TOKYO MASTER BANNER

MINISTRY OF TOKYO
US-ANGLO CAPITALISMEU-NATO IMPERIALISM
Illegitimate Transfer of Inalienable European Rights via Convention(s) & Supranational Bodies
Establishment of Sovereignty-Usurping Supranational Body Dictatorships
Enduring Program of DEMOGRAPHICS WAR on Europeans
Enduring Program of PSYCHOLOGICAL WAR on Europeans
Enduring Program of European Displacement, Dismemberment, Dispossession, & Dissolution
No wars or conditions abroad (& no domestic or global economic pretexts) justify government policy facilitating the invasion of ancestral European homelands, the rape of European women, the destruction of European societies, & the genocide of Europeans.
U.S. RULING OLIGARCHY WAGES HYBRID WAR TO SALVAGE HEGEMONY
[LINK | Article]

*U.S. OLIGARCHY WAGES HYBRID WAR* | U.S. Empire's Casino Unsustainable | Destabilised U.S. Monetary & Financial System | U.S. Defaults Twice A Year | Causes for Global Financial Crisis of 2008 Remain | Financial Pyramids Composed of Derivatives & National Debt Are Growing | *U.S. OLIGARCHY WAGES HYBRID WAR* | U.S. Empire's Casino Unsustainable | Destabilised U.S. Monetary & Financial System | U.S. Defaults Twice A Year | Causes for Global Financial Crisis of 2008 Remain | Financial Pyramids Composed of Derivatives & National Debt Are Growing | *U.S. OLIGARCHY WAGES HYBRID WAR*

Who's preaching world democracy, democracy, democracy? —Who wants to make free people free?
[info from Craig Murray video appearance, follows]  US-Anglo Alliance DELIBERATELY STOKING ANTI-RUSSIAN FEELING & RAMPING UP TENSION BETWEEN EASTERN EUROPE & RUSSIA.  British military/government feeding media PROPAGANDA.  Media choosing to PUBLISH government PROPAGANDA.  US naval aggression against Russia:  Baltic Sea — US naval aggression against China:  South China Sea.  Continued NATO pressure on Russia:  US missile systems moving into Eastern Europe.     [info from John Pilger interview follows]  War Hawk:  Hillary Clinton — embodiment of seamless aggressive American imperialist post-WWII system.  USA in frenzy of preparation for a conflict.  Greatest US-led build-up of forces since WWII gathered in Eastern Europe and in Baltic states.  US expansion & military preparation HAS NOT BEEN REPORTED IN THE WEST.  Since US paid for & controlled US coup, UKRAINE has become an American preserve and CIA Theme Park, on Russia's borderland, through which Germans invaded in the 1940s, costing 27 million Russian lives.  Imagine equivalent occurring on US borders in Canada or Mexico.  US military preparations against RUSSIA and against CHINA have NOT been reported by MEDIA.  US has sent guided missile ships to diputed zone in South China Sea.  DANGER OF US PRE-EMPTIVE NUCLEAR STRIKES.  China is on HIGH NUCLEAR ALERT.  US spy plane intercepted by Chinese fighter jets.  Public is primed to accept so-called 'aggressive' moves by China, when these are in fact defensive moves:  US 400 major bases encircling China; Okinawa has 32 American military installations; Japan has 130 American military bases in all.  WARNING PENTAGON MILITARY THINKING DOMINATES WASHINGTON. ⟴  
Showing posts with label IMF. Show all posts
Showing posts with label IMF. Show all posts

May 19, 2016

Egypt in Israeli Gas Fine Squeeze / Israel in Egypt Gas Discovery Export Clamp


http://www.timesofisrael.com/israel-may-forgive-half-of-egypts-1-7b-gas-fine/?utm_source=dlvr.it&utm_medium=twitter
 

Times of Israel

Israel may forgive half of Egypt’s $1.7b gas fine

Reported move would push along stalled talks over energy imports, amid steadily warming ties

By Times of Israel staff May 19, 2016, 3:05 pm 



[PHOTO]
Flames rise from a gas pipeline explosion in el-Arish, Egypt in July. The pipeline that transports fuel to Israel and Jordan has been attacked more than a dozen times since the fall of former president Hosni Mubarak. (photo credit: AP/File)

Israel may let Egypt slide on nearly $900 million from a fine over an energy deal, as Jerusalem courts warmer business ties with Cairo, according to a report this week.

Egypt owes Israel $1.76 billion for a 2015 court judgment that found Cairo violated an agreement to supply natural gas.

Egypt cut off talks to import Israeli natural gas after the ruling, but two officials close to the case quoted by Bloomberg Wednesday said Israel may forgive half the fine, paving the way to reopening negotiations.
According to Bloomberg, payments would be spread over 14 years and talks are still underway.

There was no official confirmation of the report, which comes as Israel has been signaling other moves to warm up to Cairo, including recently upgrading embassies in Cairo and Jerusalem.

On Sunday, Israel is expected to return two Bronze-Age wooden anthropoid sarcophagus lids to new Egyptian Ambassador to Israel Hazem Khairat at a Foreign Ministry ceremony on Sunday, four years after they were discovered smuggled into the Jewish state.

The $1.76 billion ruling, made by three arbitrators in a closed session in December, ended 3.5 years of deliberations in which the Israeli Electric Corporation was claiming over $4 billion in damages stemming from Egypt canceling their bilateral gas deal in 2012.

Egyptian government-owned gas companies EGPC and EGAS were expected to foot the bill.

In response, Egypt’s Oil Ministry ordered the gas import talks frozen until after the case is appealed and the ruling is clarified, according to Bloomberg at the time.

Israel is set to become a major gas supplier with the discovery of a massive offshore field and has looked for regional buyers, including Jordan and Egypt.

Before 2012, Israel imported natural gas from Egypt, though the pipeline, running through the restive Sinai Peninsula, was dogged by frequent sabotage.

The deal, initially slated to last 20 years, was finally canceled by Egyptian authorities following the 2012 ouster of president Hosni Mubarak and election of Muslim Brotherhood president Mohamed Morsi. Morsi was ousted in 2014, and ties between Israel and Egypt, never warm, have steadily improved since. 


[comment:  Pres = Abdel Fattah el-Sisi  / Launched 2013 coup d'etat removing Mohamed Morsi in aftermath 2013 protests. From Egypt's military class.  Won in election boycotted by most political parties & Muslim Brotherhood.  Sunni.  ]

http://www.timesofisrael.com/israel-may-forgive-half-of-egypts-1-7b-gas-fine/?utm_source=dlvr.it&utm_medium=twitter
 


Info from:   Abraham Rabinovich
http://freebeacon.com/national-security/israel-announces-discovery-of-offshore-gas-field/


SUMMARY

Dec. 2014

Israel announces discovery of offshore gasfield.
Three located in Israeli waters in past five (5) years.
Two larger fields:  2009 & 2010.
Expected to serve bulk of Israel gas needs.
Meanwhile the following are in urgent need of energy supplies:

  • *Egypt
  • *Palestine Authority (West Bank ?)
  • *Jordan
Until 5 years prior, Israel almost entirely coal & energy import dependent.

Sites = potential Hamas (Gaza) & Hezbollah (Lebanon) targets.

Israel has a policy of massive overkill as a deterrent to future attacks, so Hamas & Hezbollah may not be highly motivated to target drill sites.

Another motivator is that they may also wish to drill and would not wish to risk retaliation.  LOL

Info from:   Abraham Rabinovich
http://freebeacon.com/national-security/israel-announces-discovery-of-offshore-gas-field/

source
http://www.timesofisrael.com/top-10-things-to-know-about-israels-natural-gas/

SUMMARY
 


2009 - Leviathan - 90m Haifa - 450 bn cubic meters - rights negs Nov 2015
2009 - Tamar - 90m Haifa - 240 bn cubic meters - rights negs Nov 2015

Distribution:  Natgaz (Israel Natural Gas Lines)


2015 - Israel 60% electricity from natural gas

2015 - solar energy = 2% of Israel electricity


Benefits:

natural gas less pollutant than oil or coal / greenhouse reduction
energy independence for Israel

MASSIVE BACKLASH
environmental groups hold massive protests re gas deal
Tel Aviv protest over 10,000 Nov. 2015
Green Course one of those groups
gas deal deemed dangerous for Israel
allows for quick export of Israel gas (potentially leaving Israel w/out gas)
gas deal deemed “organized robbery”
govt despoiling greatest national resource
dividing among a group of magnates
monopoly that is selling Israeli gas back to Israelis
govt puts out as concessions for:  Israel’s geostrategic standing
Israelis don't buy that:  Bibi has turned Israel into country with:
    -- most expensive housing in West
    -- most expensive cars in West
    -- most expensive food in West
    -- most expensive gas in West

-- Bibi pushed through deal
-- public outcry & inter-govt. conflicts ensued
-- Bibi forced to put to Knesset vote
-- Knesset passed deal (59 / 51)
-- approval (at time article) required from Anti-trust Commission / or economy minister
-- economy minister resigned, refusing to be first to invoke A.52
-- LOL ... Bibi's taken over

-- duopoly between Nobel and Delek

Bill Clinton
-- Bill Clinton has lobbied for Noble Energy in past directly w/ Bibi
-- Noble Energy spox denies Clinton a paid lobbyist for Noble-- 2009 

Leviathian discover prompts calls to renegotiate tax breaks exploration

-- Due to size of discovery, Israel must renegotiate
-- 2010 Bill Clinton complains to Bibi 2010 that Israel cannot tax US business retroactively whenever they feel like it

-- 2015 - Clinton speaks at Rabin assassination mem. / gets booed by crowd
-- re his lobbing for Noble Energy

Egypt
-- Italian company exploration off coast Egypt
-- 'supergiant natural gas field discovery
-- LARGEST EVER IN MEDITERRANEAN
-- twice the size of Israel's offshore fields
-- Egypt no longer potential buy of Israel energy

Domestic Israel
-- market Israel & Palestine depend on Israel infrastructure
-- already using gas / domestic increase not substantial per annum
-- DEVELOPERS & PARTNERS NEED *EXPORT MARKET*
-- Israel & Westbank too small to justify expensive development
-- companies will only invest in development if they can be assured of STABLE EXPORT MARKET
-- talk of joint Italy-Egypt-Israel agreement
-- other option:  TURKEY
-- Turkey = economic sense but political hurdles (strained relations)

Israel single gas pipeline from Tamar (2015)
-- more pipes crucial to develop (for additional fields)
-- single pipeline problem (monopoly) + in event of damage


source

http://www.timesofisrael.com/top-10-things-to-know-about-israels-natural-gas/

-------/\/\/

Delek
Delek Group
Israeli conglomerate
and one of Israel's largest
majorly owned by Yitzhak Tshuva

EGYPT needs to get by until the offshore gas drilling is in operation (2-3 years)

EGYPT ECONOMIC SHORTFALL
1.  SAUDI ADVANCE - $22 BILLION
2.  USA ADVANCE - pending
3.  IMF ADVANCE - pending

http://nationalinterest.org/feature/will-sisi-squander-his-chance-fix-egypts-economy-16237

$22 billion Saudi aid
 
Saudis visit Egypt April
Pres. Abdel Fattah el-Sisi in damage control mode
crisis:
    1.  Egypt transferring sovereignty of x2 Red Sea islands to Saudi Arabia
    2.  Saudis providing enormous 'economic aid' package to Cairo (ie credit)
-- islands possibly sold
-- without $22 billion Saudi aid, Egypt on way to economic collapse
-- declining tourism
-- declining Suez canal revenues [why? is shipping avoiding?]
-- Islamist insurgency (ISIS-led)
-- foreign reserves dwindling dangerous levels
-- 9% annual inflation rate (deemed big)
-- over 13% unemployment (not that big, in my view)
-- annual budget deficit - 12%
-- military sucks up large part of economy / 30%
-- food & energy subsidies @ 20%
-- bloated bureaucracy + food & energy subsidies = 80% govt budget p.a.
-- babies born every 19 seconds - 2.6% replacement rate
-- Egypt population poised to double to 180 million by 2050
-- almost half of Egyptians live on $2 day
-- $20 billion goes right back to the Saudis in petroleum projects / so it's credit credit
-- funding covers 5 years
-- Italian discovered offshore gas coming on in 2-3 years
-- Saudi credit helps bridge funding gaps until gas happening
-- Sisi may be up for tax reforms, intro VAT & capital gains
-- Sisi may reduce public sector wages
-- Sisi may streamline regulations (business / environment)
-- 2017:  stand by for revolution in Egypt
-- govt cutting energy subsidies to poor by 43%
-- tax reform would enable Egypt to raise food subsidies & to lower deficit
-- unknown if Sisi will take this course ... lol
-- 2013:  Saudi Arabia, UAE & Kuwait $20 billion aid to Egypt
-- back then Egypt did not do any of the reforms it needed to do for enduring change
-- pending:
    -- USA loan
    -- IMF loan


http://nationalinterest.org/feature/will-sisi-squander-his-chance-fix-egypts-economy-16237



COMMENT

Well, this looks exciting. 

But now I can't remember how I got here.  LOL

Oh, Israel's forgiving maybe half of Egypt's gas contract cancellation massive kick in the nuts fine.   But Egypt was going to appeal the eye-watering fine. 

Israel's got masses of gas, but Egypt having twice the gas stuffs up Israel.  Egypt was going to be a buyer until the offshore discovery ... but now it has become a competitor for customers?  Wow, this could get exciting.
So Israel and Egypt are in somewhat similar circumstances:  Egypt wants out of Israeli gas supply, presumably as Egypt has huge supply source of own discovered subsequent to contact that Egypt cancelled.  Similarly, Israel has a lemon of a deal re exploration with Noble Energy, as Noble got huge tax concessions (before the giant gas discovery). 
Don't fancy Egypt's chances now that Egypt has a massive off-shore gas supply, twice the size of Israel's.  Uh-oh ... Israel will eat Egypt for breakfast.  

Wonder what's going to happen?

Israelis are highly political:  it's incredible how big the street protests were.

Bill Clinton's a creep.  Punish him, Israel.  LOL


-------/\/\/
PS ... wonder if any fall-out from this could have any impact on the Israel-Egypt-US special relationship, or if this is just business?
Wow, things aren't good economically in Egypt.   It's like another Ukraine, getting raped by USA & IMF ... & Saudis.
Egypt population massive growth + Africa population massive growth by 2050 cannot feasibly be supported, I believe.  There's probably going to be a war or something?



May 05, 2016

Filthy Wall Street & London Banker Swindlers in Collusion with Arabs, Knee-Capping Targeted Economies





Filthy Wall Street & London Banker Swindlers in Collusion with Arabs, Knee-Capping Targeted Economies
SOURCE
http://www.mintpressnews.com/brics-attack-western-banks-governments-launch-full-spectrum-assault-russia-part/215761/

Eric Draitser


BRICS Under Attack: Western Banks, Governments Launch Full-Spectrum Assault On Russia (Part I)

Russia is the target of a multi-faceted, asymmetric campaign of destabilization that has employed economic, political, and psychological forms of warfare -- each of which has been specifically designed to inflict maximum damage on the Kremlin.


By Eric Draitser

@stopimperialism | April 20, 2016 



This article is part of a series on Western meddling to foment unrest and destabilize BRICS nations in an effort to ensure the continuation of Western economic and political control over the Global South. The first two parts, focusing on Brazil and South Africa, can be found here and here. Up next: Part II on the assault on Russia, which focuses on the political, psychological and military aspects that run in tandem with the economic war on Moscow.

NEW YORK — The U.S.-NATO Empire, with its centers of power in Washington, on Wall Street, and in the city of London, is on the offensive against the BRICS countries. This assault takes many forms, each tailored to its specific target.

The ongoing soft coup in Brazil has recently entered a new stage with the impeachment of President Dilma Rousseff of the left-wing Workers’ Party. Simultaneously, the destabilization of the ANC-led government in South Africa continues as political forces align to remove President Jacob Zuma. These two situations illustrate clearly the very potent forms of subversion via Western-funded political formations and movements being employed against Brazil, Russia, India, China and South Africa, the bloc of emerging economies also known as BRICS. 

However, when it comes to a country as large as Russia, with its vast military capabilities, consolidated and wildly popular political leadership, and growing antagonism toward the West, the tools available to the Empire to undermine and destabilize are in some ways more limited.

Indeed, in the context of Russia, the popular mobilization pretext does not apply, and so that weapon in the imperial arsenal is blunted considerably. But there are other, equally potent (and equally dangerous) methods to achieve the desired effect. 

Russia is the target of a multi-faceted, asymmetric campaign of destabilization that has employed economic, political, and psychological forms of warfare, each of which has been specifically designed to inflict maximum damage on the Kremlin. While the results of this multi-pronged assault have been mixed, and their ultimate effect being the subject of much debate, Moscow is, without a doubt, ground zero in a global assault against the BRICS nations.

Economic war: Hitting Russia where it’s vulnerable

While Russia is a world class power militarily, it is highly vulnerable economically. For that obvious reason, this area has been a primary focus of the destabilization thrust.

Russia has for decades been overly reliant, if not entirely dependent, on revenues from the energy sector to maintain its economic growth and fund its budget. According to the U.S. Energy Information Administration and Russia’s Federal Customs Service, oil and gas sales accounted for 68 percent of Russia’s total export revenues in 2013. With more than two-thirds of total export revenues and roughly 50 percent of the federal budget, not to mention 25 percent of total GDP, coming from oil and gas revenue, Russia’s very economic survival has been as dependent on energy as almost any country in the world.

In light of this, it’s no surprise that the drop in oil prices over the 18-month period from April 2014 to January 2016, which saw prices dive from $105 per barrel to under $30 per barrel, has caused tremendous economic instability in Russia. Even many leading Russian officials have conceded that the negative impact to Russia’s economy is substantial, to say the least. 

At the World Economic Forum in January, former Russian Finance Minister Alexey Kudrin explained that not only has the drop in oil prices badly hurt the Russian economy, but the worst may be yet to come. Kudrin noted the potential for prices to drop even further, possibly even below $20 per barrel, and he warned that the impact to the economy will be significant.

Specifically, it’s not just the loss of revenue, but the negative effect on wages and the currency which have many economic analysts and political figures worried. 

According to the Russian Federal Statistics Service, real wages for Russian workers have dropped significantly since the end of 2014, with steep declines throughout 2015 continuing into early 2016. This has been felt by ordinary Russians, whose wages have stagnated while inflation causes prices to shoot upwards and who have had to endure belt-tightening in terms of personal consumption, and at the national level, where the Russian government has been facing a potentially large budget shortfall for 2016.

It must be noted, however, that recent months have seen an improvement in the relative performance of the ruble, but the long-term outlook from experts remains gloomy.

This has led many Russian analysts and policymakers to advocate yet again for a decreased dependence on energy revenues. They argue that the current climate could force economic restructuring away from the critical energy sector. Aside from Kudrin, Deputy Prime Minister Yuri Trutnev made the case for potential “structural economic reforms,” as did Vladimir Mau of the Russian Presidential Academy of National Economy and Public Administration. 

Writing earlier this year in Vedomosti, Russia’s leading business publication, Mau explained:

“The demand for oil as a commodity depends on technological progress…And it’s not obvious that oil as a fuel will be always in demand in times of economic growth. With the change of the technological model, it is not ruled out that oil will become just a stock commodity for the energy and chemical industry.”

This last point — how oil is used relative to the market — is the most salient; in other words, it’s the financialization of oil. But the analysis must go a step further and explore how the financialization is, in effect, a weaponization process as oil prices become increasingly the playthings of powerful financial institutions, particularly the major banks on Wall Street and in the city of London. And this is no mere conspiracy theory.

How Wall Street targeted Russia using oil

In July 2013, Sen. Sherrod Brown, chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, opened a hearing to probe just how connected major Wall Street banks were to the holding of physical oil assets, and the attendant ability of these companies to manipulate oil prices. The findings of the hearing, considered damning by multiple analysts knowledgeable on the subject, prompted an investigation by the Senate’s Permanent Subcommittee on Investigations, published as “Wall Street Bank Involvement with Physical Commodities.”

The report highlighted just one of the big banks, Morgan Stanley, noting:  

“One of Morgan Stanley’s primary physical oil activities was to store vast quantities of oil in facilities located within the United States and abroad. According to Morgan Stanley, in the New York-New Jersey-Connecticut area alone, by 2011, it had leases on oil storage facilities with a total capacity of 8.2 million barrels, increasing to 9.1 million barrels in 2012, and then decreasing to 7.7 million barrels in 2013. Morgan Stanley also had storage facilities in Europe and Asia.  According to the Federal Reserve, by 2012, Morgan Stanley held ‘operating leases on over 100 oil storage tank fields with 58 million barrels of storage capacity globally.’”

Pam and Russ Martens of the well-respected financial analysis site WallStreetOnParade.com succinctly noted in their analysis of this issue: “With financial derivatives and 58 million barrels of physical storage capacity, it might not be so hard to manipulate the oil market.”

Indeed, the sheer scope of Morgan Stanley’s market influence demonstrates the obvious fact that the major Wall Street banks, and their cousins in the city of London, are able to significantly affect global prices using multiple levers like supply and derivatives, among others.

The Senate report’s brazen honesty is likely the main reason the corporate media failed to cover it all.  As noted in the report:

“Due to their physical commodity activities, Goldman, JPMorgan, and Morgan Stanley incurred increased financial, operational, and catastrophic event risks, faced accusations of unfair trading advantages, conflicts of interest, and market manipulation, and intensified problems with being too big to manage or regulate, introducing new systemic risks into the U.S. financial system.”

But perhaps most jaw-dropping is this January 2014 statement by Norman Bay, director of the Office of Enforcement at the Federal Energy Regulatory Commission, who testified before the Committee on Banking and Financial Institutions and Consumer Protection Subcommittee. He plainly outlined how the big banks manipulate global oil markets:

“A fundamental point necessary to understanding many of our manipulation cases is that financial and physical energy markets are interrelated … a manipulator can use physical trades (or other energy transactions that affect physical prices) to move prices in a way that benefits his overall financial position. One useful way of looking at manipulation is that the physical transaction is a ‘tool’ that is used to ‘target’ a physical price.”

When one considers how much influence these large banks have on global prices, it’s almost self-evident that they would be able to use oil prices to execute a political and geopolitical agenda. With that in mind, it seems highly suspicious (to say the least) that the collapse of the oil price coincided directly with Russia’s move to annex Crimea and assert its dominance over its sphere of influence, thereby effectively stopping the eastward expansion of NATO in Ukraine.

It’s amusing then when one reads The New York Times reporting this month that “simple economics” explains the drop in oil prices. In fact, it’s clear that it’s just the opposite: The collapse of oil is the result of financial manipulation by Wall Street in the service of the broader agenda of the Empire.

Indeed, in late 2014 Russian President Vladimir Putin implied strongly that the oil plunge had less to do with economic factors than with political decisions. Putin openly theorized: “There’s lots of talk about what’s causing (the lowering of the oil price). Could it be the agreement between the U.S. and Saudi Arabia to punish Iran and affect the economies of Russia and Venezuela? It could.”

Of course, Putin was not alone in this assessment, as many international observers spread “conspiracy theories” about collusion between the U.S. and Saudi Arabia to deliberately depress oil prices by not cutting production despite all market indicators pointing to a needed decrease.

With U.S.-Russia relations having reached their nadir at precisely that moment, and with Venezuela and Iran also on the enemies list, it is no surprise that many analysts around the world concluded that Washington and Riyadh were conspiring on oil for political reasons.

Of course, the other major impact of the oil plunge on Russia has to do with the burgeoning energy-trade relationship between Russia and China. After the massive oil and gas deals announced between Russia and China in 2014 — deals worth hundreds of billions of dollars over the next three decades, it seems that Washington calculated that while it could not prevent the deals from moving forward, it could undermine them by fundamentally changing the calculus of the deals by tanking oil prices. In so doing, not only have the contracts been rendered less profitable for Russia, they are now subject to decreasing demand from China, which is experiencing its own economic slowdown.   

In short, Russia’s attempt to break free of its dependence on revenue from gas sales to Europe by shifting its focus eastward has left Moscow in a bind. Facing the prospect of significantly less revenue than it anticipated coming from the deals with Beijing, Russia has been forced to adjust its own estimates and outlook for the coming years.

Sanctions: The other economic weapon

The overall impact of Western sanctions against Russia is a hotly debated subject. Russian media tends to downplay the overall impact of the sanctions, while the Western media paints a picture of imminent collapse. Notably, Paul Krugman, the leading liberal doomsayer, prognosticated in The New York Times in 2014 that “Putin’s Bubble Bursts,” warning that Russia was headed for economic meltdown thanks to the courageous sanctions regime imposed by the fearless leader President Barack Obama. 

In reality, the sanctions had little immediate, direct impact on the Russian economy, but the indirect bruising might be significant, particularly over the medium- and long-term. Last year, the International Monetary Fund issued a report, noting:

“IMF estimates suggest that sanctions and counter sanctions might have initially reduced real GDP by 1 to 1½ percent. Prolonged sanctions may compound already declining productivity growth. The cumulative output loss could amount to 9 percent of GDP over the medium term. However, the report’s authors underline that these model-driven results are subject to significant uncertainty.”

But, looking beyond the raw numbers, one must realize that the policy prescriptions outlined by the IMF and leading economists internationally are perhaps the actual target for the West. 

The IMF recommended “reforming the pension system” (read: reduce pensions), reducing energy subsidies, reducing tax exemptions, and other measures, while also suggesting that education, health care, and public investment be safeguarded. However, the subtext of the recommendations is that austerity, which by its very definition starves public programs of much needed funding, is the way to go for Russia.

There are likely strategic planners in Washington who recognize that the political subversion model employed in Brazil and South Africa simply won’t work in Russia. If nothing else, the failed “White Revolution” protests of late 2011 led by Russian liberals and various pro-Western political forces, demonstrated unequivocally that the Russian state was prepared to prevent precisely this sort of outcome. 

And so it seems that those who play on what former National Security Advisor Zbigniew Brzezinski famously called “The Grand Chessboard,” have made their moves in an attempt to corner Russia economically. Whether that strategy has been, or will be, effective likely depends on perspective. While it alone will not bring about the Western pipe dream of regime change in Russia, the Empire’s elites are banking on the collective assault on Russia and the BRICS broadly to do what political subversion alone could not.

About the author
Eric Draitser

Eric Draitser is a geopolitical analyst based in New York and the founder of StopImperialism.


More articles by Eric Draitser [MintPress]



SOURCE
http://www.mintpressnews.com/brics-attack-western-banks-governments-launch-full-spectrum-assault-russia-part/215761/

-------/\/\/


Eric Draitser
"Eric Draitser is an independent geopolitical analyst based in New York City and the founder of StopImperialism.com. He is a regular contributor to RT, Counterpunch, New Eastern Outlook, Press TV, and many other news outlets. Visit StopImperialism.com for all his work."   [RTNews]

-------/\/\/

Enemies of the Free World:
  • Morgan Stanley
  • Goldman Sachs
  • JP Morgan
  • City of London
  • Wall Street
  • International Monetary Fund
  • The New York Times

-------/\/\/

COMMENT

Help save Russia & Brics countries from greedy Wall Street & city of London banks. 

Call for worldwide privatisation of their foreign assets ... that ought to throw a spanner in the works.

 *Not sure I'll remember much of this.


April 18, 2016

Ukraine's IMF's Bitch


SOURCE
http://www.pravdareport.com/news/world/ussr/ukraine/15-04-2016/134176-poroshenko_ukraine-0/


Poroshenko sells Ukraine's independence for $1 billion
15.04.2016 | Source: Pravda.Ru

US Vice President Joseph Biden held a meeting with Ukrainian President Petro Poroshenko.

President of Ukraine Petro Poroshenko and Vice President Joseph Biden agreed on the signing of the agreement for the third tranche of credit guarantees worth one billion dollars, the Izvestia newspaper wrote. 

Biden also had a telephone conversation with new Ukrainian Prime Minister Vladimir Groisman. The US Vice President congratulated Groisman on his appointment.

According to Biden, to continue efforts for the international support of Ukraine, the new team must quickly advance the reform agenda, including the execution of obligations for the International Monetary Fund. Ukraine also needs to implement regulations of the Minsk Accord and appoint a new reformist Attorney General.

Prior to the meeting, US Vice President Joseph Biden said that Ukraine may receive $1 billion after the new government is formed based on collaboration with the IMF.

SOURCE
http://www.pravdareport.com/news/world/ussr/ukraine/15-04-2016/134176-poroshenko_ukraine-0/

---------------------- ----------------------

COMMENT

IMF's the lender of last resort (but, hey, aren't they all).

Ukraine is screwed.  What IMF says goes. 

Ukraine can expect to be raped like Russia was in the 1990s.

That means the population can probably expect 'shock therapy' austerity, inflation, extreme poverty and hardship, while state (ie public) assets are mass privatised and pretty much stolen by the already bloated Ukraine oligarchs, along with the American vultures that have come to feast on the carcass of Ukraine, as they suck up valuable public assets.

The consequences are debt-slavery to foreigners for generations of native Ukrainians.  But that is the least of the consequences.  The Ukraine people will be destroyed socially.

What kind of a$$holes give their country away to rapacious capitalists and foreigners?



April 05, 2016

US Ruling Oligarchy Imperialism: Panama & Panama Invasion 1989

Article
SOURCE
http://web.stanford.edu/class/e297a/Panama%20Imperialism%20and%20Struggle.htm


US Ruling Oligarchy Imperialism:  Panama

source - circa. 2003
http://web.stanford.edu/class/e297a/Panama%20Imperialism%20and%20Struggle.htm

Iraq: a Lesson from Panama Imperialism and Struggle for Sovereignty
By Coleen Acosta



            If History is to be the signifier of lessons learned, then why do wars continue to happen? The United States has never really been considered an Imperialist nation, but as history proves, the US has had a long stake in international geopolitical control over various countries, as well as economic markets that have made these countries dependent on the United States for survival. In light of recent events in Iraq, one should take a step back and look at the US’ history of hostile invasions to “make the world safe for democracy.”  This mantra had devastating [edit: consequences] on the tiny country of Panama 14 years ago. Why did the US invade Panama? To free Panama from its oppressive dictator, Manuel Noriega. The result was the a death toll of three thousand, and the country’s further dependence on the US for economic survival. Who again was the US trying to save Panama from? In reviewing the story of Panama, one is able to draw uncanny connections to the current situation in Iraq. The administration even has many of the same people that decided to invade Panama under Bush senior. Now the same minds have decided to invade Iraq under George W. Bush, under the same pretext of “freeing the Iraqi people.” Based on history however, what will be the consequences for the Iraqi people and the Iraqi nation?

            On December 20,1989 President Bush ordered US forces into Panama as he explained, “to safeguard the lives of Americans, to defend democracy in Panama, to combat drug trafficking, and to protect the integrity of the Panama Canal Treaty.”[1]   In December of 1989, 26,000 US soldiers occupied Panama in search of Manuel Noriega to be seized and tried on trafficking and racketeering charges in a US Federal court. The invasion ended two weeks later when Noriega was captured and transported to Miami. Subsequently, a new colonial government under the leadership of Guillermo Endara was hand-picked by the United States which was followed by economic and political disaster. What lead to such a drastic action against Latin America’s least populated country, and what were the lasting traumatic effects on a people faced with an imperialist, nationalist struggle?

            The situation in Panama in 1989 had been the result of a vacillating sense of national pride at odds with an eighty year old American imperialist presence. Panama had been the bearer of imperialist tensions since the turn of the century solely because of its strategic location and possible economic advantages that such a location would yield. Panama is a country that occupies the isthmus dividing North and South America. With its passage way saving sea-farers 5,000 miles of additional sailing around the tip of Tierra del Fuego, it is no wonder that Panama had been so highly sought out, and so strictly guarded.

            In 1903 President Theodore Roosevelt supported a Panamanian uprising that enabled the country to gain its independence from Colombia. Roosevelt promised that warships would be placed off the coast of Panama, allowing Panama to declare its independence on November 3rd. As a trade-off, Panama had conceded to the US sole rights to the isthmus. Following Panama’s declaration of independence, it entered into a treaty agreement with the United States allowing it to build the canal and gain sovereignty over a ‘canal zone’; a ten mile wide strip of territory along the canal that divided the nation in two. In effect, panama’s independence from one nation, marked its subjugation to another. This imperialist presence remained in place for the next eighty-five years with no significant changes until the Treaty of 1977.  On September 7th US President Jimmy Carter and Panamanian President Torrijos signed a treaty in Washington promising that the US would concede control of the waterway over to Panama on December 31st 1999.

            Midway between these years, World War II had a profound effect on Panama’s sense of nationalism. In spite of internal strife and class-conflicts that pervaded Latin America during this period, “the Panamanian people were bent on promoting development that would benefit everyone.”[2] This economic development was closely associated with the national recovery of the Canal and the closing down of US military bases. This “nationalist” feeling began to grow increasingly strong between World War II and the treaty of 1977 to the consternation of the United States. After 1977, this spirit of nationalism began to wane and the US government sought to retain control over one of its most strategic protectorates.[3]

            Upon approval of the 1977 Canal treaties, Panama lost much of its national stability as the country began to be divided. When the treaties were signed, much of the population expected immediate results, economically and geo-politically. When these results were not realized, civil unrest began to imbed itself
into the fabric of the Panamanian people. Economic recession only fueled this feeling of resentment at the government as well as imperialist powers still occupying the canal zone. When Torrijos Herrera came to power in 1968 as a result of a junta of National Guard officers in 1968, he embarked on an impressive public works program that in hindsight proved to be over-ambitious.[4] As a result, Panama declined into economic recession that only further instigated public dissatisfaction with the administration. In 1981, this instability came to a head when in 1981, Torrijos was killed in a plane crash. The result would be a power struggle leading up to the invasion of Panama in 1989.

            After Torrijos’ death, his dictatorship was usurped by Colonel Manuel Noriega Moreno, an army successor to Torrijos as well as Chief of Panamanian Secret Police and CIA operative. With Noriega’s ascendancy to dictator, civil strife worsened in Panama. Noriega instituted new economic reforms that called for a more centralized policy controlled by the World Bank and the International Monetary Fund
. This meant shifting emphasis from productive industry investments and raw materials to service activities.[5]     The economic             consequences proved to be increased unemployment coupled with factional aggravation between business groups belonging to the ‘national’ alliance verses that of a free market.

            Another change that Noriega instituted was the increased presence and strength of the Panamanian Defense Forces (PDF) to guarantee social order endangered by the new economic policy. Obviously this caused unrest at the notion of being watched and controlled by a military government. By 1988, the Panamanian government had turned into a military regime.

            Also during 1988, Noriega had been indicted by a U.S. Federal court in Miami on drug trafficking and racketeering charges. A year later the opposition leader, Guillermo Endara won the presidential race by a large margin. In response to his ouster, Noriega nullified the election and proceeded to install one of his own constituents as president on September 1st 1989. On December 15th after surviving a violent coup, Noriega sought to gain increased dictatorial powers from the legislature whose members were placed there by him. The corruption ensuing in Panama under Noriega was palpable. On the same day, Noriega declared war on the United States. One day later his regime solicited the harsh response by US upon killing an unarmed American Marine Officer. On the December 19th the US decided to go to war.

            The economic damage caused by the invasion and subsequent civil disobedience had been estimated to be between $1.5 and $2 billion balboas, which would be comparable to US dollars.[6]  Unemployment rose to record highs as the government infrastructure was left in chaos. According to the chamber of Commerce, 10,000 employees lost their jobs in the aftermath of the war.
            Sanctions that had been placed on Panama since 1988 had created staggering financial ruin as well. North American sanctions included the freezing of  $120 million in funds at the National Bank of Panama operating in the United States.[7] In addition, 200 US firms suspended their fiscal obligations which included payment of Panamanian taxes valued at $400 million annually.[8] Panama’s sugar quota had been suspended which accounted for 30,000 tons of sugar exports along with the prohibition on US loans, donations and economic assistance. The US also announced sanctions on those merchant ships registered in Panama.[9]

            Why however did the US respond with such a heavy hand to a country that posed no logical threat? When the US invaded Panama, it did so under the banner of restoring order, protecting its citizens and to defend democracy. Whose democracy was the US defending however? In the words of Xabier Gorostiaga, “The complexity of the Panamanian crisis is not only the product of a long history but of a dialectic struggle between the Panamanian people in search of sovereignty while living under the imperial eagle.[10]  This crisis was not a simple event related to the removal of one corrupt leader or the US’ concern for democracy. Philip E. Wheaton would argue that, “the fundamental motivation was US military control over Panama after the year 2,000.”[11] Wheaton argues that the time-table for Panama to achieve complete sovereignty was reaching a critical moment, with the United States facing the danger of losing its century-long control over the Isthmus.

            It is true that neither US defense of the canal or judicial prosecution of Noriega justified an invasion which has, “cost possibly a thousand lives or more, tremendous suffering and damage to the county, an action that has not resolved but complicated the emergence of democracy in Panama under a colonial government.”[12] US invasion into Panama served to remind the rest of the world that Washington retained hemispheric hegemony.

            Long before the invasion of Panama in 1989, the US sensed the budding seeds of nationalism within Panamanian society that lead to the treaty of 1977. The US however was not prepared to disavow the economic and strategic gains that control over the canal would provide. Throughout the 1980’s therefore, the Reagan administration strove to contain a stronghold on control of the canal. Since the Carter-Torrijos treaties had been ratified by the US congress and approved by a Panamanian plebiscite, the US would never be able to renege a treaty returning a geographical wonder back to its owners. At the same time however, the treaty had to be created in 1977 or else the US would have run the risk of being condemned as an imperial colonizer. The US wanted to disentangle itself from the world perception of Roosevelt and his 'big stick’ oppressing the people of Latin America. The US therefore had the task of circumventing popular perception by first creating the treaty of 1977 and then surreptitiously trying to weaken it so that it could legally retain control. As Luis Restrepo commented, “the Reagan Administration’s strategy was to weaken the treaties, to debilitate them through non-compliance, to condition their content and modify their implementation.”[13]

            Two examples of such debunking tactics may be found in the passage of ‘International Law 96-70’ which fostered and justified a judicial position for the United States over the canal through, “jurisdictional, operative and administrative powers which violently disrupt the spirit and wording of the Torrijos-Carter Treaties.”[14] The anti-juridical tactic of 96-70 denies the sovereignty of the Republic of Panama over the zone territory. In addition to subversive measures to retain power in the region, Reagan violated the Treaties on over 50 separate  occasions such as, “the establishment of a Panama Canal Commission linked to the executive branch, under direct authority of the US President.”[15] Another example of such a violation would be, the reduction of the oversight functions of the Joint Board of Directors, established by the Treaty, to a mere supervisory role.[16] The invasion of Panama therefore was merely an extension of the Reagan policy to circumvent the language of the Treaty in order to retain some degree of influence if not control.

            The persons most harmed by the ensuing power struggle over control of the canal, were the Panamanian people. Ambushed from all angles, the Panamanian people existed at the whims of dictatorial regimes at the local echelon and imperialist forces at the international echelon. As a result, the Panamanian people were locked into subjugation in all possibilities. Where were they to go if the greatest superpower in the world was manipulating their own government? Noriega, the dictator that relegated Panama’s government to a military dictatorship had been a former employee of the US government and an army successor to Torrijos who had been supported by the US. Now that the superpower and the dictator were at odds, what would be the alternative be upon ousting that same leader? A higher power able to install yet a new leader while undertaking the forceful invasion of the country. Who was worse then? Noriega or the US?

            The bitter feeling of entrapment in light of the 1989 invasion seems to have been the lasting sentiment among the Panamanian people. This is a sentiment stemming not only from the invasion of 1989 but also nearly a decade of control, influence and presence; the manipulation of their sovereign government so that the Panamanian people are left incapable of actually living under a democratic government; resentment towards the US for all of these maladies in addition to the arrogance with which such a policy is carried out. It seemed ludicrous to the Panamanian people that the US would pretext the invasion to “defending democracy” when democracy was non-existent due to US policy.

            Exemplified in an interview with ‘Chuchu’ Martinez, one of Torrijos’ personal confidant and member of his ‘personal security team,’ bitterness towards the US seems unabashedly clear. When asked a question about when the United States began planning the invasion, Martinez responds,The ‘gringos’ were absolutely firm about not losing their military presence in Panama after the year 2,000. The problem was how to accomplish this goal.”[17] He further makes a vehement remark about one of Bush’s comments; “‘If Endara doesn’t win, we invade.This is Washington’s so called democratic option: either vote for Endara or we invade. So, the Panamanians went to the polls thinking that if Noriega’s candidate wins, the Yankees will either kill Noriega or invade. . .”[18]  He later comments that, “There is only one progressive thing about Noriega’s government: his clash with the Empire. . .”

            In another interview Wheaton speaks with a Panamanian writer and a Chilean woman from an upper middle-class neighborhood, February 1990. In the first interview, an anecdote was shared that reflect some of the contradictions about the invasion and point to the difficulties facing those committed to building a new Panama.[19] The first involves a unique robbery by the US occupation forces, reminiscent of WWII;

            In Buenos Aires, Argentina word came to the intellectual circles here that the North American forces had stolen the entire library of Dr. Ernesto Castillero Pimental, along with the art collection of Noriega, valued in the millions of dollars, from the National Museum, thence taking it the United States . . . Incredible!


The robbery in this anecdote is important because it represents a premeditated crime but more importantly, the fact that the US thinks it has the right to steal such treasures precisely because they consider it a US colony.
          

            More than lasting resentment against the United States, it is important to take note of the thousands of people that lost their lives in this conflict. That fact, more than any imperialist ploy serves as a stinging reminder of US imperialism; that
these people died because the US was sending a “humanitarian mission” to make Panama safe for democracy. In one account from the Codehuca province, the fatalities from the bombings were described as somewhere between 700 and 800 people, both civilian and military.[20] Other accounts from the same province quote the US Army as carrying out ‘sanitation’ activities in which they use, “flamethrowers to burn hundreds of bodies. They also used common graves in which they buried hundreds of bodies.”[21] These activities can be linked to the rumors of disappearances of people reflecting the discrepancy between the numbers of missing persons and the lists of prisoners.

            Other accounts of torture tell of one the US military acting against a ‘Macho del Monte’, a soldier from the Panamanian Defense Force. The soldier reported that a wound on his lower leg was caused by a projectile which had lodged in the sole of his foot. US soldiers took a metal cable that had been used to hang up laundry and introduced it into the hole until it touched the projectile producing intense pain. Another Macho del Monte soldier was hung up by one arm on which he already had an injury to his elbow, though that wound had not been stitched up.[22]

            In another report from Coco Solo, Colon,[23] the headquarters of the of the Panamanian Defense Forces and the second largest city in the country, a reporter observes, “one can hardly see any remains from the battle. The headquarters are intact with only a few smoke stains around its main windows. There isn’t a single explosion hole in the facade, yet the three-hundred Panamanian soldiers who were inside died there without a single US soldier losing his life.”[24] It was speculated that the explanation for the unusual phenomenon is that a bomb landed inside the building with such force that it caused the building to implode instantly killing everyone.

            In another town of El Chorrillo,[25] some 14,000 persons were left homeless as a result of the bombing visited upon El Chorrillo barrio from December 20th onwards. In this report, it was estimated that approximately 3, 983 homes located around the central headquarters were destroyed. Census data shows that 14,170 people lived in that part of the barrio that was destroyed. Of that population, 40% were minors aged 14 years and younger.

            One of the few reports concerning attacks on places in the interior of the country came from the village of Pacora, near Panama City.[26] The village was bombed with chemical substances by helicopters and aircraft from Southern Command. Residents reported that this chemical substance, “burned their skin, producing intense stinging and diarrhea.”[27] Other people of Pacora reported that their town had been converted into a huge concentration camp surrounded by barbed wire,
as the Nazis used to do,”  so that its residents could not offer any assistance to Panamanian soldiers in the area.

            Panama also served as a testing ground for new US weapons.
On January 9, 1990, Reuters published an article that stated the US military as, “being proud of the demonstration of their new weapons and techniques used during the Panama invasion, ranging from 500-foot parachute jumps to high-tech apparatus for night vision.”[28] A ‘humanitarian mission’ seems like an inappropriate operation to show off military might. Given the level of opposition that US forces encountered, there was no need for much of the advance military fighters used to bomb Panama. For example, it was reporter in Reuters that, “the most exotic weapon in the invasion was the F-117A ‘Stealth bomber.’”

Reuters reported that at least one of these attack aircraft flew to Panama from its desert base in Tonopah, Nevada to command an attack on the FDP base in Rio Hato where it fired two 2,000 pound bombs to stun and disorient Noriega’s troops.[29] A fighter of that magnitude was clearly not necessary for the defeat of Noriega’s army. In a war most often referred to as the “invasion,” one may deduce how much military force would have been necessary.

            What then was the United States trying to demonstrate? Clearly it wanted to accomplish more than simply apprehending Noriega in order to save the people of Panama from its leader. Perhaps the US wanted to send a message to the Panamanian people that it is not to be intimidated, or much more importantly, denied continued control of the Panama Canal, specifically before the date which the Treaty had specified the US should turn over the canal.


            The invasion of Panama left an irrevocable mark on the psyche of the Panamanian people. The sense of trauma, grief and tremendous sense of loss suffered at the hands of a dictator as well as an imperial power began to emerge in the culture of Panama during and shortly after the invasion. The sense of Trauma could be summed up in the words of Dr. Mauro Zuniga, a popular civic leader; “From December 20th on, we no longer have a nation. . . In an attack without precedent in military history, the United States has leveled the defenses of the Panamanian army and in less than four days, that institution lays in ruin.”[30]  He continued to say that, “During this new period, the struggle will be for us Panamanians to define what we intend this nation to be. . .”[31]  That redifinement was subsequently expressed in cultural mediums. One such medium was that of literature and poetry. Norah de Alba wrote a poem in the early days of the invasion entitled Mortal Cry.

Alba is the earliest known poet to reflect on the suffering and protest of the Panamanian invasion.  In her poem she describes the outrage that the Panamanians felt in response to the US’ false banner of war and the hardships that incurred.

            Alba’s first stanza;

                                                The arrived

                                                as do thieves in the shadows

                                                --imperceptibly—

                                                In complicity with our sleep.



She describes the US military as “thieves,”  clearly expressing Panamanian sentiments towards the US as plunders that have been stealing from the people; stealing economic riches from the canal.  In a later stanza she remarks on the completely ludicrous claim that the US had come to help the Panamanian people;

                                                They arrived

                                                and said – casually –

                                                that they had come in the name

                                                of peace to make war;


                                                That they had come to “democratize”



            It is clear that the Panamanians were no better off after the US show of ‘democratization’. The economy was in ruins, 3,000 people were dead, the country was divided, people were homeless and the US retained control over the canal.

            In the aftermath of the invasion, the Panamanians moved quickly to rebuild their civilian constitutional government. On December 27, 1989, Panama’s Electoral Tribunal invalidated the Noriega regime’s annulment of the May 1989 election and confirmed the victory of the opposition candidates under the leadership of President Guillermo Endara. When President Endara took office, he pledged to foster Panama’s economic recovery, transform the Panamanian military into a police force under civilian control, and strengthen democratic institutions.[32] During the subsequent years, the Endara government struggled to meet the public’s high expectations for reform.

            An important US congressional concern was the status of Panama's economic recovery during the aftermath. Before the military intervention, the economy had been severely damaged by two years of  U.S. economic sanctions and economic disruption caused by the political crisis. Gross Domestic Product (GDP) had declined some 25% between 1987 and the end of 1989. The intervention added further to the economic decline. Some sections of Panama City were heavily damaged, leaving thousands homeless, and subsequent looting left businesses with damages in the hundreds of millions.

            The canal was indeed returned to Panama in just before midnight, December 31st 1999, ending nearly a century of American jurisdiction over one of the world’s most strategic waterways. There is still however  a large military presence in Panama. Today, Panamanians regard the US with mixed feelings. The invasion of 1989 remains a sore point in US-Panama relations however the relationship between the two countries is a mutually beneficial economic arrangement. Some observers maintain that Panama has to be concerned with other nations' views of its legitimacy and its independence from the United States. Others, however, would welcome the beginning of military base negotiations, and argue that many Panamanians favor a permanent U.S. presence because of jobs and income associated with the U.S. military facilities. Some 6,000 Panamanians work directly for the U.S. military, while thousands of others provide a variety of services to the U.S. military community.[33] The bases reportedly bring in about $360 million annually to the Panamanian economy, directly and indirectly.[34] Still other Panamanians oppose any kind of U.S. military presence. Some argue that only with the U.S. military out of the country will Panama be able to break the dependent relationship it has with the United States and recover its own national identity.


Bibliography
[ listed in original document ]

source
http://web.stanford.edu/class/e297a/Panama%20Imperialism%20and%20Struggle.htm



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COMMENT

Hey, so much for 'humanitarian' intervention ... again.

I'd say it's a war crime to bomb civilians, to use excessive force, to destroy civilian dwellings, to use chemical weapons & to use targets of aggression as guinea-pigs for weapons testing.

The invasion was probably illegal as well, but the Three Amigos (USA, Britain & France) vetoed condemnation of invasion) and therefore OK'd it in the UN (probably after extorting a 'no' (to condemnation) vote from a bunch of poor countries?).  So much for the UN farce.

US should have been sent the bill for the obscene, massive destruction of the country's infrastructure, which was probably done so US creditors and contractors could benefit reinstating what was destroyed, or so that the country is otherwise somehow dependent on the US oligarchy and friends.

Iraqi assets were also looted.  So were Germany's:  the Americans and British helped themselves.  US stole most of the patents, I think.

It's interesting that World Bank and IMF have a hand as money lenders to Noriega's govt. in advance of the destruction in 1989.  The impression I had was that they were the vultures that come in after a country or region has been destroyed, but maybe the lenders are a constant presence?