IMPORTANT!!! THE ECONOMIC WAR is STEPPED UP THE EMPIRE OF CHAOS WINS THIS ROUND The EU abjectly followed His Master’s Voice, and imposed more sanctions on Russia – especially targeting state-owned banks, and restricting sales of sensitive technology and export of equipment for the oil industry (for instance, no production equipment for Arctic drilling). The EU in fact adopted all the hardcore sanctions they were discussing last week (the leaked paper can be found in my last piece for RT). Those two spectacular nullities, president of the European Council, Herman van Rompuy, and head of the EC, Jose Manuel Barroso, issued a joint statement, saying, “The European Union will fulfill its obligations to protect and ensure the security of its citizens. And the European Union will stand by its neighbors and partners. Bollocks. The EU has been doing a wonderful job protecting the economic security of its citizens with is austerity hysteria. Just take a stroll in Italy, Portugal, Ireland, even Paris and London outside of the posh circuit. And once again the EU is just “sitting” - not standing - because the Empire of Chaos so ordered. “Sit!” And “Sanction!” Good boy. The extra US sanctions are coming shortly. Expect even more hardcore economic war. Short translation: less Russian access to US dollar and euro markets ( Russian state-owned banks are forbidden from selling shares or bonds in the West.) And more contraction of the economy. Russian companies have some $165 billion in US and EU bonds, and more than $100 billion in outstanding offshore loans. So Russia in the short and medium term will have to finance itself. Well, Chinese banks also could easily replace that kind of lending. Don’t forget the Russia-China strategic partnership. As if Moscow needed another warning that the only way to go is to increasingly bypass the dollar system. Still, I’m eagerly awaiting the Russian counterpunch. Me and the whole Global South.
Posted on: Tue, 29 Jul 2014 19:58:11 +0000
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