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A Different Invasion, the West’s Same ‘Madman’ Script

Another political science and journalistic approach that excludes the political economy of the world we live in.  Leaving the oil argument aside in relation to the invasion of Iraq, I agree that the ‘madman’ argument, racism, arrogance and hypocrisy are long standing characterises of the Western imperialist powers. The ‘madman script and media-propaganda

Credit Swiss Asks to Destroy Documents Linked to Oligarchs

Credit Suisse has asked hedge funds and other investors to destroy documents relating to its richest clients’ yachts and private jets, in an attempt to stop information leaking about a unit of the bank that has made loans to oligarchs who were later sanctioned.  Investors this week received letters from the Swiss bank requesting that they destroy the documents relating to a securitisation of loans backed by “jets, yachts, real estate and/or financial assets”, according to three people whose firm received the request. Financial Times Swiss banks are also infamous for protecting fat accounts of Tunisian and Egyptian family members of the former Ben Ali and Mubarak regimes, among others.

Too Many Contradictions

Large masses of people, greater in number and hopes than ever before, want to eat better and more frequently; large numbers also want to move, talk, sing, dress. If the old system cannot respond to those demands, the gigantic media-hastened images that provoke administered violence and rapid xenophobia will not serve either. They can be counted on to work for a moment, but then they lose their power. There are too many contradictions between reductive schemes and overwhelming impulses and drives.  Edward Said,  Culture and imperialism , 1994 ed. p. 399)

The Race to a Post-Dollar World

Rana May be right. Russia’s invasion of Ukraine is a key economic turning point that will have many lasting consequences. Among them will be a quickening of the shift to a bipolar global financial system — one based on the dollar, the other on the renminbi. “China is our strategic cushion,” Sergei Karaganov, a political scientist at the Moscow-based Council on Foreign and Defense Policy, told Nikkei Asia recently. “We know that in any difficult situation, we can lean on it for military, political and economic support.” That does not mean China would break US or European sanctions to support Russia, but it could certainly allow Russian banks and companies more access to its own financial markets and institutions. Indeed, just a few weeks ago, the two countries announced a “friendship without limits”, one that will certainly include closer financial ties as Russia is shut out of western markets. This follows a 2019 agreement between Russia and China to settle all trade in their respectiv...

David Harvey’s on the Recent Events in Ukraine

A provisional statement Related

German Defence Shares Soar

“ Shares of Germany’s listed defence contractors soared on Monday after Chancellor Olaf Scholz declared the country would pour more than €100bn into modernising its depleted armed forces.  Stock of Rheinmetall, which makes tanks and armoured vehicles for Nato countries, rose more than 30 per cent in early trading in Frankfurt, while shares in Munich-based Hensoldt, which makes electronic sensors and is part-owned by US private equity group KKR, leapt by 45 per cent.  BAE Systems shares also rose 14 per cent, hitting record highs. The British group has a joint venture with Rheinmetall.” Financial Times

Wealth and Tax Havens

“Drawing on newly published macroeconomic statistics, this paper estimates the amount of household wealth owned by each country in offshore tax havens. The equivalent of 10% of world GDP is held in tax havens globally, but this average masks a great deal of heterogeneity—from a few percent of GDP in Scandinavia, to about 15% in Continental Europe, and 60% in Gulf countries and some Latin American economies. We use these estimates to construct revised series of top wealth shares in ten countries, which account for close to half of world GDP. Because offshore wealth is very concentrated at the top, accounting for it increases the top 0.01% wealth share substantially in Europe, even in countries that do not use tax havens extensively. It has considerable effects in Russia, where the vast majority of wealth at the top is held offshore. These results highlight the importance of looking beyond tax and survey data to study wealth accumulation among the very rich in a globalized world.” Macro ...

All Refugees Are Unequal, But Some Refugees Are More Unequal Than Others

Russia vs. Ukraine: Ironies of History

“Here’s an irony of history: at the 1945 Yalta Conference (in Crimea, of all places) Russia argued that Ukraine was an independent country and worthy of its own vote at the United Nations, while the United States and Britain argued that it was a region within Russia. I guess history isn’t what it used it be.” –Matthew Stevenson, Counterpunch.org, 23 February 2022 After 40 years of allowing Russian oligarchs to hide their money and and wealth in Western banks and assets, granting them citizenship status and letting them finance political parties in the West, the EU leader Von der Leyen announced after the beginning of the Russian invasion that “ we will work to prohibit Russian oligarchs from using their financial assets on our markets.”

Which Side Are You On?

“ We should stand in absolute opposition to Western and Russian imperialism , we should support Russian and Ukrainian workers against their own rotten ruling elites and, in the West, stand in complete opposition to our own warmongering governments that having left a trail of destruction in the Middle East, provoked a crisis in Europe that we, not they, will pay the price for.”

Inside the Taliban’s Return to Power

After their victory against the Taliban in 2001, with the support of the Americans, local warlords such as Abdul Rashid Dostum and Atta Muhammad Noor, and other militia commanders responsible for the murderous anarchy of the civil war, were to play a significant role in the new democratic Afghanistan. They were given immunity from prosecution for their alleged human rights abuses and war crimes, and the opportunity to enrich themselves from the immense inrush of foreign aid. Torture and mistreatment of prisoners in American jails helped turn these sites into fertile recruiting centres for future jihadis. “The memories of Bagram are hard on everyone, especially me,” Jawhar said. “We were three to five in each cell, we had no mattresses and we slept on the concrete floor. I became the imam of my cell, and the soldiers were always harder on the imams. Many times they called me to the door and then sprayed my face with pepper spray. Some [guards] tortured us for no reason, while others wou...

China’s Foreign Ministry Spokesperson on Ukraine

Whatever your stance on the Chinese regime, the words of the Foreign Ministry spokesperson should to be taken into account in a world rife of hypocrisy, power struggle and instability. “Certain countries should ask themselves: When the US drove five waves of NATO expansion eastward all the way to Russia’s doorstep and deployed advanced offensive strategic weapons in breach of its assurances to Russia, did it ever think about the consequences of pushing a big country to the wall?“ “I  noted that many people believe that there should not be double standards on the issue of respecting other country’s sovereignty and territorial integrity. Some people in the US attempt to distort China’s position and even sling mud on China. Such moves with ill intentions are unacceptable. Many people are asking the US: Did the US respect the sovereignty and territorial integrity of the Federal Republic of Yugoslavia when US-led NATO bombed Belgrade? Did the US respect the sovereignty and territorial ...

There Are Refugees and Refugees

There will be no limit to the number of Ukrainian refugees who can live with UK host families under a new visa scheme. The UK Health Secretary: "I'm pleased that we're doing this because as a country we have a very proud record of offering sanctuary to people from wars and from conflicts, When the bus driver dropped Vishnu and his friends off, they joined a throng of hundreds of people trying to pass through a gate at the border. Vishnu says only Ukrainians were being allowed through - and each time he got close to the crossing, guards would "drag" him to the back again. Suddenly UK homes are open to host refugees, a certain type of refugees An openly racist Europe defeats most of what we claim is at stake UK Home Secretary Priti Patel: “I have developed the Ukraine family scheme following discussions with the Ukrainian government and neighbouring countries and I am proud to have launched it within a matter of days,  enabling Ukrainians with family in the Unite...