January 11, 2019 "Information
Clearing House"
- The United
States is experiencing the problem of their
sanctions no longer working as nations
increasingly disobey what is declared by those
in government. Despite sanctions, the Russian
economy continues to grow at a steady pace and
expand.
Inflation in Russia remained low while the expansion of the economy occurred
last year
according to a World Bank report. “Although economic sanctions
tightened, Russia experienced relatively low and stable inflation and increased
oil production. As a result of robust domestic activity, the Russian economy
expanded at a 1.6 percent pace in the year just ended,” said the
report.
The U.S. has long used sanctions to harm the economies of other countries for
a variety of reasons, however, those sanctions seem to be failing.
According to a report by RT, The World Bank pointed out that Russia
and other oil exporters “maintained steady growth in 2018, supported by
a rise in oil prices.” In Russia, “growth has been resilient, supported by
private consumption and exports,” the bank said, projecting a
short-term slowdown this year to 1.5 percent. In 2020 and 2021, the bank expects
an increase in the growth rate of Russia’s GDP to 1.8 percent.
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In October, the International Monetary
Fund (IMF) raised its forecast for Russia’s
GDP growth in 2019 to 1.8 percent. IMF chief
economist Maurice Obstfeld said that the
positive impact of rising world oil prices
on the Russian economy would outweigh the
negative effect of Washington’s sanctions. –RT
In May of last year,
Bloomberg reported that the U.S.’s “sanction power” was reaching
its limits. It appears that countries susceptible to U.S. sanctions are
dropping the dollar like hotcakes and working around them making the issuing
of sanctions powerless.
Six years ago, in the course of investigating London-based bank Standard
Chartered Plc over suspicions it had flouted U.S. sanctions against Iran,
the New York State Department of Financial Services published an email from
a senior executive to one of his counterparts in New York. “You f***ing
Americans,” the message read. “Who are you to tell us, the rest of the
world, that we’re not going to deal with Iranians?” –Bloomberg
Russia isn’t the only nation to make sanctions obsolete. China has set up
its own
lending institutions parallel to the Washington-based World Bank and
International Monetary Fund and pushed the yuan as an international currency.
The country is likely to strengthen its presence in Iran no matter what Trump
does.
The key decisions, to comply or defy, will be made by the only actors on the
same economic scale as the U.S.: China and Europe. “For absolutely core national
security reasons, China will find ways around the hold of the U.S. banking
sector,” says Jeffrey Sachs, an economics professor at Columbia University.
This article was originally published by "SHFTplan"
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