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Even Richard Wolff has woken up to what is happening.

The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of this site. This site does not give financial, investment or medical advice.

 

I knew about it in March or last year when I saw this article.

https://www.wsj.com/articles/saudi-arabia-considers-accepting-yuan-instead-of-dollars-for-chinese-oil-sales-11647351541?fbclid=IwAR1kYd1C7MoinEl9ICSe4rl-Fh_jps_gIM4GMVgixuNBMak5zjwZZq1xlaY

Also I posted a video from around march/april of last year of an economist who was saying the same thing. I knew that if the Saudis would screw the West the game was over. So fact they were even talking and it was public showed that our Western hegemony is falling.

 

0:48

“well I think that the problem of the war the Ukraine war can be handled this way there are two Wars one war is military and involves Russia and Ukraine uh there it is pretty clear that one of the two sides is better equipped larger and I mean there’s really not much of a contest on the military scale uh unless you are prepared to confront Russia yourself you are watching a war that is being won by one side and lost by the other uh and that’s true whether or not you fill the Ukrainian uh weapons Gap with external weapons uh that slows the process but it does not change and the West understood that and so the West undertook a second different War and in that case we have the same kind of imbalance in the sense that the United States and Western Europe and Japan on the one side waging economic war against Russia many people do not understand that that is the same lopsided War uh in economic terms that the other one is in military so let me give you a statistic that more people should understand in economics we use something called the GDP the gross domestic product it gives you a rough idea of the size of an economy it measures literally the total output of goods and services in one calendar year the most recent year for Russia the GDP of Russia is one and a half trillion dollars on the other side is the United States whose most recent GDP is 21 trillion dollars in other words this is a struggle economically speaking an economic War waged by sanctions and counter-sanctions that we all know about uh this is a war between David and Goliath and you can all figure out who’s on which side uh in this Arrangement if you then add the countries of Europe Germany France Britain Italy to the United States then it becomes closer to a 30 to 1 ratio of economic wealth that is as lopsided an economic War as the military war is only in reverse the mystery is why it has not succeeded why after nearly a year of war the promised and I mean it promised by the west by our President Biden among others that this would destroy Russia as an economic entity that they would be prostrate that the ruble would be worthless in international currency exchange that the economy would have collapsed all of that was wrong none of that has happened uh and the mistake in the west was not understanding that the global economy has changed and the dominance of the United States which was already slipping for some decades has now been exposed and revealed as far less of an economic power than it was imagining itself to be Russia turned out to have very important allies chief of them the People’s Republic of China just again to keep the statistic in everyone’s mind the most recent GDP of China is 17 and a half trillion dollars therefore catching up to the United States and many many many times larger than Russia given China and India and turkey and Iran and other supports that Russia has been able to get the predictions were wrong and we now face a kind of stalemate situation because the predicted dominance of the United States which it had gotten used to for 75 years since the end of World War II is now over and it’s going to take a lot of time before the different people and and blocks in the world adjust to this but I can leave you with an economist warning countries around the world and this includes every country in Europe better rethink their strategic decisions because the world has changed and it will not go back this Genie cannot go back in the bottle this is a new situation and will have enormous ramifications”

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The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of this site. This site does not give financial, investment or medical advice.

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Ravi
Ravi
January 23, 2023

He still does not understand the situation fully. He grossly underestimates the strength of the Russian economy, and gives too much weightage to the GDP, which is bot a good indicator of an economy.

Onwards
Onwards
January 24, 2023

Big fan of Prof Wolff but as he says he is close to US govt, so: 1 A Rus invasion, not a US regime change in 2014, 8 years of war against east Rus speakers with possibly 20000, according to Eva Bartlett, snd Rus defending itself. 2 Rus v Ukr war only, not a proxy war by US with Rus, the aim regime change in .Rus. 3 Sanctions not working because of Rus’s allies (as a consequence only) not because Rus is economically self sufficient like no other country, and Euro dependent on Rus vast oil and gas reserves: GDP… Read more »

King
King
Reply to  Onwards
January 24, 2023

Spot on and then some, Prof Wolf’s limitations were exposed in this interview.

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