Feeble U.S. Response
It would be an obvious understatement to say that BRICS and its expansion are yet another foreign policy failure for the U.S. Biden administration and its attempts to isolate countries like Russia and China. It puts a spoke in the wheels of the U.S. striving to enforce its global hegemony and control over all countries in Asia, Africa, Latin America and the Caribbean, as well as Europe and Oceania. So too the foreign strategy of countries like Canada which marches in lockstep with the U.S., is left flapping in the wind.
The feeble response of the U.S. to the BRICS Summit was evident on October 23 when, even as the BRICS Summit was in session in Kazan, Russia, heralding long-awaited results to dislodge dollar hegemony and U.S. control over the world's financial architecture, the White House announced that the United States is using its control of the international banking system to use seized Russian assets to the tune of $20 billion to provide loans to Ukraine. According to the White House announcement, the "loans" to Ukraine "will be paid back by the interest earned from immobilized Russian sovereign assets."
An estimated $300 billion in sovereign Russian assets, most of which are held in Europe, were seized by the U.S. and its accomplices in crime in the UK, Europe and Canada. This violated the most fundamental premise of contract law at the base of the juridical system which sustains what is called civil society and its democratic institutions.
The seizure of the Russian assets, as had already been done to Iran, the Democratic Republic of Korea, Venezuela and other countries, coupled with crippling sanctions to deprive countries of their sovereign right to engage in free trade according to regulations established by international institutions, shows that the rule of law based on the sanctity of private property no longer exists.
The Russian Embassy in the U.S. pointed out in a statement, "It is clear even to the average person what is truly 'significant' in this case is the theft elevated here to the rank of state policy."
"The neo-colonial deals of a small group of countries led by the United States have long and deservedly aroused a sharp rejection by the global majority," the statement said. "The results of the BRICS Summit in Kazan, which confirmed the need for multilateral efforts to build a truly independent financial architecture that would be protected from such blatant illegal actions, are the clearest proof of this," the embassy stated.
(TASS)
This article was published in
October 25, 2024
Article Link:
https://cpcml.ca/ITN2024/Articles/TI54403.HTM
Website: www.cpcml.ca Email: editor@cpcml.ca