found among the Eight-nation Alliance that attacked China in 1900, come from? Perhaps we should examine more closely that Open Door policy and consider whether it really was designed to “preserve” China’s sovereignty”....

Historical truth behind U.S. Open Door policy toward China

China Plus

See also at Ecns

Note: This is a translation of a Chinese-language article first published by Xinhuanet.com. The article reflects, Zong Ze, the author's own views.

Xinhua is state media.

When it comes to Taiwan, America should reflect on its own history

Xinhua

Se also at Ecns

When President Trump spoke, the whole world laughed; when Pence spoke, Chinese netizens laughed, said a Chinese netizen. But now the jokes are over, and it's time for China to get back to the serious work of addressing the problems the country still has to solve along its path towards development. Because, regardless of Pence's barrage of criticism, China will continue to move forward, to build partnerships with countries around the world, and to play its part as a responsible member of the community of nations – and not be the butt of a joke for the world.

In Asia, laughed at someone or something is a most serious form of insult aimed at  humiliation. In some asian countries, when a person of honor was humiliated, they were to expected either to retaliate or commit suicide.

Mike Pence's speech arouses laughter on China's social media

China Plus

Yu Yongding — How Trump Is Helping China

China's leaders have long known that the economy has outgrown the world market, and is desperately in need of rebalancing. But, thanks to Donald Trump’s trade war, they are now pursuing that goal with a new sense of urgency, suggesting that US pressure may well end up being a blessing in disguise for China.

Project Syndicate
How Trump Is Helping China
Yu Yongding | formerly president of the China Society of World Economics and director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, member the Monetary Policy Committee of the People’s Bank of China from 2004 to 2006 and member of the Advisory Committee of National Planning of the Commission of National Development and Reform of the PRC