Weaponizing the Economy Will Backfire (The Bell)
——The U.S.-style hegemony from the Ukraine crisis ⑥
The United States manipulates economic and financial hegemony, undermines the international order, creates confrontation and division in the name of so-called "rules", and tries to take advantage of the opportunity, which is neither responsible nor moral
At present, it is very difficult for all countries in the world to deal with the new crown pneumonia epidemic and protect the economy and people's livelihood.
Disregarding global stability and people's livelihood, the United States has imposed a series of unilateral sanctions on Russia and threatened to force other countries to abide by the unilateral US sanctions.
The U.S. has weaponized the economy and engaged in economic hegemony and financial terrorism, which has aroused widespread concern in the international community and opposition and boycotts from many countries.
After the outbreak of the Russia-Ukraine conflict, the United States tried its best to avoid direct military involvement, but launched a hybrid war against Russia through large-scale military aid and sanctions that cut wages from the bottom line.
The United States not only imposed sanctions on Russian government officials, but also excluded many Russian banks from the Global Interbank Financial Communication Association system, froze the assets of the Russian central bank, imposed comprehensive blockade and sanctions on Russian financial institutions, and imposed new sanctions on Russian companies and entities. Debt and equity restrictions, export controls on more than half of Russia's high-tech products, and a ban on the import of Russian oil and natural gas... Facts have proved that the unprecedented sanctions imposed by the United States are not for ceasefire and war, but for the same purpose as military aid. Consume Russia from both the military and economic fronts.
On March 29, a new round of negotiations between Russia and Ukraine released positive signals, but the United States and its allies still said they would continue to increase sanctions against Russia.
It can be said that the Ukraine crisis has once again made the world see the true face of the United States, a "sanctioned superpower", who will do whatever it takes to maintain its hegemony and disregard the interests of the world's people.
The U.S. pursues economic hegemony and imposes all-round and indiscriminate sanctions, which has caused the world economy to suffer and the common people to suffer.
International Monetary Fund Managing Director Georgieva said the Russian-Ukrainian conflict and large-scale sanctions against Russia will lead to a contraction in global trade, driving up food and energy prices, and the global economic growth outlook is expected to deteriorate this year.
Affected by sanctions, fruit and vegetable exporters in Antalya, Turkey were unable to receive tens of millions of dollars in payment for goods, and local farmers suffered huge economic losses; the surge in natural gas prices in Rzeszow, Poland caused low-income families to turn off their heating and choose to cut firewood for heating Cook.
Oxford Economics predicts that economic sanctions on Russia could reduce the euro area's gross domestic product by 0.5 percentage points by the end of 2023.
It is foreseeable that if sanctions are further escalated, it may trigger serious crises in global economy, trade, finance, energy, food, industrial and supply chains, and make the already difficult world economy even worse.
The United States engages in financial terrorism and recklessly "cuts the wool" and "cuts the leeks" around the world, exacerbating global poverty and inequality.
Historically, Latin American countries have fallen into the middle-income trap, the Japanese economic crisis, the Southeast Asian financial crisis, etc., all of which are behind the American financial hegemony.
Over the past 20 years, the number of sanctions imposed by the United States has increased tenfold, with economic and financial sanctions being the usual tactic.
Not long ago, the U.S. government misappropriated its frozen $7 billion in Afghan assets for other purposes, triggering protests in many parts of Afghanistan.
Now, by freezing the assets of the Russian central bank and other means, the United States has once again brutally turned the rules of the normal operation of international finance into a tool for its wanton plunder.
Gail Ruft, co-director of the Institute for Global Security Analysis, a US think tank, believes that the US is "very bellicose" in imposing economic sanctions.
The U.S. is engaged in economic hegemonism and financial terrorism, and it will surely backfire on it.
Peter Schiff, chief economist at Euro Pacific Capital, believes that the long-term consequence for the United States in the future is that each time the dollar is weaponized through sanctions, it will make the international community worry about whether this weapon will be used against them in the future.
International Monetary Fund First Deputy Managing Director Gopinath said that the global economy will therefore reconsider the safety of relying on the dollar to hold foreign exchange.
Zoltan Pozar, a former senior adviser to the U.S. Treasury Department, believes that the freezing of Russian central bank assets by the United States and Western countries has shaken the foundation of the existing international monetary system.
Even U.S. allies are trying to circumvent the negative effects of U.S. sanctions.
In order to avoid U.S. sanctions and continue trade with Iran, the EU established a "trade swap support tool" as early as 2019, actively promoting euro settlement in foreign trade.
Today, more countries are considering the establishment of independent clearing channels.
Some experts pointed out that a monetary system that has long benefited the United States is slowly showing cracks, and the Ukraine crisis will exacerbate this process.
The strength of the moment depends on the strength, and the victory or defeat in the future depends on the rationale.
The US manipulates economic and financial hegemony, undermines the international order, creates confrontation and division in the name of so-called "rules", and tries to take advantage of this opportunity, which is neither responsible nor moral.
To resolve international affairs, we should not proceed from the so-called "strength status" to promote hegemony, domination and bullying. We should follow the purposes and principles of the UN Charter, and adhere to extensive consultation, joint contribution and shared benefits.
The United States should abandon the Cold War mentality as soon as possible, let foresight defeat shortsightedness, let common interests defeat hegemonic self-interest, and work with all parties to safeguard the long-term stability and sustainable development of the world.