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China – Russia Eurasian Trade Bloc Undermines Obama’s “Neocon Agenda”: Prof. Michael Hudson
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China – Russia Eurasian Trade Bloc Undermines Obama’s “Neocon Agenda”: Prof. Michael Hudson
President Putin Pledges to Increase Trade with China and Asia to Rebuke Sanctions
400 billion dollar 40 year oil and gas deal between China and Russia is a response to the new cold war pressure and sanctions on Russia says Professor Michael Hudson
SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to The Real News Network. I’m Sharmini Peries, coming to you from Baltimore.
During this year a number of governments applied sanctions against Russia for its involvement in the alleged pro-Russian unrest in the Ukraine. Sanctions against Russia were applied by many countries, with the United States and the European Union taking a lead. In retaliation, Russia has responded with sanctions against a number of countries, including a total ban on food imports from the European Union, United States, Norway, Canada, and Australia.
What does all of this mean to Europe, the United States, and the geopolitical reconfigurations on trade pacts?
Here to discuss all of this is Michael Hudson. Michael is coming to us from New York City. He is the distinguished research professor of economics at the University of Missouri-Kansas City.
http://youtu.be/8vRVbjDlsxcSo, Michael, what’s going on this week in Beijing?
MICHAEL HUDSON, PROF. ECONOMICS, UMKC: The APEC meetings. In most such meetings for the last few years, including the G20 meetings (coming up in Brisbane this weekend) nothing really has been done. The United States is attending as the odd man out.
At issue are two different views of how economies should evolve. China is moving for its own trading bloc instead of being in a privatized pro-corporate bloc, it’s a mixed economy. So what you have is the Chinese economy growing very rapidly, and the American economy that’s been going flat.
In a situation like this there’s not really much to say. China and the United States have announced pretty much what they were going to do anyway and make it appear as if they’re all doing it in harmony.
President Obama was talking mainly to his American base, and to the Republican Party in particular to work on the Trans-Pacific Partnership. His vision is an agreement that will abolish government regulation of the environment, abolish regulation of banking, and implicitly nullify the Dodd-Frank Act. If a bank misbehaves or a government requires higher reserve requirements, then under the new international law that Mr. Obama is pushing, the government have to pay the private bank as if it weren’t regulated. And if a government imposes environmental fines on a company for polluting the environment, the government will have to pay the company whatever it would have made if it didn’t have any such fines.
The big news in the American press is that China has agreed to lower its air pollution. Well, of course China has to do this. If you’ve been in Beijing, you know it’s a polluted city. So this is just an announcement of where it’s going. Russia announced at the meetings a $400 billion 30-year gas deal with China to increase gas exports, with some oil also going to China. So China will scale back its coal plants, and there’ll be less coal smoke in the air…..More Here
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