Observations on President Putin’s Call Upon US Not to Meddle in Russia Affairs by Peter Koenig

     

Press TV   reports on 22 November 2014 that President Putin, speaking at a forum of the All-Russia Peoples' Front in Moscow on 17 November, said “They [the US] want to subdue us, want to solve their problems at our expense. No one in history ever managed to do this to Russia, and no one ever will.”

This is certainly no exaggeration. Russia has not only a solid trade and monetary alliance with China which already today bypasses the western dollar dominated western system, Russia is also one of the key members of the BRICS and the Shanghai Cooperation Organization (SCO) which met last September in Dushanbe, Tajikistan to expands its current membership (China, Russia, Kazakhstan, Tajikistan and Uzbekistan) by including India, Pakistan, Iran and likely also Mongolia. Turkey, hosting a strategically crucial NATO base, wavering between east and west, has wanted to become an SCO member for quite a while. Turkish-speaking SCO governments would likely to support their petition. This would clearly be a huge conflict and blow to the western powers, particularly Washington – and may not go ‘unpunished’.

The expanded SCO would control some 20 percent of the world’s oil and half of all global gas reserves. On top of that, the bloc would represent about half of the world’s population. The SCO and BRICS together would cover more than half the world’s population and control about a third of the globe’s GDP.

The issuance of a joint new global currency either by these countries at once or step by step is almost a certainty. The question is when. Given the disastrous course of western economies, such a new currency and monetary system is not far off. It would gradually replace the (petro) dollar for world trading as well as a reserve currency. The latter has already started. Ten years ago about 90% of world reserves consisted of dollar denominated securities. Today this proportion has shrunk to 60% - and – to the ignorance of most of the world – is steadily declining.

According to the IMF, reserves in other currencies in emerging markets have shot up by 400% since 2003. From August 2013 to February 2014, South Korea increased its yuan holdings 25-fold.

So – Mr. Putin’s seemingly ‘bold’ statement is very much supported by facts. The western predatory economic system is decaying fast. Russia and China are already today prepared with an alternative. They are working actively with the other BRICS and SCO countries to prepare a solid larger scale alternative currency and monetary system, free from the FED, Wall Street, the IMF and the BIS (Bank for International Settlements). 
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Dr. Peter Koenig has more than 25 years of experience in international trade regulation across a wide range of issues from trade remedy (antidumping, countervailing duty) proceedings, to US Customs, Foreign Corrupt Practices Act, World Trade Organization and trade policy. A listing of experience as to specific fields is available on request. Peter also served on an Administrative Conference Advisory Group to the US Congress with regard to US trade laws and on the Customs Committee of the American Bar Association. He was formerly with the Office of Policy, Federal Trade Commission, then International Trade Counsel at U.S. Steel and finally with the law firm Miller & Chevalier. An authority on US trade laws, he has been called as an expert witness to testify in high-profile cases. He has published articles in leading law journals such as the Stanford Journal of International Law. For years Peter also has been an adjunct professor in economics, finance, accounting and law at various major universities across the United States with all disciplines related to trade regulation. He has a Ph.D. in Economics, specializing in Industrial Organization. He is known for his work in areas where law and economics interface.                                                                            ********** OneLove :::MME:::