EU To Reduce Dependence On US Dollar As Sanctions Hit Trade With Iran

Source: https://eaworldview.com/

Plans to reduce European Union dependence on the US dollar have been rumoured for a while now, as China’s alternative to the Petrodollar continues to gain strength. The EU is not signing up to the move by Russia, China and the other BRICS bloc nations to replace the dollar but are thinking involvement with the emerging economies bid to break US economic hegemony will improve the 27 member Union’s ability to run an independent foreign policy without having to fear US bullying through sanctions for opposing Washinton’s attempts to dominate global political and economic events. The EU plan was unveiled on Wednesday by the European commission.

The proposal has gained support among European Union member states as companies in EU countries have felt presured to withdraw investments from Iran by the threat of punitive secondary sanctions from the US for any nation which permits its citizens or business community to trade with the Shi’ite Muslim theocracy.

The EU, unlike the US, wants to maintain the nuclear deal with Iran signed in 2015, but needs to deliver on its side of the bargain by increasing trade with Tehran. Less likely to be discussed in mainstream media is that European arms manufacturers, particularly those in Britain, Germany, France and, surprisingly perhaps, Sweden, will benefit greatly from a new arms race if they are in a position to supply both sides.

Iranian rulers are becoming impatient as the EU strives to create a financial mechanism to shield European exporters and importers from the effects of US sanctions on corporations, banks and individuals that continue to trade with Iran. US secondary sanctions can be applied on any European firm with links to the US market. I find this rather surprising as back in the 1960s when I studied economics, it was common knowledge that jurisdictions with lax trade regulation regimes like Panama or The Bahamas could be used to obfuscate paper trails and evade sanctions, tariffs and taxes.

The commission is perhaps reluctant to use Gibraltar’s port facilities for trans — shipping goods bound eventually for Iran because of the uncertain position of The Rock post Brexit. Instead Brussels is focusing on increasing the use of the euro in energy markets by creating a financial vehicle to facilitate settlement of oil contracts in the single currency, thus bypassing sanctions by avoiding any dollar transactions. Along with other such bilateral agreement systems, the plan is part of a longer-term move to “de-dollarise” the world economy.

Measures included in the EU policy involve using the euro as default currency in energy contracts agreed between EU member states and non-EU countries, as well as the creation of euro-denominated price benchmarks for crude oil. The EU is one of the world’s largest energy importers.

The commission press release also suggests the EU must develop “a full range of trustworthy interest rate benchmarks” in and a fully integrated instant payment system acceptable in all financial markets. The bloc will also seek to develop the role of the euro in foreign exchange markets.

In launching the long-term plan, EU economic affairs commissioner, Pierre Moscovici, said: “A wider use of the euro in the global economy yields important potential for better protecting European citizens and companies against external shocks and making the international finance and monetary system more resilient.”

The commissioner added these plans came “at a time where the recent global trends, the emergence of new economic powers along with the development of new technologies are supporting a potential shift towards a more diversified and multipolar system of several global currencies”.

Responding to the EU announcement an Iranian official said:
“Based on the news I recently received and was confirmed by a European commissioner, from now on, the EU is going to ditch the US dollar and just use the euro in the financial transactions of all European oil deals with other countries,” said Iran’s nuclear chief, Ali Akbar Salehi, on Thursday.

Speaking to reporters, the head of the Atomic Energy Organization of Iran (AEOI) said the amount of these transactions is more than €300 billion. “Previously, the EU used to pay 85 percent of the money for the oil it purchased from other countries in US dollars, but now with this new mechanism, all the money will be paid in euros,” he said.

Once the mechanism takes effect, the US dollar will be isolated as a global currency, and the US will no longer be able to use dollars in the current dominating way, Salehi added.

His comments came one day after the EU commission presented its plan to reduce the dollar’s overwhelming dominance of the global economy and to strengthen the role of the euro, particularly for energy transactions. There will be a lnee jerk reaction from the left of US politics, to blame Donald Trump for this development, the EU have already accused the Trump Administration of weaponising the reserve currency, although that is unfair because the US has used its position as holder of the reserve currency as a political weapon since the 1960s. In fact the move towards de-dolarisation, led by China, Russia and Iran, has been going on for some years now, the initial moves having been made early in the Obama era, though even before Obama took office there was widespread dissatisfaction with the way the USA used dollar dominance to influence political developments outside its borders. It has alredy attracted many trading partners, perhaps US economic belligerence is an attempt to combat this. If so it is the wrong approach.

European capitals have become increasingly frustrated with the global dominance of the dollar as a reserve currency, which hands the United States unparalleled diplomatic and economic power in a globalized world. This hostility was exacerbated when economic sanctions imposed on Russia after it’s annexation of Crimea in 2014. Many European nations were hit harder by those sanctions than Russia.

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G20 Elitists Club Teetering On The Edge Of The Abyss


World leaders at the G20 in Buenos Aeries

Ten years after The G20 first convened to bring together around a conference table the heads of state and government of the world’s largest economic powers and controllers of natural resources, the Group of 20 was doomed from the start. Russia and China were never going to agree to US economic hegemony, the European Union Nations were never going to accept Saudi Arabian human rights abuses and some of the third world nations were never going to be happy with the liberal democracies’ obsession with LGBT rights.

For a while the group held together, though it was doomed from day one to start falling apart as son as global trading conditions started to get tough. At the latest G20 jolly, in Buenos Aires, the loud and clear message was the G20 and globalism are both on the wane as a forum for shaping economies and solving global problems. Set up in 2008 to regulate spiraling financial markets in the midst of the toxic debt crisis, the G20 format has managed to though when Angela Merkel or Barack Obama invited attendes to “All join hands and sing Kumbaya, fewer and fewer world leaders were willing to join in.

It’s not that the idea of finding global solutions to global problems is a bad one, but that global problems require very different solutions in different parts of the globe. On top of this many of leaders sitting around the negotiating table have lost the political will to find such answers. President Donald Trump was elected leader of the USA was elected on a promise to ‘Make America Great Again’, which is not the extreme form of nationalism his opponents in the US claim, but nonetheless does not sit comfortably alongside leaders like Merkel or Emmanuel Macron, both of whom have recently asked citizens of the nations they lead to put the interests of people in other nations ahead of their own.

With Merkel’s Germany facing a social crisis because of the stresses caused by her open doors immigration policy which has seen an influx of uneducated, semi – literate third world migrants whose lawless beaviour has led to the creation of no go zones for police and emergency services in cities and large towns, while the failure of Marcon’s presidency has plunged France into civil unrest as protests against rising prices, immigration, unemployment and falling standards of living have morphed into violent riots in the streets of big cities, these leaders remain in denial about the failure of globalism..

Isolation, nationalism and protectionism have all been resurgent since the financial crisis of 2008, as the alleged consequences of globalization that has widely been perceived as impoverishing working and middle classes while benefitting the rich and corporate business.

The de facto leader of the movement to national interest is US president, Donald Trump. He is an avowed deconstructivist, — according to his critics someone who wants to tear down the existing order because he doesn’t think it works in his favor. Such criticism is unfair, all national leaders in nations that claim to be democracies are, in theory, elected to put the interests of their citizens first, never mind the rest of the world as Angela Merkel said in different words recently. Merkel however is clinging to power by her fingertips, at the head of a coalition that is too weak to get any controversial legislation though, simply because she is unable to accept that with German prosperity falling, her time is over, for the sake of her party and her country she should have step down. And yet Hausfrau – Volksfuhrer Merkel does not see the hypocrisy of asking German voters to put the interests of people in third world countries ahead of their own as she puts her personal interests ahead of her country’s and its peoples’. Macron too, though in power for less than two years, has seen his popularity fall in polls to unprecedented lows. This is partly because of his obsession with telling French voters that foreigners are more important to him than his own fellow citizens, as those fellow citizens struggle to make ends meet due to his tax increases and the inflation his policies on top of EU policies are causing.

Merkel and Macron are the outliers however. Donald Trump, in his isolationism and protectionism is far from alone.

Russian president Vladimir Putin, China’s Chairman Xi, the Saudi crown prince Mohammed (Mad Mo) bin Salaman, the Turkish autocrat Erdogan, at the G20 table don’t have much respect for international law which they precieve as favouring western or Christian interests. And more leader joining the “My country first” club. Italy’s Matteo Salvini has challenged the EU over its right to reject Italy’s budget. In Mexico, a populist has just taken office. In Brazil, a professed right-wing radical will be moving into the presidential palace come January. These changes, along with the possible collapse of Merkel and Macron’s governments make a grim outlook for globalists between now and the next G20 summit in Osaka, Japan.

The German chancellor, the Canadian prime minister, the French president and EU representatives — those who waved the flag of multiculturalism and globalism, in Buenos Aires are facing an increasingly lonely struggle should they survive another year in office.

Even within the EU, populism and isolationism are spreading. After Brexit, followed by rebellions against Brussels diktat in Poland, Hungary, and Spain, the most recent example of this shift is the populist government in Italy.

Reading the thin communique adopted by G20 members, it appears that this assembly representing two thirds of humanity is little more than an empty shell. Admittedly, the leaders did commit to reforming the international trade system, although moves led by Rusia and China to replace the petrodollar as the main currency for world trade forced that decision on them. But in the meantime, members of the G20 impose punitive tariffs on each other in an attempt to get a bigger piece of the global economic pie. There’s certainly a wide gulf between theory and practice.

Read more: G20 summit opens as leaders give Saudi prince mixed reception

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Dutch lead rebel states angry at Macron in row threatening to TEAR APART bloc

It was bound to happen. Surely the Grandmother -fucking little crapaud didn’t believe hed get away with running round Europe proclaiming a Franco German alliance would force other member states into a federal superstate did he?

Because of the boy Macron’s stupidity France and the Netherlands have come to blows over a Dutch-led alliance within the European Union, in a row threatening to tear apart the unity of the bloc.

French Finance Minister, Bruno Le Maire, ambushed the EU’s new Hanseatic League – a group of small northern and Baltic countries – during a dinner in Paris claiming “closed clubs” threaten the future of the European project. His scathing attack prompted Dutch foreign minister, Wopke Hoekstra to hit back saying: “It is not one group against another.” The Dutch has spearheaded the Hanseatic League, which is an alliance between Ireland, Denmark, Sweden, Finland and the Baltic states of Latvia, Lithuania and Estonia.

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Elites Losing The War On Cash? Sweden U-Turns On ‘Cashless Society’ Agenda

image: https://gsiexchange.com/

Sweden was until now proudly leading the advance in the War On Cash, the neo – Maoist ruling elite had pushed the idea that a cashless society, with all financial activity moved to electronic media would protect citizens from crime and be more convenient. There was no mention when the idea was pitched by politicians and bankers that in a cashless society we would completely surrender control of our money to banks, and our privacy in financial matters to government security agencies. Yes, every electronic financial transaction is recorded, your spending habits are tracked, and while disreputable organisations like Google, Facebook and Twitter will sell that information to anybody who can afford to pay, governments can use it against you in many other ways.

In a surprise turnaround Sweden’s Riksbank this weekend has  become the first central bank in the 21st century to take concrete measures to ensure that cash does not disappear as a means of payment from the financial system, in opposition to corporate efforts to force retail customers away from cash. To achieve that the Riksbank proposes, in a document published on its website, to mandate that all banks and financial institutions continue to offer cash services.

The policy initiative comes in response to a recent proposal suggestion by the Riksbank Committee that only the country’s six major banks should be obligated to continue offering cash services.

That prompted a reaction from Sweden’s competition watchdog, which argued that the plan would distort competition as it would affect only a few of the nation’s banks. In response, the Riksbank has opted to apply the rule to “all banks and other credit institutions that offer payment accounts.”

There was also a disagreement between the RiksbankCommittee (a political overseer,) and the central bank’s senior management over what deposit facilities should be offered. While the Committee recommended that banks should only be obliged to provide deposit facilities to businesses, the Riksbank believes it is important for banks to also offer deposit services to private citizens:

“This is a service that consumers can reasonably expect of credit institutions. There must also be symmetry between withdrawal and deposit facilities. In the Riksbank’s view, there is otherwise a risk that the possibilities for individuals to make deposits will decrease even further in the future. For most consumers, it would also be difficult to understand why they can withdraw cash from an account but not make deposits.”

For yearsnow, both the ultra progressive Swedish the government and the Riksbank management have been pushing for a “cashless society.” The Riksbank has over 1,000 articles posted on its website on the “cashless society“. The emphasis worked: between 2013 and 2017, the amount of cash in circulation dropped by 35%, earning Sweden a reputation as the world’s “most cashless nation”.

Many of Sweden’s bank branches had stopped handling cash altogether, but now will have to begin doing so again. Many of them are not happy about it arguing that access to cash should be the sole responsibility of the state and not private banks.

“To secure access to cash is a collective good that the state should reasonably be responsible for,” the Swedish Financial Supervisory Authority said. It’s an opinion that’s shared by ATM provider Bankomat, which argued that it should be the state’s responsibility to ensure that citizens have access to cash since the handing of notes and coins is such an important — and expensive — part of a country’s infrastructure.

Shops and restaurants, could also be affected by a suggestion that retail operations which provide public services, such as pharmacies, transport services, food shops and petrol stations, should also “be included in an obligation to accept cash.”

One likely result of this is that many people who struggle to navigate the digital system, or who don’t have credit cards, in particular the elderly, no longer have to fear finding themselves locked out of the country’s payment system.’ There is also that section of society known as ‘the underclass – and yes Sweden does have them despite government efforts to present the nation as a socialist utopia in which things like poverty, crime, prostitution and begging are unknown. Sweden’s parliament has also launched a review on the impact of going cashless too quickly as it excludes the financial needs of the elderly, children and tourists who rely on cash.

It is a dramatic u-turn for a country that not so long ago was further along the path toward eliminating cash than just about any other advanced economy. Sweden enlisted its citizens as largely willing guinea pigs in an economic experiment that was doomed from the start — negative interest rates. People quick on the uptake will have worked out in such a system we, the punters pay the bank to gamble with our hard earned. But a negative interest rate policy (NIRP) has its limits with consumers as long as cash remains an alternative because while you have to pay for the privilege of having money in the bank, stuffing it in a matress or under the floorboards is free. And that is the true explanation of the eagerness to eliminate cash. It was not for our protection or our convenience, but to make stealing from us easier for banks, financial services companies and governments.

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German car industry faces ‘existential threat’ from political attack and electric vehicles

Germany’s car manufacturers face an existential crisis and risk going the way of Britain’s once-mighty car industry within ten years, Volkswagen has warned in the grimmest assessment to date.

Herbert Diess, the company’s chief executive, said Germany is not ready for the revolutionary effects of the electric vehicle and is under political assault from those challenging the whole concept of car ownership and mobility.

He told VW suppliers gathered in Wolfsburg – the sanctum sanctorum of German auto preeminence – that the sector is under a competitive threat of the first order and must embrace root-and-branch reform to survive. “Nothing is guaranteed for eternity,” he said.

“If you look at the former bastions of the auto industry such as Detroit, Oxford-Cowley, or Turin, you can see what happens to cities once their dominant companies and industries falter,” he said.

“As things stand today, the chances are perhaps 50:50 that the German car industry will remain at the pinnacle of the world in ten years,” he said.

READ MORE >>>

German Industrial Production Slumps For Third Month Running

Is This Why The EU Did Not Want Us To Leave?

 

Germany’s industrial base is showing consistent signs of an economic crisis amid trade tensions between the U.S. and the European Union. Output from German factories unexpectedly declined for a third consecutive month according to statistic reported by Reuters and Bloomberg.

The figures, published last Friday, showed a 1.1 percent decrease for September, missing economists’ forecast of a 0.2 percent increase. Exports from Europe’s manufacturing powerhouse fell 0.9 percent and the trade surplus, a point of contention with President Donald Trump, narrowed further.

The news came at the end of a challenging week for the Eurozone economy, with other published statistics showing fears of a trade war between western and eastern blocs denting manufacturing confidence and Germany reporting another drop in factory orders.

Berlin’s Economic Ministry blamed the apparent weakness on temporary bottlenecks related to new emission-test procedures for cars. “In light of the slow order intake but a large backlog of work, the industrial upswing should continue as the squeeze loosens,” it said in a statement, adding construction business is booming.

In the Netherlands, manufacturing production fell 0.9 percent in July, while Spanish output fell for a third time in four months. But there was better news from France, where production beat expectations by rising 0.7 percent. Separately, German labor costs rose 0.2 percent in the second quarter compared to the previous three months.

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Brexit has terrified ‘Brussels bubble’ – German insider

German Political Journalist Tanit Koch

The EU elite “lost faith in their own appeal and abilities” following the Brexit referendum vote and the surge in support for nationalist parties. The knee jerk response of the Brussels bubble was to try (and fail) to punish Britain for defing Brussels in the same way as they had punished small nations like Greece, Portugal and Ireland, which in their perception was the only way to prevent the EU breaking apart.

Top bureaucrats in Brussels are terrified at the prospect of the European Union breaking apart, according to a European expert. The fragility of the EU bloc since the financial crisis of 2008 is behind the punishment tactics and intransigence of negogiator Michel Barnier and other EU leaders.

Tanit Koch, now of the Transatlantic Commission on Election Integrity” (TCEI) who previously worked as editor of German magazine Bild, said that the Brexit referendum result shocked the Brussels leadership, who did not have a clue how to respond. Her comments come less than two weeks before the major EU summit this month, at which the direction of Brexit and the future of the EU could be decided.

Koch told BBC’s The World This Weekend: “In the last two years, within Europe, especially within the Brussels bubble, they have lost faith in their own appeals and their own abilities.

“They are desperate for the European Union not to implode or break apart.

“It is not so much about punishing Britain as many in this country suggest.

“It is an honest fear that if a precedent is set, that someone who leaves gets a better deal, others will follow suit.”

Koch also revealed the extent to which EU federalisation dogma has taken hold among the top rank in the business world across Europe. She spoke of a recent meeting between German Chancellor Angela Merkel and prominent German business leaders on Brexit. When Mrs Merkel insisted that the sngle market would not be compromised, raising the prospect of a no deal, the business leaders cheered.

She claimed that support of the “EU’s holy grail” meant more to the German CEOs than the huge expected hit to their businesses. The Daily Stirrer finds this a little far fetched as we know from our own sources that many German firms have lobbied for Merkel to support a reasonable deal for Britain.

Despite the apparent deadlock in recent months, a change of tone has emerged in the last week among EU leaders, after long months of them insisting none of their conditions was negotiable. Yesterday, European Council President Donald Tusk said he was confident that the EU and UK would secure a deal by the end of the year.

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