Global proposal against the economic blockade | Pasqualina Curcio

At least a score of countries are formally victims of "sanctions" by the US Since 1992, within the United Nations General Assembly, all countries except the US and Israel have voted against the unilateral coercive measures imposed through the country from the north to Cuba. Despite the obvious majority, the US has ignored it. The good wishes, the denunciations and the calls to lift the blockades have not been enough to prevent these genocidal actions against entire people. 

Ending these interference practices requires making up for two serious mistakes that we as humanity made in 1944 and 1971. For this, it is necessary to know, first, how the “sanctions” work. Let's look at an example.

When the food company "X" from, for example, Mexico wants to trade with the company "Y" from Venezuela (sanctioned country) the US government, through the Office of Foreign Assets Control (OFAC) sends a message and he says: “If you sell food to Venezuela, we will freeze all the bank accounts that you have in the world financial system. Therefore, if the Venezuelan company “Y” pays you the food, you will not be able to have that money, nor the money you already have in your accounts. Don't even bother transferring it to another bank account because we also block it for you. Oh, and if they place it in the name of another person or company, we block that other one as well ”. 

The US government can block financial resources because it is the owner of the checking point of all financial transactions that are carried out in dollars in the world. Through the Swift (global payment clearing system) the US has the power to decide which financial transactions are carried out, when and under what conditions. With that power it instills fear, threatens, blackmails, "sanctions" and blocks.

Taking that power away from the US is the strategy to follow to combat criminal blockades, which involves suspending the Bretton Woods Agreement (1944) and the petro-dollar (1971).

In 1944, in the midst of World War II, 44 countries met at Bretton Woods to decide on the new commercial, monetary and financial order that governs to this day. For that moment in which Europe was destroyed and ruined by the war, the United States prevailed taking advantage of its condition of being, not only the country that produced 50% of the world total with a surplus trade balance, but above all the great lender of the world . 

They decided that the US dollar would be, nothing more and nothing less, the world's reference currency. In other words, the exclusivity and therefore the power was granted to the US that all the currencies of the world should be referenced to the dollar, in turn backed by gold. That was the first big mistake. By the way, the IMF was created, which granted the largest participation quota, 31,1%, to the United States and with it the greater voting and control power in that body.

Then, in 1971, humanity made the second great mistake by allowing the United States, unilaterally, to disassociate itself from gold as the standard to set the price of its currency. Nixon announced to the world that from that moment on, the price of the dollar, to which all world currencies would continue to be referenced, would depend on confidence in the US economy. An announcement that was accompanied, not by chance, by the creation of the petro-dollar. From that moment on, all the oil that was bought in the world had to be traded in dollars, and since there is no country that does not buy hydrocarbons, everyone would need the US currency, which would be available in sufficient quantities because it could be issued without the restriction of the amount of gold in the vaults of the US Federal Reserve. 

They flooded the planet with dollars and in order to be able to trade them they created the SWIFT payment compensation system, also unilaterally winning the monopoly of the world financial fortune. It was a masterful move by the northern country. 

Today, 80 years after Bretton Woods and half a century after the petro-dollar, the world has taken many turns. 

The US went from being the world's largest lender in 1944 to the most indebted country on the planet, it literally owes the whole world, its debt amounts to US $ 25 billion. The situation is worse for those in the north when their international reserves do not cover even 2% of their foreign debt. In contrast, China tops the list with the largest international reserves that also cover 153% of its external debt. Not counting that the US has had a negative trade balance for half a century, it imports more than it exports. That of the Chinese has had a surplus for 5 decades. US production no longer represents 50% of the world total, it fell to 24% while China went from 1% to 16%. 

Proposal against the economic blockade

In this context, what must be submitted for debate and decision within the United Nations National Assembly is not only whether countries are for or against the "sanctions" and blockades imposed by the US. The debate should focus on the democratic construction of a new commercial, monetary and financial system.

The questions that are brought up for consultation in the United Nations Assembly should be:

Are you in favor of the US dollar not being the only world reference currency? Are you in favor of having many world reference currencies and not granting exclusivity, and therefore economic power, to a single country? Are you in favor of countries being able to buy oil and its derivatives in any currency and not exclusively in dollars? Are you in favor of all currencies being considered international reserve assets and not just the dollar, the euro, the British pound, the yen or the yuan? Do you agree that countries are free to trade their goods in any currency? Do you agree that there are several, many, payment clearing systems in the world and not just SWIFT, including the exchange of goods itself? Do you agree that, within the framework of regional integrations, currencies are created for exchange in that region that also serve for transactions with other regions or countries? Do you agree to democratize the decisions in the IMF and, therefore, that each country has the right to vote by eliminating the quotas that govern there?

The coalition of countries against the blockade that has recently been formed by Venezuela, China, Russia, Iran, Cuba, among others, should, in addition to continue adding nations, in addition to denouncing the criminal "sanctions" of the United States, and in addition to calling the compliance with the UN Charter, include in the agenda of the United Nations Assembly the creation of a new commercial, monetary and financial system that allows progress towards a pluripolar, multicenter, truly democratic world in which sovereignty and self-determination of the people is respected. Thus, incidentally and in the face of the imminent decline of the most genocidal empire that history has known, they would give it a little push to stop it falling.

 

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