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Paul Merrell

Wall Street: The Trump-China missing link - RT Op-Edge - 0 views

www.rt.com/...61057-wall-street-trump-china-

economy China globalism banksters Trump Auction 2016 musto-read

shared by Paul Merrell on 01 Oct 16 - No Cached
  • The yuan is about to enter the IMF’s basket of reserve currencies this coming Saturday - alongside the US dollar, pound, euro and yen. This is no less than a geoeconomic earthquake. Not only does this represent yet another step in China’s irresistible path towards economic primacy; the Chinese currency’s inclusion in the Special Drawing Rights (SDR) basket will also lead central banks and hyper-wealthy funds – especially from the US – to increasingly buy more Chinese assets.At the first US presidential debate, Donald Trump took no prisoners, criticizing China’s currency manipulation. This is what he said:“You look at what China’s doing to our country in terms of making our product, they’re devaluing their currency and there’s nobody in our government to fight them… They’re using our country as a piggy bank to rebuild China, and many other countries are doing the same thing.”
  • Well, China is not “making our product”; the manufacturing process is Made in China – then exported to the US. Most of the profits benefit US corporations – everything from design, licensing and royalties to advertising, financing and retail margins. If the mantras manage to spell out a partial truth - the US has lost manufacturing jobs to China, China is the “factory of the world” – they don't spell out the hidden truth that those who profit are essentially major corporations.China does not “devalue their currency”; the People’s Bank of China periodically adjusts the yuan according to a very narrow band. The major practitioners of quantitative easing (QE) are actually the US, as well as Japan and the European Central Bank (ECB). And the currency of global consumer goods manufacturing continues to be the US dollar, not the yuan.
  • Beijing also is not “using our country as a piggy bank to rebuild China.” This is all about balance of payments. What US consumers spend on Made in China products – many of them delocalized by US corporations – is pumped back to the US as capital inflows that keep interest rates down and help to support the Empire of Chaos’s global hegemony.
  • ...6 more annotations...
  • For all his incapacity to formulate thoughts above the language skills of a third grader, Trump has been piling up astonishing proposals that resonate wildly, way beyond the “basket of deplorables” spectrum.
  • The bottom line is that to recover US manufacturing jobs – as Trump has been forcefully promising – he will have to stare down the whole Wall Street finance oligarchy.So no wonder these oligarchs – responsible for shipping all those US manufacturing jobs to Asia and lavishly profiting from bailouts to the 'Too Big To Fail' racket – hate him with all their golden-plated guts.
  • Trump’s attention span is notoriously minimalist. If his advisers managed to imprint – tweet? - a few one-liners on his brain, he would be able to explain to US public opinion how the US-China game is really played, something that all relevant parties in both nations know by heart.And the – crucial - missing link in the whole game is Wall Street.This is how it works.
  • He is against Cold War 2.0 and the pivot to Asia, when he says “wouldn’t it be nice to get along with Russia and China for a change?”He no less than pre-empted WWIII when he said he would be against a US nuclear first-strike.He totally abhors global “free trade” – from NAFTA to TPP and TTIP - because it has “hollowed out the lives of American workers”, as US corporations (under Wall Street’s “incentive”) delocalize and then import back into the US tariff-free.
  • Trump was even open to nationalizing Wall Street banks after the 2008 financial crisis.
  • So we’re faced with the ultimate surrealist spectacle of a billionaire denouncing corporate globalization, which has been responsible for stripping the US lower middle classes of countless, decent blue-collar jobs and social benefits – not to mention turning them into hostages of rotting public infrastructure. And all that with absolutely no one among the US establishment condemning the most astonishing wealth transfer to the 0.0001% in history.If in the next two presidential debates Trump points to the crucial missing link in the whole plot – Wall Street - he might as well lock on as a surefire winner.
Paul Merrell

Blowback Begins: EU To Ditch Dollar In Payments For Iranian Oil | Zero Hedge - 0 views

www.zerohedge.com/...ch-dollar-payments-iranian-oil

war & peace economic-warfare de-dollarization EU Iran

shared by Paul Merrell on 17 May 18 - No Cached
  • The dollar’s collapse is nearing.  The European Union is planning to switch it’s payments to the Euro for its oil purchases from Iran, eliminating United States dollar transactions.
  • it is highly likely that the US dollar will collapse as nations distance themselves from the United States’ often disastrous foreign policies.  As RTreported, dozens of contracts signed between European businesses and the Islamic Republic could be at risk of cancellation if Brussels obeys Washington’s sanctions. This would damage Iran’s economy and European firms would lose a huge market in the Middle East. Switching to alternative settlement currencies allows both sides to continue trading despite US sanctions and will damage the dollar in the process.  Earlier this week, EU foreign policy chief Federica Mogherini said that the foreign ministers of the UK, France, Germany, and Iran had agreed to work out practical solutions in response to Washington’s move in the next few weeks. The bloc is reportedly planning to maintain and deepen economic ties with Iran, including in the area of oil and gas supplies.
  • The dollar’s collapse is nearing.  The European Union is planning to switch it’s payments to the Euro for its oil purchases from Iran, eliminating United States dollar transactions.
  • ...1 more annotation...
  • Just one more nail to the US dollar’s coffin.  Its collapse is all but imminent at this point. The EU has successfully found a way to scoff at potential future sanctions on Iran by openly defying the US; and as an “added bonus,” they’ve helped seal the dollar’s fate.  According to RT, a diplomatic source with the EU has told a news outlet of the decision.   “I’m privy to the information that the EU is going to shift from dollar to euro to pay for crude from Iran,” said the diplomatic source.  Brussels has been at odds with Washington over the US’s decision to withdrawal from the Iran nuclear deal, which was reached during the administration of Barack Obama. President Donald Trump has pledged to re-impose sanctions against the Islamic Republic as soon as he is able to do so. The Trump administration also has had plans to topple the current regime in Iran, according to leaked documents, and it looks like they’ve just given themselves the go-ahead:
Paul Merrell

A New Flotilla Sets Sail To Break the Blockade on Gaza - 0 views

www.mintpressnews.com/...242401

war & peace Palestine Israel Freedom-Flotilla Auction-2018

shared by Paul Merrell on 23 May 18 - No Cached
  • Islands Brygge, an idyllic harbor park that stretches along the east bank of Copenhagen, was alive with a celebratory crowd on Monday as three ships were about to steam towards Gaza. The 2018 Freedom Flotilla—two ships from Sweden and one from Norway — will call at ports in Germany, Holland, Belgium, France, Spain, Portugal and Italy before traveling through the Mediterranean Sea to its final destination: Gaza harbor. Volunteer boat guides explained the history and mission of the Gaza Flotilla movement, which has organized a number of journeys to demonstrate solidarity with the people of Gaza and break the illegal economic siege.
  • Reaching the harbor of Gaza (which means “jewel” in Arabic) should be as simple and straightforward as entering any harbor in Germany, France or Spain. But instead, Israel has denied Gazans use of their own harbor for commerce, trade and travel, and has bombed it on numerous occasions, along with their electric power plants and sewage systems, making life miserable for the local population and rendering 97 percent of the drinking water toxic.
  • Paul Merrell on 23 May 18
     
    The last Freedom Flotilla was hijacked by Israel in international waters, leaving 9 Flotilla members dead and over 50 injured.
Paul Merrell

Following New FCC Rules, Massive Corporate Consolidation Of Local News Underway - 0 views

www.mintpressnews.com/...227770

media-consolidation local-news

shared by Paul Merrell on 13 May 17 - No Cached
  • In a deal that will allow one broadcasting company to reach 72 percent of U.S. households through ownership of local news stations, it was reported this week that Sinclair Broadcast Group is buying Tribune Media for nearly $4 billion. Such a move wouldn’t have been possible a few weeks back, but Donald Trump’s new Federal Trade Commission (FCC) chairman, Ajit Pai, just began implementing sweeping changes to previously established media ownership rules. Bloomberg explains:
  • “A Sinclair-Tribune merger was made easier last month when the FCC restored a rule that allows TV station groups to count just half of their coverage area for Ultra High-Frequency stations to comply with a 39 percent nationwide cap set by Congress.
  • “So we’re seeing a concentration of power on the broadcast side at the same time they are building up these powerful new gatekeepers, really doing the bidding of the most powerful companies and just paving the way for them to do whatever they want.” Using Sinclair as an example, Aaron goes on to talk about how broadcasting giants are able to push the content they want across multiple platforms simultaneously: “So they both like to try to buy up multiple stations in the same market, have one newscast going on multiple channels, as well as doing as much as they can from Sinclair headquarters in terms of pushing content out to their whole network.” Calling Ajit Pai’s moves at the FCC “scandalous,” Aaron highlights the complexity of modern media and says that now — more than ever — we need an aware, conscious populace: “So, at a time where we need more local news, more competition, more choices, better-informed communities, what we’re getting is the same cookie-cutter content coast to coast.”
Paul Merrell

Rail Recession: Carloads Tumble To Thee-Year Lows Amid Manufacturing Implosion | Zero Hedge - 1 views

www.zerohedge.com/...s-amid-manufacturing-implosion

economy recession manufacturing transportation rail

shared by Paul Merrell on 11 Oct 19 - No Cached
  • As manufacturing plummets to the weakest levels since September 2009 and new export orders collapse, the US railroad industry has jus seen carload volumes tumble to three-year lows, according to a weekly report from the Association of American Railroads (AAR), first reported by Bloomberg on Monday.  AAR's report showed a decline in carloads for 3Q19, down 5.5%, and one of the most significant drops in three years, indicating that the US economy continues to decelerate into year-end. Most of the shipment declines were seen in autos, coal, grain, chemicals, and consumer goods, but there was a small improvement in crude oil shipments.
  • Bloomberg blames the trade war between the US and China for the rail recession.
Paul Merrell

Venezuela drops US dollar, will use euro for international transactions - RT World News - 1 views

www.rt.com/...enezuela-drops-dollar-currency

economic-warfare de-dollarization Venezuela

shared by Paul Merrell on 18 Oct 18 - No Cached
  • Venezuela is abandoning the US dollar, with all future transactions on the Venezuelan exchange market to be made in euro, Tareck El Aissami, the country's Vice President for Economy, announced. The sanctions, recently introduced by Washington against Caracas, “block the possibility of continuing to trade using the US dollar on the Venezuelan exchange market," El Aissami said, adding that the American restrictions were “illegal and against international law.” 
  • The American “financial blockade” of Venezuela affects both the country’s public and private sectors, including pharmacy and agriculture, and shows “just how far the imperialism can go in its madness,” the vice president said.Venezuela’s floating exchange rate system, Dicom, “will be operating in euro, yuan or any other convertible currency and will allow the foreign exchange market to use any other convertible currency," El Aissami said.The vice president added that all private banks in Venezuela are obliged to participate in the Dicom bidding system.The government is going to sell 2 billion euros between November and December to allow the public to purchase the European currency “at a real, non-speculative rate,” he said.
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