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Kiev govt used cluster munitions in populated zones in E. Ukraine – HRW
 
Christophe de Margerie.

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Valentin KATASONOV

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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


 

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

In speaking of the economic war started by the West against Russia, it has been pointed out that on the European front of this war, new disproportions leading to a significant asymmetry are inevitably emerging within the European Union. Only the foreign trade ‘heavyweights’ represented by a small group of European countries could inflict serious damage on Russia. The backbone of this group is made up of Germany, the Netherlands, Poland and Italy. But a Russian retaliation would cause, and is already starting to cause, the greatest damage to other EU member countries...

Valentin KATASONOV | 17.08.2014


 

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

The issue of the trade and economic war between the West and Russia instigated by Washington has intensified in recent days. The United States is unable to conduct a trade and economic war against Russia by itself, since trade volumes between Russia and America are relatively modest. In 2013, US imports from Russia amounted to $11.2 billion, while exports from the US to Russia amounted to $16.5 billion. Accordingly, America’s share of Russian exports last year was 2.5 per cent, and its share of imports was 6.0 per cent. In 2013, the US ranked just 20th on the list of Russia’s trade partners. But the share of countries in the European Union, made up of 28 countries, last year reached 50 per cent of Russia’s foreign trade turnover. In other words, Washington is unable to unleash an economic war against Russia without its European allies...

Valentin KATASONOV | 16.08.2014


 

Argentina Declared in Default – Warning to Ukraine

Actually Argentina has defaulted on its foreign debt. Such things happen in the contemporary world, the country has become a victim of financial vultures and the so-called legal imperialism of the United States... Argentina is the best illustration of how the legal imperialism works... On July 31 Ukraine’s Prime Minister Yatsenyuk made a loud-voiced statement. «The first major economic news today is that Argentina went into default», he told lawmakers. «And the second is that Ukraine didn’t default, and it never will». Perhaps he pins his hopes on the US sponsors. There is little ground to believe that Washington will grant billions (or even dozens of billions) to have the Ukraine’s debt restructured. Brussels will hardly lift a finger to help because the plight of the European Union is quite comparable with the debt problems faced by Ukraine...

Valentin KATASONOV | 03.08.2014


 

Washington’s Banking Sanctions – Formal and Informal

...Since 1 April 2009, American financial regulators have fined European banks 32 times totalling nearly $25 billion... On 30 June 2014, the French bank BNP Paribas, which ranks fourth in the world in terms of assets and second in France, agreed to pay US authorities a record $9-billion fine. The bank’s management is charged with helping its Sudanese, Iranian and Cuban clients carry out dollar transactions banned by the US sanctions regime. In the coming months, giants of European banking like the German Kommerzbank and Deutsche Bank, French Credit Agricole and Societe Generale, and Italian Unicredit, among others, could also be subject to penalties...

Valentin KATASONOV | 30.07.2014




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OUR COLUMNIST
    Mikhail AGHAJANYAN

Political Manipulations with the Price of Oil

The drop in oil prices that began at the same time as Islamic State (IS) attacks in Iraq and Syria is impossible to explain with economic factors. The world has long been used to the fact that the market has reacted to every war in the Middle East, where 47 per cent of the world’s ‘black gold’ reserves are concentrated, with a sharp jump in oil prices. That is what happened during the two wars in the Persian Gulf, and that is also what happened when the Americans began their ‘mission to restore democracy’ in Afghanistan. And speculation about a possible military conflict between the US and Iran was accompanied by the expectation of a jump in oil prices of up to $200 a barrel and higher. At present, everything has turned upside down, but for how long?..

23.10.2014
 
 
 
 
 
 
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