Connect with us
//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({});

Latest

Award winning author and economist Tomas Piketty calls out Greek crisis hypocrisy, ‘Germany has never repaid its debts’

Tomas Piketty, “What a huge joke! Germany is the country that has never repaid its debts. It has no standing to lecture other nations.”

Alex Christoforou

Published

on

Post originally appeared on Zerohedge.

One year after Tomas Piketty sold a record number of economic textbook paperweights which virtually nobody read past page 26, once again showing the power of constant media hype, the French economist and wealth redistributor is out and about, this time pouring more gasoline on the fire started by the IMF last week when it released the Greek debt sustainability analysis showing Greece needs a 30% haircut, only to be met with stern resistance by, who else, Germany who know very well that should Greece get a debt haircut it will unleash the European dominoes which not even all the bluster and rhetoric of the ECB can halt.

And while Piketty’s book may have sold out in socialist France, it seems Germany did not leave a pleasant taste in the celebrity economist’s mouth, and in an interview with Germany’s Zeit magazine, translated into English, the Frenchman just made sure he will never sell another book east of the Rhine. Here is the reason why:

When I hear the Germans say that they maintain a very moral stance about debt and strongly believe that debts must be repaid, then I think: what a huge joke! Germany is the country that has never repaid its debts. It has no standing to lecture other nations.

… Germany is really the single best example of a country that, throughout its history, has never repaid its external debt. Neither after the First nor the Second World War.However, it has frequently made other nations pay up, such as after the Franco-Prussian War of 1870, when it demanded massive reparations from France and indeed received them. The French state suffered for decades under this debt. The history of public debt is full of irony. It rarely follows our ideas of order and justice.

What he said is perfectly factual and accurate, but in the new normal, truth is not a welcome commodity, especially when it pulls the scab on the single biggest problem with the modern economy, namely the gargantuan debt overhang (see Greece) which nobody can possibly default on without triggering massive contagion around the globe and thus leaving (hyper)inflation as the only possible way out.

A good question is whether this philosophical contrast exposed by Piketty is also indicative of the fundamental schism that is appearing not only within the Troika, where the IMF effectively won Tsipras’ referendum for him, but also within the Eurogroup, where Germany may soon find itself increasingly isolated as not only peripheral countries but soon France start clamoring for debt haircuts not only abroad but also back at home…

Full interview:

Thomas Piketty: “Germany has never repaid.”

In a forceful interview with German newspaper Die Zeit, the star economist Thomas Piketty calls for a major conference on debt. Germany, in particular, should not withhold help from Greece. This interview has been translated from the original German.

Since his successful book, “Capital in the Twenty-First Century,” the Frenchman Thomas Piketty has been considered one of the most influential economists in the world. His argument for the redistribution of income and wealth launched a worldwide discussion. In a interview with Georg Blume of DIE ZEIT, he gives his clear opinions on the European debt debate.

DIE ZEIT: Should we Germans be happy that even the French government is aligned with the German dogma of austerity?

Thomas Piketty: Absolutely not. This is neither a reason for France, nor Germany, and especially not for Europe, to be happy. I am much more afraid that the conservatives, especially in Germany, are about to destroy Europe and the European idea, all because of their shocking ignorance of history.

ZEIT: But we Germans have already reckoned with our own history.

Piketty: But not when it comes to repaying debts! Germany’s past, in this respect, should be of great significance to today’s Germans. Look at the history of national debt: Great Britain, Germany, and France were all once in the situation of today’s Greece, and in fact had been far more indebted. The first lesson that we can take from the history of government debt is that we are not facing a brand new problem. There have been many ways to repay debts, and not just one, which is what Berlin and Paris would have the Greeks believe.

ZEIT: But shouldn’t they repay their debts?

Piketty: My book recounts the history of income and wealth, including that of nations. What struck me while I was writing is that Germany is really the single best example of a country that, throughout its history, has never repaid its external debt. Neither after the First nor the Second World War. However, it has frequently made other nations pay up, such as after the Franco-Prussian War of 1870, when it demanded massive reparations from France and indeed received them. The French state suffered for decades under this debt. The history of public debt is full of irony. It rarely follows our ideas of order and justice.

ZEIT: But surely we can’t draw the conclusion that we can do no better today?

Piketty: When I hear the Germans say that they maintain a very moral stance about debt and strongly believe that debts must be repaid, then I think: what a huge joke! Germany is the country that has never repaid its debts. It has no standing to lecture other nations.

ZEIT: Are you trying to depict states that don’t pay back their debts as winners?

Piketty: Germany is just such a state. But wait: history shows us two ways for an indebted state to leave delinquency. One was demonstrated by the British Empire in the 19th century after its expensive wars with Napoleon. It is the slow method that is now being recommended to Greece. The Empire repaid its debts through strict budgetary discipline. This worked, but it took an extremely long time. For over 100 years, the British gave up two to three percent of their economy to repay its debts, which was more than they spent on schools and education. That didn’t have to happen, and it shouldn’t happen today. The second method is much faster. Germany proved it in the 20th century. Essentially, it consists of three components: inflation, a special tax on private wealth, and debt relief.

ZEIT: So you’re telling us that the German Wirtschaftswunder [“economic miracle”] was based on the same kind of debt relief that we deny Greece today?

Piketty: Exactly. After the war ended in 1945, Germany’s debt amounted to over 200% of its GDP. Ten years later, little of that remained: public debt was less than 20% of GDP. Around the same time, France managed a similarly artful turnaround. We never would have managed this unbelievably fast reduction in debt through the fiscal discipline that we today recommend to Greece. Instead, both of our states employed the second method with the three components that I mentioned, including debt relief. Think about the London Debt Agreement of 1953, where 60% of German foreign debt was cancelled and its internal debts were restructured.

ZEIT: That happened because people recognized that the high reparations demanded of Germany after World War I were one of the causes of the Second World War. People wanted to forgive Germany’s sins this time!

Piketty: Nonsense! This had nothing to do with moral clarity; it was a rational political and economic decision. They correctly recognized that, after large crises that created huge debt loads, at some point people need to look toward the future. We cannot demand that new generations must pay for decades for the mistakes of their parents. The Greeks have, without a doubt, made big mistakes. Until 2009, the government in Athens forged its books. But despite this, the younger generation of Greeks carries no more responsibility for the mistakes of its elders than the younger generation of Germans did in the 1950s and 1960s. We need to look ahead. Europe was founded on debt forgiveness and investment in the future. Not on the idea of endless penance. We need to remember this.

ZEIT: The end of the Second World War was a breakdown of civilization. Europe was a killing field. Today is different.

Piketty: To deny the historical parallels to the postwar period would be wrong. Let’s think about the financial crisis of 2008/2009. This wasn’t just any crisis. It was the biggest financial crisis since 1929. So the comparison is quite valid. This is equally true for the Greek economy: between 2009 and 2015, its GDP has fallen by 25%. This is comparable to the recessions in Germany and France between 1929 and 1935.

ZEIT: Many Germans believe that the Greeks still have not recognized their mistakes and want to continue their free-spending ways.

Piketty: If we had told you Germans in the 1950s that you have not properly recognized your failures, you would still be repaying your debts. Luckily, we were more intelligent than that.

ZEIT: The German Minister of Finance, on the other hand, seems to believe that a Greek exit from the Eurozone could foster greater unity within Europe.

Piketty: If we start kicking states out, then the crisis of confidence in which the Eurozone finds itself today will only worsen. Financial markets will immediately turn on the next country. This would be the beginning of a long, drawn-out period of agony, in whose grasp we risk sacrificing Europe’s social model, its democracy, indeed its civilization on the altar of a conservative, irrational austerity policy.

ZEIT: Do you believe that we Germans aren’t generous enough?

Piketty: What are you talking about? Generous? Currently, Germany is profiting from Greece as it extends loans at comparatively high interest rates.

ZEIT: What solution would you suggest for this crisis?

Piketty: We need a conference on all of Europe’s debts, just like after World War II. A restructuring of all debt, not just in Greece but in several European countries, is inevitable. Just now, we’ve lost six months in the completely intransparent negotiations with Athens. The Eurogroup’s notion that Greece will reach a budgetary surplus of 4% of GDP and will pay back its debts within 30 to 40 years is still on the table. Allegedly, they will reach one percent surplus in 2015, then two percent in 2016, and three and a half percent in 2017. Completely ridiculous! This will never happen. Yet we keep postponing the necessary debate until the cows come home.

ZEIT: And what would happen after the major debt cuts?

Piketty: A new European institution would be required to determine the maximum allowable budget deficit in order to prevent the regrowth of debt. For example, this could be a commmittee in the European Parliament consisting of legislators from national parliaments. Budgetary decisions should not be off-limits to legislatures. To undermine European democracy, which is what Germany is doing today by insisting that states remain in penury under mechanisms that Berlin itself is muscling through, is a grievous mistake.

ZEIT: Your president, François Hollande, recently failed to criticize the fiscal pact.

Piketty: This does not improve anything. If, in past years, decisions in Europe had been reached in more democratic ways, the current austerity policy in Europe would be less strict.

ZEIT: But no political party in France is participating. National sovereignty is considered holy.

Piketty: Indeed, in Germany many more people are entertaining thoughts of reestablishing European democracy, in contrast to France with its countless believers in sovereignty. What’s more, our president still portrays himself as a prisoner of the failed 2005 referendum on a European Constitution, which failed in France. François Hollande does not understand that a lot has changed because of the financial crisis. We have to overcome our own national egoism.

ZEIT: What sort of national egoism do you see in Germany?

Piketty: I think that Germany was greatly shaped by its reunification. It was long feared that it would lead to economic stagnation. But then reunification turned out to be a great success thanks to a functioning social safety net and an intact industrial sector. Meanwhile, Germany has become so proud of its success that it dispenses lectures to all other countries. This is a little infantile. Of course, I understand how important the successful reunification was to the personal history of Chancellor Angela Merkel. But now Germany has to rethink things. Otherwise, its position on the debt crisis will be a grave danger to Europe.

ZEIT: What advice do you have for the Chancellor?

Piketty: Those who want to chase Greece out of the Eurozone today will end up on the trash heap of history. If the Chancellor wants to secure her place in the history books, just like [Helmut] Kohl did during reunification, then she must forge a solution to the Greek question, including a debt conference where we can start with a clean slate. But with renewed, much stronger fiscal discipline.

This interview was translated by Gavin Schalliol.

References:

http://www.zerohedge.com/news/2015-07-06/piketty-germany-has-never-repaid-its-debts-it-has-no-standing-lecture-other-nations

Liked it? Take a second to support The Duran on Patreon!
Advertisement //pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({});
8 Comments

8
Leave a Reply

avatar
8 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
0 Comment authors
Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
trackback

ccn2785xdnwdc5bwedsj4wsndb

[…]always a large fan of linking to bloggers that I enjoy but really don’t get a lot of link love from[…]

trackback

xcmwnv54ec8tnv5cev5jfdcnv5

[…]The details mentioned within the post are several of the top offered […]

trackback

Title

[…]just beneath, are quite a few absolutely not associated sites to ours, nonetheless, they may be certainly really worth going over[…]

trackback

Title

[…]we like to honor lots of other online sites on the internet, even though they aren’t linked to us, by linking to them. Below are some webpages worth checking out[…]

trackback

Title

[…]just beneath, are numerous completely not connected internet sites to ours, having said that, they are surely really worth going over[…]

trackback

Title

[…]Here are a few of the web-sites we advise for our visitors[…]

trackback

Title

[…]one of our visitors not too long ago advised the following website[…]

trackback

Title

[…]Sites of interest we’ve a link to[…]

Latest

Can Zelensky bring peace to a Ukraine torn apart by Obama’s Maidan coup? (Video)

The Duran Quick Take: Episode 150.

Alex Christoforou

Published

on

The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris take a look at Vladimir Zelensky’s landslide victory against incumbent Petro Poroshenko in Sunday’s historic Ukraine, second round, Presidential election.

Not much is known about Zelensky’s political acumen, but the job of uniting a country torn apart by an Obama funded Maidan coup in 2014, will prove to be a daunting task for the comedy TV star.

Remember to Please Subscribe to The Duran’s YouTube Channel.

Follow The Duran Audio Podcast on Soundcloud.

Via TASS News…

Ukraine’s ‘Opposition Platform – For Life’ party will support Ukrainian president-elect Vladimir Zelensky only if he takes practical steps to bring peace to Donbass, Chairman of the party’s Political Council Viktor Medvedchuk said in an interview with the Rossiya-24 TV channel on Monday.

“Today, we can’t say that we support him because support is only possible if he truly wants peace in Donbass, if we see that he is taking actual steps to achieve this goal,” he said.

According to Medvedchuk, this is the only condition on which the ‘Opposition Platform – For Life’ party is ready to provide assistance to Zelensky if the need arises.

Ukraine’s presidential runoff took place on April 21. With 99.53% of the vote counted, leader of the Servant of the People political party Vladimir Zelensky has received 73.23% in Ukraine’s presidential runoff, while incumbent President Pyotr Poroshenko gained 24.45%.

 

 

Liked it? Take a second to support The Duran on Patreon!
Continue Reading

Latest

TRUMP  –  The Reckoning

The Trump/Russia hoax has been called bigger than Watergate, in reality it dwarfs Watergate.

The Duran

Published

on

Submitted by Alexander Baron via Medium…

Now that the Mueller Report has been published and Donald Trump has been cleared of colluding with Russia, heads will roll.

Donald Trump was nearly seventy years old when he announced he was running for President of the United States. He had been asked if he would run way back in the 1980s, and ruled it out. Having literally no political experience, he was treated largely as a joke candidate, something he took in good humour, but the joke turned sour, first when he decimated a seventeen strong field of Republican hopefuls, and then when he beat Hillary Clinton losing the popular vote but winning the electoral college and thus the Presidency.

By this time, the jokes had turned to hysteria. What would any reasonable person have expected him to do at his age? With a much younger wife, a young son, an extended family, fame, and wealth beyond the dreams of avarice, he could have spent his golden years playing golf, doting on his grandkids, and doing anything he wanted and was able to within reason. Instead he elected to spend six hundred million dollars of his own money on a long shot to capture the Presidency, then work like a dog afterwards. Why? Because he saw his country being trashed and figured only he could save it.

You can call that wishful thinking, arrogance, even a Messiah complex, but the fact remains he put his money where his mouth is and delivered the goods. He didn’t even take a salary. And he has clearly been enjoying himself in both the run up to the election and in his Presidency, but there has been a dark side, a very dark side. While Trump has won millions of fans, he has earned the scorn of the elites, the intellectuals, the mass media, and the leadership of the Democratic Party. To date he has been the victim of an albeit half-hearted assassination attempt by a deranged British national, he has been assassinated in effigy in imitation of the Ides of March, decapitated in effigy, slandered and libelled from pillar to post.

After his Republican enemies released the now notorious Access Hollywood tape, a gaggle of demented and simply dishonest, attention-seeking females came forward to accuse him of a variety of sexual misdemeanours. He has been branded a bigot, a money launderer for the mob, his sanity has been questioned, and crude innuendo has been directed at him about his relationship with his eldest daughter.

Not content with trashing the man himself, elements of the media have attacked his daughter, his son Donald as a Russian “colluder”, his wife has been branded a prostitute, even his young son Barron has not been spared. Fifty years from now or even twenty, future American historians will look back on his treatment in shame. But the biggest lie, one that should never have been credited, is that he was somehow in the pockets of the Kremlin, or Vladimir Putin in person. How this lie came about has now been thoroughly documented, not by the mainstream media but by Fox News and its pundits who have broadcast the findings of Gregg Jarrett, Dan Bongino, Sara Carter, Joe diGenova, the Judicial Watchteam, The Epoch Times, and other Conservative organisations. To this list must be added the names of several leading Republican politicians, including Devin Nunes, Jim Jordan, Louis Gohmert, Jason Chaffetz, Trey Gowdy and Lindsey Graham.

So how did the Russian collusion hoax begin? It is based entirely on a spurious so-called dossier written ostensibly by former MI6 agent Christopher Steele, a man who had excellent credentials, although in view of its contents one is entitled to ask if those credentials should not now be scrutinised carefully. The most outrageous claim of this dossier is that while he was in Moscow, Trump hired a brace of prostitutes to urinate on a mattress in the hotel suite that had been used by the Obamas.

Although there is little or no chance of his ever submitting himself to questioning by Congress, Steele has now admitted (ie claimed) in civil proceedings that he didn’t actually visit Russia to “research” this dossier but did so by telephone. This has led some people to claim the Russians have played the Democratic leadership for fools, but we have no proof that any Russians much less any working for the Russian Government had anything to do with the Steele dossier. Dan Bongino has pointed out that this Russian collusion stupidity actually originated as far back as 2007 and has simply been rewritten and tailored to fit Trump. Dick Morris, who knows how a certain person’s sick mind works, suggests it was written in-house by two Clinton henchmen.

Whoever actually wrote the dossier, most of this so-called opposition research was funded by Hillary Clinton who disguised its funding by paying for it through the law firm Perkins Coie. This is not so much a campaign violation as money laundering, but as with her e-mail scandal, laws are for the little people.

Although Clinton was responsible for the Steele dossier, Republicans were initially involved, including the late John McCain. McCain may have been a war hero, but that was the limit of his humanity. If he had beaten Obama in 2008, the Middle East would quite likely have gone up in flames.

The dossier was used not only to spread disinformation in the mainstream media but to dupe the Foreign Intelligence Surveillance Court into issuing warrants to spy on the Trump campaign. Its contents were fed to the Yahoo! News hack Michael Isikoff, a so-called investigative journalist, and the resulting news reports were used to bolster its authenticity, a classic case of circular reasoning. This allowed rogue operators to spy on Carter Page, and in effect on Trump himself.

If the Steele dossier and spying on Page had been the limits of the conspiracy, that would have been bad enough, but the extent of it and the names of the major players is breath-taking. We know now for certain that in addition to Hillary Clinton, the following people were involved: James Comey, John Brennan and James Clapper — the top men of the three major intelligence agencies; Andrew McCabe, the number two man at the FBI; Peter Strzok and Lisa Page, also top FBI agents; Bruce Ohr and his wife Nellie, the former being a senior Department Of Justice official; Susan Rice, a top aide to Barack Obama; Loretta Lynch, Attorney General in the same administration; and Sally Yates, an Obama holdover who was sacked by Trump for insubordination.

The Trump/Russia hoax has been called bigger than Watergate, in reality it dwarfs Watergate, this was America’s Gunpowder Plot because its intention was nothing less than to destroy a duly elected President and topple his administration. That amounts to sedition, some would even call it treason.

Not content with simply spreading disinformation about Trump/Russia, the conspirators used agents provocateurs to infiltrate the Trump campaign and try to set up innocent men as Russian assets. Two we know of are the academic Stefan Halper and the mysterious Joseph Mifsud.

The attempt to set up Donald Trump Junior by arranging a meeting with Russian lawyer Natalia Veselnitskaya was blatant. Don Junior was clearly gullible, otherwise he would have arranged for his attorney to be present, or better still his attorney and a video camera. Adam Schiff made much of this claiming it was an attempt to collude to get dirt on Hillary Clinton. Then he was hoist by his own petard when two Russian comedians phoned him at his office and offered him photographs of Trump naked! Schiff was enthusiastic, but he is so far gone he doesn’t see the double standard.

How did they expect to get away with this? As Joe diGenova has pointed out, under President Hillary Clinton, all this would simply have gone away; the problem is, she didn’t win. The conspirators also had other, greater aims besides taking down Trump, in particular covering up Clinton’s earlier crimes, stopping any future Trumps, and, some of them, of reigniting the Cold War.

It is not difficult to understand why the Deep State and its operatives hate Trump so much and moved Heaven and Earth to get rid of him. Trump is a businessman, he knows how big business operates, how it plays the system and buys influence. He intended to put a stop to that, and has done to a certain extent. He was also intent on downsizing so-called capitalist America’s massive bureaucracy. A simple but spectacular example of this is his simplification of the tax system which especially benefits small companies and the self-employed. Now, most Americans filing their tax returns need fill out only one double-sided sheet of paper instead of thirty or so pages. Think of the bureaucracy and make-work jobs that destroys.

Apparatchiks are extremely well paid, have excellent terms of service, fat pensions, and are all but unsackable. All that is changing under Trump. Now imagine he gets only so much done, and ten, twenty years from now someone like Bill Gates or Mark Zuckerberg comes along, someone who like him is wealthy beyond the dreams of avarice so cannot be bought, bribed or intimidated. The Hell Trump has been put through was designed to ensure that never happens. The Deep State and their allies have also sought not only to punish Trump but anyone who has the temerity to work with him.

This is why we have seen people on the fringes prosecuted for process crimes like lying to the FBI, crimes that would not have been committed but for the Mueller investigation, and crimes that are extremely minor. This is why Paul Manafort and Roger Stone were arrested by armed agents in dawn raids, tactics that may be suitable for taking down terrorists but not for men accused of white collar crimes. Manafort is now serving a heavy prison sentence for such crimes committed years before Trump announced his Presidential run. The arrest and pressurising of Roger Stone and others was done in the words of Alan Dershowitz, not only to make them sing but to compose.

Trump’s lawyers wisely advised him not to sit down for a formal interview with Mueller because it was clearly a perjury trap. In situations like this, perjury is anything the “investigators” say it is. Their utter ruthlessness is proof positive of that.

Another reason his enemies have gone all out to stop Trump is to cover up the crimes of Hillary Clinton. When she was Secretary of State, she set up a private e-mail server in her home on which she conducted Government business. This was uncovered accidentally by Judicial Watch. This is such a big thing because the e-mails of a public servant belong to the state. A humble police constable or low level local government administrator who did what she did would be sacked. But Hillary Clinton was using her private e-mail to for correspondence that must remain secret because lives could literally be at stake. And, as theYouTube vlogger HA Goodman has pointed out repeatedly, Clinton or someone close to her found a way to transfer top secret information from JWICS onto the regular Internet. JWICS is a high security American Government Intranet, so communications cannot be transferred onto the Internet accidentally; such transfers must have been manual. This alone constitutes serious espionage, and it begs the question why?

The answer to that question is simple, Clinton was peddling influence through the foundation she and her husband set up after he left office. Eric Trump summed it up with a question, what service or goods did they supply that made them so rich? The Clintons are now worth hundreds of millions of dollars, yet when they left the White House, he had lost his law license and was at best looking forward to making a living on the rubber chicken dinner circuit, a perk of the Presidency. That would certainly have kept him in cigars, but would it have stretched to a private jet? If Jason Goodman and especially Charles Ortel are right, the corruption of the Clintons and their associates is off the scale.

The third reason the Deep State was and remains so anxious to take down Donald Trump is because there are lunatics in high places who seek to reignite the Cold War. Indeed, there are some who even want to see war with China. How insane is that? It isn’t for those who make money out of it, only for us peasants, especially those who are sacrificed in these obscene, never-ending, no-win wars.

It is difficult to assess how much damage these people have already done. We know for example that Chinese agents hacked Clinton’s e-mails while she was Secretary of State. And this absurd mantra of “Russia, Russia, Russia” has even pushed Trump in the direction of confrontation instead of cooperation with Russia because every time he backs off , he is attacked as a Putin puppet, absurd as that is.

There are signs though that big change is coming, and it may be coming sooner than anybody thinks. Trump himself has said what happened to him cannot be allowed to go unpunished, and that nothing like this must ever be allowed to happen to a future President. The Democratic leadership and the mass media may howl and scream in unison, but there is already more than enough damning information in the public domain for Trump and his new Attorney General to do what he promised back in 2016: drain the Swamp.

Liked it? Take a second to support The Duran on Patreon!
Continue Reading

Latest

The Second Belt and Road Forum: A Transformation of the World Economic Order

Rather than embrace this new potential, western “old paradigm” forces representing the entrenched deep state have screamed and hollered against the “dangers of China and Russia threatening our democratic way of life”.

Avatar

Published

on

From April 25-27 Beijing will host a second international forum on the Belt and Road Initiative and it won’t be a small deal.

The four weeks preceding this event have seen an incredible surge of nations and institutions joining the BRI framework beginning with Italy’s Memorandum of Understanding as the first G7 nation in March, followed soon thereafter by Luxembourg and Switzerland. Weeks later, China won another victory by consolidating billions in infrastructure deals with the 16+1 Central and Eastern European Nations who have signed onto the BRI. This particular forum was especially important as it saw Greece join the alliance changing the name to the 17+1 group. Greece’s official participation in this bloc extended the group beyond its nominal “central and eastern” geographical limits and the importance of Greece- whose Port of Piraeus and emerging rail infrastructure funded by China provide a key bridge in the Maritime New Silk Road to Europe.

If that wasn’t enough, China participated in the April 9-10 International Arctic Forum in Russia whereby the first treaty was signed between Russia and China on scientific cooperation in the Arctic, and sweeping agreements were made around Chinese-Russian infrastructure development on a policy which has become known as the “Polar Silk Road”- again extending the limits of the BRI beyond its “east-west framework”. Just as the Arctic conference was ending, an unprecedented Canadian Arctic Policy Report was publicized calling for a transformation of Canada’s Arctic doctrine towards a pro-development orientation in response to the “changing geopolitical rules” initiated by Russia and China.

While China and Russia consolidated the BRI-Eurasian Economic Union treaty in June 2018, a major leap was announced towards the finalization of a China-Eurasian Economic Partnership with the Deputy Director of Eurasian Affairs Wang Kaixuan stating on April 19:

 “Now it has to be endorsed by the specialized agencies. China has already completed its internal procedures. We are now waiting for our Russian counterparts, after that we can immediately start the negotiations. I believe that will happen soon,”

From April 15-16, China initiated a sweeping array of treaties with Arab countries during the 2nd Arab Forum on Reform and Development under the heading “Build the Belt and Road, Share Development and Prosperity.” The Arab nations already have over $200 billion trade with China and 18 Arab countries have signed MOUs with the BRI. China’s capacity to bring long term infrastructure to nations torn by western-funded wars and regime change is seen as a vital stabilizing influence not only to alleviate poverty and de-radicalize but also to provide a framework for genuine independence from western intrigues. Commenting on the forum, the President of Lebanon stated “The Arab countries have huge markets. We regard China as a good friend and are willing to further consolidate the relationship with China. We would like to draw the experience from China’s reform and development so as to benefit our people and seek our opportunities for development”.

Rather than embrace this new potential, western “old paradigm” forces representing the entrenched deep state have screamed and hollered against the “dangers of China and Russia threatening our democratic way of life”. Exemplifying this outlook was the Washington Post’s April 20th feature article “How Washington can beat China’s Global Influence Campaign”, calling for an “alternative to the BRI” controlled by the western elite. This plan is entirely absurd since America has not only permitted its own infrastructure and productive powers to rot for 50 years, but has created no relevant infrastructure that has benefited nations abroad during that same time frame. All that has been created under decades of IMF-World Bank lending has been debt slavery, impoverishment, and a $700 billion derivatives bubble that is ripe to explode.

Although incredible efforts were made over two years by the Five Eyes/Mueller led witch hunt to destroy the potential alliance Trump was proposing to form with Russia and China, the now published Mueller report turned out to be little more than a goose egg failing to  prove any of the claims of Russian collusion. Jumping off that victory, Trump called loudly on April 5 for a conversion of vast military expenditures which only risk world war three towards a program of long term investments between Russia, China and the USA:

“Between Russia, China and us, we’re all making hundreds of billions of dollars worth of weapons, including nuclear, which is ridiculous… I think it’s much better if we all got together and didn’t make these weapons… those three countries I think can come together and stop the spending and spend on things that are more productive toward long term peace.”

Going into to this month’s BRI Forum (titled “Belt and Road Cooperation: Shaping a Brighter Shared Future”), 5000 participants, including 37 heads of state, and 100 heads of organizations will discuss the megaprojects that will give vitality to the coming century with the Chinese leadership and business community. There is no doubt that the collapse of the Trans-Atlantic banking system will be on everyone’s mind as opportunities to tie our destiny to long term projects that benefit all nations will be presented as open offers for all to join. Will the West follow Italy, and Greece’s lead by joining the BRI, or continue to party like its 2008?


BIO: Matthew J.L. Ehret is a journalist, lecturer and founder of the Canadian Patriot Review. His works have been published in Executive Intelligence Review, Global Research, Global Times, The Duran, Nexus Magazine, Los Angeles Review of Books, Veterans Today and Sott.net. Matthew has also published the book “The Time has Come for Canada to Join the New Silk Road” and three volumes of the Untold History of Canada (available on untoldhistory.canadianpatriot.org). He can be reached at [email protected]

Liked it? Take a second to support The Duran on Patreon!
Continue Reading

JOIN OUR YOUTUBE CHANNEL

Your donations make all the difference. Together we can expose fake news lies and deliver truth.

Amount to donate in USD$:

5 100

Validating payment information...
Waiting for PayPal...
Validating payment information...
Waiting for PayPal...
Advertisement

Advertisement

Quick Donate

The Duran
EURO
DONATE
Donate a quick 10 spot!
Advertisement
Advertisement

Advertisement

The Duran Newsletter

Videos

Trending