Reprinted from www.strategic-culture.org
SWIFT ban could bankrupt European banks who have been buying Russian debt, warns economist Global energy economist Jan Stuart discusses the economic ramifications of the latest round of sanctions against Russia.
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Only self-sufficiency affords total independence. And the Big Picture has also been keenly understood by the Global South.
One of the key underlying themes of the Russia/Ukraine/NATO matrix is that the Empire of Lies (copyright Putin) has been rattled to the core by the combined ability of Russian hypersonic missiles and a defensive shield capable of blocking incoming nuclear missiles from the West, thereby ending Mutually Assured Destruction (M.A.D.)
This has led the Americans to nearly risk a hot war to be able to place hypersonic missiles that they still don't have on Ukraine's western borders, and so be within three minutes of Moscow. For that, of course, they need Ukraine, as well as Poland and Romania in Eastern Europe.
In Ukraine, the Americans are determined to fight to the last European soul - if that's what it takes. This may be the last roll of the (nuclear) dice. Thus the next-to-last gasp at coercing Russia into submission by using the remaining, workable American weapon of mass destruction: SWIFT.
Yet this weapon can be easily neutralized by rapid adoption of self-sufficiency.
With essential input by the inestimable Michael Hudson I have outlined possibilities for Russia to weather the sanction storm. That didn't even consider the full extent of Russia's "black box defense" - and counter-attack - as outlined by John Helmer in his introduction to an essay that heralds no less then The Return of Sergei Glaziev.
Glaziev, predictably detested across Atlanticist circles, was a key economic adviser to President Putin and is now the Minister for Integration and Macroeconomics of the Eurasia Economic Union (EAEU). He has always been a fierce critic of the Russian Central Bank and the oligarch gang closely linked to Anglo-American finance.
His latest essay, Sanctions and Sovereignty, originally published by expert.ru and translated by Helmer, deserves serious scrutiny.
This is one of the key takeaways:
"Russian losses of potential GDP, since 2014, amount to about 50 trillion rubles. But only 10% of them can be explained by sanctions, while 80% of them were the result of monetary policy. The United States benefits from anti-Russian sanctions, replacing the export of Russian hydrocarbons to the EU as well as China; replacing the import of European goods by Russia. We could completely offset the negative consequences of financial sanctions if the Bank of Russia fulfilled its constitutional duty to ensure a stable ruble exchange rate, and not the recommendations of Washington financial organizations."
De-offshore or bust
Glaziev essentially recommends:
- A "real de-offshorization of the economy".
- "Measures to tighten currency regulation in order to stop the export of capital and expand targeted lending to enterprises in need of financing investments".
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