Man bites dog as Brics snarls at G7
When I was a young journalist starting out in the calling,yes back then being a journalist was a calling and was all about facts,about integrity, honesty and balance something that has now dissapeared completely a bit like the newspapers themselves Now in the smoke filled newsrooms of the provincial newspapers back then I learnt that dog bites man is Not News, but Man Bites DOG is headline news.
Now here is some news that should be headlines like Man Bites Dog but have been burried by the mainstream media
There has been series of disparaging and insulting actions directed at the collective West, with its Anglo-Saxon core, and they continue to unfold at a rapid pace.
Their exact number and timing are already getting challenging to rememeber them all.
Now Bloomberg, citing multiple high-ranking sources within the G7, has reported that Saudi Arabia allegedly threatened the countries of the "Big Seven" with the total dumping of its EU securities holdings portfolo if it attempts to confiscate foreign Russian assets amounting to around 300 billion dollars.
Now as previously reported in an another of my videos the latter are mostly blocked within the Belgian financial group Euroclear, which specialises in securities transactions and clearing (i.e. non-cash settlements).
The wording uses the conditional phrase "allegedly" for good reason, as will be become apparent.later in my video so don;t forget Allegeged..
Now Bloomberg is a prominent global news agency that has been criticised in recent years for publishing what is called sensitive information. The editorial board has been transparent about its use of insider sources . It is often the case that this information is deliberately leaked but is totally factual and is designed to suit the Western Estblishement narrative.
However, the company founded by Michael Bloomberg – who is a multi billionaire, former mayor of New York,a failed democrat presidentilaand a prominent supporter of the US Democratic Party – has been use his agency on numerous occasions to promote specific narratives,to advance the desired agenda and even to challenge political rivals. This is always been done in an indirect, but clearly discernible, manner.
Now before I continue I would like to appeal for your support on my channel which will help me to develop it and my website SCO BRICS Insight Dot Com. You can do that by making a small donation. All you have to do is to click on the THANKS button on the bottom the screen under this video. I appreciate all donations and I do thank everybody who makes a donation personally.
Bloomberg cites three high-ranking officials from the G7 apparatus and states that the Saudi Arabian Finance Minister had a private telephone conversation with his colleagues from the "Gee Seven".
During these conversations, the Old World representatives were warned against any attempts to use not only the body of Russian assets, but also the interest on them.
Otherwise, Riyadh indicated its intention to initiate the dumping on the the market their holdings of European bonds denominated in euros, with a particular focus on French securities. The rationale behind picking on the French is unclear maybe they just don't like Macron. However, Western financiers have already calculated that the volume of French securities in the hands of the Saudis could amount to "tens of billions of dollars".
These same experts claim that the sale of such a package while not sufficient to cause a collapse in the French stock market or economy could cause panic that could lead to chaos and serious losses. They also express concern that other countries in the Globals South holding debt obligations of European countries may follow suit and begin to threaten the collective West.
Now you only have to remember that happened a couple of years ago when Liz Truss the newly installed prime minuster of the UK tried to bring in some economic measures and the global investment community went crazy and the markets got spooked and she was soon out of office so never under estimate the power of the major fiance holdings like Sovereign wealth funds.
The Saudi Arabian Finance Ministry has refuted these allegations, stating that its bilateral relations are founded on mutual respect and are geared towards fostering and enhancing the stability of the global financial system.
So he is saying that the use of Alleged that I mentioned before shows that they have no actual proof that he said these things and they have no prooff…
The primary concern for Western think tanks is whether these actions represent a shift in Riyadh's foreign policy, a form of indirect support for Russia and, specifically, for Vladimir Putin in particular, who has met with Crown Prince Mohammed bin Salman on numerous occasions in recent years. It is also worth noting that the latter recently spoke with Vladimir Zelensky.
Western media outlets have reported an increase in the strength of relations between Moscow and Riyadh since the inception of the Special Military Operation in the Ukraine.
Additionally, Russia and Saudi Arabia have demonstrated a consistent alignment in their approach to oil production, with both countries contributing to the stabilization of prices through their participation in OPEC+.
It is accurate to conclude that this is not the outcome that the Global West would have preferred. We will leave it to Western think tanks to draw their own conclusions and assessments, but for now we would like to remind you of something.
In a video I did a few months ago, I highlighted the beginning of the process of decoupling Saudi Arabia and the United States. In August 2022, President Biden made a personal visit to Riyadh with a request to increase oil production, given the fuel crisis in the United States and the urgent need to bring down prices at the pump on Behalf of White House.
The visit concluded without any tangible outcome. Washington's request was met with silence. This was one of the first instances that led to a significant decline in Joe Biden's approval rating.
One month later, Queen Elizabeth's funeral was held in the United Kingdom. Mohammed bin Salman was in London at the time and was expected to attend the ceremony as his country's plenipotentiary representative.
However, the British government informed him that he was not permitted to attend.
This was an unprecedented and serious insult to someone the UK govt had courted for years!
The Western press was in a state of shock, reporting that the Saudis had been drawn into a closer relationship with Russia.
At this point, the New World Order had already been in place for eight months, and Russia was viewed as a highly problematic partner by those who aligned with the United States on foreign policy.
In 2023, Moscow and Riyadh worked together to maintain oil production at an acceptable level for them , which prevented prices from falling and allowed both parties to receive their preferred amount of revenue.
Concurrently, the digitalisation of financial processes in the hydrocarbon market is progressing at a rapid pace. The Saudis were instrumental in integrating into the global CBDC (Central Bank Digital Currency) payment system, and in collaboration with other financial centres of the Global East, successfully tested the mBridge system.
Both processes were accompanied by a decrease in the share of the dollar and a sharp increase in trade volumes in yuan, including via digital.
Concurrently, the Saudis were able to improve relations with Iran, another centre of geopolitical power and a key player in the region, including in the oil market, thanks to the mediation of Moscow and Beijing.
These developments had a positive impact on the stability of external markets and on the stability of Saudi Arabia's own economy.
It is therefore unsurprising that in June 2024, only those with limited knowledge were surprised by the US's unilateral termination of the agreement with Saudi Arabia. This agreement saw the US support the dollar's hegemony at the expense of its resources, in return for which it received ultimatums and demands.
Western financial institutions estimate that the sovereign wealth fund of Saudi Arabia, with a population of 37.4 million, is currently valued at almost a trillion dollars. The country's central bank (SAMA) has estimated its investments in foreign debt obligations at 445 billion dollars, of which 135 billion are US treasury bonds.
Despite Riyadh's official reassurances to Washington that it has no intention of reducing its dollar investments, it is evident that it is testing the resilience of some of its weaker financial holdings. To illustrate the point that angers the Saudi's, the European Union at the urging of the US is aiming to secure annual interest payments of between three and five billion dollars from Russian assets to guarantee a loan to Ukraine.This action has set a dangerous precedent. It is of no consequence whether the Saudi;s are doing it in their own interests or in support of Russia.
I am just pleased with the current interim result. So Man Bites Dog .
