Iran, Iraq consider using local cash in mutual trade
… from Press TV, Tehran
[ Editor’s Note:
We have an amazing iron here. The EU, despite its long history with the
US, cannot seem to find a single country to physically host the Special
Purpose Vehicle operation to continue trade with Iran, but Iraq can
tell the US, “tough doo doo”, on its demand to end trade with Iran.The situations are different of course. The EU losing trade with Iran would hurt needed exports long term with Iran; but in Iraq’s situation, the trade is desperately needed to survive economically.
Iraq will never pull itself out of its low production hole unless it has steady supplies of electricity and gas to run manufacturing on a dependable basis, let alone supply it to consumers. Despite its oil wealth and the huge reconstruction money poured into the country, it remains stuck in the mud for being able to provide work for its people.
Iraq is fortunate enough to at least have some oil wealth, but what we are seeing here is the continued growth of major barter arrangements, which is the ultimate defense against sanctions.
These only work when both sides produce things, raw materials or finished goods that the other needs. One of the engines of the US economy is war, and especially the high-ticket weapons with their expensive maintenance requirements.
The
proxy terrorism wars we are seeing and the fake threats being sold to
us via rebranding countries desperate to have a defensive capability to
our own wanton aggression as being offensive threats, was fueled by our
own negative balance of payments.......
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