A new report prepared by the Ministry of Foreign Affairs (MoFA) circulating in the Kremlin states that India’s veto earlier today of a landmark World Trade Organization (WTO) treaty has “shocked the world” and could very well lead to the entire collapse of this Western led global organization that for past 66 years has, in essence, economically destroyed too many once free nations to count.
According to this report, India was forced to take a stand against the West who were attempting to force this sub-continent nation into starving hundreds-of-millions of its own citizens should this WTO treaty taken effect.
In a nutshell, according to press reports, India was facing extreme pressure, mostly from the Obama regime led West, for holding up the Trade Facilitation Agreement under the WTO. It did so because it wants to first settle the question of flexibility to buy and stock as much food as it wants from its farmers. This is important to ensure the implementation of its Food Security Act.
Current WTO rules cap subsidies to farmers at 10 percent of the total value of farm production based on 1986-88 prices. [Example: Wheat: 1986:$2.42 per bushel 2014: $5.93 per bushel]
India, however, had wanted the base of calculating food subsidies updated to current price levels, taking into account inflation and currency movements. Otherwise, the government would not be able to provide subsidized food to some 67 percent of its 1.2 billion people it wishes to cover under its food security law.
Obama regime spokesman, Secretary of State John Kerry, this MoFA report continues, had flown to India to pressure Prime Minister Narendra Modi into signing this treaty but was quickly rebuffed. After which the US then blamed India for the collapse of these talks and stated that by New Delhi taking a hard-line position, the future of the WTO is now on “uncertain ground”.
In a further Indian move against the Obama regime, this report says, the Bank of Russia and the Reserve Bank of India, this week, agreed to set up a working group to devise tools to use their national currencies in bilateral payments bypassing the US Dollar in a further blow to the West.
Important to note of these events, this report continues, is that India in being a member of the anti-Western economic alliance known as BRICS (Brazil, Russia, India, China and South Africa) that last month signed an historic agreement to break the Obama regimes hegemony over the world by establishing their own monetary system.
Director Domenico Lombardi, an expert on the global economy from the Canadian think tank Center for International Governance Innovation’s (CIGI) global economy program, in commenting on the BRICS establishment of their New Development Bank (NDB) to counter the destructive policies of the Western-led World Bank (WB) and International Monetary Fund (IMF) further stated:
“…one of the main sources of frustrations for the BRICS economies and of course for China in the first place, has “pushed the BRICS countries to come together to try to quash [Western] political power, try to leverage on their rising economic power and provide a political leverage to their rising economic power.”
The BRICS’ new financial institutions, it has been further warned, could also undermine US-EU global dominance as they have had unchallenged sway over the decision-making institutions of global financial governance for 70 years, and the last thing they want to see is competition.
So deadly serious have the US-EU become in trying to maintain their global economic hegemony, MoFA experts in this report say, one need look no further than Libya, where in 2011, Muammar Gaddafi planned to quit selling Libyan oil in US Dollars — demanding payment instead in gold-backed “dinars” (a single African currency made from gold).
Within weeks of Gaddafi announcing his plan to replace the US Dollar, it should be remembered, his regime was attacked by a supposed popular uprising by what were described by the West as rag-tag revolutionaries who curiously announced the designation of the Central Bank of Benghazi as a monetary authority competent in monetary policies in Libya and the appointment of a Governor to the Central Bank of Libya, with a temporary headquarters in Benghazi.
So absolutely astounding was it that these “rag tag” Libyan rebels were able to establish a central bank before they had even formed a government, even Robert Wenzel of the US Economic Policy Journal was forced to admit to CNBC, “I have never before heard of a central bank being created in just a matter of weeks out of a popular uprising.”
Wenzel in his CNBC interview further revealed that foreign powers may have a strong influence over the rebels and stated: “This suggests we have a bit more than a ragtag bunch of rebels running around and that there are some pretty sophisticated influences”.
Most critical to note in this report, however, is its warning that while the whole world is in the middle of a global currency war (i.e. a situation where nations all compete to devalue their currencies the most in order to boost exports), the Obama regime has now “set its sights” on Russia like it did in 2011 against Libya, and in 2003 against Iraq, and in 2000 against Iran…all nations that have sought to break away from the US Dollar.
Even Brazilian President Dilma Rousseff warned the West in 2010 that the last time there was a series of competitive currency devaluations … it ended in World War II.
Sadly, President Rousseff’s warning is being joined by some of the world’s top financial experts who warned this week that “World War III is coming”.
And with India now joining with Russia and China against the US and EU…it looks to be coming much sooner than later.
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