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Sanctions Have Consequences: Another Head-Shot to the Dollar - Rory Hall (10/8/2017)

Sanctions Have Consequences: Another Head-Shot to the Dollar - Rory Hall (10/8/2017)
By Rory Hall 11 months ago 2973 Views No comments

August 10, 2017

President Trump, on August 2, was forced, by the do-nothing Congress to sign the sanctions bill against Russia. Had he not signed the bill it would have made his situation a lot worse by shining a light on the “Russia did it” narrative.

German Chancellor, Angela Merkel, is still fuming over the situation as it could have a very negative impact on the German economy, especially, the auto manufacturing industry, the strongest in the world. Russia, on the other hand, is sitting pretty and the sanctions will have almost zero effect on their economy or their ability to conduct global trade. Russia has, however, taken the opportunity to “never let a crisis go to waste” and with the MIR system, the VISA alternative, already available to the European market, Russia has now shifted into high gear to roll this system out throughout all of Russia. This will have a very negative impact on the Federal Reserve Note (dollar) and will, in fact, do more damage to the American economy than any other economy around the world, unless the Europeans allow this to stand, which is highly unlikely.

At the same time, the European Union expressed concerns the new penalties may undermine the bloc’s energy security. European Commission head Jean-Claude Juncker pledged to prepare an “adequate” response and “within days” if the measure hurt the interests of European companies. Source

As RT reported

The Russian government will intensify efforts to cut the country’s dependence on US payment systems and the dollar as a settling currency, said Deputy Foreign Minister Sergey Ryabkov on Monday, as quoted by RIA Novosti.

“We will, of course, speed up the work on import substitution, reduce dependence on US payment systems, on the dollar as a settling currency and so on. It is becoming vitally important,” said Ryabkov.
“The US is using its dominating role in the monetary and financial system to impose pressure on foreign business, including Russian companies,” added the deputy minister.

After Washington imposed sanctions on Moscow in 2014, the MasterCard international payment system stopped serving clients of seven Russian banks without warning.

In response, the Russian government ordered the creation of a national payment system. With the support of the country’s banking system, the Mir charge card was introduced in 2015.

Who’s being hurt with this latest round of lunacy coming from the 218 days of vacation in 2017 Congress? This latest round of Russian sanctions does, at the very least, two things – hurts the American economy and has the opposite effect Congress was looking to accomplish by pushing Europe closer to Russia instead forcing them to halt business with Russia. All the Federal Reserve Note’s associated with Russian trade will now be coming back to the shores of America creating even more inflation. These are just the obvious blowbacks and the other consequences will be known over the next few months as the “Russia did it” narrative continues unabated through the Western deadstream media.

Rory Hall, Editor-in-Chief of The Daily Coin, has written over 700 articles and produced more than 200 videos about the precious metals market, economic and monetary policies as well as geopolitical events since 1987. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver and Silver Doctors, SGTReport, just to name a few. Rory has contributed daily to SGTReport since 2012. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Gerald Celente and Peter Schiff, to name but a few. Visit The Daily Coin website and The Daily Coin YouTube channels to enjoy original and some of the best economic, precious metals, geopolitical and preparedness news from around the world.

The author is not affiliated with, endorsed or sponsored by Sprott Money Ltd. The views and opinions expressed in this material are those of the author or guest speaker, are subject to change and may not necessarily reflect the opinions of Sprott Money Ltd. Sprott Money does not guarantee the accuracy, completeness, timeliness and reliability of the information or any results from its use.


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