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Wind costs will remain high

By Gordon Hughes | Net Zero Watch | June 26, 2023

The crash in Siemens Energy’s share price on Friday has admirably highlighted an issue with wind costs that colleagues and I have been examining for more than a decade. The painful facts are that (i) wind generation, both onshore and offshore, is more expensive than we are being told and (ii) the performance of wind turbines tends to deteriorate with age, in significant part because of the kind of failures reported by Siemens Energy. There is strong evidence to support these conclusions, which has been presented in reports published by the Renewable Energy Foundation in 2012 and in 2020 for the UK and Denmark, with updates provided by the Global Warming Policy Foundation and Net Zero Watch.

The news about Siemens Energy brings a strong inclination to say ‘you were warned’. However, their travails are a symptom of a much more widespread disease, which affects all of us, either directly through the costs of electricity or indirectly as the owners of wind farms (via pension funds and other investment vehicles). The plunge in the share price of Siemens Energy is dramatic, but that may be written off as a temporary market response to disappointed expectations. We need to look beneath the immediate story to understand the reasons for the disappointment and their implications for the prospects for wind generation.

The announcement by Siemens Energy focused on higher-than-expected failure rates for their onshore turbines. These were ascribed to problems with key components, but newspaper reports suggest more systematic design faults in recent generations of large turbines. Previous announcements have referred to problems with offshore turbines, and the market reaction suggests few believe that the current problems are confined to onshore turbines. Further, while each of the major turbine manufacturers has its own specific problems, Siemens Energy is not unique in experiencing high warranty costs due to higher than anticipated failure rates.

In increasing order of importance, there are three aspects to note:

(a) Siemens Energy and other manufacturers have given warranties on performance that won’t be met because of higher failure rates. They will incur additional expenses, either to replace components or to compensate wind farm operators for any resulting underperformance. Those costs are the basis for the write-offs that Siemens Energy has had to take. Investors will be painfully aware that the company has been declaring profits when they sell wind turbines, but without making adequate provision for future warranty repair costs.

In accounting terms this is known as recognising future profits for new contracts. When it becomes clear that the contracts will be less profitable, the company must write down the value of previously reported profits and, thus, the value of the assets on its balance sheet. In effect, though perhaps entirely innocently, the company has been misleading investors about its past and current profitability. Senior managers should be feeling very uncomfortable about their positions since the problem was predictable (and predicted).

(b) Warranties have a limited period – often 5 to 8 years – but the higher failure rates will persist and affect performance over the remainder of the life of the wind farms where the turbines have been installed. Their future opex costs will be higher than expected, and their output will be significantly lower. This will reduce their operational lifetimes, which are determined by how the margin between revenues and costs changes as wind farms get older. Lower revenues and higher costs bring forward the date at which replacement or repowering is necessary. These changes will reduce, often quite substantially, the returns earned by the financial investors – pension funds and other – to whom operators sell the majority of the equity in wind farms after a few years of operation.

(c) Siemens Energy and other manufacturers may argue that they can – with time – fix the component and design problems which lead to high failure rates. They may well be correct. The history of power engineering is littered with examples of new generations of equipment which experienced major problems when first introduced but which were eventually sorted out. Many companies have found themselves in severe financial difficulties or even forced into bankruptcy by these “teething” problems. The error in this case has been to pretend that wind turbines were immune to such failures.

The whole justification for the falling costs of wind generation rested on the assumption that much bigger turbines would produce more output at lower capex cost per megawatt, without the large costs of generational change. Now we have confirmation that such optimism is entirely unjustified – the whole development process has been a case of too far, too fast. Again, this was both predictable and predicted. The idea that wind turbines are immune to the factors that affect other types of power engineering was always absurd. The consequence is that both capital and operating costs for wind farms will not fall as rapidly as claimed and may not fall significantly at all. It follows that current energy policies in the UK, Europe and the United States are based on foundations of sand – naïve optimism reinforced by enthusiastic lobbying divorced from engineering reality.

In the longer term it is (b) and (c) that are the big story. With respect to (a), serious analysts have long since recognised that claims made about future wind costs and performance by the wind industry should not be taken seriously. It has been obvious that they were kidding themselves and their investors ever since the last 2010s. Unfortunately, we have now been tied into a high energy-cost future, with all the implications that has for the economy and standards of living.

June 26, 2023 Posted by | Economics, Malthusian Ideology, Phony Scarcity | Leave a comment

DeSantis Says Would Resume Keystone XL Pipeline if Elected US President in 2024

Sputnik – 26.06.2023

WASHINGTON – Florida Governor and 2024 Republican presidential hopeful Ron DeSantis said on Monday that he would resume work on the Keystone XL oil pipeline between the United States and Canada, in addition to permitting other pipeline projects, if he is elected to be the next US president.

“Hundred percent, yeah. It’s a no-brainer,” DeSantis said during remarks in Texas, when asked whether he plans to restart work on the project.

DeSantis pointed out that pipelines are the safest way to transport energy and pointed to the latest derailment of a train with tanker cars over the weekend in the US state of Montana.

DeSantis also said he plans to permit “a lot of pipelines,” noting that such a move would also be good for national security.

The Keystone pipeline system transports oil from Western Canada to refineries in the United States. The system currently has three phases of the project operational, but with the fourth, Keystone XL, was suspended by the Biden administration.

Keystone XL would run through the state of Montana, where US oil would be added to the system. President Joe Biden rescinded a construction permit for the pipeline granted by former President Donald Trump in 2019.

Last year, the Biden administration said it had no plans to restart the Keystone XL project even amid concerns about rising gas prices and volatility in the energy market.

June 26, 2023 Posted by | Economics, Malthusian Ideology, Phony Scarcity | , | Leave a comment

Fragmentation of World Economy Now Irreversible – Russia’s Representative at IMF

Sputnik – 25.06.2023

The use of international trade and the dollar as a weapon by the West makes the fragmentation of the world economy inevitable, Aleksei Mozhin, Executive Director for Russia at the International Monetary Fund (IMF), told Sputnik.

“The blatant use by the West as a weapon of international trade, finance, as well as the dollar and the euro itself, makes the fragmentation of the world economy not only inevitable, but also irreversible,” Mozhin said.

He pointed out that Western representatives at the IMF are trying to avoid this problem, and the leadership of the international organization cannot ignore the pressure that Western participants are exerting on it. As an example of the fragmentation of the world economy Mozhin mentioned the consequences of Western sanctions introduced against Russia.

“We have learned this lesson, we will never allow ourselves to be so dependent on imports again, at least in the strategic sectors of the economy,” Mozhin told Sputnik, adding that the whole world is now aware that globalization is forcing all countries to follow the path of specialization to the detriment of economic diversification and that the process of deglobalization will continue.

June 25, 2023 Posted by | Economics, Russophobia | , | Leave a comment

DC Scholars: Ukraine Conflict Shows World Has Grown Weary of US Hegemony

By Ekaterina Blinova – Sputnik – 24.06.2023

Despite having the largest military budget in the world and being the largest operator of military bases abroad, the US is far from being a global hegemon, argues a DC-based think tank Quincy Institute for Responsible Statecraft.

Over the past decades Washington has demonstrated a capacity for mass destruction – in Korea, Vietnam, Afghanistan, Iraq, Libya and elsewhere – but “it has won no more than Pyrrhic victories” which led to the erosion of trust in Pax Americana both at home and abroad, according to Responsible Statecraft scholars.

The US military spending reached $876.9 billion in 2022, while the nation also operates a whopping 750 foreign military bases. Still, Washington is incapable of persuading the Global South to join anti-Russia sanctions over the latter’s special military operation in Ukraine, the think tank remarks. “If hegemony means the capacity to get other countries to comply with one’s demands, the United States is far from being a global hegemon,” the report notes.

Judging from the so-called Pentagon leak, even some US allies and partners demonstrated hesitance and unwillingness to provide the Kiev regime with shells, jets and armored vehicles. Meanwhile, most nations of the Global South shrugged off the US calls for slapping sanctions on Moscow as contradicting their national interests.

US political observers emphasize that six nations in the Global South – namely, India, Brazil, Turkey, Indonesia, Saudi Arabia, and South Africa – are set to decide the future of geopolitics and insist that the Biden administration needs to win their hearts and minds. At the same time, European commentators argue that developing nations have the right to remain neutral and non-aligned.

For instance, in June 2022, India’s External Affairs Minister Dr S Jaishankar shredded the West’s claim that New Delhi was “sitting on the fence.” According to the minister, India is entitled to its opinion when it comes to the Russo-Ukrainian conflict.

Likewise, the Association of Southeast Asian Nations (ASEAN) has chosen to collaborate with both the US and China, instead of taking sides. Moreover, ASEAN nations are active participants of Beijing’s Belt and Road Initiative (BRI) regardless of Washington’s attempts to maintain its dominance in the region and curb China’s influence in the Asia Pacific.

Per DC scholars, the emerging trend was articulated by Brookings Institution fellow Fiona Hill, former Deputy Assistant to the President of the United States, in May 2023:

“The war in Ukraine is perhaps the event that makes the passing of Pax Americana apparent to everyone. … [Other countries] want to decide, not be told what’s in their interest. In short, in 2023, we hear a resounding no to US domination and see a marked appetite for a world without a hegemon,” she said at a conference in Tallinn, Estonia
According to Hill, the Global South’s resistance to the US and the EU’s demands to slap sanctions on Moscow is nothing short of “an open rebellion.” She noted that “this is a mutiny against what they see as the collective West dominating the international discourse and foisting its problems on everyone else, while brushing aside their priorities on climate change compensation, economic development, and debt relief.”

Western observers also acknowledge that the world’s center of gravity is steadily shifting east, adding that the Biden administration has so far sought to avert this trend by trying to establish “a lasting technological lead over China” and beefing up the US military in Western Pacific.

However, “most developing countries, including emerging powers in the Global South, are no longer willing to make zero-sum choices” between Washington and its geopolitical rivals, DC scholars underscore, urging American policymakers to accept the reality that the US is no longer “the indispensable nation.”

June 24, 2023 Posted by | Economics, Russophobia | , , , , , , | Leave a comment

The ramifications of EU efforts to isolate China

Press TV – June 22, 2023

The European Commission is proposing a €10 billion fund to develop strategic technologies in order to become less dependent on high tech imports from China.

It also wants to block EU nations from dealing with China when it comes to so called sensitive technologies. The claim is that it’s to reduce risk.

It would appear that positive ties being advanced outside of the West’s control are putting Washington and Brussels on edge.

Trade between the EU and China is worth an incredible 2.3 billion euro per day. Some analysts believe the US is trying to scupper this vital economic link.

During recent European Parliament debates, lawmakers have heavily criticized the EU’s policy towards Russia and China.

The fallout from energy sanctions against Moscow is severely harming EU citizens and businesses.

At a time of dire economic pressures, the European Commission wants to prioritize the government in Kyiv.

Analysts say vested interests in the United States are benefiting most from deteriorating EU-Russia and EU-China relations.

EU leaders are due to hold a summit at the end of next week to discuss the Commission’s trade proposals.

It’s already clear there are major concerns in member states because current arrangements with China are so lucrative.

It is reported that some EU countries believe the European Commission is overstepping the mark.

June 22, 2023 Posted by | Economics | , , | Leave a comment

US should pay the bill for devastation in Ukraine – Russian envoy

RT | June 22, 2023

The Ukraine conflict was instigated by the US and other Western countries, and as such it is up to Washington to pay for the reconstruction of the ravaged nation, Russia’s ambassador to the US, Anatoly Antonov, claimed on Wednesday.

Antonov was asked to comment on a statement by US Secretary of State Antony Blinken, who, while speaking at a Ukraine reconstruction conference in London, claimed that “Russia will eventually bear the cost” of restoring the country.

The Russian diplomat pushed back against Blinken’s remarks, saying the conflict between Moscow and Kiev was “the result of years of deliberate efforts by the United States to create a hotbed of tensions at our borders, to turn Ukraine into ‘anti-Russia,’” which involved a Western-backed coup in the Ukrainian capital in 2014.

Antonov claimed that the US was actively fanning hostilities by pumping Kiev with weapons, while nipping any peace initiatives in the bud. “This means that the administration is fully responsible for what is happening in Ukraine. That’s why it is up to the United States to rebuild the country,” he stated.

He went on to state that while it is possible to restore houses destroyed by American weapons, it will be much more difficult to erase the humanitarian consequences of the conflict.

“How will… Washington evaluate the lives of innocent people? How is the United States going to settle accounts with the Ukrainians, whom they are driving into reckless frontal assaults in today’s so-called counter-offensive?” the envoy asked.

While Western countries have pledged billions of dollars in reconstruction assistance to Ukraine, some of Kiev backers have also called for the seizure of Russian assets that were frozen after the start of the Ukraine conflict, to be used for reconstruction. While legal hurdles have so far prevented this from happening, Kremlin Press Secretary Dmitry Peskov has described the initiative as “pure banditry.”

June 22, 2023 Posted by | Economics, Militarism | , , | Leave a comment

Qatar ready to ink new 27-year gas deal with China

The Cradle | June 20, 2023

China National Petroleum Corporation (CNPC) and QatarEnergy are expected to sign a 27-year agreement, which will allow China to purchase 4 million metric tons of liquefied natural gas (LNG) a year, Reuters reported today, 20 June.

Sources familiar with the deal told Reuters that CNPC also will take an equity stake in the eastern expansion of Qatar’s North Field LNG project. The stake is the equivalent of 5 percent of one LNG train with a capacity of 8 million tonnes per year.

Despite selling equity shares in the North Field expansion to foreign firms, QatarEnergy plans to retain a 75 percent stake in the project, which will cost at least $30 billion, including the construction of liquefaction export facilities.

In April, China’s Sinopec signed a deal to become a “value-added” partner in Qatar’s North Field expansion project.

The project, with a total investment cost of $28.75 billion, aims to raise Qatar’s LNG export capacity from the current 77 million metric tonnes per annum (MTPA) to 110 MTPA, making it one of the largest LNG projects in the world, Sinopec said in a statement.

“The cooperation will help Sinopec optimize the energy consumption mix in China and secure a long-term and reliable clean energy supply to the nation. The partnership represents another model of bilateral cooperation between China and Qatar,” Sinopec said.

China is seeking increased imports of LNG from Qatar, the world’s top LNG supplier, in part to reduce dependence on LNG imports from the United States, the world’s second-largest supplier.

Some US lawmakers have touted Chinese reliance on US-produced LNG as an opportunity to exert influence over the nation with the world’s second-largest economy.

“If you want to think of it geopolitically, why wouldn’t we want China dependent on our natural gas for their own economy?” House Speaker Kevin McCarthy said in an interview reported by Politico. “Would the world not be safer, and would we not be stronger? Why wouldn’t we create more American jobs at the same time?”

However, Senator Bill Cassidy of Louisiana explained that Chinese purchases of US-produced LNG are mutually beneficial, stating that “China gets guaranteed shipments at a certain price by providing upfront capital. That, in turn, helps U.S. companies build export terminals, which drives demand for more US drilling in places like Louisiana and Texas.”

“Right now, China is a frenemy,” he said. “If they – just like India, South Korea, Japan, the EU – are purchasing or buying, helping to pay for the capitalization of LNG export terminals, well, that’s a good thing.”

Competition for LNG has intensified since the start of the Ukraine war in February 2022. Europe needs new sources of natural gas to help replace the Russian pipeline gas that used to make up almost 40 percent of the continent’s imports. Europe cut off its own supply of Russian gas by imposing sanctions against Moscow after the start of the war.

June 20, 2023 Posted by | Economics | , , | Leave a comment

EU preparing $55 billion bailout for Kiev – Bloomberg

RT | June 20, 2023

The European Commission wants member states to cough up €50 billion ($55 billion) to bankroll the Ukrainian government, so it can pay wages and pensions, and commence reconstruction projects, sources cited by Bloomberg have said.

The terms of the proposed bailout are subject to change pending an official announcement on Tuesday, the outlet reported on Tuesday. The package will be financed by direct contributions from member states, as opposed to borrowing from the market.

The aid will be provided in the form of grants, concessional loans and guarantees rather than some “burdensome reconstruction instrument,” the outlet said, adding that the money would be provided between 2024 and 2027.

The Ukrainian budget has been receiving cash injections from Western sponsors to keep it running. Washington and its allies have pledged to help Kiev “for as long as it takes” to defeat Russia, including through the provision of non-military support.

The US alone provided $26.4 billion in budgetary aid between January 2022 and February 2023, according to the Council on Foreign Relations think tank. The aid package announced by the US Agency for International Development (USAID) on February 24 was worth $9.9 billion.

Critics of the policy have claimed Ukraine has a lengthy record of grafting and argued that the money could have been spent by Western nations at home to solve their own immediate problems. Bloomberg sources suggested that the EU funding would be made conditional on Kiev delivering reforms “to improve the rule of law and address corruption.”

According to Reuters, the European Commission is set to publish a report this week about Kiev’s effort, which will state that it has met two of the seven conditions to start membership negotiations. The milestones reportedly relate to judicial reform and media regulation.

June 20, 2023 Posted by | Economics | , , | Leave a comment

Britain will maintain sanctions to ensure war-affected Russians cannot receive aid

By Ahmed Adel | June 20, 2023

The UK has passed legislation that will allow sanctions against Russia to remain in effect until Moscow pays compensation to Ukraine, the British Foreign Office said on June 19. The British Foreign Office also stated that the European country’s law allows sanctioned Russians to transfer their frozen assets for Ukrainian reconstruction.

“The Government is taking powers to maintain Russian sanctions until compensation is paid to Ukraine and is introducing a route for frozen Russian assets to be donated for Ukrainian reconstruction, under new legislation announced by Foreign Secretary James Cleverly today,” the British Foreign Office announced.

In addition, the ministry pointed out that the UK will create a fund that will allow sanctioned Russians to transfer their frozen assets to the reconstruction of Ukraine.

“This will be a voluntary process whereby sanctioned individuals may apply for funds to be released for the express purpose of supporting Ukraine’s recovery and reconstruction. There will be no coercion of individuals to encourage them to transfer funds, nor any offer of sanctions relief in return for making a donation,” the Office audaciously added, although it does highlight the British entitlement of wanting Russians to release their funds for a purpose but without guarantees.

On June 18, the Daily Mail reported that the UK government and Russian businessman Roman Abramovich, who owned the English Premier League football club Chelsea until 2022 when he was forced to sell it due to the British sanctions campaign against Russia, could not agree on the distribution of funds received from the sale of the club as the billionaire wanted the funds to be sent not only to Ukrainians but also to Russians affected by the conflict. The UK government and the European Commission opposed Abramovich’s desire to send funds to Russians.

At the time of the forced sale, Abramovich’s press office said he “wanted the proceeds to be transferred to a charitable foundation for the needs of the victims on both sides of the conflict between Russia and Ukraine.”

This latest provocation by Britain comes as the country’s Ministry of Defence released a video on June 14 revealing the advanced long-range drones that will be sent to Ukraine in the coming weeks. The video shows several types of drones, including one firing a torpedo over water and another being catapulted from the deck of a vessel.

“We announced a £92m air defence package, to be provided through the second procurement round,” the video’s caption said.

Despite the publication of the video, the British authorities did not provide details about the equipment. However, it is speculated that autonomous aircraft with a range of more than 200 kilometres will be sent to Kiev. It is worth noting that the UK recently supplied Storm Shadow cruise missiles to Ukraine with a range of over 250 kilometres.

Western countries imposed comprehensive sanctions on Russia after it started a special military operation in Ukraine in February 2022, and provided constant support packages to Kiev in the conflict. However, it has been their economies, especially the British, that have suffered from these sanctions.

British Prime Minister Rishi Sunak was warned that the UK could be in recession next year as high inflation pushes interest rates to more than 5% before the next general election. With rising borrowing costs on mortgages and loans for millions of households, economists believe the Bank of England could be forced to drive Britain’s economy into a recession to deal with inflation.

Former IMF deputy director Mohamed El-Erian said the Bank of England would be forced to raise interest rates for longer, leading to a recession or near zero growth.

“The risk we now have, you put all that together – sticky inflation, the Bank having to go higher, borrowing costs going up – all that translates into a higher threat of stagflation. I use stag as shorthand for insufficient economic growth. It can be recession, it can be zero growth. This is not about abstract numbers; it’s about something that hits the poor particularly hard,” El-Erian said.

Yet, despite these significant economic problems, the UK establishment continues its centuries-long policy of opposing and challenging Russia, this time in the context of Ukraine. Already having imposed self-detrimental sanctions and funded Ukraine with billions of pounds, the UK will now roll out a major expansion to its cyber defence programme in Ukraine. It will be boosted by an injection of up to £25 million and a two-year expansion.

As demonstrated, London is concocting all sorts of methods, with endless money streams, to challenge Russia despite British citizens facing a once-in-a-lifetime economic crisis. Not only does this prolong the war and suffering, but it also shows Britain’s obsession with challenging Russia, so much so that it cannot even tolerate Russians affected by the war being supported with the frozen funds of Russian billionaires.

Ahmed Adel is a Cairo-based geopolitics and political economy researcher.

June 20, 2023 Posted by | Economics, Ethnic Cleansing, Racism, Zionism | | Leave a comment

Ukraine drone attack on Russian oil pipeline to EU failed, official says

RT | June 17, 2023

Ukrainian drones have attempted to strike the Druzhba pipeline that delivers Russian oil to several European countries, Bryansk Region governor Alexander Bogomaz has said. He added that the attack was thwarted by Russian air defenses.

On his Telegram channel on Saturday, Bogomaz wrote: “Last night, air defense units of the Russian armed forces… repelled the Ukrainian military’s attack on the oil-pumping station ‘Druzhba’.” According to the official, a total of three UAVs were brought down.

Last month, the Washington Post claimed, citing leaked Pentagon documents, that back in February Ukrainian President Vladimir Zelensky had suggested to Deputy Prime Minister Yulia Sviridenko that Kiev “should just blow up the [Druzhba] pipeline,” which pumps oil to Hungary and other states.

According to the report, Zelensky described the destruction of “Hungarian [Prime Minister] Viktor Orban’s industry” as one of his goals.

While Zelensky dismissed the allegations as “fantasies,” Hungarian Foreign Minister Peter Szijjarto several days later accused Kiev of “virtually attacking Hungary’s sovereignty” by supposedly plotting to undermine the security of Budapest’s energy supply.

Around that same time, a loading station of the Druzhba oil pipeline in Bryansk Region was shelled by Ukrainian forces, with three fuel storage tanks, all of them empty, damaged as a result.

In March, Transneft, the pipeline operator, reported that several drones had dropped explosives in the vicinity of an oil-pumping station. Multiple incidents of shelling had taken place before that as well.

The Druzhba (Friendship) pipeline is one of the largest oil-transport networks in the world, spanning some 4,000 kilometers (2,485 miles) and transporting oil from Russia to Ukraine, Belarus, Poland, Hungary, Slovakia, the Czech Republic, Austria and Germany.

Bryansk Region, which is adjacent to Ukraine, has repeatedly been targeted by cross-border strikes.

In March, a Ukraine-based neo-Nazi unit conducted a sortie into the region.

June 17, 2023 Posted by | Economics, Malthusian Ideology, Phony Scarcity, War Crimes | , , , , , , , , | Leave a comment

U.S. Sanctions Make Russian Economy Stronger and Precipitate Multipolar World

Strategic Culture Foundation | June 16, 2023

Russia’s economy is performing strongly, according to recent forecasts from the World Bank and International Monetary Fund. The outcome defies earlier predictions by the United States and its European allies which held that Western sanctions would bring the Russian economy to its knees and force it to submissively “Cry Uncle”.

When the conflict in Ukraine escalated 16 months ago (after eight years of NATO-sponsored aggression using the Kiev Neo-Nazi regime), various Western politicians and pundits were relishing the prospect of the Russian economy collapsing from “Total War” launched against its international banking and trade.

Well, it didn’t turn out like that. Far from it. As the World Bank noted above, the Western sanctions have simply helped Russia boost alternative markets in China, India, and elsewhere around the globe. A principal earner for Russia is energy exports of oil and gas. Increased sales to Asia have maintained revenues despite the loss of European markets due to Western sanctions.

The paradoxical thing is that U.S. and European sanctions against Russia while intended to cripple the Russian economy have actually made the latter stronger.

Michael Hudson, an American global economics analyst, points out: “The sanctions have obliged Russia to become self-sufficient in food production, manufacturing production and consumer goods.”

Hudson also notes that the U.S. geopolitical strategy is to use sanctions in order to make its supposed European allies more dependent and subservient to Washington.

Another respected commentator, Glenn Diesen, a Norwegian geoeconomics professor, likened the use of Western sanctions to the self-destructive behavior of “self-harm”. The United States and European Union, he says, have “handed over a huge market to the rest of the world”.

Diesen also observes that 85 percent of the world’s population lives in countries that do not comply with Western sanctions against Russia. This global majority is more than ever creating new forms of trade and finance that obviate Western control. A major impetus for this positive development is the necessity bequeathed by Washington’s systematic abuse of power and privilege.

The repercussions are more far-reaching and profound than the inadvertent benefits accruing to Russia’s national economy. What the Western sanctions are also doing is accelerating the development of a multipolar world and the demise of the U.S. dollar as a global reserve currency. The upshot of those two trends is the historic dwindling of American imperial power – albeit with outbursts of militarism and warmongering along the way down.

A significant illustration of the times a-changing was seen this week at the 25th summit of the St Petersburg International Economic Forum (SPIEF). Attending the four-day event were 17,000 delegates from some 130 nations. This year’s convocation witnessed large representations from Asia, Latin America and Africa.

The bustling event not only reflected Russia’s own economic strength but the fact that – far from being “isolated” and downtrodden – Russia is viewed by the rest of the world as an engine for growth and more prosperous multipolar relations.

Indeed, from the perspective of most nations, it looks like the United States and its Western allies are the ones who are isolated and anachronistic.

One of the attendees at SPIEF was American industrial analyst Douglas Andrew Littleton who commented: “Western sanctions against Russia have backfired.” And he added: “I’m happy that Russia has been able to bypass and skirt the sanctions in so many ways with their friends and allies.”

What’s going on here is not just merely the emergence of an alternative system, but an epochal political and perhaps moral paradigm shift. The globe wants more peaceful and mutual relations of cooperation and development. Most people on this Earth want endless warmongering, militarism and unilateral bullying by self-ordained powers to be put to an end. The planet is crying out for a world based on justice and peace.

What the world is realizing more than ever is that the unilateral use of economic sanctions by Washington is nothing but warfare and state terrorism by another, more palatable name. For decades, the U.S. has tried to use economic weapons to strangle and kill other nations. North Korea, Cuba, Iran, Iraq and many other countries come to mind where U.S. imperialism has imposed conditions of economic genocide.

The world is well aware of this fiendish legacy and has had enough of American barbarism wielded with the help of its Western lackeys in NATO and the European Union.

We should here make special mention of Syria, the Arab nation struggling to recover from 12 years of war that was inflicted upon it by Washington and its NATO partners for “regime change”. Today, Syria’s recovery is cruelly hampered by economic sanctions imposed by the U.S. and EU. How despicable is that?

There is an unerring historical sense, however, that Washington, has finally met its nemesis. By racking up sanctions against Russia and dragooning its EU lackeys to follow suit, the United States has now unleashed a historic dynamic process of its own imperial collapse.

For decades, U.S. sanctions worked to a nefarious degree on isolated, smaller nations to indeed enforce vengeful hardship.

Not anymore. Russia’s vast natural wealth and economy are too big to contain. Militarily, too, Russia will not be pushed around. Indeed, it has pushed back in Ukraine against the West’s deceptive and pernicious proxy war.

Organically and consciously, the world economy and international relations have been transformed in recent years, especially with the rise of China and Eurasia generally.

Another key development is that the Western imperialist media monopoly has also been broken. Washington and its minions in the European political class are held in contempt as liars and charlatans, even by their own populations.

By unwisely attempting to trap the Russian bear, the West has only created a scenario of revolt by the rest of the world from the West’s exploitative control. Five centuries of European and American Western parasitism have run their course.

Russia’s economic strength is galvanizing the rest of the world to shake off the chains of Western domination and subjugation. The process of dumping the dollar is gathering momentum which self-harming sanctions are precipitating. Pillars and facades are crumbling in real time.

The theme for the SPIEF event this year was “Sovereign Development – the Basis for a Just World”.

As with many other empires in the annals of history that have collapsed, arrogance and hubris often precede the fall. The American and Western elite thought they had an eternal license to wreak havoc for their own selfish gain. Their economic plunder and weaponry are now turning on their own heads. And it’s long overdue.

June 16, 2023 Posted by | Economics, Timeless or most popular | , , , , | Leave a comment

Anglo-Saxons control collective West – Moscow

The US and the UK strong-arm their own followers, Russian FM Lavrov has said.

RT | June 16, 2023

London and Washington run the show in the “rules-based world order,” trying to dictate policy to their own allies as well as countries outside the West, Russian Foreign Minister Sergey Lavrov told RT on Friday.

Russia fully understands that building relations with other countries needs to be based on mutual benefits and equal partnerships, Lavrov said in an interview with RT at the St. Petersburg International Economic Forum (SPIEF).

“This is not what we see in the West these days. The Anglo-Saxons are basically running the show, controlling the rest of the collective West. They are using the current situation, which they created through Ukraine – this war against Russia – to remove competition,” Lavrov elaborated.

“They see us as a competitor, they see China as a competitor. Their doctrinal documents clearly state that. But they are also removing their competition in continental Europe. It’s obvious. The economic and social processes in Germany are grim. Other countries are not much better off,” the Russian foreign minister added.

The only Western state benefiting from the current situation is the US, Lavrov said, “and the UK is always somewhere around, helping America reach its selfish goals.”

According to Lavrov, the “Anglo-Saxons and their allies” are currently trying to pressure countries around the world to side with them against Russia, including the Arab world, using methods he can only describe as “rude.”

“You see, when they talk about these ‘rules’ on which the international order must be based, what they really mean is their diktat,” Lavrov told RT. “Colonial instincts – live at the expense of others. Nothing else.”

Lavrov took particular exception to Western proclamations that their support for Kiev is “defending democracy” and that Ukraine is fighting for “Western values” in the conflict with Russia.

“First of all, if they really see it that way, I cannot but be convinced that they are holding on to Nazi views. Because saying that Western values are being protected in Ukraine is the same as saying that Nazism is your mode of existence,” the diplomat told RT. As for democracy, he added, “they only speak about democracy when they teach others how to live,” but not when it comes to respecting the sovereign equality of other states, per the UN Charter.

June 16, 2023 Posted by | Economics, Timeless or most popular | , , , , | Leave a comment