June 25, 2019
U.S. may Sanction China
Timothy Birdnow
The U.S. is threatening to cut off financial operations of three Chinese banks in retaliation for violations of sanctions against North Korea.
From Zero Hedge:
China is already suffering from the tariff war, and her economy is showing signs of serious meltdown. China will either have to change her ways or go under - or attack us. I doubt China will do that; their economy is tied too closely to ours.
We have allowed China to have it's own way for twenty years now, ever since bill Clinton was President. That was a planned thing, done by the elites in this country to promote an international order. China meant lots of trade, and cheap goods. That was a cornerstone of their plans, to provide Americans with cheap goods to keep them happy about losing jobs and whatnot. It didn't work.
The U.S. is threatening to cut off financial operations of three Chinese banks in retaliation for violations of sanctions against North Korea.
From Zero Hedge:
The stunning development follows a May district judge order that three Chinese banks comply with U.S. investigators’ demands that they hand over records connected to the alleged movement of tens of millions of dollars in violation of international sanctions on North Korea. The publicly released court document did not name the banks, the Hong Kong company, or the North Korean entity at that time.
As the WaPo adds, according to a 2017 ruling by the US DOJ, the banks were accused of working with a Hong Kong company, which allegedly laundered more than $100 million for North Korea’s sanctioned Foreign Trade Bank. The newspaper said the bank at risk of losing access to U.S. dollars appeared to be Shanghai Pudong Development Bank, whose ownership structure, limited U.S. presence and alleged conduct with other banks matched with the details disclosed in the court rulings.
Shanghai Pudong Development Bank doesn’t have U.S. branch operations but maintains accounts in that country to handle dollar transactions, the report said, adding the subpoena battle will go before a federal appeals court in Washington on July 12.
"The ruling means that Attorney General William P. Barr or Treasury Secretary Steven Mnuchin can terminate the bank’s U.S. account and ability to process U.S. dollar transactions,†the Post said.
As the WaPo adds, according to a 2017 ruling by the US DOJ, the banks were accused of working with a Hong Kong company, which allegedly laundered more than $100 million for North Korea’s sanctioned Foreign Trade Bank. The newspaper said the bank at risk of losing access to U.S. dollars appeared to be Shanghai Pudong Development Bank, whose ownership structure, limited U.S. presence and alleged conduct with other banks matched with the details disclosed in the court rulings.
Shanghai Pudong Development Bank doesn’t have U.S. branch operations but maintains accounts in that country to handle dollar transactions, the report said, adding the subpoena battle will go before a federal appeals court in Washington on July 12.
"The ruling means that Attorney General William P. Barr or Treasury Secretary Steven Mnuchin can terminate the bank’s U.S. account and ability to process U.S. dollar transactions,†the Post said.
China is already suffering from the tariff war, and her economy is showing signs of serious meltdown. China will either have to change her ways or go under - or attack us. I doubt China will do that; their economy is tied too closely to ours.
We have allowed China to have it's own way for twenty years now, ever since bill Clinton was President. That was a planned thing, done by the elites in this country to promote an international order. China meant lots of trade, and cheap goods. That was a cornerstone of their plans, to provide Americans with cheap goods to keep them happy about losing jobs and whatnot. It didn't work.
Posted by: Timothy Birdnow at
11:11 AM
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