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Russia to write-off $3 billion in Venezuelan debt

Russia’s move is motivated by pragmatism and good will, but Venezuela will likely recover from her economic woes thanks to the Petroyuan and increased trade in Russian Roubles.

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On the 15th of November, Russia will sign an agreement with officials from Caracas to write off $3 billion in debt which Venezuela currently owes the Russian Federation.

The move is widely seen as a good will gesture to the oil rich but politically embattled South American nation that has been subject to crippling US sanctions which both Russia and China have vehemently opposed.

Professor Alexander Timofeyev at the Russian University of Economics has stated that when Russia writes off the sovereign debt of a partner nation, such things are rarely rewarded with future joint programmes between the indebted state and Russia. In this sense, it is most appropriate to see Russia writing off debt as both an expression of compassionate good will and pragmatism. If a nation does not have the ability pay the debt back, there is little use in straining otherwise good relations by attempting to enforce a collection.

Timofeyev explains,

“When Cuba’s $30 bln debt was written off, they promised us joint projects in energy, transport and healthcare. A year has gone by, and we haven’t heard a peep from them since”.

However, turning to the future, Venezuela does look to sincerely engage in mutually beneficial economic projects with Russia. Because of US sanctions and the generally hostile attitude that Washington takes to the Bolivarian government in Caracas, Venezuela has already begun trading its oil in the Petroyuan. Venezuelan President Nicolas Maduro has also stated that he is keen on exploring the possibilities of trading with Russia in a Petrorouble in addition to the Chinese Yuan.

Venezuelan President Maduro tells Russia its time to ditch the Dollar and embrace the Rouble and Yuan

As China is set to take its spot as the world’s leading economy in areas where it isn’t already number one, the Petroyuan is fast becoming an inevitability. By embracing the Yuan as a means of exchange for oil sales, Venezuela is blazing a trail that many other energy producers will likely follow in the coming years and decades. Venezuela’s economy has suffered, but the Petroyuan gives it an opportunity to not only recover but to gain long-term stability.

Below is a report I recently wrote on the potential of a Petroyuan established under the guise of multilateral agreement:

Russia and China actively collude to bring down the only thing America cares about

Russia is not actually interested in undermining American “democracy”. In fact, the United States isn’t particularly concerned either. But Russiagate continues to give mainstream media a narrative that it can sell to its dwindling core audience. However, when it comes to the real linchpin of American power, the almighty Dollar, things are very different.

Since it typically takes millions of Dollars at minimum, to even enter major US elections, it is clear that the American electoral system, like just about everything in the US, is as tied in to the power of the Dollar as any other institution. The entire contrived narrative about Russia is really a thinly placed mask which hides the real worry in the US about Russia’s latest geo-strategic moves.

Today, Russia’s Prime Minister and Deputy Prime Minister took part in an official visit to China where both countries signed agreements to expand bilateral trade in national currencies, as opposed to using the US Dollar as the standard transaction currency.

In the summer of 2017, the Presidents of Russia and China led a large meeting of top government and private sector officials from both countries. Scores of agreements were signed, including those which set into motion, bilateral trade in national currencies.

Today, Russia’s Deputy Prime Minister Sergey Prikhodko commented on the progress of these arrangements. He said,

“At present, financial regulators of the two countries are working on extending the bilateral currency swap agreement for the next three years.

In 2016, the share of national currencies in payments for exports of Russian goods and services amounted to 13 percent, imports, 16 percent. In the first quarter of 2017, these figures rose to 16 percent and 18 percent, respectively”.

With countries throughout the world, including Turkey, Venezuela and Iran beginning to trade in national currencies or in Chinese Yuan, the power of the US Dollar as a standard trading and reserve currency is being actively and openly undermined by China, Russia and their trading partners. This of course is perfectly legal as countries can trade in any currency they wish. They can even use barter as a means of exchange, as Iran sometimes still does with Russia.

This year has been a watershed in the de-Dollarisation of world trade. China’s willingness to sell oil futures contrasts in Yuan, the easy convertibility of the Yuan to gold on the Shanghai and Hong Kong gold exchanges, multiple bilateral agreements signed with China and her partners to trade in national currencies and the possibility of a new BRICS-wide currency, currency basket or BRICS crypto-currency, have all led to a perfect storm which is set to slowly but surely capsize the Dollar.

I previously outlined why this has geo-political implications that are already being felt, beyond currency markets. As I wrote at the time:

The US has again sailed a Naval destroyer, this time the USS Chafee, through Chinese waters in the South China Sea, in direct violation of Beijing’s sovereign maritime claims over the sea. The US repeatedly provokes China by sailing its vessels through the South China Sea, in a deceptively named strategy called ‘freedom of navigation’, which seeks to undermine Chinese claims to its neighbouring south sea. While other countries with regional maritime claims, including Philippines have begun cooperating with China, the United States continues unilateral provocations against China.

In response to the USS Chafee’s presence in the South China Sea, Beijing scrambled a missile-guided frigate, helicopter and two fighter jets to intercept the US vessel.

China also issued a stern warning to the United States against further provocations. Chinese Foreign Ministry Spokeswoman Hua Chunying has said,

“The US destroyer’s behaviour violated Chinese law and relevant international law, severely harmed China’s sovereignty and security interests, and threatened the lives of both sides”.

Hua further warned that any further such provocations could result in “unwanted incidents”.

She continued,

“In the face of repeated provocation by the US forces, the Chinese military will further strengthen preparation for combat at sea and in the air and improve the defences to resolutely defend national sovereignty and security interests”.

As the US continues to feel threatened by Chinese economic dominance in the global marketplace, Washington’s military provocations in the South and East China Seas, its militarisation of the Korean peninsula and proxy wars along China’s One Belt–One Road trade and infrastructure routes, are likely to increase.

While the US has long felt threatened by Chinese trade and industrial dominance, now the US Dollar is being actively challenged by the growing power of the Chinese Yuan. The Yuan is now positioned to threaten the hegemony of the Dollar as a major trading and reserve currency.

This has expressed itself in the following ways:

–China offering the sale of oil futures contracts in gold backed Yuan

–Countries as wide ranging as Venezuela, Turkey and Russia conducting major bilateral trade in national currencies (as opposed to the US Dollar)

–The possibility of a new BRICS trading standard based on the Yuan, gold or other ‘eastern’ currencies

–The possibility of a BRICS regulated crypto-currency

Additionally, other nations which have been hit by unilateral sanctions, including Iran, have also showed a willingness to embrace a new Dollar free trading regime with its existing and new partners.

Most worryingly for the US, its longtime Middle Eastern ally Saudi Arabia, may find itself trading oil in Chinese Yuan in the coming years. Chief economist and managing director at High Frequency Economics, Carl Weinberg has spoken with the US based finance outlet CNBC and stated the following, 

“I believe that yuan pricing of oil is coming and as soon as the Saudis move to accept it — as the Chinese will compel them to do — then the rest of the oil market will move along with them”.

Saudi’s infrequently discussed but good economic relations with Beijing, as well as its warming relations with Russia, indicate that Riyadh is looking towards the wider global ‘east’ and in so doing, may find it self moving towards an energy trade that is independent of Dollar hegemony. This may be accelerated as the US becomes a net energy exporter while China’s demand for oil increases, leaving Saudi and fellow OPEC members in a position where it would become not only necessary but inevitable to trade in Yuan. OPEC member and Sino-Russian partner, Venezuela has already ceased trading its oil in US Dollars. 

In this sense, while the US has often criticised China for pegging the Yuan to the Dollar, the combination of China being willing and able to convert Yuan to gold in respect of oil futures contracts, as well as the increasing global confidence in the Yuan as a reliable trading and reserve currency, may eventually lead to China floating the Yuan or pegging it to another standard.

As China holds billions in US sovereign debut, China holds the fate of the Dollar in its hands more than ever, as now China has many other options at its disposal when it comes to diversifying its monetary policies.

In this sense, it is important to see US military provocations against China as symptoms of the wider economic and now monetary pressure the US is feeling as China moves to take its place as the undisputed leading economic power of the world.

In spite of many figures in the US ranging from neo-cons to Steve Bannon, being united around an anti-Chinese campaign, many members of the US armed forces are apparently growing demoralised with their country’s increasingly frequent, yet unfruitful missions to Asia.

In a recent report form the US based Navy Times, journalists interviewed sailors aboard the USS Shiloh cruiser. The ship which is based in Japan, has been running missions throughout East Asia in an attempt to allegedly deter North Korea.

But far form deterring North Korea, the American seamen have stated that their conditions have left them demoralised and even suicidal.

According to the report,

“Each survey (of US sailors) runs hundreds of pages, with crew members writing anonymously of dysfunction from the top, suicidal thoughts, exhaustion, despair and concern that the Shiloh was being pushed underway while vital repairs remained incomplete.

It feels like a race to see which will break down first, the ship or it’s […] crew”.

The report was commissioned after many members of the USS Shiloh’s crew anonymously contacted the Navy Times to complain of dire conditions.

One American sailor stated,

“I just pray we never have to shoot down a missile from North Korea, because then our ineffectiveness will really show”.

Others described the conditions aboard the USS Shiloh as “prison like” while others warned that “it’s only a matter of time before something horrible happens”.

The incidents aboard the USS Shiloh are not unique. Multiple incidentals, including deadly collisions have recently plagued US Navy ships in Asia over the last year.

In this sense, one sees US sailors used and abused by their chiefs, preparing for battles which many believe cannot be won, all the while, provoking the Chinese superpower in its own maritime territory.

At the same time, it is crucial to understand that the military endeavours of the US have nothing to do with security the territory or people of the US, but instead follow on from the perceived financial and monetary benefits that the US intends to achieve by disrupting the peace and stability of regions vital for Chinese trade. At the same time, the US is surprised and reacting unreasonably to the reality that as China’s trading, logistical, fiscal and monetary might grows, so too will its geo-political influence necessarily grow. The US being so keen to protect its hegemony, a hegemony built increasingly on excessive military spending and the power of the Federal Reserve’s monetary manipulation, seems unwilling to gracefully accept China’s rise to global prominence as a leading power of the 21st century. China is consequently faced with the perfect storm of the US fighting for its monetary hegemony using its military, all the while attempting to restrain China’s growing political clout.

In short, the US is not fighting for the security of its realm, but for the security of the Wall Street based financial industry and that of the Federal Reserve, in addition to the overarching geo-political hegemony that both have allowed the US to exercise with impunity.  It is not a transparent war, but it may become a deeply ugly war, nevertheless.

With its weakening domestic industrial base, high-tax and investor unfriendly regulations and its soaring national debt, the primacy of the US Dollar as the go-to reserve currency and means of international trade, is one of the only things which is keeping the US economy buoyant in the eyes of medium and long term speculators.

Should the US Dollar’s value plummet as a result of international markets losing confidence in the USD, the US economy and those which are directly tied into it, will feel the sting.

These developments also call into question, the long term feasibility of the Yuan being effectively pegged to the Dollar. The moment that China feels that floating the Yuan will incur greater aggregate advantages vis-a-vis the pegged Yuan, China will float its currency.

While it used to be received wisdom that it was the Dollar which gave the Yuan its value, the new dynamics in international trading markets and the sheer size and diversity of the Chinese economy, are changing this reality and changing it rapidly. If the Yuan is allowed to float on currency markets, the US Dollar is the currency that has the most to lose from such an event and it is now an event whose proximity in time is becoming ever closer. It will also be a further sign of China diversifying its international points of sale away from the US.

While people like Steve Bannon speak of China frequently, most US commentators and politicians are focused on Russia. The reason for this is because Russia is still considered to be more geo-politically active superpower in areas which cause embarrassment for the US, primarily Syria. The other reason is that because of the US economy being so dependant on China and because China owns so much US sovereign debt, many in the US are still more afraid of fully alienating China, whilst Russia by contrast, has comparatively few economic ties to the USA.

The flip side of this reality, is that Russia is in many ways even more free when it comes to developing new anti-Dollar currency solutions. China still needs the US consumer market and thus, things will have to necessarily progress in a gradual manner in respect of the inter-dependant but mutually distrustful economic and monetary ballet between Beijing and Washington.

Russia has no strings attached in this sense and US sanctions against Russia and many of her traditional partners, only serve to further drive home the importance of de-Dollarising Russia’s trading networks. This indeed is one of the reasons that Russia is set to launch a crypto-Rouble which will compete directly with both the Dollar and existing western cryptocurrencies for small and medium sized international transactions.

As I recently reported,

“Russian monetary experts and political leaders have recently begun engaging in a debate which pitted monetary conservatives against monetary radicals. Most Russian officials agreed that allowing the use of western designed (though not western state endorsed) cryptocurrencies such as Bitcoin, was not compatible with Russian financial security concerns. China, for example, reached a similar conclusion about existing cryptocurrencies.

In Russia, the debate then quickly evolved into to a question over what role if any, a government and central bank should have in respect of cryptocurrencies. Conservatives argued that the entire process of blockchain cryptocurrency technology should not be accepted as a legal alternative to traditional state issued notes, while radicals argued for the creation and regulation of a uniquely Russian cryptocurremcy. The radials have clearly won and appear to have been embraced by President Putin.

Here’s What We Know About CryptoRouble

The CryptoRouble is being worked on at the moment and should be available soon, although a precise timeline is not yet available.

According to Sputnik,

“They can be exchanged for regular roubles at any time, though if the holder is unable to explain the source of their CryptoRubles, a 13 percent tax will be levied. The same tax will be applied to any earned difference between the price of the purchase of the token and the price of the sale”.

Existing cryptocurrency exchange rates are based on the supply of a given cryptocurrency, in proportion to demand for converting such a cryptocurrency into a traditional currency, at a given time. By contrast, it is expected that the CryptoRouble will have an exchange rate related to the Rouble, although it is not clear if it will be formally pegged to the Rouble. Such a pegging scenario does however seem initially probable.

While advocates of autonomous cryptocurrency exchange will almost certainly adopt the traditional ultra-libertarian line that any government regulation into cryptocurrencies makes them scarcely different from using traditional currencies in the online domain (Paypal for example), long time advocates of cryptocurrency in the retail and wholesale sector will almost certainly look with interest to this new development.

The Benefits 

A Russian CryptoRouble that can be easily exchanged for traditional Roubles in Russia and ostensibly anywhere else in the world, will automatically give the new cryptocurrency a marketplace  confidence that many alternatives currently lack. Such a phenomenon will de-mystify the process for many possible cryptocurrency users.

At the same time, if in the eyes of the Russian government, a CryptoRouble is as legitimate a currency as the Rouble, it will allow wholesalers, retailers and possibly even independent financial traders to use the CryptoRouble to avoid the sanctions against Russian banks which their own anti-libertarian western governments have imposed.

Additionally, if the CryptoRouble becomes easily convertible to popular western originated cryptocurrencies such as Bitcoin, it would solve the problem of Bitcoin users being ‘shut out’ of the Russian market. All one would need to do in order to engage in transactions with Russian businesses using a cryptowallet, would be to digitally exchange one’s Bitcoins (or any other existing cryptocurrency) for a desired amount of CryptoRoubles. The aforementioned process would generally take the same amount of time or even less than a traditional online bank transfer.

In this sense, the CryptoRouble helps open up Russia for new entrepreneurial ventures while insuring that possible fraud and money laundering loopholes are closed.

The Potential 

During September’s BRICS Summit in Xiamen, there was a great deal of discussion regarding the establishment of a cryptocurrency for the BRICS nations (Brazil, Russia, India, China South Africa) and their partners.

Such a coin would have all of the advantages of the CryptoRouble with the added benefit of instant legitimacy and even desirability across some of the world’s most dynamic and growing economies. It could also facilitate easier money transfers between BRICS members. This would be particularly helpful for Chinese businessmen who often have trouble getting large sums of Yuan out of the country in single transactions. A BRICSCoin, if based on the Russian security net could plausibly alleviate similar existing Chinese concerns about cryptocurrencies. As China has begun trading oil futures contracts in Yuan which can be converted to gold at the Shanghai and Hong Kong gold exchanges, one could foreseeably be looking at a BRICScoin that would effectively be backed by gold, in certain instances.

Furthermore, Russia has become the number one global market for the Chinese mega online retailer AliExpress. An easily convertible CryptoRouble has the potential to make such transactions even more beneficial in the future.

India, which is currently suffering a monetary crisis after Prime Minister Narendra Modi eliminated the 500 and 1,000 rupee notes, could stand to benefit from a new, legal and legitimate means of monetary exchange. A BRICSCoin could help to stabilise India’s monetary markets after Modi’s decision to ban the 500 and 1,000 rupee notes, hit the incomes of many working class Indians. In a country where more people have modern phones than old fashioned bank accounts, a BRICSCoin could be a form of salvation, as well as a way to modernise the monetary sector with few infrastructural requirements.  In this sense, a BRICSCoin could also help to draw India back into the BRICS fold after the recent Doklam/Donglang border dispute caused tension between New Dheli and Beijing.

Overall, having a cryptocurrency that is directly tied to a traditional Rouble, could end up making the Rouble an increasingly popular international currency of exhcange and in so doing, take a bite out of Dollar dominance for small and medium exchanges just as Russia’s commitment to conduct bilateral international trade in national currencies, is steadily doing in respect of large sovereign transactions and deals between major corporations.

The Rationale 

While monetary radicals throughout Russia have welcomed the move, President Putin justified the creation of the CryptoRouble on far more pragmatic grounds. He stated,

“I confidently declare that we run CryptoRuble for one simple reason: if we do not, then after 2 months our neighbours in the EurAsEC (Eurasian Economic Community) will”.

In other words, ‘if you can’t beat them join them’. Implicit in this logic however, is that since Russia has blazed a self-described inevitable trail, others will now be even more likely to get on the state sanctioned cryptocurrency bandwagon. Thus, Russia could be at the forefront of a pan-Asian phenomena that could eventually go global. This will also translate into Russian blockchain technology becoming uniquely attractive to other states looking to develop their own ‘official’ cryptocurrency.

In this sense, Putin has done what the music industry infamously did not do in the late 1990s. In the late 1990s, illegal peer-to-peer music download services allowed web users to download free music that did not pay the owners of the copyrighted sound material. Using Metallica as the public face of the lawsuit, the major western record labels sued the largest such service, Napster. The record labels won the lawsuit and the battle, but ultimately lost the war.  By the time the legal actions against Napster were won in favour of the record companies, the cat was out of the bag and new illegal file sharing services popped up every day, but more importantly, entrepreneurs from the e-commerce and software world, developed legal alternatives to Napster that continue to dominate the marketplace (iTunes, Spotify, Amazon, Google Play etc).

Where the music industry used to handle the distribution of recorded music, often up to and sometimes including the retail point of sale, today, the music industry is having to work in a largely subservient role, with companies that are newer than many of their best selling digital albums. The music industry tried to sue technology into oblivion and instead, the next generation of technology companies have largely consigned the music industry to being a shell of its former self in both North America and much of Europe.

Conclusion 

Russia has avoided the pitfall of the 1990s US/EU music industry, albeit on a much more substantial scale. Just as Paypal and other online apps have destroyed many physical bank branches, in the coming years, there is a very real possibility that as cryptocurrencies get easier to use and become more widely accepted for day-to-day transactions, they could supplement the largely old fashioned banking/monetary system. When this happens, countries that reject cryptocurrencies for fear of not being able to collect revenue from such transactions, will find themselves totally shut out.

Russia has avoided this pitfall by embracing technology and making it work both for Russia, for consumers and for commercial interests. It’s a win-win situation and this is almost certainly, only the beginning”.

Russia is therefore very much at the forefront of challenging US Dollar hegemony, which is itself, the bedrock of US geo-political hegemonic power. With two of the three superpowers openly working on systems of exchange to dig into the Dollar’s market share, it is no wonder that the US is working so hard to undermine the Sino-Russian partnership. This is the real story, not the Russiagate myth.

 

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US media suffers panic attack after Mueller fails to deliver on much-anticipated Trump indictment

Internet mogul Kim Dotcom said it all: “Mueller – The name that ended all mainstream media credibility.”

RT

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Via RT


Important pundits and news networks have served up an impressive display of denials, evasions and on-air strokes after learning that Robert Mueller has ended his probe without issuing a single collusion-related indictment.

The Special Counsel delivered his final report to Attorney General William Barr for review on Friday, with the Justice Department confirming that there will be no further indictments related to the probe. The news dealt a devastating blow to the sensational prophesies of journalists, analysts and entire news networks, who for nearly two years reported ad nauseam that President Donald Trump and his inner circle were just days away from being carted off to prison for conspiring with the Kremlin to interfere in the 2016 presidential election.

Showing true integrity, journalists and television anchors took to Twitter and the airwaves on Friday night to acknowledge that the media severely misreported Donald Trump’s alleged ties to Russia, as well as what Mueller’s probe was likely to find. They are, after all, true professionals.

“How could they let Trump off the hook?” an inconsolable Chris Matthews asked NBC reporter Ken Dilanian during a segment on CNN’s ‘Hardball’.

Dilanian tried to comfort the CNN host with some of his signature NBC punditry.

“My only conclusion is that the president transmitted to Mueller that he would take the Fifth. He would never talk to him and therefore, Mueller decided it wasn’t worth the subpoena fight,” he expertly mused.

Actually, there were several Serious Journalists who used their unsurpassed analytical abilities to conjure up a reason why Mueller didn’t throw the book at Trump, even though the president is clearly a Putin puppet.

“It’s certainly possible that Trump may emerge from this better than many anticipated. However! Consensus has been that Mueller would follow DOJ rules and not indict a sitting president. I.e. it’s also possible his report could be very bad for Trump, despite ‘no more indictments,'” concluded Mark Follman, national affairs editor at Mother Jones, who presumably, and very sadly, was not being facetious.

Revered news organs were quick to artfully modify their expectations regarding Mueller’s findings.

“What is collusion and why is Robert Mueller unlikely to mention it in his report on Trump and Russia?” a Newsweek headline asked following Friday’s tragic announcement.

Three months earlier, Newsweek had meticulously documented all the terrible “collusion” committed by Donald Trump and his inner circle.

But perhaps the most sobering reactions to the no-indictment news came from those who seemed completely unfazed by the fact that Mueller’s investigation, aimed at uncovering a criminal conspiracy between Trump and the Kremlin, ended without digging up a single case of “collusion.”

The denials, evasions and bizarre hot takes are made even more poignant by the fact that just days ago, there was still serious talk about Trump’s entire family being hauled off to prison.

“You can’t blame MSNBC viewers for being confused. They largely kept dissenters from their Trump/Russia spy tale off the air for 2 years. As recently as 2 weeks ago, they had @JohnBrennan strongly suggesting Mueller would indict Trump family members on collusion as his last act,” journalist Glenn Greenwald tweeted.

While the Mueller report has yet to be released to the public, the lack of indictments makes it clear that whatever was found, nothing came close to the vast criminal conspiracy alleged by virtually the entire American media establishment.

“You have been lied to for 2 years by the MSM. No Russian collusion by Trump or anyone else. Who lied? Head of the CIA, NSA,FBI,DOJ, every pundit every anchor. All lies,” wrote conservative activist Chuck Woolery.

Internet mogul Kim Dotcom was more blunt, but said it all: “Mueller – The name that ended all mainstream media credibility.”

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Canadian Lawmaker Accuses Trudeau Of Being A “Fake Feminist” (Video)

Rempel segued to Trudeau’s push to quash an investigation into allegations that he once groped a young journalist early in his political career

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Via Zerohedge

Canada’s feminist-in-chief Justin Trudeau wants to support and empower women…but his support stops at the point where said women start creating problems for his political agenda.

That was the criticism levied against the prime minister on Friday by a conservative lawmaker, who took the PM to task for “muzzling strong, principled women” during a debate in the House of Commons.

“He asked for strong women, and this is what they look like!” said conservative MP Michelle Rempel, referring to the former justice minister and attorney general Jody Wilson-Raybould, who has accused Trudeau and his cronies of pushing her out of the cabinet after she refused to grant a deferred prosecution agreement to a Quebec-based engineering firm.

She then accused Trudeau of being a “fake feminist”.

“That’s not what a feminist looks like…Every day that he refuses to allow the attorney general to testify and tell her story is another day he’s a fake feminist!”

Trudeau was so taken aback by Rempel’s tirade, that he apparently forgot which language he should respond in.

But Rempel wasn’t finished. She then segued to Trudeau’s push to quash an investigation into allegations that he once groped a young journalist early in his political career. This from a man who once objected to the continued use of the word “mankind” (suggesting we use “peoplekind” instead).

The conservative opposition then tried to summon Wilson-Raybould to appear before the Commons for another hearing (during her last appearance, she shared her account of how the PM and employees in the PM’s office and privy council barraged her with demands that she quash the government’s pursuit of SNC-Lavalin over charges that the firm bribed Libyan government officials). Wilson-Raybould left the Trudeau cabinet after she was abruptly moved to a different ministerial post – a move that was widely seen as a demotion.

Trudeau has acknowledged that he put in a good word on the firm’s behalf with Wilson-Raybould, but insists that he always maintained the final decision on the case was hers and hers alone.

Fortunately for Canadians who agree with Rempel, it’s very possible that Trudeau – who has so far resisted calls to resign – won’t be in power much longer, as the scandal has cost Trudeau’s liberals the lead in the polls for the October election.

 

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Why Joe May be Courting Stacey

Joe Biden has a history on compulsory integration dating back to the 1970s that Sen. Jesse Helms called “enlightened.”

Patrick J. Buchanan

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Authored by Patrick Buchanan via The Unz Review:


Of 895 slots in the freshman class of Stuyvesant High in New York City, seven were offered this year to black students, down from 10 last year and 13 the year before.

In the freshman class of 803 at The Bronx High School of Science, 12 students are black, down from last year’s 25.

Of 303 students admitted to Staten Island Technical High School, one is African-American.

According to The New York Times, similar patterns of admission apply at the other five most elite high schools in the city.

Whites and Asians are 30 percent of middle school students, but 83 percent of the freshman at Bronx High School of Science, 88 percent at Staten Island Technical and 90 percent at Stuyvesant.

What do these numbers tell us?

They reveal the racial composition of the cohort of scientists and technicians who will lead America in the 21st century. And they tell us which races will not be well represented in that vanguard.

They identify a fault line that runs through the Democratic Party, separating leftists who believe in equality of results for all races and ethnic groups, and those who believe in a meritocracy.

Mayor Bill de Blasio has expressed anger and frustration at the under-representation of blacks and Hispanics in the elite schools. But Gov. Andrew Cuomo and the state legislature have ignored his pleas to change the way students are admitted.

Currently, the same test, of English and math, is given to middle school applicants. And admission to the elite eight is offered to those who get the highest scores.

Moreover, Asians, not whites, are predominant.

Though 15 percent of all middle school students, Asians make up two-thirds of the student body at Stuyvesant, with 80 times as many slots as their African-American classmates.

The egalitarian wing of the Democratic Party sees this as inherently unjust. And what gives this issue national import are these factors:

First, the recent scandal where rich parents paid huge bribes to criminal consultants to get their kids into elite colleges, by falsifying records of athletic achievement and cheating on Scholastic Aptitude Tests, has caused a wave of populist resentment.

Second, Harvard is being sued for systemic reverse racism, as black and Hispanic students are admitted with test scores hundreds of points below those that would disqualify Asians and whites.

Third, Joe Biden has a history on compulsory integration dating back to the 1970s that Sen. Jesse Helms called “enlightened.”

Here are Biden’s quotes, unearthed by The Washington Post, that reflect his beliefs about forced busing for racial balance in public schools:

“The new integration plans being offered are really just quota systems to assure a certain number of blacks, Chicanos, or whatever in each school. That, to me, is the most racist concept you can come up with.

“What it says is, ‘In order for your child with curly black hair, brown eyes, and dark skin to be able to learn anything, he needs to sit next to my blond-haired, blue-eyed son.’ That’s racist!

“Who the hell do we think we are, that the only way a black man or woman can learn is if they rub shoulders with my white child?

“I am philosophically opposed to quota systems. They insure mediocrity.”

That was 44 years ago. While those views were the thinking of many Democrats, and perhaps of most Americans, in the mid-’70s, they will be problematic in the 2020 primaries, where African-Americans could be decisive in the contests that follow Iowa and New Hampshire.

Biden knows that just as Bernie Sanders, another white male, fell short in crucial South Carolina because of a lack of support among black voters, he, too, has a problem with that most loyal element in the Democratic coalition.

In 1991, Biden failed to rise to the defense of Anita Hill when she charged future Justice Clarence Thomas with sexual harassment. In the Senate Judiciary Committee, he was a law-and-order champion responsible for tough anti-crime legislation that is now regarded as discriminatory.

And he has a record on busing for racial balance that made him a de facto ally of Louise Day Hicks of the Boston busing case fame.

How, with a record like this, does Biden inoculate himself against attacks by rival candidates, especially candidates of color, in his run for the nomination?

One way would be to signal to his party that he has grown, he has changed, and his 2020 running mate will be a person of color. Perhaps he’ll run with a woman of color such as Stacey Abrams, who narrowly lost the 2018 governor’s race in Georgia.

An ancillary benefit would be that Abrams on the ticket would help him carry Georgia, a state Donald Trump probably cannot lose and win re-election.

Wrote Axios this morning:

“Close advisers to former Vice President Joe Biden are debating the idea of packaging his presidential campaign announcement with a pledge to choose Stacey Abrams as his vice president.”


Patrick J. Buchanan is the author of “Nixon’s White House Wars: The Battles That Made and Broke a President and Divided America Forever.”

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