Foreign Policy Issues Don’t Belong in Expenditure Bills, Not Even Defense Bills
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16 comments on Foreign Policy Issues Don’t Belong in Expenditure Bills, Not Even Defense Bills
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16 Comments
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2 years ago
It’s a nice theory to think all would well if the US didn’t meddle and just got out of all these places. The truth would be quite different given the territorial expansion of Russia and China. It’s ashame to see Americans equivocating. We will realize this only when it’s too late and Russia and China are dividing up US states as territories.
2 years ago
If there is a war in the Ukraine (Does Russia covet a hostile failed state?) there will be no energy flowing into Europe, the economic devastation would throw it back to a third world country, but then in the winter. NordStream will be the last thing anybody is worried about.
This would be a difficult condition to administer. What products came from slave hands, and which from regular Ughurs? There’s been about 140 delegations from seriously Muslim countries and organizations, and they have had a hard time finding the thousands of camps with millions of inmates, let alone lists of products made by various Uyghurs. Does Rubio really care about Uyghurs? Wouldn’t it be easier to form a pciture of products made in sweatshops by illegals in the American South?
2 years ago
Does the US really have any credibility on the human rights front given it’s continued participation in the Yemeni genocide.
2 years ago
This is nothing new. I read an interesting first person account of someone who escaped from The Yemen war zone and got settled in the USA a couple of years back. Very interesting story!
The Fox Hunt
A Refugee’s Memoir of Coming to America
by Mohammed Al Samawi
2 years ago
Interesting tidbit with regards to wealth inequality…..from 2016 to 2019, wealth inequality for the American middle class went DOWN vs “the rich”.
In other words the wealth for those in the middle went UP more, proportional to those in the top wealth echelon. Two times as much. This is not what most people think and say. Great report below.
link to img03.en25.com.pdf?utm_campaign=RIHA%20Housing%20Wealth%20Study%20-%2012-2-21&utm_medium=email&utm_source=Eloqua
The poor continued to lose ground, for the obvious reason that they don’t hold any assets that retain value,
2 years ago
In that particular 3-year window would it be fair to say that residential housing outperformed equities? I think so, and Blackrock would likely agree.
Theorize that homeowners (or at least mortgage payers) who happen to be middle class have a disproportionate share of their ‘wealth’ in their home when compared to the upper class, so they would have a relatively greater increase in their personal ‘wealth’ during that time period and marginally closing the gap is not so surprising. Of course in the end it’s just playing with statistics and numbers. Shifting 1 year to 2017-2020 would probably produce a result more in line with the popular belief.
2 years ago
I think 2020 would show the trend continued. Not sure how long it continues, I agree that housing is why.
2 years ago
I’ve long ranted that Congressional bills should be focused on a single subject, instead of the “kitchen sink” method they use. This would make it easier to see what was included, what was excluded and would make the bills much smaller.
Of course, this will never happen.
2 years ago
It would be nice to have a singularly-focused legislation and bills with less than 25 pages of text. Theoretically, it could happen.
Unfortunately, then all the pols would have to take a stance on individual items and not be able to hide their support (objection) to something controversial by just voting for (against) it when it’s neatly tucked into a larger piece of unrelated legislation.
2 years ago
Once there is an easy way around the current payment system (hint central bank digital currencies), US ability to globally set sanctions will end, and that will be a good thing.
But can it happen without the US and the Fed being onboard? I think this might be what is holding up the switch to using crypto for settlement. It hurts the US politically, and it hurts the dollar.
2 years ago
Some countries are already clearly doing this. China for example does plenty of business with Iran by going around the current payment system. Russia does the same.
More and more countries are going to want to escape being under the US’s thumb on the payment systems. So it’s going to happen sooner or later regardless of what the US wants. I’m with Mish, the sooner the better because it means less US meddling around the world which should overall be a good thing for the US and the rest of the world.
2 years ago
I expect the EU will beat the US to this.
They have far more reasons, Nord Stream and Iran being two of them.
The EU disagreed with Trump’s sanctions on Iran but could not get around Swift.
2 years ago
For transactions so large as the Nordstream2, Germany could pay with semiconductor chips, automobiles, airplanes, or even gold.
2 years ago
The issue is not payment from Germany the country to Russia the country. But rather that Western companies and individuals are afraid to be sanctioned on account of involvement in the project. Which sucks for them, but is hardly a crippling problem overall, since Russian companies can just do the work instead, as they just did. With German labor, even.
IOW, dependence on a country whose junta likes to pretend to be the world’s policeman, but in reality is just the world’s burglar and highway robber, sucks. And is a problem which it behoves the world to find a workaround for. The quicker they do so, the better off the world will be.
2 years ago
The sanctions are against companies. They fear US retaliation.
And payment in gold first involves buying gold, and going through Swift to do so.
2 years ago
Iran does barter to evade SWIFT – but China is one of few countries willing to do so.