21:59 [New Eastern Outlook] (E)
In the last week of August, China added crude oil imports from the US to its tariff list for the first time in a retaliatory decision against the US decision to impose fresh tariffs on Chinese products. China imports about 6 per cent of its crude oil from the US. For an economy that increasingly relies on crude oil imports, this decision carries a lot of significance. While China is also preparing to impose high tariffs on import of US cars and the trade-war is likely to continue in the days to come, the all-important question is: why would China impose tariffs on import of oil, the life-line of its economy?
17:59 [RT] (E)
US President Donald Trump told reporters on Friday that he has ordered sanctions on Iran’s national bank following the attacks on Saudi Arabia’s oil facilities.
10:28 [Indian Punchline] (E)
Riyadh’s lingering dilemma is that it is yet to substantiate Iran’s culpability and is looking for the proverbial needle in the haystack. The keenness to involve the UN in the investigations suggests that Saudis are reasonably confident of a definitive conclusion that helps isolate Iran completely in the world arena.
6:53 [Zero Hedge] (E)
Who would have thought that JPMorgan`s precious metals trading desk is the functional equivalent of the mafia, and that its one-time leader, Blythe Masters, was the mafia`s don? Well, almost everyone who didn`t mind being designated a conspiracy theorist for years. And now comes vindication, because this has just been confirmed by the DOJ, which accused the PM trading desks at JPMorgan of being deeply involved in what prosecutors described as a "massive, multiyear scheme to manipulate the market for precious metals futures contracts and defraud market participants."
19:54 [Zero Hedge] (E)
The ongoing “World War of Currencies”, as the German journalist Daniel D. Eckert called it, the battle for the future of the world monetary system is not a shallow action film but more like Game of Thrones – a complex series with hundreds of actors and locations, stretching over decades and demanding full concentration from the viewer. The bottom line is that what has been true for decades still applies. The US dollar continues to enjoy the confidence of markets, governments, and central banks. But faith in the US dollar weakens a little every year.
7:29 [New Eastern Outlook] (E)
In the past, West used to produce almost everything. While colonizing the entire planet (one should just look at the map of the globe, between the two world wars), Europe and later the United States, Canada and Australia, kept plundering all the continents of natural resources, holding hundreds of millions of human beings in what could be easily described as ‘forced labor’, often bordering on slavery. Under such conditions, it was very easy to be ‘number one’, to reign without competition, and to toss around huge amounts of cash, for the sole purpose of indoctrinating local and overseas ‘subjects’ on topics such as the ‘glory’ of capitalism, colonialism (open and hidden), and Western-style ‘democracy’.
18:44 [Sputnik] (E)
While the Chinese telecom giant Huawei remains banned from buying technologies from US firms over alleged collaboration with the Chinese authorities, the company managed to increase its revenues in 2019 and continues to strike 5G contracts worldwide.
9:15 [Consortium News] (E)
We were just beginning to hit cruising speed in our wide-ranging, 2 hour and 10 minute world exclusive interview with former President Luis Inacio Lula da Silva in his prison at the Federal Police building in Curitiba, in southern Brazil. And then it hit us hard when he told us: “The US was very much afraid when I discussed a new currency and Obama called me, telling me, ‘Are you trying to create a new currency, a new euro?’ I said, ‘No, I’m just trying to get rid of the U.S. dollar. I’m just trying not to be dependent.’”
9:50 [Xinhua] (E)
China`s exports of goods rose 2.6 percent year on year in August, while imports fell 2.6 percent, customs data showed Sunday.
19:43 [New Eastern Outlook] (E)
Continuing to monitor the confrontation between Washington and Tehran, the author of this article can see how it affects the South Korean interests. The sanctions badly hit the country’s economy and, since the summer of 2019, there have been attempts to involve Seoul in a possible military coalition.
14:55 [Clusterfuck Nation] (E)
What’s at stake in all these international confabs like the G-7 are the tenuous supply lines that keep the global game going. The critical ones deliver oil around the world. China imports about 10 million barrels a day to keep its operations going. It produces less than 4 million barrels a day. Only about 15 percent of its imports come from next door in Russia. The rest comes from the Middle East, Africa, and South America. Think: long lines of tanker ships traveling vast distances across the seas, navigating through narrow straits. The Chinese formula is simple: oil in, exports out. It has worked nicely for them in recent decades. Things go on until they don’t.
22:42 [Asia Times] (E)
There’s no way to follow the complex inner workings of the Eurasia integration process without considering what takes place annually at the Eastern Economic Forum in Vladivostok. BRICS for the moment may be dead – considering the nasty cocktail of economic brutalism and social intolerance delivered by the incendiary “Captain” Bolsonaro in Brazil. Yet RIC – Russia-India-China – is alive, well and thriving.
16:12 [Indian Punchline] (E)
President Vladimir Putin (L) and Prime Minister Narendra Modi (R) met in Vladivostok for the jubilee 20th Annual Russian-Indian Summit, Vladivostok, September 4, 2019. PM Modi’s visit to Vladivostok on Sept. 3-5 has turned out to be anti-climatic. The main outcome of the event could be, arguably, that Modi can now add Vladivostok to the exotic destinations he’s toured so far such as Ulan Bator. There was much hype that Modi’s visit would witness the launch of a brave new world of Indian economic partnership in Siberia, Russian Far East, and the Arctic regions. But there is no evidence of a breakthrough.
10:18 [New Eastern Outlook] (E)
Many have already noticed: The US really, really doesn’t feel like the world leader, or even as a ‘first world country’. Of course, I write that sarcastically, as I detest expressions like ‘first world’, and the ‘third world’. But readers know what I mean. Bridges, subways, inner cities, everything is crumbling, falling apart. When I used to live in New York City, more than two decades ago, returning from Japan was shocking: the US felt like a poor, deprived country, full of problems, misery, of confused and depressed people, homeless individuals; in short – desperados. Now, I feel the same when I land in the US after spending some time in China.
10:26 [China Matters] (E)
Failure of trade negotiations was pretty much baked in, thanks to Lightizer`s maximalist demands. And that was fine with the China hawks. Because their ultimate goal was to decouple the US & PRC economies, weaken the PRC, and make it more vulnerable to domestic destabilization and global rollback. If decoupling shaved a few points off global GDP, hurt American businesses, or pushed the world into recession, well that`s the price o` freedom. Or at least the cost of IndoPACOM being able to win the d*ck measuring contest in East Asia, which is what this is really all about.
10:09 [Indian Punchline] (E)
The diplomatic manoeuvrings over the situation around Iran are entering a crucial phase with an Iranian delegation led by Deputy Foreign Minister Abbas Araqchi leaving from Tehran for Paris today to pick up the threads of the 3-way discussions involving France, Iran and the United States at Biarritz a week ago on the sidelines of the G7 summit. Araqchi is Iran’s chief negotiator with the E3 — France, UK and Germany — on the nuclear issue. Interestingly, Araqchi openly acknowledged on Saturday that the US has “shown some flexibility on the licensing of Iranian oil sales.”
12:12 [Zero Hedge] (E)
Current uncertainty and worries are clearly reflected in the financial markets. Investors are fleeing into assets that are deemed safe such as gold, U.S. Treasuries and the dollar. They still flock to the U.S. on a massive scale whereas a lot of the current insecurity derives directly from the White House. At the same time, we are seeing more and more commentaries around the question whether a shift is taking place, slowly but surely, from the dollar toward other currencies.....And this month, Bank of England Governor Mark Carney claimed that the dollar’s status as a hegemon is putting the global economy under increasing strain and needs to end.
18:00 [Zero Hedge] (E)
European and Asian economic data is deteriorating, says economist and author Daniel Lacalle. “I’d call right now the day of reckoning,” Lacalle says, in this video excerpt of our soon-to-be released podcast In The Arena. “The entire message from mainstream consensus is ‘Yes there was a global slowdown,’ but using the trade war as an excuse.” Lacalle argues that the global growth slowdown has absolutely nothing to do with the trade war and says the trend in economic data around the world suggests Wall Street estimates for global growth are still too high.
17:58 [Zero Hedge] (E)
While Jerome Powell`s highly anticipated Jackson Hole speech was, in the words of Brean Capital`s Russ Certo "underwhelming and anti-climatic", one couldn`t say the same for the shocking luncheon speech by Bank of England`s outgoing governor, Mark Carney, titled "The Growing Challenges for Monetary Policy in the current International Monetary and Financial System", where he dedicated no less than 23 pages to a stunning - for a central banker - cause: to describe why the dollar`s "destabilizing" reserve status role in the world economy has to end, and why central banks need to join together to create their own replacement reserve currency, one potentially tied to Facebook`s new "stablecoin" Libra, although in reality any "Synthetic Hegemonic Currency" as Carney defined it would do.
9:52 [Asia Times] (E)
As the United States and China escalate the past year’s trade dispute into full-scale economic war, the decisive fact in the conflict has gone entirely unmentioned: China has already won the critical engagement in the conflict. It did so when Washington cajoled and threatened its allies to boycott Huawei’s rollout of 5G broadband, and suffered the most humiliating rebuff in this writer’s memory.
17:19 [ZeroHedge] (E)
Anyone who was hoping for a quiet end to the week is currently having a panic attack, as first China announced new tariffs on the US, then Powell`s J-Hole speech came and went, and then, as we expected, Trump responded to China`s trade war escalation when in a barrage of 4 tweets he lashed out at Beijing, saying "We don’t need China and, frankly, would be far better off without them", and ordered "Our great American companies... to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA."
18:18 [RT] (E)
Beijing has finally unveiled its response to Washington`s latest tariffs, vowing to hike levies on $75 billion-worth of US exports and to resume 25 percent tariffs on American automobiles.
6:14 [American Herald Tribune] (E)
Sanctions are economic warfare, pure and simple. As an alternative to a direct military attack on a country that is deemed to be misbehaving they are certainly preferable, but no one should be under any illusions regarding what they actually represent. They are war by other means and they are also illegal unless authorized by a supra-national authority like the United Nations Security Council, which was set up after World War II to create a framework that inter alia would enable putting pressure on a rogue regime without going to war.
22:25 [Fort Russ] (E)
For long, Russia has had its own, indigenous, highly successful IT sector, which was largely independent of Western influence. Thus, Huawei is increasing its presence in Russia.
22:21 [Indian Punchline] (E)
Media reports began appearing lately that Prime Minister Narendra Modi is planning to visit the Persian Gulf region once again— this time around, to the United Arab Emirates and Bahrain. Hopefully, the tour has a raison d’être despite its atrocious timing — when the waters of the Strait of Hormuz are so choppy and the world statesmen keep away. This will be Modi’s third visit to the UAE in the past five years. But he will be touching down on Bahraini soil for the first time as PM.
8:57 [Mint Press News] (E)
Several U.S. tech giants including Google, Microsoft and Intel Corporation have filled top positions with former members of Israeli military intelligence and are heavily investing in their Israeli branches while laying off thousands of American employees, all while receiving millions of dollars in U.S. government subsidies funded by American taxpayers.
6:24 [Global Times] (E)
Chinese tech giant Huawei is transferring its manufacturing orders from Flex to other suppliers including Foxconn and Wingtec after cutting ties with the US original equipment manufacturer, industry sources told the Global Times on Tuesday.
7:28 [RT] (E)
Washington has escalated the trade war with Beijing by accusing China of being a currency manipulator, after a Wall Street stock wipeout due to reports of Chinese retaliation to US tariffs.
7:07 [Press TV] (E)
US President Donald Trump`s pledge to impose new tariffs on Chinese goods is showing its impact on the Wall Street.
16:29 [Global Times] (E)
Recently, India-US relations have encountered challenges. The economic tension spawned by the US termination of India`s Generalized System of Preference (GSP) designation in June and following tit-for-tat tariff hikes from the Indian side reflects a fundamental lack of trust and rapport between the two countries.
16:14 [Global Times] (E)
The US Federal Reserve on Wednesday cut its target range for the federal funds rate by 25 basis points (bps), even as the US economy enjoys the longest expansion on record. However, US President Donald Trump can hardly be satisfied with a 25 bps cut, and he`s likely to keep up pressure on the Fed for something more substantial.
16:05 [Global Times] (E)
The US on Thursday unexpectedly announced on Twitter that starting September 1 it would impose a 10-percent tariff on an additional $300 billion in Chinese goods
8:21 [New Eastern Outlook] (E)
Phil Butler - When I read a tweet by Kathimerini reporter Yannis Palaiologos recalling an incident where former U.S. Ambassador to Greece David Pearce threatened the former Greek Prime Minister Alexis Tsipras about exiting the Eurozone, I knew I had to write this report. According to the reporter’s message, Alexis Papahelas, the Executive Editor of Kathimerini, related a story from the eve of the referendum when Pearce told Tsipras that in the event of a Greek exit from the Eurozone. But the real threat to Greece is not Turkey or some invader from the east. Greece’s enemies come from the other direction.
20:37 [Middle East Eye] (E)
Japan’s relationship with the US is the cornerstone of its security. Yet, the often-unpredictable policies of the Republican president have unnerved Tokyo. Trump’s diplomatic overtures towards North Korea, and his direct engagement with Kim, which led to a historic summit in June 2018, have caught Japan off-guard. So, too, did Trump’s previous statement that it was time for Japan and South Korea to defend themselves and his suggestion of halting joint military drills between the US and South Korea. This is while Tokyo watches China with increasing concern: the majority of Japan’s oil and gas arrives through the South China Sea, where Beijing’s navy is asserting its dominance. China is also increasingly investing in the Middle East.
11:46 [youtube/The Grayzone] (E)
The Grayzone’s Anya Parampil sits down with Russia`s Deputy Foreign Minister Sergei Ryabkov at the meeting of the Non-Aligned Movement in Venezuela. They discuss the emerging multipolar world and efforts to establish a financial system independent of the US dollar.
19:09 [Sputnik News] (E)
Beijing has recently been boosting its gold reserves, occupying a leading position alongside Russia in terms of gold acquisition in 2018 and the first half of 2019. Tanzania, the fourth-largest gold producer on the African continent after Ghana, Mali, and South Africa, has awarded contracts to Chinese firms for the construction of a gold smelter and two gold refineries in the country, Minister for Minerals Doto Biteko told Reuters. He noted that the decision was made after "carefully assessing the financial capability and history of [the] companies".
8:45 [Zero Hedge] (E)
Could it be possible that we are on the verge of the next “Lehman Brothers moment”? Deutsche Bank is the most important bank in all of Europe, it has 49 trillion dollars in exposure to derivatives, and most of the largest “too big to fail banks” in the United States have very deep financial connections to the bank. In other words, the global financial system simply cannot afford for Deutsche Bank to fail, and right now it is literally melting down right in front of our eyes. For years I have been warning that this day would come, and even though it has been hit by scandal after scandal, somehow Deutsche Bank was able to survive until now. But after what we have witnessed in recent days, many now believe that the end is near for Deutsche Bank.
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