The economy of Ukraine is on life support. However, despite the supportive rhetoric coming from the White House, the US-controlled IMF may pull the plug on its bailout program in order to punish Kiev for its lack of progress in the ongoing civil war.
For decades the International Monetary Fund and the World Bank have been regarded as tools used by Washington for advancing its interests. After several failed attempts to wrestle the control of the IMF from the US, developing nations are now trying to establish their own alternative 'mini IMF'. A BRICS-sponsored fund will significantly alter the global financial landscape.
Recently the western media, namely The Financial Times, have found out that Gazprom and other Russian-state companies are switching their export operations to yuans and rubles. The most common reaction was that Gazprom is trying to do something stupid and unachievable.
Before the crucial visit to Beijing next week, the governor of the Russian Central Bank, Elvira Nabiullina met Vladimir Putin to report on the progress of the upcoming ruble-yuan swap deal with the People's Bank of China and the Kremlin used the meeting to let the world know about the technical details of its international anti-dollar alliance.
On Wednesday, House Speaker John Boehner (Republican, Ohio) issued a memo in which he outlined a plan to sue Barack Obama over his frequent use of executive actions. The Speaker of the House believes that such actions are beyond Obama's legal authority as president.
Trying to find logic in the actions of Ukrainian government is getting harder day by day. After defaulting on its payments to Gazprom, Kiev now demands new discounts from the Russian company.
On Wednesday, the US Commerce Department announced that in the first quarter of 2014 gross domestic product fell to a 2.9 percent annual rate, higher than the 1.0 percent pace it had reported last month. Although mainstream media and economists are still finding positive signs in the state of the US economy, some pundits believe the US may be approaching a period of prolonged economy contraction.
One of the most often used arguments of politicians who oppose Scotland's independence is that without Great Britain and without the "innovations" coming from the city of London, Scotland will become a poor and underdeveloped country. A report commissioned by the N56 think-tank proves the skeptics wrong and argues that an independent Scotland may become a financial powerhouse.
Less than a month ago, China ensured that its voracious economy will have a steady supply of Russian natural gas for the next thirty years. Indian press reports that Narendra Modi would like to follow Xi Jinping's lead and connect India to the vast energy resources of Russia.
Teheran is trying to use the war in Iraq for its own advantage. According to IRNA, Iran's oil minister proposed to compensate the decrease in Iraq's oil output in order to keep the global prices steady. Washington can accept Iran's offer, but then it will have to lift the sanctions limiting Iran's oil exports.
China is pursuing its quest to strip the US dollar of its global reserve currency status. After establishing the mechanisms for direct ruble-yuan trading and settlement, Beijing is now kicking the dollar out of its transactions with the Great Britain.
Judging by the latest statements made by the Russian Energy Minister, Ukraine will be forced to freeze in winter and watch its industrial sector crash. Of course, the US-sponsored junta may opt for paying its gas debts, but this rational solution is highly unlikely to be chosen.
After two years of diplomatic struggles and scandals involving the US Federal Reserve, Germany gave up on its attempts to repatriate its gold. In order to save face, Bundesbank issued an official statement that underscores its "trust" in its American partners.
Hours before the beginning of Vladimir Putin's visit to Vienna, Austrian officials mounted a diplomatic offensive to support Gazprom's South Stream pipeline. South Stream is in the center of a massive conflict between the European Commission and a number of European countries, allied with Gazprom. Judging by their latest statements, top Austrian officials are firmly on the Russian side.
While Petr Poroshenko prepares to sign the Association Treaty with the European Union, Russia and its key allies from the Eurasian Economic Union prepare to erect trade barriers in order to protect their markets from reexported goods.
US Senators are generally considered to be opponents of digital cryptocurrencies. However, there is a notable exception to the rule. US congressman Jared Polis promises to defend Bitcoin in Congress but at the same time he warns the Bitcoin community that it will have a tough time with regulators across the world.
For years, Poland has been the most loyal and obedient ally of the United States in Europe. Berlin and Paris hated the fact that Poland was often used by the US State Department to break their plans regarding the development of the EU, but couldn't do anything about it.
Greece is presented as a poster child for the IMF's ability to turn around a failing economy. The reality is far from the rosy propaganda presented by the mainstream media and the Greek government. Experience proves that countries "helped" by the IMF usually end up worse off and Greece is the latest proof of the Fund's inability to properly manage a bankrupt economy.
For the last decade, Argentina has been fighting a legal battle against the so-called “holdout” creditors led by American hedge funds that are pushing the country into a new default. Recently, American courts have started helping the “vulture funds” in their quest to make the South American country pay in full for its old bonds.
Since 1997, Hong Kong's integration in China has been a relatively calm and uneventful process, but now a new wave of protests is spreading across the financial capital of China, bearing all the hallmarks of American-inspired "Color Revolutions". How will Beijing deal with a new threat?