#us and g7 global economy

[sharemarketinsider]

Global Economic Challenges: Navigating High Debt and Slowing Growth

As investors sift through the latest International Monetary Fund (IMF) warnings, it becomes clear that global markets are in for a bumpy ride.

High government debt, slowing economic growth, and geopolitical tensions create an uncertain environment for investors, particularly those in emerging markets and sectors heavily reliant on international trade.

This article explores how these factors could impact key markets and what investors should watch for in the coming months.

[thelostdreamsthings]

"Putin is isolated."

BRICS, 50% of the World population is telling a big "fuck off" to the arrogant, declining and decadent G7 amounting to 10% of the World's population.

🇺🇳🇷🇺 UN Secretary General Guterres respectfully bows and shakes the hand of Putin in Russia’s Kazan at the BRICS summit.

A lot of people start crying and scream hysterically when they see this picture, for some reason.

[BRICS Currency Looms Large: Could This Be the Beginning of the End for U.S. Dollar Dominance?

For decades, the U.S. dollar has been weaponized as a tool of global dominance, wielded by the American empire to enforce its geopolitical will.

Through sanctions, coercive financial practices, and the threat of exclusion from the dollar-based system, the U.S. has effectively terrorized nations across the world.

The pretense of a “free market” economy has long been shattered by Washington's aggressive use of the dollar as a weapon to cripple economies, isolate adversaries, and exert control over global trade.

But the world is growing tired—sick and tired—of this financial tyranny. And now, with the rise of BRICS, we may be witnessing the beginning of the end for U.S. dollar supremacy.

BRICS—Brazil, Russia, India, China, and South Africa—represent a bloc of nations that together account for nearly half of the global population and a significant chunk of the world’s GDP.

For years, these nations have been quietly collaborating to counterbalance the West's stranglehold over international finance, and now, they are inching closer to launching their own currency.

The creation of a BRICS currency signals an outright challenge to the dollar-dominated global economy, and it is nothing short of a revolt against American financial imperialism.

Why is this happening? The answer is simple: countries are fed up with being bullied. The U.S. has used its currency like a sledgehammer, smashing nations that dare to defy its hegemony.

Whether through sanctions on Iran, Venezuela, or Russia, or by financially suffocating smaller nations into submission, the dollar has become a tool of coercion rather than commerce.

Nations who once played by the rules of the so-called “global order” have found themselves punished, their economies crippled, and their people starved—merely for refusing to kowtow to Washington's dictates.

But BRICS is offering an alternative. The creation of a BRICS currency, backed by the economic strength of its member nations, offers the world a way out of the suffocating grip of the dollar.

This is not just about financial autonomy—it’s about reclaiming sovereignty, independence, and the right to conduct trade without the constant threat of U.S. interference.

Russia and China have been leading the charge in this effort, driven in part by the U.S. sanctions imposed on Moscow following the Ukraine conflict and the ongoing trade war with Beijing.

Both countries have moved aggressively to reduce their reliance on the U.S. dollar, increasing trade with each other and with other BRICS members in their local currencies.

They are laying the groundwork for a currency that could be based on a basket of commodities, potentially gold-backed, further weakening the grip of the U.S. dollar on the global market.

The U.S. has long prided itself on its role as the issuer of the world’s reserve currency, but this dominance was never guaranteed to last forever.

The BRICS currency threatens to dismantle the global financial architecture that has allowed the U.S. to live far beyond its means.

For decades, the U.S. has run massive deficits, printing money at will, secure in the knowledge that the world would continue to rely on the dollar.

But as BRICS nations move to establish their own currency, that privilege could evaporate overnight.

The implications for the U.S. are dire. If the dollar loses its status as the world’s reserve currency, the U.S. economy could face a severe reckoning.

The artificial demand for dollars that has kept interest rates low and allowed the U.S. to run massive debt could vanish, leading to inflation, higher borrowing costs, and potentially a fiscal crisis.

The American empire, propped up for so long by its control of global finance, could find itself in rapid decline.

For the rest of the world, however, the rise of a BRICS currency represents hope—a chance to escape the iron grip of U.S. financial imperialism. No longer will countries have to fear the punitive measures of the U.S. Treasury.

No longer will they have to worry about being cut off from the global financial system for standing up to American bullying.

The creation of a new currency could usher in a multipolar world, where nations are free to trade without being subject to the whims of a single superpower.

Of course, the U.S. will not go quietly. Washington will likely pull out all the stops to crush the BRICS currency before it can gain traction. The playbook will be the same: propaganda, financial sabotage, and even the threat of military intervention.

But this time, the world may not be so easily intimidated. The BRICS nations, backed by their vast resources and burgeoning economies, are prepared to stand their ground.

In the end, the creation of a BRICS currency is not just an economic development—it’s a revolutionary act. It’s a declaration that the age of American financial dominance is coming to an end, and that a new world is on the horizon.

The U.S. dollar, once seen as the bedrock of global stability, has become a symbol of oppression, and the world is ready to move on.

The question now is not whether the U.S. dollar will fall, but when. And as BRICS moves closer to launching its own currency, that day may be sooner than anyone expects.

The empire, long propped up by its financial manipulation, is facing a reckoning—one that could change the course of history.]

IMF Growth Forecast: 2024

🇮🇳India: 7.0% (BRICS)

🇨🇳China: 4.8% (BRICS)

🇷🇺Russia: 3.6% (BRICS)

🇧🇷Brazil: 3.0% (BRICS)

🇺🇸US: 2.8% (G7)

🇸🇦KSA: 1.5% (invited to BRICS)

🇨🇦Canada: 1.3% (G7)

🇿🇦RSA: 1.1% (BRICS)

🇬🇧UK: 1.1% (G7)

🇫🇷France: 1.1% (G7)

🇮🇹Italy: 0.7% (G7)

🇯🇵Japan: 0.3% (G7)

🇩🇪Germany: 0.0% (G7)

‼️ 159 out of 193 countries have signed up to use the new BRICS settlement system.

US and European Union will no longer be able to use economic sanctions as a weapon.

This system allows countries to settle trades and payments in their own currencies, reducing reliance on the U.S. dollar, which has long been the dominant global currency.

[beardedmrbean]

The U.K.'s last coal-fired power plant was to close permanently on Monday — bringing an end to 140 years of reliance on the fossil fuel to generate electricity in Britain. The move will make the U.K. the first major global economy to completely phase out coal as an energy source. 

The Ratcliffe-on-Soar Power Station, located near a small village in southern England, was to close its doors for the last time at midnight local time. The power station has been generating electricity since 1967 and "played a key role in keeping the nation's lights on," its parent company Uniper said in a statement Monday. 

"Since commissioning it has produced enough energy to make more than 21 trillion cups of tea and its 2GW capacity is enough to power two million homes," the company said. 

Peter O'Grady, the plant's manager, told CBS News it was "an emotional day."

"When I started my career 36 years ago, none of us imagined a future without coal generation in our lifetimes. I am incredibly proud of what we've achieved together over the years and to be part of this energy milestone as the country focuses on a cleaner energy future," he said.

The move sees the U.K. make good on one of the environmental pledges made by the government as part of a wider strategy to combat climate change and achieve net-zero greenhouse gas emissions by 2050. Coal is considered the single most damaging fossil fuel for the environment, according to Greenpeace, as it releases more carbon dioxide than oil or gas. Coal also produces mercury and arsenic, and small particles of soot which contribute to air pollution.

Thirteen countries have already phased out coal as a source of energy, according to independent climate think tank Ember, but Britain will be the only member of the G7 group of economically advanced, democratic nations to do so thus far.

In the G7's largest economy by a significant margin, the U.S., the Department of Energy acknowledges that coal is still "used to generate a significant chunk of our nation's electricity" — about 16% of the total share in 2023, according to the Energy Information Administration.

U.K. Energy Minister Michael Shanks said in a statement sent Monday to CBS News that the closure of the Ratcliffe power station "marks the end of an era, and coal workers can be rightly proud of their work powering our country for over 140 years."

"The era of coal might be ending, but a new age of good energy jobs for our country is just beginning," Shanks said. 

The first coal plant in Britain went online in 1882, when Thomas Edison's Holborn Viaduct coal plant started generating electricity for public use. It was a first-of-its-kind station, and it burned enough coal to provide energy to light 1,000 lamps in the City of London.

Despite efforts to make the industry cleaner, the fundamentals of coal-fired electricity generation have remained largely unchanged since Edison's company fired up its boilers. The process involves burning the fossil fuel to heat water to create steam, which spins a turbine to produce electricity.

[rjzimmerman]

Excerpt from this story from CNN:

The Group of Seven nations announced Tuesday its member nations would end the use of “unabated” coal by 2035, but left the door open for countries to stretch that deadline in particular contexts.

In a communiqué published after talks between energy, climate and environment ministers in Turin, Italy, the group announced it had committed to “phase out existing unabated coal power generation in our energy systems during the first half of 2030s,” in a climate policy breakthrough that G7 negotiators had previously failed to achieve in several years of talks.

But by referring to “unabated” coal, the agreement leaves room for countries to use the fossil fuel past 2035 if their carbon pollution is captured before entering the atmosphere.

The agreement also includes a caveat that countries could choose “a timeline consistent with keeping a limit of 1.5°C temperature rise within reach, in line with countries��� net-zero pathways.”

That caveat appears to allow those countries to keep using coal past 2035, as long as their overall national emissions won’t contribute to global warming of more than 1.5 degrees Celsius above pre-industrial levels. Science shows that some of the planet’s ecosystems will reach tipping points or struggle to adapt beyond that point.

[darkmaga-returns]

https://humanevents.com/2024/11/04/john-mac-ghlionn-kamala-harris-is-the-enemy-of-middle-class-america

Kamala Harris is synonymous with many things—few of them good.

Her biggest donor is Alphabet, the parent company of Google, notorious for its invasive surveillance, data manipulation, and disregard for privacy. Her close ties to such corporate giants reveal a politician whose allegiance lies with powerful entities rather than the American people she professes to champion. 

Harris often reminds us, “Look, I grew up in a middle-class family,” as if that absolves her of the alliances she’s forged. But as the old adage warns, judge someone by the company they keep.

And the company (or companies) she keeps is nothing short of troubling.

You see, Harris’s alliances don’t stop at Google. Her connection to BlackRock, another titan with a similarly troubling history, raises even more red flags.

In truth, both she and Joe Biden are in bed with BlackRock. They have been for years. BlackRock’s vast financial influence shapes political decisions, controls markets, and prioritizes profit over the well-being of everyday Americans. Harris’s ties to BlackRock expose her pledge to build an "opportunity economy" as nothing more than a load of hot air.

Up until recently, Harris’s key economic strategists were Mike Pyle and Brian Deese. Pyle, now back at BlackRock as the deputy head of its $3.2 trillion portfolio management group, had been advising Harris’s presidential campaign since Biden’s withdrawal from the Democratic ticket. Before aligning with Harris, Pyle served as Biden’s Deputy National Security Advisor for International Economics, acting as a crucial liaison at G7 and G20 summits—effectively granting BlackRock a direct channel to shape global economic policy.

[democracyatwrk]

Global Capitalism: On Labor - A May Day 20

Today we offer a very special Global Capitalism special in honor of “May Day” Today's May Day Special, a collaborative effort with long-time contributor Charles Fabian, opens with the major causes for why May Day 2024 is so special. These include the fact that the great crash of global capitalism in 2008-2009 shook the world in ways that include shocking a declining US labor movement back to life and growth.24 Special [May 1st, 2024]

We saw that in 2011 when the Occupy Wall Street movement shook the US and beyond again. Then the "Fight for $15" swept across low-wage America as it still does. Then a socialist named Bernie Sanders rose to prominence and changed how millions of Americans viewed the economy and could see the need to vote for a direct challenge to capitalism. Nor did the pandemic slow down the growth of an anti-capitalist left that shows up these days as a 70% approval rating for unions in the Gallup poll and for hugely successful unionization drives in low-wage areas like Amazon and Starbucks, in auto plants in the US south, in militant new union leaderships elected in the Teamsters and the UAW.

May Day - the international celebration of the working class - has much to cheer for in 2024. And the international context is special too. The US-led, formerly dominant G7 no longer presides over world capitalism unchallenged. The BRICS - China and its allies - are a new alternative leadership of the world economy with a much more ambiguous relationship to capitalism. May Day 2024 welcomes nothing less than a new world economy and one far more favorable to working-class struggles than we have seen in years.

[mariacallous]

A new report by the Global Initiative Against Transnational Organized Crime, GI-TOC, published on Monday, warns that weak rule of law, organised crime and a large “grey” economy in Western Balkan countries – and the war in Ukraine – have allowed Russian Illicit Financial Flows, IFFs, to surge through the region and interfere in key decision making processes there.

“The Balkans’ strategic geographic position, acting as a gateway between Asia and Western Europe, coupled with an ecosystem of state capture, institutional weaknesses, organised crime and a rampant shadow economy, make the region particularly susceptible to IFFs,” Vanya Petrova, author of the report, told BIRN.

“This fact has actively been exploited by major players such as Russia, China and the UAE to influence decision-making in key markets and institutions,” she added.

The Kremlin has repeatedly taken advantage of its integration into the Western financial system to exploit governance gaps through the corrosive effect of illicit finance. This danger has taken on new and potentially greater dimensions with the onset of Russia’s war in Ukraine,” she says.

Global IFFs are estimated to be worth around 1-1.6 trillion US dollars annually, accounting for 3-5 per cent of world gross domestic product, GDP. However, according to Petrova, in the Western Balkans the figure is around 6 per cent of the region’s GDP.

After Russia invaded Ukraine in February last year, many sanctions were introduced, including a freeze by G7 countries of around 315 billion US dollars’ worth of Russian reserves held in Russia’s Central Bank.

Ways used by Russian elites to avoid sanctions include “laundering money through the purchase of real estate and business assets; utilizing professionals to open bank accounts, initiate bank transactions, transfer funds and create corporate structures that directly or indirectly support them; using complex ownership structures to avoid identification; and using third-party jurisdictions and false trade information to facilitate sensitive goods shipments to Russia”.

Russians avoid sanctions via the Western Balkans “with their combination of state and media capture, simmering ethnic divisions, slow pace of EU accession and the legacy of Russian cognitive bias”.

According to the report, since 2014, Bosnia, Bulgaria and Serbia have not followed EU sanctions against Russia, while both North Macedonia and Montenegro have provided so-called citizenship for investment to Russian citizens, despite criticism from the EU.

Albania has not yet followed through with a “fiscal amnesty” programme that would allow any Albanian or foreign citizen to deposit up to €2 million in non-declared money in the banking system, but has not scrapped the idea either.

Smuggling of people, weapons and cash have facilitated illegal activity since the start of the war in Ukraine. Smuggled cash is mainly concealed in cars or hidden among legitimate products in transport trucks or shipping containers.

According to the report, soon after the war started in 2022, Ukrainian refugees took undeclared cash with them to Europe; the wife of a former Ukrainian MP was caught at a border crossing for refugees with US$28 million and €1.3 million as she tried to enter Hungary.

In another case, a former Ukraine security service general, allegedly a Russian collaborator, was detained at the Serbia-North Macedonia border with €600 000 in cash, a large sum in US dollars, and diamonds and emeralds of unknown value.

Intensified use of covert channels for illegal money transfers into Albania exists as well.

Flows are often made indistinguishable by being mixed with gains in “cash-intensive businesses, such as restaurants, bars, beauty salons, petrol stations, private parking lots and taxi companies,” where this illegal money is laundered.

The report also explains that another form of IFF is fuel fraud. This often includes the evasion of custom tariffs by declaring lesses quantities of an oil product by selling fuel from ships on the Danube to fishers. A more recent trend, the report says, is the purchase of fuel at lower prices from Hungary and reselling it in Serbia.

The EU single market has a zero VAT policy for invoices between intermediaries, which has allowed VAT fraud to bloom. Petrova says that “in December 2022, the European Public Prosecutor’s Office (EPPO) uncovered what is believed to be the biggest VAT carousel fraud ever investigated in the EU, responsible for an estimated loss to EU taxpayers of €2.2 billion, including Bulgaria and Croatia, as well as third countries such as Albania and Serbia”.

“In general, this and trade misinvoicing remains the most prominent channel through which IFFs flow in and out of the Western Balkans,” Petrova writes. Trade misinvoicing includes fake legal transactions when no real business is taking place.

The report urges Europe to further decouple its economy from Russia, a network screening and sanctioning of Russian strategic investments in the Balkans, and to “prioritize the integration of the Balkans into the rollout of the newly designed Anti-Money Laundering Authority (AMLA) and coordinating their actions with US FinCEN and the financial intelligence institutions in each EU member state”.

[theculturedmarxist]

Answer: to a pre-emptive Russian Strategic Nuclear attack on the Continental United States

Once my televised interviews are posted by the hosts on their websites and Twitter accounts, I often take a look at the Comments from viewers to better understand the audience and its mood.  After my first appearance on one of India’s largest circulation English-speaking news channels with global reach, I was amused to see the remark: “hey, the old guy isn’t saying what they expected him to say!”  A bit further down the Comments column was the remark that the viewer was delighted to see an unusual point of view presented on the channel.  Perhaps the general management also reads the Comments, because I have been invited back on their various programs repeatedly since then.

Regrettably, not every “old guy” in public view says what is not expected of him. A case in point is the very hawkish and reckless position aired by Senators Lindsey Graham (R-SC) and Richard Blumenthal (D-CT) at their news conference a few days ago when they explained the Resolution they have introduced in the Upper House on a bipartisan basis.

I say that their position was expected of them because as longstanding pillars of the Neoconservative majority in Congress they advocate a foreign policy that is ‘as American as apple pie.’ That is to say it is based entirely and exclusively on domestic political considerations.. They say in the Resolution that they want the warning to reach the ears of Putin and his military generals, but they are really focused on rallying their peers on Capitol Hill for further military aid to Ukraine, meaning further billions to the military industrial complex that is building or replacing that hardware.

Their message will, of course, be reported to Putin. Indeed it is already the subject of the day on Russian state television and social media. But the good Senators misjudge entirely what the Russian reaction will be, and they misjudge because they do not listen to Russian opinions and military doctrine that has been revised and clarified over the past year as the war evolved. Nor do they begin to understand the strength of Russian military forces at both conventional and nuclear arms, the strength of the Russian economy and the relevance of Russia’s being aligned with more than half of the world’s population and with producers enjoying a greater share of global GDP than the USA and its G7 allies today.

Unfortunately virtual reality, which is the space in which Blumenthal and Graham apparently reside, is not just a marketing gimmick of Zuckerberg and his peers in the entertainment industry. Virtual reality is the only reality that the American political Establishment knows. External, objective reality simply does not exist for these people. All the more so that we are living in a post-truth world ushered in by Donald Trump.

I take a special interest in the ‘old guy’ Richard Blumenthal, because he was a classmate of mine in Harvard ’67, one of at least four classmates who rose high in their respective professional fields of government or news media and have, over the course of several decades, done their absolute best to bring the United States into a kinetic war with Russia.

About my Gang of Four classmates I will write below, but now let us look at the pending Resolution in the Senate.

 The Resolution states how the United States should respond to Russia’s possible use of tactical nuclear weapons in the Ukrainian war theater plus one other nuclear scenario. Of course, the chance of the Russians resorting to tactical nuclear weapons in Ukraine is nil, given they are doing splendidly at present batting away the Ukrainian counter-offensive with conventional weapons and are enjoying a 10:1 kill ratio while destroying the latest Western tanks, armored personnel carriers and artillery units almost as quickly as they are delivered to Ukraine by the NATO countries.  The authors of the Resolution surely know this.  Talk about tactical nuclear weapons is merely the cover for the real thrust of the Resolution: to make an awaited Russian attack on the Zaporozhie nuclear power plant a casus belli.

Implementation of any of these dastardly acts by the Russians would spread nuclear clouds into neighboring NATO nations and still further afield. Under the terms of the Resolution they could thereby trigger implementation of the famous Article 5 of the North Atlantic Alliance treaty.

The problem with the last named red line is that an attack on the nuclear plant is now being planned and may be implemented in the coming days by the Kiev regime under the “false flag” scenario that the United States and its vassals have perfected over the years in operations ranging from the alleged chemical attacks on civilian populations blamed on Bashar al Assad in Syria, to the MH-17 downing over Ukraine and on to the staged Bucha massacre in Ukraine that Russia is said to have perpetrated. Since Graham was in Kiev colluding with Zelensky and his circle of war criminals a couple of weeks ago, there is good reason to suppose that he is a co-author of the plan to attack the nuclear power station.

Russian social media and even Russian state television news today speak of a Ukrainian strike on the power station at any time from tonight, 5th July through 9th July. The cut-off date would leave sufficient time to draft and pre-approve among NATO members their collective response to the alleged Russian crime for an official vote at the gathering on the 12th.  

Russian social networks tell us that the Ukrainians will use one or more Soviet vintage Tochka-V missiles to hit the power plant. We saw them in action at the very start of the Ukraine war when the Kiev forces struck downtown Donetsk with such missiles.  It is doubtful that a normally configured Tochka missile would have the force to seriously damage the reactors. But it is assumed that the missiles will be fitted with warheads containing radioactive spent fuel, of which there is a vast quantity available in Ukraine.  In that case, a missile striking the reinforced concrete shell covering the reactors would upon explosion release radioactive dust suitable for the purposes of a false flag operation against Russia.

The news conference of Blumenthal and Graham was rich in material incriminating them both as war mongers. Here is a brief sampling from the C-Span printed record:

Quote

I applaud President Biden for putting on the table that the threat of Putin using a nuclear weapon in Ukraine is real and our message is to those around Putin that if you do this, if you follow his order, if he ever gives it, you can expect a massive response from NATO and you will be at war with NATO.

I put everybody in this body and this Congress on notice that the threat of use of a nuclear device by Russia is real and the best way to deter it is to give them clarity…..if they do that, they will be in a war with NATO.

It’s based on fact and science and it is meant to send a message to Vladimir Putin and even more directly to his military, they will be destroyed, they will be eviscerated if they use tactical nuclear weapons or if they destroy a nuclear plant in a way that threatens surrounding NATO nations.

{Putin] has committed industrial level war crimes thinking he will eventually get away with it. His goal now is to wear the west out. Slow down the counter offensive. Get people in Washington and other capitals of the world to just break and offer and offer him some face saving deal…If he gets away with this, Putin, there goes Taiwan.

If you think Putin will stop in Ukraine, you’re not listening to what he’s saying. This is a moment in world history to stop one of the most aggressive, brutal people on the planet, send a signal to China.

Unquote

The total indifference of these Senators to the situation on the ground in Ukraine, not to mention to the real persona and public speaking record of Vladimir Putin speaks for itself. Their understanding of the Russian leader is at the level of juvenile caricature, or to put it in terms all too familiar to Americans – at the level of one of the last dunces in the White House, George W. Bush, who once upon a time sought to punish Vladimir Vladimirovich by disinviting him to a Fourth of July hotdog party on the White House lawn. Now the stakes for this kind of kindergarten level statecraft have risen to the point of declaring war on Russia for crimes that our vassal in Kiev may commit. 

The latest thinking of the Russian leadership on the use of nuclear weapons as set out in its public pronouncements is that a pre-emptive strike can be envisioned if there is an imminent threat of nuclear attack from abroad.  This is not about some tactical weapons being used against troop concentrations in Ukraine, or even about their being used against the Ramstein air force base in Germany should it be the starting point of F-16s sent against Russian forces in Ukraine.  No, it is about striking the puppet master behind the entire show, namely Washington and the Continental USA if anything like the Blumenthal-Graham Resolution is passed and put into action following the false flag operation described above.

Heaven help us all!

                                                                        *****

As I noted at the outset, Richard Blumenthal has long been a voice against coexistence with Russia on Capitol Hill. He exemplifies how the Neocon ideology that was spawned by disaffected Leftists in the 1970s and ‘80s and won over Republican adherents like Senator John McCain, aided and abetted by one of the movement’s theoreticians, Robert Kagan, eventually took hold in the Democratic Party, including its entire Progressive wing.

Other portraits from my Harvard Class of 1967 which hang in my gallery of rogues and would-be war criminals are those of Richard Morningstar, Tom Ridge and Serge Schmemann.

Morningstar made his move into government during the Clinton Administration thanks to his big financial contributions to the party. He was given important assignments by Madeleine Albright to sabotage the Russian network of active and planned gas and oil pipelines to Europe with the objective of destroying the Russian economy. It was a close race, but the prize in those contests went to the better man, Vladimir Putin, and Morningstar’s efforts against the South Stream and other projects uniformly failed. He ended his public career as ambassador to one of the countries in which he was active from the beginning, Azerbaijan.

Tom Ridge moved from state level politics to the federal level after George W. Bush appointed him as the country’s first Secretary of Homeland Security. In that capacity, Ridge was responsible for implementing the Freedom Act which was part and parcel of the suppression of all civil liberties in the USA for purposes of furthering the War on Terror. In this way, Ridge had personal responsibility for choking off free speech and free thinking in the USA, thereby preparing the country for the brain dead present half of the population that supports Biden and the war. 

Finally, I mention once again classmate Serge Schmemann, member of the editorial board of the New York Times, who over the course of decades in various journalistic positions has been venomously anti-Putin and essentially anti-Russian.

And who says that ‘old guys’ from Harvard do not count in American politics?

©Gilbert Doctorow, 2023

[bopinion]

2023 / 20

Aperçu of the Week:

"Music is a language in which you can't lie."

(Hubert von Goisern, Austrian singer-songwriter and founder of alpine rock)

Bad News of the Week:

The El Niño Southern Oscillation (ENSO) is upon us again. This weather phenomenon of the equatorial Pacific happens at irregular intervals of two to eight years and refers to the occurrence of unusual, non-cyclical, altered ocean currents in the oceanographic-meteorological system. Without going into detail about Walker cells, trade winds and surface waters, let's just say that the weather between South America and Southeast Asia is tipping. With worldwide effects.

Plankton dies en masse and leads to the collapse of entire food chains, e.g. there are no more fish off Peru, seabirds die in the entire Pacific. Unnaturally heavy rainfall on the western side of the Andes causes landslides and flooding. In Southeast Asia and Australia, the lack of rain causes huge bush and forest fires, and the Amazon region and southern Africa dry out. Huge hurricanes develop in Mexico, the monsoon intensifies in India, and coral bleaching increases significantly worldwide. Everywhere it becomes noticeably warmer.

El Niño has already been documented by the pre-Columbian Incas and is even believed to have led to the extinction of the Moche civilization. It is therefore a natural phenomenon for which, for once, humans are not to blame. However, since man-made climate disasters such as floods, hurricanes and forest fires have increased dramatically in recent years, more than a few experts expect a reciprocal amplification that could be devastating due to its cascading effect. In the best case, humanity gets a temporary taste of circumstances to come, hopefully leading to more immediate action to mitigate climate change impacts. At worst, this heated combination pushes climatic tipping points past their very tipping point. Which, as we know, is irreversible.

Good News of the Week:

The annual G7 summit is over. This time under Japanese leadership in Hiroshima. This cooperation format of the seven economically strongest Western nations (Japan, USA, Canada, France, Great Britain, Italy and Germany) with the participation of the European Union originally saw itself as a forum for discussing issues of the global economy. And in recent years, it has evolved into a hub that also has security and sociopolitical relevance. Therefore, an unsurprising item on the program this year was the visit of Ukrainian President Volodymyr Selenski to promote fighter jets.

Just as predictable as the condemnation of Russia's war of aggression was the theme of economic cooperation with China while distancing oneself from its geopolitical and human rights positions. The same applies to concerns about climate change, declining biodiversity and the too-slow expansion of renewable energies - albeit without any significant breakthroughs. Also, security of supply in globalized trade and cooperation with emerging economic powers. So no surprises at all?

Yes, in my opinion there are. After the delivery chain issues at the time of the Corona pandemic, the grain exports from Ukraine and fertilizers from Russia, which have been stopped in the meantime, have thrown another spotlight on the global food situation. Which is shitty to say the least. Among other things, because it is precisely the poorest countries that are most affected by the effects of climate change that are already being felt today.

Last year, under German auspices, the G7 and the World Bank founded the Global Alliance for Food Security (GAFS). According to its statutes, the alliance is committed to an agile, targeted and rapid response to food crises, which at the same time takes the right path toward sustainable agricultural systems. And pools the corresponding resources of its members: Germany, for example, has already been giving 2 billion euros annually for years to fight hunger in needy countries.

Now, according to a communiqué, the G7 have decided to provide a further 21 billion U.S. dollars in emergency aid. German Development Minister Svenja Schulze, initiator of the GAFS, commented: "The fact that the G7 are now united in their commitment to a further and holistic commitment one year later is a strong sign of solidarity with the Global South."

Of course, this is not enough. Oxfam, for example, points out that the UN has put the financial requirement in this regard at 55 billion. The G7 would have therefore failed in terms of development policy. But if you take a look at the bare figures, you will see that the G7 are contributing their fair share according to their economic performance. I am not aware of any corresponding initiative by China, India, Russia, Brazil or the Arab world. So we are on track so far. At least we are. And at least on a topic that too rarely makes it into the headlines.

Personal happy moment of the week:

My two children are getting older - and on their own feet. First, my daughter, who just turned 20, was in Budapest with the political science department of her university. Although only in her first year of study already as a group leader. And then my son, who just turned 15, was at the partner school in Paris. As the only one from the 8th grade and the youngest participant of the student exchange. Both not only completed their trip with aplomb, but also took the opportunity to present themselves as cosmopolitan, curious, self-confident young people. And made their dad proud.

I couldn't care less...

...about the voting behavior of Turks in Germany. Because they are allowed to vote in their home country, even if they are resident abroad. And they do. In large numbers. Unfortunately, two-thirds for Recep Erdogan. That was the case in the regular presidential election a week ago and that will be the case in the runoff election a week from now. I do not understand that. People who live in a well developed prosperous democracy should actually appreciate its canon of values - and not keep an autocrat in power.

As I write this...

...I am sitting on the train to Cologne. As I or my employer had booked it. Which is no longer a matter of course in view of the frequent strikes lately. The next round of negotiations between the union and Deutsche Bahn is scheduled for the day after tomorrow, so my return trip should also work out that day. On schedule. Which is tantamount to being late. Right now, we've been theoretically on the move for 12 minutes - but we're still standing on the platform in Munich. So everything is completely normal.

Post Scriptum

The Arab League has welcomed Syria's ruler Bashar al-Assad back into its midst - with a brotherly kiss. Those who were still waiting for proof that human rights do not always feel at home in the Arab cultural area (to put it mildly) now have it. The greeting "Salam alaikum" means "(May) peace be upon you". Yeah - but some terms and conditions apply.

[emmashouldbewriting]

“The UK’s economy didn’t take a turn for the worse overnight, it’s been happening well over a year.”

I am not at all sure the economy is actually as badly off as is being reported, or rather written about in incendiary language most often by non economist journalists.

1 - Growth declined in 2020 under covid/lockdown but has rebounded:

“The UK had the largest decline in GDP among the G7 in 2020 (-11.0%) and its relatively strong performances in 2021 (+7.6%) and 2022 (+4.0%) were largely a recovery from the weakness in 2020 and early 2021.” - via Commons Library Parliament

We have skirted recession:

2 - “The flat GDP helped the UK to avert a technical recession, which is defined as two consecutive quarters of negative growth.”

Inflation is a problem. We measure it differently from EU countries so stat comparisons aren’t straightforward.

On food inflation at the end of last year “UK (16.4%) - Germany has seen a rise of 20.3%” in part this is down to the Ukraine war with the rising price of fertiliser.

But it’s heating and LNG that are the problem with average households paying x2 what they were paying in 2021. Prices are predicted to fall in summer, but imho that will depend on Putin/Ukraine.

And importantly the issue is Europe wide so it’s a global problem that can’t be fixed by a national solution.

That said the Chancellor barmy to be raising taxes, corporate and business, because that will further contribute to job losses and wage depression.

But the solution isn’t a change of government or monarchy v republicanism imho.

It’s time intensive things like fuel storage capacity and farming methods and lower corporate taxes, which is why Ireland currently benefits.

Anyway just thinking aloud this Saturday lunchtime.

Feel free to post, or not. 🇬🇧😉

I'm happy to post it because I am a block-friendly person, so if anyone wants to argue, they'll get blocked LOL especially since this isn't political as such.

Heating costs are a huge issue, especially for those of us in rural areas who need oil. We're only just now having our payments rolled out, and it's only £200, meaning we're still approx £700 worse off than those on the gas grid. (Personally, I'm thankful I was in a position in 2021 to put a LOT of oil in my very big tank before the prices really rocketed.)

[gcworld]

Internal Strength for a New Diplomacy: Evacuating the Old Order

In grim historical turn of events, the International Criminal Court issued an arrest warrant for the leader and defense commander of the violent Israeli Regime in the Levant.  The announcement was hailed as a victory, and indeed it was. But it was a grim victory that reminds the world just how unequal the world's institutions have been over the years.

How is it that the only leaders indicted over War Crimes have been from Eastern Europe and the Global South?  It is a scathing retort to the rules based order that encouraged the world to believe that everything was good and right in the world for decades.  The truth is that the world has been operating in a Western bubble that is loosing all of its hot air.  The hubris of freedom, justice, democrcy and the open market is settling down so that the true state of the world is revealled.

The world has become keenly aware that those who once claimed to stand for freedom and justice were merely standing for themselves.   And if it must be excepted as simple self-interest, it means that states can comfortably move away from the sociocultural ideals of a Western led order.  Now the world is free to create new systems and institutions that deliver the justuce th wir nation, regon or alliances require.

Japan, one of America's top allies, just dumped nearly $62 billion dollars, Bloomberg News reports.  It is a necessary for Tokyo, as it must see to its own survival in a world order that is fast unravelling.  Many G7 and Nato allies have been hugely compliant and flexible, however that flexibility has its limits.  Their states and economies are at a breaking point, and there is no guarantee that they may regain their status or capacity if they lose everything.

It is obvious the world must pivot in earnest. Talk of the West must eventually cease, as it leans back into decline. The war hawks have decimated local economies, diplomacy, trade agreements and logistics networks that undermine value, currency and quality of life.  Europe is currently grapling with a massive housing crisis as the market loses affordability. Necessary attainments for population growth are no longer accessible. It is incredulous that nations cannot see the obvious reasons for population decline.

Now, sates worldwide are working to decenter Western currencies, technology, products and intel to guard against rampant weaponization.  They must look after the growth of their population and the expnsion of their economies or perish. The Western focus on external threats have left internal operations devastated in some of the most advanced economies in the world.  And now the international world does not want to follow suit.

The US alone has seen some of the worst diplomacy in years.  The past four years has strained relationships with allies and foes alike.  Israel once sympathised and tolerated by the world, has been plummeted to a genocide hub and pariah state,  whose leaders are wanted for crimes against humanity.  Staunch support from most G7 leaders, has only degraded the moral authority of those states ans institutions standing behind a regime that can kill 44,000 people  (70 percent of which are women and children) in less than 24 months, Middle East Eye reports.  The bloodbath has revealled the world's truest villians in stark fashion.

Russia has changed its nuclear doctrine in the face of ongoing Nato hostilities and fired an experimental mid-range missile in response to Ukraine long-range strikes.  It appears the retiring administration is hoping to hoping to stir up a firestorm for the incoming brass.  In less than 21 days from the election,  the US has OK'd long-range ballistic missiles and land mines in Ukraine. And that is to be expected, as continual blowback on international policy cuts down US jobs, economic power, dollar dominance and trust.  The focus has to shift.  Ukraine continues to hope it will be more than a sacrificial lamb, unlik Buenos Aires. Argentina has pivoted, to China as its leader realizes sadly, like Japan and Taiwan among other allies, that the US can't save you. 

Even Americans must learn this sobering fact.  The US has cleared $4.6 billion of Ukraine's debt and $1.1 billion Somali debt, but average Americans can't get clemency for its debts. The failed diplomcy agenda has ignored the necessity of internal strength and the plight of normal Americans.  That means  nearly $6 billion dollars in American tax money is gone.  With 100,000 Ukrainians fleeing the military on the American dime, it seems the plot has been lost.  Such moves may help to explain the $824 billion dollars for which the Pentagon cannot account, Americn Military News reports.  It is the agencies 7th consecutive  failed audit.  National stability, productivity and quality of life have been sacrificed on the alter of a failed diplomatic authority.

Nations around the world must look to new institutions, agencies and partnerships that solve the world's most pressing matters.  It cannot be left to those who have abdicated true leadership.  Various hot spots around the world like Sudan, the Democratic Republic of the Congo, Ukraine, Haiti, Syria and Palestine among others require alliances that work as well as respect sovereignty and human life. The current international institutions have been unable to make even slight headway.

Diplomacy must be leveraged beyond all doubt to secure human life and economic strength must include the livelihood of the people.  A nation falls or stands based on its populace. Leaders must go beyond the war room and the round table to include meaures that empower the next generation. The current misteps in diplomcy, trade and local economy spell a daunting future for the old order, as its internal strength crumbles.

The nations who have focused on internal strength are shining in the present age. As things change, those equipped with greater skill to interface diplomatically and sustain and undergird its economy and population are standing at the forefront.  It is impossible to win a powerful foe in weakness, and those who have been wise to fortify will be the new lords of the age to come.

In the near future, the high key savagery of billigerent and tactless adversaries will be met with calculated force.  New leading actors in the Middle East, Eastern Europe,  Latin America, Africa and the Caribbean will emerge. Theory will be challenged in economic,  military and academic circles as not only the actors change but the social and educational framework.  Nations will be forced to find recourse as old order theory fails. In a time of chaos and flux, "Only the strong survive," not merely those who pretend to be...

Geochange is on:

+TikTok @geochangeworld +Podcastle.ai +Odysee.com

○https://www.tumblr.com/gcworld

○ https://www.quora.com/profile/GeoChange-World

○ http://odysee.com/geochangeworld

[timesofinnovation]

In an ambitious move, Dutch Economy Minister Dirk Beljaarts has set forth plans to spearhead a 'coalition of the willing' within the European Union focused on developing the bloc's computer chip industry. This initiative comes in light of increasing global competition, especially from the United States and China, and aims to position Europe more strategically in the semiconductor sector. The announcement was made during a recent G7 industry ministers' meeting in Rome, where Beljaarts articulated the necessity for EU nations to collaborate on establishing production, assembly, and packaging facilities for semiconductor manufacturing. The Netherlands, recognized as a hub for advanced chip technology thanks to its leading firms like ASML, is paradigmatic of the industry’s potential. However, Beljaarts stressed that the success of this initiative hinges on the collaborative efforts of all EU member states. One of the critical goals of this coalition is to set the foundation for a robust semiconductor industry capable of competing on a global scale. To achieve this, the coalition will likely focus on enhancing research and development, boosting investment in manufacturing capabilities, and creating a supportive regulatory environment. With the EU's chip strategy already facing challenges—particularly following the departure of Thierry Breton, the former industry chief—the initiative aims to reinforce the continent’s position in the chip market, which is expected to reach critical importance in the coming years. The Lisbon-based ASML, a leading chip tool maker, serves as a significant asset to this initiative. Its technology is crucial for the production of advanced semiconductors, and the company currently supplies nearly all of the photolithography machines used to make chips worldwide. However, underlining the coalition's inclusivity, Beljaarts urged other EU nations to actively develop their own semiconductor capabilities, ensuring a balanced and collaborative growth within the region. During the same event, discussions also unfolded regarding potential collaborations with the United States. Beljaarts met with U.S. Secretary of Commerce Gina Raimondo, exploring areas for synergistic efforts amidst projected U.S. export restrictions on advanced semiconductor equipment destined for China. The talks underscore the potential for transatlantic cooperation but clarified that the discussions pivoted around partnership opportunities rather than impediments due to regulations. The urgency for this initiative is underscored by the EU's strategic ambition to increase its share of the global semiconductor market to 20% by 2030, as laid out in the EU Chips Act, valued at €43 billion. This act emphasizes enhancing Europe's technological sovereignty and diminishes the reliance on foreign semiconductor sources. The coalition led by the Netherlands could serve as a catalyst in achieving these targets, allowing Europe to leverage its technological expertise and industrial base effectively. The broader implications of the Netherlands' leadership in this coalition are significant. By strengthening internal EU cooperation and capacity for chip production, the Netherlands not only contributes to the economic robustness of the EU but also positions itself as a critical player in a sector pivotal to the future of technology and digital innovation. This initiative could foster job creation, stimulate local economies across member states, and enhance Europe’s competitive edge in cutting-edge technologies. The time is ripe for Europe to capitalize on its existing resources and talents to redefine its place in the global semiconductor landscape. As the electronics industry increasingly grapples with supply chain disruptions and geopolitical tensions, a collaborative approach led by the Netherlands could be instrumental in establishing a resilient and prosperous semiconductor ecosystem within the EU. In conclusion, the Netherlands' initiative to form

a coalition aimed at advancing EU chip manufacturing signifies a crucial step towards achieving a self-sufficient and competitive semiconductor industry. This move navigates Europe away from dependency on global powers while fostering innovation and growth within a vital sector that underpins modern technology.

[beardedmrbean]

China is facing the prospect of further G7 sanctions.

The G7 has accused it of helping arm Russia against Ukraine.

Balancing its support for Russia with its European trading ties is becoming tricky for China.

NATO Secretary General Jens Stoltenberg this week warned China it faces a stark choice if it continues backing Russia's Ukraine invasion.

"Publicly, President Xi has tried to create the impression that he's taking a back seat in this conflict to avoid sanctions and keep trade flowing," Stoltenberg said.

"But the reality is that China's fueling the largest armed conflict in Europe since World War II.

"At the same time, it wants to maintain good relations with the West.

"Well, Beijing cannot have it both ways. At some point, and unless China changes course, allies need to impose a cost."

A tough stance

The remarks are part of a tough new stance from the US and its allies over China's alleged provision of crucial dual-use goods to Russia to fuel the Kremlin's war machine.

The US believes China has supplied Russia with equipment such as chips and integrated circuits, which can be used to produce weapons. In response, China has said it is not a party to the Ukraine war and that there should be no interference with trade between China and Russia.

At the G7 summit last weekend, the leaders unambiguously signaled their growing frustration with China in a joint statement. "China's ongoing support for Russia's defense industrial base is enabling Russia to maintain its illegal war in Ukraine and has significant and broad-based security implications," said the leaders of some of the world's biggest advanced economies.

It came days after the European Commission told Chinese carmakers that it would provisionally apply duties of up to 38% on imported Chinese electric vehicles from next month.

And in April and May, the US imposed new sanctions on Chinese banks and companies it accused of supplying goods and services for the Russian military.

Xi's balancing act

Analysts say that China is performing a balancing act. It is backing the Russian invasion to dent US global power while also seeking to maintain the trading ties with Europe its economy depends on.

The US has long been pushing its European allies to adopt a tougher stance toward Beijing similar to its own.

But they have hesitated until now. Many retain close economic ties with China, with the European economic giant Germany long dependent on China's manufacturing might for products such as cars and electronic devices.

But at the G7 there were signs that might be about to change, and Europe's leaders are becoming increasingly exasperated with China.

In the statement, members said they were willing to punish Beijing further for its support of Russia.

"We will continue taking measures against actors in China and third countries that materially support Russia's war machine, including financial institutions, consistent with our legal systems," they said.

China-Europe tensions increase

It's not just China's support for Russia that appears to be focusing European minds on the potential threat it poses.

In recent months, authorities in Germany and the UK have arrested people accused of spying for China, and the European Union has accused Beijing of flooding markets with cheap electronic cars.

China has sought to exploit divisions in Europe, with Xi visiting Hungary and Serbia in May, just after visiting France's President Emanuel Macron. Both have taken a critical stance towards Ukraine and appear keen to do more business with China, in defiance of EU policy. And China also seems keen to drive a wedge between European countries and the US.

But China's attempts to sustain its balancing act appear to be getting more difficult to sustain.

A person familiar with G7 talks told the Financial Times: "The era of naivety towards Beijing is definitely gone now and China is to blame for that, honestly."

[veale2006-blog]

Imminent Collapse: 50,000 Troops Ready to Strike, Massive Arrests Against the Cabal, Basel 3 Compliance, and IRS Shutdown!

The world is at a tipping point. Events are aligning in a way that spells the imminent collapse of the Cabal’s control over global power. Their system, meticulously built over decades, is about to fall apart. This is not just speculation; the signs are all around us.

Basel 3 Compliance: The global financial system is undergoing a massive reset. Basel 3 requirements are forcing the shift from fiat currencies to gold-backed assets. The old financial system is crumbling as rare earth minerals and tokenized assets come to the forefront. This is just the beginning of a new world free from Cabal-controlled central banks.

Federal Reserve Abolition: The abolition of the Federal Reserve is now in motion, a key step in dismantling their grip on the US economy. This shift is paving the way for decentralized financial power, stripping away their ability to manipulate the system.

BRICS Taking Over: The BRICS nations are now surpassing the G7 in terms of global economic dominance. Their rise marks the collapse of the US dollar's global supremacy, and with their growing oil reserves and gold-backed currencies, the Cabal's days of controlling global trade are numbered.

Secret Military Operations: This is where it gets real. In 2017, Trump transferred his power to the military in a covert operation known as Continuity of Government. Over 50,000 troops have been stationed as federal marshals, preparing for mass arrests of Cabal members. These arrests are imminent, targeting not just corrupt politicians, but the very heads of the global elite who have held the world in their grasp for too long.

Worldwide Arrests: The exposure of the Cabal’s crimes—from human trafficking to global financial fraud—is happening now. High-profile figures, including members of Congress, celebrities, and foreign leaders, are about to face justice. Rumors of firing squads and public executions are circulating. Once the hammer falls, there's no going back.

IRS Shutdown: In the wake of the financial reset, the IRS is also on the chopping block. The corrupt taxation system that has siphoned trillions from hardworking Americans is being dismantled. Soon, we will witness the end of this exploitative institution.

The Final Showdown: With global economies on the verge of collapse, secret military operations intensifying, and the exposure of the Cabal’s darkest crimes, the storm is here. There is no stopping what’s coming. The reckoning has begun.

Prepare yourselves. The collapse of the Cabal’s empire is not just a possibility—it’s happening.

[darkmaga-returns]

By Muhammad Zamir

BRICS, an intergovernmental economic-political organization, comprises Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates. Originally it was constituted to assist in the identification and highlighting of investment opportunities. The grouping has eventually evolved into an actual geopolitical bloc, with their governments meeting annually aimed at coordinating multilateral policies through formal Summits since 2009. Currently, bilateral relations among BRICS are conducted mainly based on non-interference, equality, and mutual benefit.

It may be recalled that the founding countries of Brazil, Russia, India, and China held the first Summit in Yekaterinburg in 2009, with South Africa joining the bloc a year later. Iran, Egypt, Ethiopia, and the United Arab Emirates joined the organization on 1 January 2024. Saudi Arabia has not joined officially as yet, but participates in the Organization’s activities as an invited nation.

One needs to understand the importance of this Group through some statistics. Combined, the BRICS members encompass about 30% of the world's land surface and 45% of the global population. South Africa has the largest economy in Africa whereas Brazil, Russia, India, and China are among the world's ten largest countries by population, area, and Gross Domestic Product (GDP) and also through purchasing power parity (PPP). All five initial member states are also Members of the G20, with a combined nominal GDP of US Dollar 28 trillion which amounts to about 27% of the Gross World Product, and a total GDP (PPP) of around US Dollar 57 trillion (33% of global GDP PPP), and an estimated US Dollar 4.5 trillion in combined foreign reserves (as of 2018).

The BRICS countries are considered as the foremost geopolitical rival to the G7 Bloc comprising the leading advanced economies, implementing competing initiatives such as the New Development Bank, the BRICS Contingent Reserve Arrangement. These data have originated from the BRICS Joint Statistical Publication. All these details have led to BRICS receiving both praise and criticism from numerous commentators.

I am referring to the geo-political denotations of BRICS in this article to draw attention to the fact that the next BRICS Summit is scheduled to take place in Kazan, Russia, October 22 to 24. Significantly, during its BRICS Presidency this year, Russia has said it will focus on "promoting the entire range of partnership and cooperation within the framework of the association on three key tracks – politics and security, the economy and finance, and cultural and humanitarian ties. All of these have particular connotations.

[democracyatwrk]

Global Capitalism: The Changing World Economy [May 2023]

This lecture will also be available on the Democracy at Work YouTube channel; look for the most recent video on the "Global Capitalism" Playlist. It will also be published on our website: www.democracyatwork.info.

The Changing World Economy

- BRICS outgrow the G7 - Global de-dollarization speeds up

- China’s Economic Strategy

- US: people vs leaders on changing world economy

Co-sponsored by Democracy at Work and Left Forum