Sanctions Backfire: US Is Being Left Behind | Global Research – Centre for Research on Globalization

27-08-18 10:12:00,

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The United States has a long history of dominating international economic institutions and has been able to use that power in the past to control other governments and enrich its industries. At present, the United States is waging an economic World War targeting much of the world economy, including allies who refuse to comply with US mandates.

Among the nations included in the US economic war are China, Russia, Iran, Turkey, Venezuela, Nicaragua and North Korea. The European Union is being threatened with economic sanctions if it does not obey US demands to blockade the Iranian economy.

The US’ power and influence are waning. Measured by the real economy, i.e. people’s ability to purchase goods, the CIA’s World Factbook ranks China as the largest economy in the world, $4 trillion larger than the United States, which ranks third after the EU. Also in the top 20 are Russia, Turkey, and Iran.

US tools of economic domination are failing and are causing the country to be isolated as the rest of the world moves in a multi-polar direction. Countries are cutting the US out of their markets and building independence from US-dollar domination.

This is a time for the US to change its strategy, but the power elites and Pentagon do not seem to know any other way. Military spending continues to rise, now consuming 61% of federal discretionary spending. The social safety net is unraveling, leaving people in the US vulnerable to the impacts of a world economy that increasingly leaves the US out. It is up to us, the people, to organize and mobilize for a modern foreign policy and economy that takes the new global dynamics into account.

Fundamental Flaws In The US Economy Worsen

The global economic war the US has begun is already undermining the US economy. Rather than address decades of failed policies, the US is looking for a quick fix by taxing foreign goods and isn’t investing in building a sound economy. The US economy is not on firm ground.

Much of the real economy of the United States, producing goods, has gone overseas. Combined with new technology, this has resulted in the US losing 5 million jobs since 2000,

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