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Valentin KATASONOV

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Reparations for Colonialism

...In 2007 the litigation suit was launched at the high court in central London. The Kenyans wanted the UK government to pay them £59, 75 for the atrocities committed by British troops sent to quell the uprising. The veterans of liberation movement were resolute. They said in case of refusal they would go to the International Court in The Hague. Leigh Day issued a claim on behalf of the plaintiffs. In June 2013 the case ended up in an out-of-court settlement of about £19, 9 million pounds (23, 04 million euros). The ruling can be considered as a success though the money is only a third of the sum wanted by claimants. This is a precedent that made the West panic and inspired the developing countries to continue their fight for colonial reparations.

Valentin KATASONOV | 15.11.2014


 

On Rewriting the History of the Second World War and Reviving Reparation Claims

The basic principles and terms of the reparation payments made by Germany and her allies were determined in 1945 at the Yalta and Potsdam conferences. For the USSR, the subject of German reparations was closed in 1953 when Moscow outright refused reparation deliveries from the German Democratic Republic and began paying for them at Comecon (Council for Mutual Economic Assistance) prices. Owing to the division of Germany and a number of other reasons, no general records were even set up for Germany’s fulfilment of its reparation obligations. Today, the German government does not have accurate information regarding its reparations and is using little more than certain expert estimates...

Valentin KATASONOV | 07.11.2014


 

The Internationalisation of the Yuan (II)

...The reserve currency issuing countries have balance of payments deficits. It means that a reserve currency is a trap. Back in the early 1960s Belgian-American economist Robert Triffin said there is a fundamental incompatibility between the attainment of US global economic stability and having a single national currency perform the role of the world’s reserve currency... The dollar started to function as a real reserve currency only when the United States foreign trade deficit became stable...

Valentin KATASONOV | 04.11.2014


 

Serbia to Claim Reparations as the First Victim of WWIII

Today, one often hears that the world is on the brink of World War  III . Some believe it has already started and that it began on 11 September 2001, when an act of provocation carried out in New York gave the United States the opportunity to invade Afghanistan under the pretext of «combating international terrorism». Some point to an even earlier starting point for World War  III  – NATO aggression against Yugoslavia in March 1999. And what happened in Yugoslavia at the end of the 20th century is now being repeated in Ukraine. The escalation of an undeclared Third World War continues. The time has now come to begin preparations for a ‘new Potsdam’...

Valentin KATASONOV | 29.10.2014


 

The Internationalisation of the Yuan (I)

The issue of turning the yuan into an international currency is the subject of much controversy. Some believe that Beijing should opt for full convertibility of the yuan, turning it into a fully-fledged international currency. Others believe that the yuan is already an international currency, citing impressive figures that reflect the growing use of the Chinese currency in international trade. Still others hold the view that turning the yuan into an international currency would be of no benefit to Beijing, and the Chinese authorities are even intentionally preventing it. The complexity of the problem lies in the fact that moving the yuan towards internationalisation involves three distinct phases: turning the Chinese currency into a) a trading currency, b) an investment currency, and c) a reserve currency...

Valentin KATASONOV | 19.10.2014


 

A Panorama of the World’s Foreign Exchange Reserves: Food for Thought

...Without waiting for the IMF to grant the yuan reserve currency status (the IMF wants China to introduce full yuan convertibility and make it free floating), a number of African, Asian and Latin American countries are stockpiling it in their reserves. At the beginning of 2012, experts believe that the yuan was to be found in the international reserves of 12 countries. To date, the People’s Bank of China has signed currency swap agreements with the central banks of more than 20 countries. These agreements involve the exchange of national currency units to maintain trade and economic relations between China and other countries...

Valentin KATASONOV | 12.10.2014


 

When Will the Building of the Debt Pyramid in Ukraine Come to an End?

According to expert evaluations, nearly $6 billion has entered Ukraine from various sources (the IMF, the World Bank, the EU, the US) between the time of the February revolution and the end of September. Nearly 95 per cent of this has been spent on debt refinancing. No more than 5 percent has been used for other purposes in some way related to solving the country’s more urgent problems, which is crumbs in comparison. The evil tongues of those who orchestrated the February revolution and found themselves on the sidelines of the revolutionary process are revealing a strange secret. They allege that this five per cent is kickbacks and fund siphoning by the new government. Which means that the total left for ‘national development’ is exactly 0 per cent...

Valentin KATASONOV | 11.10.2014


 

Currency Swaps in the Modern World. The Birth of the Global Currency Cartel (II)

Before 2011, unlimited swaps between central banks were open for a period of seven days. In the autumn of 2011, however, the US FRS, the European Central Bank (ECB), the Bank of Japan, the Bank of England, the Bank of Switzerland and the Bank of Canada (the ‘big six’) agreed to coordinate actions to ensure the liquidity of the global financial system... Currency wars are not going anywhere; they are just ceasing to exist within the currency pool of the ‘big six’, while new currency wars between the ‘big six’ and the rest of the world are inevitable. The success of BRICS and other countries on the periphery of global capitalism in building a fair global financial order will, to a large extent, depend on the understanding that the West has already been consolidated and has distanced itself from the rest of the world...

Valentin KATASONOV | 01.10.2014


 

Currency Swaps in the Modern world. The Birth of the Global Currency Cartel (I)

Currency swaps (currency exchange transactions) have become a hot topic in today’s media. Just about every month we find out that some country has signed a currency swap agreement with some other country, and there are already dozens of these agreements in the world... At present, more is said about currency swaps as a means of strengthening the national currencies of countries on the periphery of global capitalism, so as a means of fighting the hegemony of the dollar and the dictatorship of the US in world trade and international finance... We will begin our analysis, however, with currency swaps in a narrow group of select countries belonging to the so-called ‘golden billion’...

Valentin KATASONOV | 25.09.2014


 

The European Union and the Trade War with Russia (III)

...Opposition to the introduction of sanctions by Brussels against Russia will primarily arise in those countries in which Russia is relatively dominant in foreign trade compared to the US (there are 12 such countries in the EU). At the same time, Washington's political dominance in some of these countries will exacerbate the socio-political situation. Public opinion polls in Lithuania, Latvia and Estonia, for example, show that the vast majority of respondents are opposed to their country's involvement in sanctions, and, since Brussels started going along with US sanctions, the percentage of respondents in favour of their country's withdrawal from the European Union has begun to rise.

Valentin KATASONOV | 18.08.2014




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OUR COLUMNIST
    Finian CUNNINGHAM

Ending the Cold War on Cuba? From the Freezer to the Chiller

As US President Barack Obama announced his surprise «historic» bid to normalise relations with Cuba this week, the New York Times swooned with glowing news. ‘US to Restore Full Relations With Cuba, Erasing a Last Trace of Cold War Hostility’ was how its top headline put it. Welcoming the development, the American «newspaper of record» said Obama vowed to «cut loose the shackles of the past» and to «sweep aside one of the last vestiges of the Cold War». But, purple prose aside, the hard detail is that the ongoing illegal American embargo on Cuba will stay in place. Moreover, the move comes as Washington slaps on more sanctions against Russia and unleashes new sanctions on Venezuela...

19.12.2014
 
 
 
 
 
 
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