MCViewPoint

Opinion from a Libertarian ViewPoint

Posts Tagged ‘economic warfare’

The Worst “Fact Check” Ever

Posted by M. C. on July 28, 2019

Truth is treason in an empire of lies.

https://blog.tenthamendmentcenter.com/2019/07/the-worst-fact-check-ever/?fbclid=IwAR0bSIisduyxs0rh37wj8UtBV_ZBq18qV0T7XzZe_N3dHTwSJQ_8jF-KdYE

By:

Voice of America has responded! And it may well be the worst “fact-check” and rebuttal in the history of fact-checks and rebuttals. As Ron Paul Institute executive director Daniel McAdams put it, “Unbelievable! They confirmed everything you said as true and then pronounced you wrong!”

This revolves around an interview I did on RT where I talked about how the U.S. weaponizes the dollar and uses the global SWIFT payment system as a foreign policy billy club. The Voice of America “fact-checking” website Polygraph.info contacted me for comment. Since it was clear they intended to discredit my narrative, we decided not to respond to their email but instead write a full-blown rebuttal of the narrative that I knew they would advance.

This worked out even better than I anticipated. Polygraph.info actually responded to my pre-rebuttal. And in their response, they basically conceded my main point – that the U.S. government can and does use SWIFT as a foreign policy tool. Of course, they tried to downplay the significance, but their concession is telling.

“While the U.S. has the ability to pressure SWIFT thanks to its position in the global economy, it could be limited by potential costs that would be felt by U.S. businesses and those of U.S. allies. An Atlantic Council opinion piece warns the U.S. Congress to ‘be wary of taking unilateral steps to target SWIFT in future legislation,’ adding the practice risks hampering the flow of financial data, “slowing global trade and transactions.” Moreover, the U.S. does not directly control SWIFT.” [Emphasis added]

McAdams is right. This essentially confirms what I said — No. The U.S. does not control SWIFT, but it can exert significant pressure on it.

“So, despite what VoA and the Treasury Department claim, the U.S. government clearly pressures SWIFT to serve as a foreign policy tool. It may be technically accurate to say the U.S. government does not ‘control’ SWIFT. But the U.S. clearly applies political pressure on the institution and that pressure yields results.” [Emphasis added]

The Atlantic Council piece Polygraph.info links to confirms what I wrote. The very fact that somebody felt the need to warn Congress about the consequences of abusing its influence over SWIFT indicates that my position is absolutely correct.

Polygraph.info chose to ignore most of the points that I made in my pre-rebuttal article, writing that they were “beyond the scope of this fact check.”

This is an odd statement considering my article addressed the substance of what they were supposedly fact-checking. So basically, the very thing they were fact-checking was beyond the scope of the fact check.

OK.

As Ron Paul once said, “Truth is treason in an empire of lies.” The fact that a propaganda arm of the U.S. government wants to whitewash the truth about America’s economic warfare is telling. Its inability to effectively do it is even more so.

Be seeing you

truth

 

 

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Goodbye Dollar, It Was Nice Knowing You! — Strategic Culture

Posted by M. C. on July 5, 2019

https://www.strategic-culture.org/news/2019/07/04/goodbye-dollar-it-was-nice-knowing-you/

Philip Giraldi

 

Over the past two years, the White House has initiated trade disputes, insulted allies and enemies alike, and withdrawn from or refused to ratify multinational treaties and agreements. It has also expanded the reach of its unilaterally imposed rules, forcing other nations to abide by its demands or face economic sanctions. While the stated Trump Administration intention has been to enter into new arrangements more favorable to the United States, the end result has been quite different, creating a broad consensus within the international community that Washington is unstable, not a reliable partner and cannot be trusted. This sentiment has, in turn, resulted in conversations among foreign governments regarding how to circumvent the American banking system, which is the primary offensive weapon apart from dropping bombs that Washington has to force compliance with its dictates.

Consequently, there has been considerable blowback from the Make America Great Again campaign, particularly as the flip side of the coin appears to be that the “greatness” will be obtained by making everyone else less great. The only country in the world that currently regards the United States favorably is Israel, which certainly has good reason to do so given the largesse that has come from the Trump Administration. Everyone else is keen to get out from under the American heel.

Well the worm has finally turned, maybe. Even the feckless Angela Merkel’s Germany now understands that national interests must prevail when the United States is demanding that it do the unspeakable. At the recently concluded G20 meeting in Tokyo Britain, France and Germany announced that the special trade mechanism that they have been working on this year is now up and running. It is called the Instrument in Support of Trade Exchanges (Instex) and it will permit companies in Europe to do business with countries like Iran, avoiding American sanctions by trading outside the SWIFT system, which is dollar denominated and de facto controlled by the US Treasury.

The significance of the European move cannot be understated. It is the first major step in moving away from the dominance of the dollar as the world’s trading and reserve currency. As is often the case, the damage to US perceived interests is self-inflicted. There has been talk for years regarding setting up trade mechanisms that would not be dollar based, but they did not gain any momentum until the Trump Administration abruptly withdrew from the Joint Comprehensive Plan of Action (JCPOA) with Iran over a year ago…

Indeed, the White House appears to be willing to engage in economic warfare with Europe over the issue of punishing Iran. The Treasury Department issued a statement regarding the Mandelker letter, saying “entities that transact in trade with the Iranian regime through any means may expose themselves to considerable sanctions risk, and Treasury intends to aggressively enforce our authorities.” Mike Pompeo also was explicit during a visit to London on May 8th when he stated that “…it doesn’t matter what vehicle’s out there, if the transaction is sanctionable, we will evaluate it, review it, and if appropriate, levy sanctions against those that were involved in that transaction. It’s very straightforward.”

It is perhaps not unreasonable to wish the Europeans success, as they are supporting free trade while also registering their opposition to the White House’s bullying tactics using the world financial system. And if the dollar ceases to be the world’s trade and reserve currency, what of it? It would mean that the Treasury might have to cease printing surplus dollars and the US ability to establish global hegemony on a credit card might well be impeded. Those would be good results and one might also hope that some day soon the United States might once again become a normal country that Americans would be proud to call home.

Be seeing you

Monopoly Fiat Money ? | 2012 Patriot

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