by Oleg Nesterenko

The first of the three underlying supporting pillars of the war in Ukraine is the continued global dominance of the US monetary system.

This domination is based on several elements, the main ones being the extraterritoriality of American law, American Treasury bonds and the Petrodollar.

It is totally impossible neither to know nor to understand the real reasons not only for the war in Ukraine, but for almost all of the wars orchestrated or carried out directly by the United States of America, without a precise vision of the elements mentioned. . So let's see them in detail.

The concept of the extraterritoriality of American law is the application of American law outside the borders of the United States, which allows American judges to initiate legal proceedings for facts which take place in any place in the world.

The main element that is used as a pretext for initiating proceedings is the fact of the use of the US dollar in transactions.

Thus, the legal mechanisms of the extraterritoriality of American law provide American companies with a major competitive advantage that is totally illegal, according to international business law, but legal according to American law.

Because the extraterritoriality of the law obliges foreign companies using the American dollar in their transactions to conform to American standards, to submit to the surveillance and control of the American state – which makes “legalized” espionage possible. of their know-how and to carry out actions to hinder the development of competitors of American companies.

In prosecution proceedings by the US Department of Justice, foreign companies are subject to the obligation of regularizing their situation by accepting surveillance for several years in a row, within the framework of a "program of conformity”.

In addition, by artificially putting foreign companies, which interest American groups, in danger of paying very large fines – we put them in a position not to be hostile to American takeovers, in order to avoid them.

In order to establish its global domination, countless lawsuits are launched without any real basis, the real purpose of which is access to information from competitors and economic interference.

In accounting there is a term like bad debts.

US Treasury bills are bonds that are bought and redeemed in US dollars and are, in fact, bad debts.

Why?

Today, the debt of the American state has exceeded 31 billion USD and continues to grow daily to the tune of several billions a day. This figure greatly exceeds that of the annual GDP of the USA and makes almost all of the bonds issued by the US Treasury securities of more than doubtful solvency and value, as they are reimbursable by the national currency, of which for the majority issued it is not there is nothing behind. Nothing tangible.
Its solvency is guaranteed only by the monetary issue and the confidence granted to the American dollar which is based not on its real value, but on the military domination of the world by the USA.

Since Putin came to power, the Russian Federation has begun the gradual process of separating US Treasury bonds. Since 2014, the start of the conflict instigated by the USA in Ukraine by the coup, Russia has gotten rid of almost all of the American debt. If in 2010 Russia was one of the ten largest holders of US Treasury bonds, with more than 176 billion USD, in 2015 it only held about 90 billion, i.e. its total mass practically halved in 5 years. Today, Russia only holds 2 billion of this debt, which is a paltry amount.

In tandem with Russia, China likewise is gradually getting rid of this dangerous debtor. If in 2015 it held bonds on the other side of the Atlantic for more than 1270 billion USD, today it is at the lower height of 970 billion, that is to say a decrease of ¼ in 7 years. Today, the amount of US debt held by China is at a 12-year low.

Along with getting rid of US treasury bonds, the Russian Federation initiated the gradual process of freeing the world from the petrodollar system.

A vicious spiral is triggered: the shaking of the petrodollar system would deal a significant blow to the US Treasury bond market. Indeed, the fall in demand for the dollar on the international scene will automatically trigger a devaluation of the currency and, in fact, the fall in demand for Treasury bills which will mechanically lead to an increase in their interest rate, by simply making it impossible to finance the US public debt at the level we know today.

Critics of the assumption that the fall of the dollar against many currencies will cause very significant damage to the American economy claim that a weaker dollar will lead to a significant increase in American exports, benefit American manufacturers and, in fact, reduce the US trade deficit.

If they are absolutely right about the beneficial effect of the devaluation of the dollar vis-à-vis American exports – they are absolutely wrong about the inevitably devastating final effect on the American economy, because they do not take disregard the major element:

The USA is a country that has been on the road to deindustrialization for decades and the positive effect on exports will be relatively negligible in the face of the gigantic trade deficit. The deficit which has already reached in 2021 the record level in the history of the United States and that with a devaluation of the dollar, and therefore the increase in the cost of imports at all levels, will have a destructive effect.

Thus, settling the account of the two culprits of the situation – Russia and China – is therefore the key element in the survival strategy of the United States of America.

With the collapse, in 1971, of the Bretton Woods agreements which had lasted since 1944, the world's dependence on the American dollar began to decline very dangerously for the United States economy and they had to find a another way to increase the demand for the national currency.

And it was in 1979 that the “petrodollar” was born within the framework of the American-Saudi agreement on economic cooperation: “oil against dollars”. As part of this agreement, Saudi Arabia has taken on obligations to sell its oil to the rest of the world only in US dollars, as well as to reinvest its excess reserves in dollars in US Treasury bonds and US companies.
In return, the United States took on military obligations to guarantee the security of Saudi Arabia.

Subsequently, this "oil against dollars" agreement was extended to other OPEC countries and this is, moreover, without any counterpart on the part of the Americans, and led to an exponential emission of the greenback . Gradually, the US dollar became the reference currency for other commodities and, therefore, the world's reserve currency – which gave the United States unrivaled supremacy and exorbitant privileges.

Today, we observe a strategic rupture between the USA and Saudi Arabia which is due to several major factors. We can cite a very significant reduction in crude oil imports by the USA, of which Arabia was the largest supplier; the withdrawal of American support for Saudi Arabia in the Yemen war and the intention of American President Joe Biden to save the nuclear agreement with the Shiite mullahs of Iran – sworn enemy of the Sunni Saudis.

The Kingdom experienced this triple "betrayal" of the Americans very badly. The great disagreement between the two countries came to a climax with the outbreak of the war in Ukraine, when the Saudi power was faced with an existential choice: to continue to evolve in the sawing of the USA or to join the camp of their major adversaries who are China and Russia. The second solution was chosen.

Faced with America, which has neglected the strategic interests of the Saudis, China, on the contrary, has only increased its cooperation with Saudi Arabia. And this bilateral relationship is not limited to the fossil fuel sector, but extends greatly in the field of infrastructure, trade and investment. Not only are major Chinese investments in Arabia constantly growing and China is now buying up almost a quarter of the Kingdom's world oil exports, but, in return, the Kingdom's Sovereign Fund plans to start making significant investments in Chinese companies in strategic sectors.

At the same time, a military cooperation agreement between the Saudi Kingdom and the Russian Federation was signed in August 2021.

As between Russia and China, Saudi Arabia has taken the path of de-dollarization of trade and investment in its relations with the Chinese.

The joint and synchronized actions of Russia, China and the OPEC countries on the path of gradual de-dollarization have gained momentum with the outbreak of the war in Ukraine which has blown the masks and will have, at term, an almost inevitable avalanche effect vis-à-vis American monetary dominance, because the central banks of many countries are encouraged to rethink the logic of the accumulation of reserves, as well as the merits of investing in US Treasury bonds.

The war on the territory of Ukraine against Russia and the imminent future war which is brewing in the Asia Pacific against China are nothing but a part of the reaction of the USA which considers the action of the Russia and China against the world domination of the American currency as a real declaration of war.

And the United States is perfectly right to take this statement more than seriously, because the massive resale of American treasury bonds coupled with the gradual destitution of the petrodollar system by powers such as Russia and China is nothing other than the beginning of the end of the American economy, as we know it since the end of the Second World War – beginning of the end of the United States, as we know it today.

Countries that have dared in the past to endanger global domination by the US monetary system have paid a drastic price for their audacity.

Except that the Russian Federation, as well as the People's Republic of China, are military powers that cannot, under any circumstances, be attacked directly – which is worth suicide. Only proxy wars and hybrid wars can be waged against Russian power and Chinese power.

Today we are in the “Russian phase”, tomorrow we will be in the “Chinese phase”.

It is important to note that the war in Ukraine is by no means the first, but the third major US dollar war, not to mention two “cold” US currency wars.

What are these wars, apart from the one we know today?

They are the war in Iraq and the war in Libya. And the two “cold” dollar wars are the wars against Iran and against Venezuela.

Speaking of the first dollar war, which is the war in Iraq, we must put aside the famous vial of imaginary anthrax that the American Secretary of State Colin Powell brandished at the UN on February 5, 2003, in order to to destroy the country and to massacre the Iraqi people, and to recall the facts. Facts that are far removed from American fantasy.

In October 2000, Iraqi President Saddam Hussein made a statement that he no longer wanted to sell his oil against US dollars, but only against euros.

Such a declaration was worth signing his death warrant.

According to extensive research by the American Civil Liberties Union and the American Journalism Independence Fund, between 2001 and 2003 the US government made 935 false statements about Iraq, 260 of them directly by George W. Bush. And among the 260 declarations of the premeditated lie of the American president, 232 were on the presence in Iraq of non-existent weapons of mass destruction.

The vial of Colin Powell, after 254 false statements by the latter of the same subject, was only the culmination of a long and laborious preparation of national and international public opinion for an imminent outbreak of the extermination of the Iraqi threat posed to the American currency.

And, when in February 2003, Saddam Hussein carried out his "threat" by selling more than 3 billion barrels of crude oil for the amount of 26 billion euros - a month later, the United States invasion and total destruction of Iraq, the tragic consequences of which are well known with the destruction of the entire infrastructure of the country and so many deaths among the civilian population.

Even to this day, the US firmly asserts that this war has absolutely nothing to do with Iraq's desire to free itself from the petrodollar system. Given the total judicial impunity of crimes against humanity committed by successive United States governments, they do not even bother to cover them up with stories that are even remotely credible in the eyes of the community. international.

The facts are well known and we could stop there. But, to make the process of “defending” US interests even clearer, including the current war in Ukraine, let's also talk about the penultimate – second big dollar war which is the war in Libya.

Six years have passed since the Iraqi threat was wiped out – a new existential threat to the US dollar has emerged in the person of the one who refused to learn the lesson of Saddam Hossein's tragic fate: Muammar Gadafi.

In 2009, then as President of the African Union, Muammar Gadafi proposed to the States of the African continent a real monetary revolution which had every chance of succeeding in changing the destiny of the continent and which was welcomed with great enthusiasm: to withdraw from the dominance of the US dollar by creating an African monetary union in which exports of oil and other African natural resources are paid for mainly by the gold dinar – a new currency to be created and which would be based on financial assets and gold reserves of the continent's sovereign wealth funds.

Following the example of Arab OPEC countries having their own sovereign oil funds, other African oil producing countries, starting with the oil and gas giants Angola and Nigeria, have launched processes for the creation of their own national funds made up of revenue from oil exports. In all, 28 African oil and gas producing nations were involved in the project.

Gadafi, however, made a strategic miscalculation that not only “buried” the gold dinar, but also cost him his life.

He underestimated the fact that it was totally excluded that this project would be realized, on the one hand, for the American state and, on the other hand, for the "deep state" of Wall Street and the City. from London.

Because, not only did it put the American currency in existential danger, but, in addition, it deprived the New York and City banks of the usual brushing of trillions of dollars from the exports of raw materials from the African continent. The United Kingdom was therefore in perfect symbiosis with the United States in its desire to destroy the power that authored the threat.

As soon as the decision was made by "allies" on the neutralization of the new threat - they did not care about the funny timing to be a coincidence in the eyes of observers: more than 40 years of inaction against Gadafi, who came to power in 1969, and, as soon as he exposes to the African Union the project of this monetary revolution – a new civil war orchestrated by the USA starts immediately.

Already having in the background the criminal invasion and destruction of Iraq based on gross premeditated lies that the American state proliferated at the UN in 2003 via Colin Powell on the so-called weapons of mass destruction held by Saddam Hussein, the United States could no longer afford to reuse the same technique and was forced to diversify the implementation of the invasion, so as not to put itself, once again, in the position of war criminals .

Either, when this new "Arab Spring" has reached the point of being crushed by the power of the Libyan state - the Americans, remaining in the shadows, use the satellite and vassal countries - France, the Kingdom United and Lebanon – to unearth from oblivion a 1973 UN Security Council resolution against Libya – more than 35 years old – to attack and destroy the country.

The achievement was made in violation even of their own newly adopted resolution: instead of the establishment of a no-fly zone over Libya provided for in the resolution, it was the direct bombardments of military objectives on the ground that occurred. These bombings were totally unlawful and in total violation of international law, because those who voted for the adaptation of the resolution did so being reassured by the authors that the objective of the action is only the establishment of a no-fly zone protecting civilians and not the defeat of Gaddafi or the destruction of his army.

That is to say that the USA, under the guise of its satellite countries, directly lied to the UN, once again, in order to have less of a legal basis to start hostilities and to following what was planned in advance: to annihilate the new threat to the American dollar.

That the US and no one else were the real perpetrators of the destruction of Libya in 2011 was an open secret.

And, from the publication by Wikileaks of the April 2, 2011 correspondence between former US Secretary of State Hillary Clinton and her adviser Sid Blumenthal on the subject, the "secret" came out of the shadows: Clinton was the he key element of the Western conspiracy against Libyan leader Muammar Gaddafi and, more specifically, against the new pan-African currency – a direct threat to the US dollar.

Blumenthal writes to Clinton: According to sensitive information available from this source, Gaddafi's government holds 143 tons of gold, and a similar amount in silver… This gold was accumulated before the current of rebellion and was intended to be used to establish a pan-African currency based on the Libyan gold dinar ».

As I mentioned before, no war ever has a single reason to be started. In the case of the war against Gaddafi it was the same: one of the additional key reasons was the personal interest of Hillary Rodham Clinton to play the role of "iron lady" in the American political environment, in view of the future elections. presidential. This was like saying to his political party: “Look: I was able to crush a whole country. So do not doubt that I am well able to lead the electoral fight”. In April 2015 she announced her candidacy for the presidency and, in July 2016, she was officially nominated as the candidate of the Democratic Party.

In the second great dollar war, it was not only the future of Libya, but the future of the entire African continent that was placed on the table of sacrifice for the well-being of the American economy.

All those who try to endanger the American monetary system – must disappear, if they are not strong enough to resist.

Nevertheless, if it is a powerful country that is involved and that we are not able to crush it directly, such as Iraq and Libya, it is indirect multimodal large-scale attacks that are developed and launched, always remaining in the shadows, portraying the attacked as the aggressor, with the aim of weakening the adversary to the point that he abandons his plans for the "destitution" of the dollar and is forced to concentrate on solving newly emerging problems.

After the end of the war in Ukraine – the third great war of the American dollar, it is inevitably the fourth great war of the dollar – the war in China – which will take place and of which we still do not know what precise form it will take.

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WE COULD SEE THIS AS THE WAGNER-CONVICTS VERSUS THE AMERICAN HOMELESS.... USELESS....

by Reporter

The American authorities have developed a new way of equipping the Ukrainian army. Leaflets have appeared in US cities urging the homeless to join the International Legion in Defense of Ukraine.

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WARNING: THE VIDEO BELOW IS WESTERN DISINFORMATION USING A BASELINE WHICH IS QUITE NON-COMPARABLE TO THE AMERICAN SYSTEM OF SOCIAL PEACE (WELFARE) WHICH IS BASICALLY MAINTAINED BY HUGE DEFICIT AND EXPENSIVE HEALTH SYSTEM THAT DOES NOT WORK FOR THE 44 MILLION POOR AMERICANS WHO END UP AT THE BASE OF THE SUBPRIME DEBACLE BY ABANDONING THEIR "HOMES"... BUT IT'S INTERESTING TO SEE HOW DEVIOUS THE FEEBLE ARGUMENT OF THE PROPAGANDA IS CONSTRUCTED... 

80 PER CENT OF PEOPLE SUPPORT PUTIN BECAUSE THEY ARE RETIREES OR PAID TO PRODUCE NOTHING? BUT PUTIN IS WORRIED THAT THIS SCHEME IS GOING TO COLLAPSE...? IS THIS WHY HE DECLARED A SPECIAL INTERVENTION IN UKRAINE? IS THIS WHY SOME OLIGARCHS JUMP OUT OF WINDOWS? IS THIS WHY ALL AMERICAN INVASIONS HAVE BEEN NICE AND MORALLY JUST WARS? AND IS THIS WHY THE CIA IS RUN BY ANGELS OF GOD?

https://www.youtube.com/watch?v=A-1n-05Xu6Y

WASH YOUR BRAINWASHED BRAINS AND THEN SEE :

https://www.youtube.com/watch?v=_OtM5exHZH0

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https://www.youtube.com/watch?v=_Uu9jXJugTE

Michael John Parenti is an American political scientist, academic historian and cultural critic who writes on scholarly and popular subjects. He has taught at universities as well as run for political office. Parenti is well known for his Marxist writings and lectures. Michael Parenti was raised by an Italian-American working-class family in the East Harlem neighborhood of New York City. After graduating from high school, Parenti worked for several years. Upon returning to school, he received a BA from the City College of New York, an MA from Brown University and a PhD in political science from Yale University. Parenti is the father of Christian Parenti, an academic, author and journalist.

NOTE THIS WAS RECORDED IN 1999....

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BY CHRIS HEDGES

We are not here to debate the moral squalor that defines the life of the hedge fund billionaire and chair of the seminary’s trustee board, Michael Fisch. We are not here to denounce him for the personal fortune, reportedly worth at least $10 billion, a fortune he built preying on the poorest among us, those families that went into debt to pay his prison telecommunications company’s exorbitant fees which charge up to $15 for 15-minute calls, fees that see families across the U.S. pay $1.4 billion each year to speak to incarcerated loved ones.  We are not here to decry the pain he and his corporation ViaPath, formerly Global Tel Link, caused to hundreds of thousands of children, desperate to speak to an incarcerated mother or father, to tell them about school, or that they miss them, that they need to hear their voice to know everything will be okay, that they are loved. We are not here to contrast the lives of these children, bewildered at the cruelty of this world, living in dilapidated apartments in inner city projects, with the feudal opulence of Michael Fisch’s life, his three mansions worth $100 million lined up on the same ritzy street in East Hampton, his art collection worth over $500 million, his Fifth Avenue apartment worth $21 million and his four-story Upper East Side townhouse. So many luxury dwellings that sit empty much of the time, no doubt, while over half a million Americans are homeless. Greed is not rational. It devours because it can. It knows only one word — more.

No, we are here today to call out the Pharisees that run this seminary, the ones who speak about loving the poor, the oppressed and the marginalized, in the abstract, but who really love the rich, including the rich who make their fortunes by exploiting the families of the students I teach in the Rutgers college degree program in New Jersey prisons, students, many of whom should have never been imprisoned, who are victims of our system of neo-slavery. We are here today to call out the liberal church, so quick to wrap itself in the cloak of virtue and so quick to sell virtue out when it conflicts with monetary interests and requires self-sacrifice.

Is it any mystery that the liberal church is dying? Is it any mystery that its seminaries and divinity schools are contracting and closing? The church bleeds itself to death sustaining moribund institutions and paying the salaries of church bureaucrats and seminary presidents who speak in the empty and vague gibberish that Lee Walton, the President of Princeton Theological Seminary, uttered when presented with the fact that Michael Fisch, and all he stands for, is antithetical to the Christian gospel. This false piety, and the smug arrogance that comes with it, is killing the church, turning it into a museum piece. 

Is Black Lives Matter a commodity, a piece of branding, or does it mean we will stand with those Black and Brown and Asian and white bodies in our prison gulags and internal colonies? This seminary may have removed the name of Samuel Miller, a slaveholder who used the gospel to perpetrate and defend a crime of Nazi-like proportions, from the seminary chapel, albeit only when students protested, but it embraces a billionaire who makes his fortune fleecing incarcerated men and women who work 40 hour weeks in prison and are paid, when they are paid, little more than a dollar a day. Prisons are modern day plantations, and not surprisingly, a multi-billion dollar a year business for oligarchs such as Michael Fisch. 

The wealthy industrialists in the 1930s and 1940s poured money and resources into the church, including seminaries such as Princeton Theological, to crush the Social Gospel, led by Christian radicals and socialists. They funded a brand of Christianity — which today is dominant — that conflates faith with free enterprise and American exceptionalism. The church has gone down the rabbit hole of a narcissistic how-is-it-with-me form of spirituality. The rich are rich, this creed goes, not because they are greedy or privileged, not because they use their power to exploit others, but because they are brilliant and gifted leaders, worthy of being lionized, like Bill Gates or Jamie Dimon, as oracles. This belief is not only delusional, but Christian heresy. The word heresy comes from the Greek verb hireo, which means to grasp or to seize – to seize for yourself at someone else’s expense. You don’t need to spend three years at Harvard Divinity School as I did, to figure out Jesus did not come to make us rich. 

The liberal church committed suicide when it severed itself from this radicalism. Radical Christians led the abolitionist movement, were active in the Anti-Imperialist League, defended workers during  bloody labor wars, fought for women’s suffrage, formulated the Social Gospel — which included campaigns for prison reform and educational programs for the incarcerated — and were engines in the civil rights and anti-war movements. The socialist presidential candidate  Eugene V. Debs spent far more time quoting the Bible than Karl Marx. His successor, Norman Thomas, was a Presbyterian minister.

These radicals were not embraced by the institutional church, which served as a bulwark of the establishment, but they kept the church vital and prophetic. They made it relevant. Radicals were and are its hope.

James Baldwin, who grew up in the church and was briefly a preacher, said he abandoned the pulpit to preach the Gospel. The Gospel, he knew, was not heard most Sundays in Christian houses of worship. And today with ministers wary of offending their aging and dwindling flocks — who are counted on to pay the clergy salary and bills — this is even truer than when Baldwin was alive.

This is not to say that the church does not exist. This is not to say that I reject the church. On the contrary. The church today is not located inside the stone buildings that surround us or the cavernous, and largely empty houses of worship, but here, with you. It is located with those who work in prisons, schools and shelters, those who organize fast food workers, who serve the undocumented, who form night basketball leagues in poor communities, as my divinity school classmate Michael Granzen did in Elizabeth, and who are arrested at anti-fracking and anti-war protests. 

Billionaires like Michael Fisch will never fund this church, the real church. But we do not need his money. To truly stand with the oppressed is to accept being treated like the oppressed. It is to understand that the fight for justice demands confrontation. We do not always find happiness, but we discover in this resistance a strange kind of joy and fulfillment, a life of meaning and worth, one that mocks the tawdry opulence and spiritual void of billionaires like Michael Fisch, those who spend their lives building pathetic little monuments to themselves. We must remain rooted in this radicalism, this commitment to the crucified of the earth. We must always demand, even at the cost of our own comfort and safety, justice. We may not always triumph over evil, but our faith means evil will never triumph over us.

NOTE TO SCHEERPOST READERS FROM CHRIS HEDGES: There is now no way left for me to continue to write a weekly column for ScheerPost and produce my weekly television show without your help. The walls are closing in, with startling rapidity, on independent journalism, with the elites, including the Democratic Party elites, clamoring for more and more censorship. Bob Scheer, who runs ScheerPost on a shoestring budget, and I will not waver in our commitment to independent and honest journalism, and we will never put ScheerPost behind a paywall, charge a subscription for it, sell your data or accept advertising. Please, if you can, sign up at chrishedges.substack.com so I can continue to post my now weekly Monday column on ScheerPost and produce my weekly television show, The Chris Hedges Report.

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https://scheerpost.com/2023/04/08/chris-hedges-the-hypocrisy-of-the-christian-church/

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