Turmoil in Global Finance
Theft of Russian Assets
The U.S.,
European Union and United Kingdom have frozen $300
billion of Russian-based social wealth held in Europe and the United
States. Two hundred billion dollars of the funds are currently in the
possession of Euroclear securities depository in Belgium, $6 billion in
the U.S. and the rest
scattered throughout Europe. The U.S. and its vassal Canada led by
Finance Minister Freeland want to outright confiscate the private
property belonging to Russians and use it mostly to buy weapons for use
in the already failed U.S./NATO proxy war against Russia in Ukraine.
They are pressuring other
members of the G7 cartel of imperialist countries to support this
position but are encountering resistance not only from certain members
but also the International Monetary Fund and the European Central Bank.
Opponents point out the obvious -- that the seizure undermines
confidence in the imperialist
international financial system under their control, reduces foreign
investments and directly imperils their private property held in Russia.
Of course, theft by any other name is still theft. The theft of private property by those who have seized control of the system and arrangements designed to defend private property is the sure sign that the sanctity of private property no longer prevails. This is causing endless turmoil in global finance and rightly so.
Signs of a backlash against the attack on Russian-held social wealth can be seen. President Putin of Russia recently signed a decree authorizing Russian authorities to prepare a "roadmap" for the seizure of foreign property in retaliation for the theft of Russian property held abroad.[1] In response to the turmoil, China is divesting out of U.S. bonds and increasing its holdings of gold.[2] Many countries are skirting the U.S. dominated financial control of global trade by using national currencies to settle accounts and using newly developed methods to move funds internationally beyond the control of the U.S. and European imperialists.
The socialized economy worldwide coupled with the massive developments due to the scientific and technical revolution have rendered private ownership of the means of production archaic. The private interests and self-centred aim of the few in ownership and control of the socialized productive forces have become superfluous to development internally and globally leading to the destruction of the productive forces through anti-social measures internally and wars of destruction internationally along with the massive dislocation of populations, and natural and social catastrophes.
The striving of very few narrow private interests to control the means of production globally operating through oligopolies and their cartels and coalitions which have usurped state power has put the collective interests and security of all humanity at risk.
The turmoil in the global financial system, the NATO proxy war in Ukraine, the U.S./Zionist genocide in Palestine, the U.S. military encirclement of China and the DPRK and many more such actions are warnings to the people of the necessity to broaden and strengthen the struggle to fashion new global arrangements among the people not based on private property, which is clearly no longer sacred, and exploitation, but on the human factor/social consciousness.
This article was published in
Volume 54 Number 35 - May 2024
Article Link:
https://cpcml.ca/Tmlm2024/Articles/MS54355.HTM
Website: www.cpcml.ca Email: editor@cpcml.ca