Connect with us

Latest

Analysis

News

Here’s what to expect from next week’s BRICS summit

The BRICS summit in Xiamen which begins on the 3rd of September presents the wider world with a cohesive trade strategy over which China and Russia are taking the lead.

Published

on

1,490 Views

Next week’s BRICS meeting is set to discuss options for creating new customs cooperation initiatives which could pave the way for integration between the BRICS, the Eurasian Economic Union and the overarching goals of One Belt–One Road.

Russia which is a core member of both organisations currently operates a customs union within the single market of the Eurasian Economic Union (EAEU), a bloc which includes Armenia, Belarus, Kyrgyzstan, Kazakhstan and Russia. Indonesia has recently been in talks to either join the EAEU or develop a customs deal with the bloc.

While the EAEU is comprised of states with historic ties to the Russian Empire and Soviet Union, the BRICS is bloc focused on economic, monetary, trade and political cooperation between the leading economies of the so-called multi-polar world. BRICS members Brazil, Russia, India, China and South Africa represent the major hubs across several continents.

According to Russian Presidential aid Yury Ushakov,

“Documents to be signed after the meeting of the business council include an action plan for the BRICS countries on trade and economic cooperation, an action plan for cooperation in innovation, a strategic program for customs cooperation and a memorandum of understanding between the BRICS business council and the New Development Bank”.

This would have the de-facto effect of combining the material and geo-political assets of the BRICS with those of the EAEU, to create a potentially continent wide single-market underpinned by Russia’s membership of both institutions.

In addition to existing members of the BRICS, this year’s summit which begins on Sunday in China will also include the leaders of Egypt, Mexico,Thailand, Guinea and Tajikistan thus opening the possibility for the expansion of a would-be BRICS customs union to the Arab world, South East Asia and addition parts of Central Asia and Africa.

The opportunities implicit in such a product include the following:

–Easing trade regulations across a multitude of inter-dependent growing as well as booming economies.

–Harmonising product regulations across a more cohesive single market 

–Easing the ability of investment banks to take advantage of a wide range of opportunities for growth across the world 

–Easing the transfer of labour and business representatives across countries which at present have a wide variety of differing visa regulations

–Creating wealth and jobs throughout markets with young and educated labour forces

Most importantly utilising the BRICS in tandem with the EAEU could help to harmonise the trading and customs laws across important areas along China’s One Belt–One Road, the land and maritime trading logistics project through which China seeks to modernise the material mechanisms of world trade across, East Asia, South Asia Asia, Eurasia, East Africa, The Middle East and into Europe.

In this sense the advantages of mutual participants in the BRICS, One Belt–One Road and the EAEU could effectively mean that each body works to utilise its inbuilt strengths to bolster the desired outcome of each which in summary aims for the ever closer cooperation between countries of the wider ‘global east’ and ‘global south’ on trade, monetary policy, freedom of movement and goods, investment, security and political cooperation in the name of the greater collective peace.

According to Shen Yi, deputy director of the Center for BRICS Studies and an associate professor at School of International Relations and Public Affairs, Fudan University in Shanghai,

“The confidence of BRICS nations evolved over the years. Previously, they were all very cautious, especially China. They tried to focus mostly on reshaping the global economic order, specifically regarding to trade and investment. But political and security related agenda topped the proposed topics under discussion at the upcoming summit. It shows the BRICS nations have set their sight on global governance, instead of being limited to economic issues”.

There are of course obstacles to such an ambitious initiatives beyond the obvious efforts it would take to create anything on such a wide global scope.

While Russia and China, the two most powerful members of the BRICS have become key allies, India and Vietnam are two countries which while maintaining good relations with Russia, continue to exercise scepticism towards projects involving China.

In this respect, India is the greater worry. From June until the final week of August, India was involved in an active border dispute with China in the Doklam/Donglang region at the tri-junction of China, India and Bhutan. India claimed that China was building a road on Bhutanese territory which threatened India’s security while China has maintained that India illegally and provocatively moved its troops onto sovereign Chinese territory.

The dispute was at least temporarily resolved when India withdrew its troops on the 28th of August. Since then, China has reasserted its sovereign claims over the region and its right to build roads on that sovereign territory.

READ MORE: India withdraws from Doklam/Donglang

In many ways, the Doklam/Donglang dispute was more of an effect than a cause of tensions between New Delhi and Beijing. Under the leadership of Narendra Modi, India has charted a geo-strategic course which seeks to model India as an economic alternative to, rather than a partner of China. As part of this new scheme, Modi has become increasingly close to the United States in the military sphere. India has recently purchased expensive American weapons in a clear move to demonstrate India’s independence from the rest of the Asian world which is increasingly dominated by Chinese economic might.

As I wrote previously in The Duran, Modi’s strategy is largely a dead end due to circumstances above and beyond what happens inside India’s border.

“Of all the countries that were members of the Non-Aligned Movement, Cuba and India were the least ‘non-aligned’. In reality, Cuba was a prominent ally of the Soviet Union throughout the Cold War. The importance owed more to Cuba’s geographical proximity to the United States than its military might. While Fidel Castro remained loyal to the USSR throughout the Cold War, he saw the Non-Aligned movement as a means of linking Cuba with many countries engaged in post-colonial struggle throughout Africa and parts of Asia.

India’s relationship with both the non-aligned movement and the Soviet Union came about for inverse reasons. Unlike Cuba, India was never a Communist country nor was India ever a formal member of any Soviet led grouping world-wide. That being said, India was among the Soviet Unions most important Asian allies along with Vietnam.

India’s first three decades of post-British independence witnessed a political balancing act between secular minded agrarian socialist policies balanced off by Hindu politics. During Jawaharlal Nehru’s period as Prime Minister (1947-1964), the course tended towards socialism while still informed by the Hindu traditions of the majority of India’s population.

In terms of Foreign Affairs, India was a firmly ally of the Soviet Union and relied of Soviet support in winning the 1971 war with Pakistan. Without Soviet support, India may well have lost the war.

Although India remained a stalwart of the Non-Aligned movement, New Delhi’s loyalties were clear and the United States realised this. Richard Nixon privately disparaged Indira Gandhi, once saying that she “suckered us”.

While Cuba was closed to American during the Cold War and indeed beyond, India was always open, but the relationship was largely a one way street. India’s loyalties were firmly with the USSR. Furthermore, while Cuba’s alliance with the USSR helped protect Cuba from NATO led ‘regime change’, India’s status as a Non-Aligned Soviet ally actually helped India to win wars and secure her independence during an era when many former British colonies continued to be molested by their former overlord; Egypt, North Yemen and Kenya being some famous examples.

Today’s post-cold war environment sees the Shanghai Cooperation Organisation (SCO) uniting many of the leading countries of the two Communist blocs as well as the non-aligned movement. In addition to China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan, this year both India and Pakistan joined the SCO . Iran will likely join in the very near future.

The SCO goes a long way in streamlining a partnership between old adversaries, though at times it seems that India’s current Prime Minister Narendra Modi is still trying to use the old Non-Aligned card to play various sides against others, even when the formal existence of such sides no longer exists.

Modi’s recent visit to Israel is a prime example of this. Realistically, India offers Israel no more or less than it would offer any nation in the wider Middle East, Africa or Asia. Likewise Israel cannot offer India anything that its old ally Russia and new Shanghai Cooperation Organisation partner China cannot. In this sense Israel offers far less. Even so, India and Israel could have agreed to various bilateral trade agreements without the song and dance of Modi’s generally gushing and overtly politicised visit to Israel. Whether he is aware of this or not, Modi’s visit has been used by Israel’s well-oiled propaganda machine to demonstrate that Israel’s friends are not exclusively in North America, Europe and some parts of the so-called ‘White British Commonwealth’.

What the visit does accomplish is ruining a great deal of India’s prestige in the Arab world and even the wider Asian Muslim world. India’s priority should be solving its own tensions with Pakistan which would also mean working to insure the rights of Indian Muslims at the same time.

Forgoing India’s traditionally neutral position in the Israel-Palestine conflict at a time when India should be working on building bridges of cooperation and trust with Islamabad is not only a bad strategic move but it is one that trades an opportunity to reconcile with China and Pakistan simultaneously via the Shanghai Cooperation Organisation for little in return. India if anything could have been called on to oversee a future Israel-Palestine peace deal but under Narendra Modi whose visceral dislike of Islam is now infamous, this is now all but impossible.

At a time when Pakistan is becoming ever more tired of its relationship with the US which earns Pakistan little in material terms and even less in terms of dignity and with Russia and China leading by example as two former Cold War adversaries who now form the 21st century’s most important geo-political alliance, India under Modi is playing side-games when it ought to focus on the bigger picture which means reconciliation with both China and Pakistan for the long-term economic prosperity of all Indian people.

Modi seems to be a man guided by a lust for outsmarting the world. One often wonders if he is really only outsmarting himself. His anti-Muslim rhetoric which is now having violent consequences on the streets of India, combined by his public displays of political affection for both the United States and Israel is not in the interests of the Indian people, not even the Hindutva base he represents and riles up.

India’s future is with a combination of long time friends (Russia) and former adversaries (China and Pakistan). Her future never was in the west or its allies like Israel, although nothing is precluding India from trading with such countries minus the geo-political overtones that Modi tends to revel in and which countries like the US and Israel are all too willing and able to exploit. Nixon talked about being “suckered” by Indira Gandhi. By extrapolation, can we now say that Narendra Modi is suckering himself?”

In spite of these economic and contemporary geo-political realities, there is still little sign of movement towards cooperation on the Indian side. The forthcoming BRICS summit will be an important gauge to determine what path or paths India might take in respect of China and her allies.

Turning to South East Asia, while the traditional American ‘ally’ of Philippines is turning increasingly towards friendship and cooperation with both China and Russia, Vietnam remains increasingly distant from China on a geo-political level, even though at a level of trade, Beijing is Hanoi’s primary trading partner. With neither Philippines nor Vietnam are in the BRICS, both countries are crucial to the economic success of South East Asia that the BRICS is increasingly promoting.

With Turkey signalling a willingness to open up new trade ventures with Vietnam however, there is a possibility that just as Turkey is moving ever closer to China and Russia at a rapid rate, so too could Vietnam use its historically strong relationship with Moscow to ease tensions in China which would prove economically beneficial for the South East Asian nation.

As I wrote previously in The Duran,

“While Vietnam trades with China for clearly pragmatic reasons, in working with countries that already have good or growing economic and political relations with China, Vietnam may  ultimately be convinced that as a thriving, young Asian economy, its destiny will lie increasingly with the countries that are either intrinsic to the wider Asian economy and other countries in Eurasia like Turkey whose young workforce represents and economy that is increasingly Asian rather than European in outlook and overall production capacity.

The other key Eurasian power is Russia. The Soviet Union’s closest Asian allies during the Cold War were India in South Asia and Vietnam in South East Asia. While under the Modi Premiership, India is pivoting itself into a corner by turning west, Vietnam remains close to Moscow as it always has been since achieving independence.

What has changed is that where Moscow once saw Hanoi as a means of containing China, now Russia and China constitute the world’s most strong and important alliance. With the weight of the Russian superpower combined with the magnetism of Turkey pulling Vietnam back to a uniformly Asian and Eurasian way of thinking, this could be the slow/gradual beginning of a much awaited rapprochement between Hanoi and Beijing.

China realised as early as the 2000s, if not earlier, that the US market will generally be a friendly place for Asian goods because the US needs them and apart from a fully-fledged trade war or a military conflict, there is little that any US leader can do to change this. This is something Donald Trump may be finding out the hard way. Luckily for Vietnam, Hanoi can still come to this realisation the easy way.

While sceptics will say that such rapprochement is next to impossible, one must consider how far Rodrigo Duterte has shifted the geo-political/geo-strategic alignment of Philippines in just over one short year. This has been accomplished in a country that is manifestly more difficult to govern than Vietnam due to a more confrontational political system, higher levels of corruption which stem from a more American style of governance and the ongoing/escalating conflict in Mindanao.

Turkey and Philippines are two examples of countries that have broadly changed their geo-political alignments in a very short time. Turkey and Philippines have both done so under circumstances which are far more confrontational than anything comparable in domestic Vietnamese politics. India too has altered its stance in this way, albeit in the other direction.

Thus, when all is said and done, the economic and pragmatic lessons of Asia and Eurasia’s economies means that anything is indeed possible, even when history might dictate the contrary”.

One solution to both of these potential problems lies in the final international body that will likely work alongside the BRICS, EAEU and the One Belt–One Road initiative. This is the Shanghai Cooperation Organisation (SCO), a group which focuses primarily on enhanced security cooperation between its members.

SCO members include: China, Russia, Kyrgyzstan, Kazakhstan, Tajikistan, Uzbekistan and India and Pakistan who joined this year.

Thus far, India has not taken advantage of the mechanisms present in the SCO to resolve lingering disputes with both China and Pakistan. Ultimately this will be to India’s disadvantage if this mechanism is not ultimately utilised.

In this sense, while many who seek to embellish disagreements between BRICS members tend to focus on foreign policy issues which transpire between BRICS members, in reality the summit is primarily concerned with economic, monetary and commerce issues. The SCO by contrast is the organisation in the wider global east which is equipped to deal with and resolve disputes in the realm of foreign affairs.

The BRICS summit in Xiamen presents the world with a great deal of opportunities in the medium and long term as well as challenges in the short term. The effects of each will likely come to the fore this week.

Advertisement
Comments

Latest

It’s Official: ‘Britain’s Democracy Now At Risk’

It’s not just campaigners saying it any more: democracy is officially at risk, according to parliament’s own digital, culture, media and sport committee.

The Duran

Published

on

Via True Publica, authored by Jessica Garland – Electoral Reform Society:


Britain’s main campaign rules were drawn up in the late 1990s, before social media and online campaigning really existed. This has left the door wide open to disinformation, dodgy donations and foreign interference in elections.

There is a real need to close the loopholes when it comes to the online Wild West.

Yet in this year’s elections, it was legitimate voters who were asked to identify themselves, not those funnelling millions into political campaigns through trusts, or those spreading fake news.

The government trialled mandatory voter ID in five council areas in May. In these five pilot areas alone about 350 people were turned away from polling stations for not having their papers with them — and they didn’t return. In other words, they were denied their vote.

Yet last year, out of more than 45 million votes cast across the country, there were just 28 allegations of personation (pretending to be someone else at the polling station), the type of fraud voter ID is meant to tackle.

Despite the loss of 350 votes, the pilots were branded a success by the government. Yet the 28 allegations of fraud (and just one conviction) are considered such a dire threat that the government is willing to risk disenfranchising many more legitimate voters to try to address it. The numbers simply don’t add up.

Indeed, the fact-checking website FullFact noted that in the Gosport pilot, 0.4 per cent of voters did not vote because of ID issues. That’s a greater percentage than the winning margin in at least 14 constituencies in the last election. Putting up barriers to democratic engagement can have a big impact. In fact, it can swing an election.

In the run-up to the pilots, the Electoral Reform Society and other campaigners warned that the policy risked disenfranchising the most marginalised groups in society.

The Windrush scandal highlights exactly the sort of problems that introducing stricter forms of identity could cause: millions of people lack the required documentation. It’s one of the reasons why organisations such as the Runnymede Trust are concerned about these plans.

The Electoral Commission has now published a report on the ID trials, which concludes that “there is not yet enough evidence to fully address concerns” on this front.

The small number of pilots, and a lack of diversity, meant that sample sizes were too small to conclude anything about how the scheme would affect various demographic groups. Nor can the pilots tell us about the likely impact of voter ID in a general election, where the strain on polling staff would be far greater and a much broader cross-section of electors turns out to vote.

The Electoral Reform Society, alongside 22 organisations, campaigners and academics, has now called on the constitution minister to halt moves to impose this policy. The signatories span a huge cross-section of society, including representatives of groups that could be disproportionately impacted by voter ID, from Age UK to Liberty and from the British Youth Council to the Salvation Army and the LGBT Foundation.

Voters know what our democratic priorities should be: ensuring that elections are free from the influence of big donors. Having a secure electoral register. Providing balanced media coverage. Transparency online.

We may be little wiser as a result of the government’s voter ID trials. Yet we do know where the real dangers lie in our politics.

Continue Reading

Latest

Corrupt Robert Mueller’s despicable Paul Manafort trial nears end (Video)

The Duran – News in Review – Episode 79.

Alex Christoforou

Published

on

Paul Manafort’s legal team rested its case on Tuesday without calling a single witness. This sets the stage for closing arguments before the judge hands the case to jurors for a verdict.

Manafort’s defense opted to call no witnesses, choosing instead to rely on the team’s cross-examination of government witnesses including a very devious Rick Gates, Manafort’s longtime deputy, and several accountants, bookkeepers and bankers who had financial dealings with Manafort.

Closing arguments are expected on Wednesday. Jurors may begin deliberating shortly after receiving their final instructions from judge Ellis.

Manafort case has nothing to do with Mueller’s ‘Trump-Russia collusion witch-hunt’ as the former DC lobbyist is accused of defrauding banks to secure loans and hiding overseas bank accounts and income from U.S. tax authorities.

U.S. District Judge T.S. Ellis III denied a defense motion to acquit Manafort on the charges because prosecutors hadn’t proved their case.

The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss the circus trial of Trump’s former Campaign Manager Paul Manafort, and how crooked cop Robert Mueller is using all his power to lean on Manafort, so as to conjure up something illegal against US President Donald Trump.

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

Via Zerohedge

Prosecutors allege he dodged taxes on millions of dollars made from his work for a Ukrainian political party, then lied to obtain bank loans when cash stopped flowing from the project.

The courtroom was sealed for around two hours Tuesday morning for an unknown reason, reopening around 11:30 a.m. with Manafort arriving around 10 minutes later.

The decision to rest their case without calling any witnesses follows a denial by Judge T.S. Ellis III to acquit Manafort after his lawyers tried to argue that the special counsel had failed to prove its case at the federal trial.

The court session began at approximately 11:45 a.m.:

“Good afternoon,” began defense attorney Richard Westling, who corrected himself and said, “Good morning.”

“I’m as surprised as you are,” Judge Ellis responded.

Ellis then heard brief argument from both sides on the defense’s motion for acquittal, focusing primarily on four counts related to Federal Savings Bank.

Federal Savings Bank was aware of the status of Paul Manafort’s finances,” Westling argued. “They came to the loans with an intent of doing business with Mr. Manafort.”

Prosecutor Uzo Asonye fired back, saying that that even if bank chairman Steve Calk overlooked Manafort’s financial woes, it would still be a crime to submit fraudulent documents to obtain the loans.

“Steve Calk is not the bank,” Asonye argued, adding that while Caulk may have “had a different motive” — a job with the Trump administration — “I’m not really sure there’s evidence he knew the documents were false.”

Ellis sided with prosecutors.

The defense makes a significant argument about materiality, but in the end, I think materiality is an issue for the jury,” he said, adding. “That is true for all the other counts… those are all jury issues.”

Once that exchange was over, Manafort’s team was afforded the opportunity to present their case, to which lead attorney Kevin Downing replied “The defense rests.

Ellis then began to question Manafort to ensure he was aware of the ramifications of that decision, to which the former Trump aide confirmed that he did not wish to take the witness stand.

Manafort, in a dark suit and white shirt, stood at the lectern from which his attorneys have questioned witnesses, staring up at the judge. Ellis told Manafort he had a right to testify, though if he chose not to, the judge would tell jurors to draw no inference from that. – WaPo

Ellis asked Manafort four questions – his amplified voice booming through the courtroom:

Had Manafort discussed the decision with his attorney?

“I have, your honor,” Manafort responded, his voice clear.

Was he satisfied with their advice?

“I am, your honor,” Manafort replied.

Had he decided whether he would testify?

“I have decided,” Manafort said.

“Do you wish to testify?” Ellis finally asked.

“No, sir,” Manafort responded.

And with that, Manafort returned to his seat.

Continue Reading

Latest

One more step toward COMPLETE de-dollarization

Over the past several months, sitting here in Moscow, it has become increasingly obvious that while the US Dollar is unquestionably the world’s leading and liquid reserve currency, it comes with an ever increasing high price (of sovereignty and FX) if you are not the USA.

Published

on

I have opined and written about the trend towards de-dollarization before, but with the latest US –Turkish spat it has hit the wallets, mattresses and markets of a number of countries, be they aligned with Washington or not. One thing they all have in common was that in this recent era of low cost available money, many happily fed at the US dollar trough.

Support The Duran – Browse our Shop >>

This serves as a further albeit loud example to many nations for the need to diversify to an extent away from the greenback, or risk being caught up in its volatile, sudden and unpredictably risky increasingly politicized directions.

The Dollar and the geopolitical winds from Washington are today as never before openly being used as policy, which can be called the “carrot and stick”, a distinctly Pavlovian approach. Sadly, few if any can make out where or what the carrot is in this recent US worldview branding.

Tariffs, sanctions, pressured exchange rates, the Federal Reserve loosening or tightening, trade agreements and laws ignored or simply trashed… there is a lot going on which seems to democratically affect America’s allies as well as those on Washington’s politically popular and dramatic “poo-poo” list.

Just now from a press conference in Turkey, I watched Russia’s foreign minister Lavrov say that through the actions shown by the US, the role of the US dollar as a secure global reserve currency for free trade will diminish as more countries switch to national currencies for international trade.

He clearly spoke for many nations when he said; “It will make more and more countries that are not even affected by US sanctions go away from the dollar and rely on more reliable, contractual partners in terms of currency use.” Putting the situation in a nutshell he went on to say “I have already said this about sanctions: they are illegal, they undermine all principles of global trade and principles approved by UN decisions, under which unilateral measures of economic duress are unlawful.”

Turkey, a long-standing NATO ally and a key line of western defense during the long cold war years fully agreed with his Russian counterpart. The Turkish foreign minister Mr. Cavosoglu openly warned that US sanctions or trade embargoes can and are being unilaterally imposed against any country at any time if they do not toe DC’s political line.

He said at the same press conference; “Today, sanctions are imposed on Turkey, and tomorrow they can be used against any other European state. If the United States wants to maintain respect in the international arena, then it is necessary for it to be respectful of the interests of other countries.”

What is happening in Turkey is symptomatic of the developed and emerging markets globally. When trillions of dollars of newly issued lucre was up for grabs, thanks to several developed country central banks, it was comparatively easy for governments and companies just like Turkey’s to borrow funds denominated in dollars and not their national currencies.

Turkey has relied on foreign-currency debt more than most EM’s. Corporate, financial and other debt denominated mostly in dollars, approximates close to 70% of it’s economy. Therefore as the Turkish lira plunges, it is very costly for those companies to repay their dollar-denominated loans, and even now it is patently clear many will not.

The concern rattling around the underbelly of the global markets is what can be reasonably expected for assets and economies that were inflated by cheap debt, the United States included. All this points not so much to a banking crisis as has happened eight years ago, but a systemic financial market crisis.

This is a new one, and I doubt if any QE, QT, NIRPs, or ZIRPs will make much of a difference, despite the rocket-high equity markets the US has been displaying.

One financial trader I spoke to, whom I have known since the early 1980’s (and I thought him ancient then) muttered to me “we’re gettin’ into the ecstasy stage, nothing but the high matters, everything else including the VIX is seen as boring denial, and not the warning tool it is. Better start loading up on gold.”

Meanwhile, de-dollarization is ongoing in Russia and is carefully studied by a host of countries, especially as the Russian government has not yet finished selling off US debt; it still has just a few billion to go. The Russian Finance Minister A. Siluanov said this past Sunday that Russia would continue decreasing holdings of Treasuries in response to sanctions.

The finance minister went on to say that, Russia is also considering distancing itself from using the US dollar for international trade, calling it an unreliable, conditional and hence risky tool for payments.

Between March and May this year, Russia’s US debt holdings were sold down by $81 billion, which is 84% of its total US debt holdings, and while I don’t know the current figure it is certain to be even less.

The latest round of tightening sanctions screws against Russia were imposed by the State Department under a chemical and biological warfare law and should be going into effect on August 22. This in spite of the fact that no proof was ever shown, not under any established national or international law, or with any of several global biochemical conventions, not even in the ever entertaining court of public opinion.

Whatever Russia may continue to do in its relationship with US debt or the dollar, the fact of the matter is that Russia is not a heavyweight in this particular financial arena, and the direct effects of Russia’s responses are negligible. However, the indirect effects are huge as they reflect what many countries (allied or unallied with the US) see as Washington’s overbearing and more than slightly unipolar trade and geopolitical advantage quests, be they Mexico, Canada, the EU, or anyone else on any hemisphere of this globe.

Some of the potential indirect effects over time may be a similar sell-off or even gradual reduction of US debt exposure from China or any one of several dozens of countries deciding to reduce their exposure to US debt by reducing their purchases and waiting for existing Treasuries to mature. In either case, the trend is there and is not going away anytime soon.

When Russia clears its books of US dollarized debt, then who will be next in actively diversifying their US debt risk? Then what might be the fate of the US Dollar, and what value then will be the international infusions to finance America’s continually growing debt, or fuel the funds needed for further market growth? Value and the energy of money has no politics, it ultimately trends towards areas where there is a secure business dynamic. That being said, looks like we are now and will be living through the most interesting of disruptive times.

Continue Reading

JOIN OUR YOUTUBE CHANNEL

Advertisement

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

Amount to donate in USD$:

5 100

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

Advertisement
Advertisements

Quick Donate

The Duran
EURO
DONATE
Donate a quick 10 spot!
Advertisement

Advertisements

The Duran Newsletter

Advertisement
Advertisement

Trending