GlobalResearch Center for Research on Globalization. It is called the Instrument in Support of Trade Exchanges (Instex) and it will permit companies in Europe to do business with countries like Iran, avoiding American sanctions by trading outside the SWIFT system, which is dollar denominated and de facto controlled by the US Treasury. There has been talk for years regarding setting up trade mechanisms that would not be dollar based, but they did not gain any momentum until the Trump Administration abruptly withdrew from the Joint Comprehensive Plan of Action (JCPOA) with Iran over a year ago. It used to be that as one grew older their experience developed wisdom that could help guide succeeding generations. And if the dollar ceases to be the world’s trade and reserve currency, what of it? Goodbye Dollar, It Was Nice Knowing You! Above photo: EU foreign policy chief Mogherini and Iranian Foreign Minister Zarif. Posted by Ron Paul Institute | Jul 4, 2019 | War & Peace | 0 . Goodbye Dollar, It Was Nice Knowing You! Goodbye PCs, it's been nice knowing you. Today the world moves too fast. Instex is an upgrade of a previous “Special Purpose Vehicle” set up by the Europeans a year ago to permit trading with Iran without any actual money transfers, something like a barter system based on balancing payments by value. A global trade war is a distinct possibility and, as observed above, the abandonment of the dollar as the international reserve currency is a possible consequence. Comment on Global Research Articles on our Facebook page, Disclaimer: The contents of this article are of sole responsibility of the author(s). Goodbye Dollar, It Was Nice Knowing You! It has also expanded the reach of its unilaterally imposed rules, forcing other nations to abide by its demands or face economic sanctions. Strategic Culture. Hello, desktop as a service. It was nice knowing you. Global Research There were other signatories to the JCPOA, all of whom were angered by the White House move, because they believed correctly that it was a good agreement, preventing Iranian development of a nuclear weapon while also easing tensions in the Middle East. necessarily represent those of the Strategic Culture Foundation. XXXX. Even the feckless Angela Merkel’s Germany now understands that national interests must prevail when the United States is demanding that it do the unspeakable. Its been nice knowing you.!***! May 17, 2015. Written by Dr. Robert Owens. The views of individual contributors do not Just ignore them, they go away eventually! Global Research, July 04, 2019. This produced an immediate response from Secretary of State Mike Pompeo last week speaking in New Delhi “If there is conflict, if there is war, if there is a kinetic activity, it will be because the Iranians made that choice.” Nevertheless, Instex could possibly be a model for mechanisms that will allow Iran to sell its oil without hindrance from Washington. Goodbye Dollar, It Was Nice Knowing You! Trump Meltdown… Will Mitch McConnell Now Get Death Threats? It is the first major step in moving away from the dominance of the dollar as the world’s trading and reserve currency. It Was Nice Knowing You. Reply. Doesn’t Anyone Believe in Come-Backs? Over the past two years, the White House has initiated trade disputes, insulted allies and enemies alike, and withdrawn from or refused to ratify multinational treaties and agreements. The Mystery of Death: Goodbye, Planet Earth, It's Been Nice Knowing You! The only country in the world that currently regards the United States favorably is Israel, which certainly has good reason to do so given the largesse that has come from the Trump Administration. Goodbye Dollar, It Was Nice Knowing You! But a sharp reaction from the White House is expected. We Were All Wrong About Trump. Well, I say this every time I type a post….but I have sucked at posting in 2020. How a Wise Decoupling May Be a Good Thing for Both China and the West, Trump’s ‘Alternate History’ and Rejection of Facts. The Centre for Research on Globalization will not be responsible for any inaccurate or incorrect statement in this article. Goodbye 2020. Goodbye, it was nice knowing you, have fun.? Over the past two years, the White House has initiated trade disputes, insulted allies and enemies alike, and withdrawn from or refused to ratify multinational treaties and agreements. Have fun though in whatever you do. Goodbye Dollar, It Was Nice Knowing You! Trump Again Takes Aim at Iran, Democracies Don’t Start Wars. But Democrats Do, A Return to Normalcy? It would mean that the Treasury might have to cease printing surplus dollars and the US ability to establish global hegemony on a credit card might well be impeded. 1 decade ago. Strategic Culture Foundation. America in Crisis... Blaming Russia Is Self-Defeating Diversion. Mozillans could have spoken loudly in support of their co-founder. The Treasury Department issued a statement regarding the Mandelker letter, saying “entities that transact in trade with the Iranian regime through any means may expose themselves to considerable sanctions risk, and Treasury intends to aggressively enforce our authorities.” Mike Pompeo also was explicit during a visit to London on May 8th when he stated that “…it doesn’t matter what vehicle’s out there, if the transaction is sanctionable, we will evaluate it, review it, and if appropriate, levy sanctions against those that were involved in that transaction. Ph.D., Executive Director of the Council for the National Interest. … Share. by Philip Giraldi July 5, 2019 1.8k Views 3 Comments. Everyone else is keen to get out from under the American heel. 26. Updated: May 17, 2015 . © 2010 - 2021 | Strategic Culture Foundation | I’ve yet to see PCLinuxOS 2009.2 break. Goodbye Dollar, It Was Nice Knowing You! Consequently, there has been considerable blowback from the Make America Great Again campaign, particularly as the flip side of the coin appears to be that the “greatness” will be obtained by making everyone else less great. In other words, this is what you say when you are saying farewell forever: "Too bad you're moving to Texas. 1 decade ago. You're saying good-bye when you mean good riddance. Trump has already been “threatening penalties against the financial body created by Germany, the U.K. and France to shield trade with the Islamic Republic from US sanctions.” The Treasury’s undersecretary for terrorism and financial intelligence, Israeli Sigal Mandelker, warned in a May 7th letter that “I urge you to carefully consider the potential sanctions exposure of Instex. It is perhaps not unreasonable to wish the Europeans success, as they are supporting free trade while also registering their opposition to the White House’s bullying tactics using the world financial system. 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