Do Economic Sanctions Work? by Kenneth Rogoff – Project Syndicate

Economic Counsellor Kenneth Rogoff

Economic Counsellor Kenneth Rogoff (Photo credit: Wikipedia)

Harvard Professor, Kenneth Rogoff, takes a hard-look at the effectiveness of economic sanctions, published by Project Syndicate. It’s a recommended read. Check it out!

via Do Economic Sanctions Work? hard look at the effectiveby Kenneth Rogoff – Project Syndicate.

Obviously, the example that comes to mind is US/EU sanctions on Russia, and Russia’s response. It’s the start of a new year and I think that there’s an urgent need to remove sanctions and regain some trust between nations, as highlighted by former Soviet leader Michael Gorbachev.

Opinion – Russia’s shriveling economy becomes a global threat | The Japan Times – John Gelmini

Dr Alf is right a wounded ‘Russian’ bear is very dangerous.

We risk causing a financial vortex into which the rest of us could be drawn in and I cannot see Vladimir Putin sitting pat, while people like George Soros profits at his country’s expense. Faced with financial ruin in Putin’s position, I might unleash my two-million cyber warriors on all the bank accounts of currency speculators and drain them down to the last penny. I might do the same with regimes like Saudi Arabia, who finance ISIS and trouble on my southern borders.

We (in the West) have more money than Russia and higher living standards and are thus at greatest risk.

If the Russian people turn on Putin, we have no guarantee that his successor will be any easier to deal with than he is, and he has powerful friends in China who have their own interests to look after and may not see what we are doing as aligned with those interests.

The perception in Beijing must be that the West is making trouble for them over the “umbrella revolution” in Hong Kong and the colour revolution in the Ukraine.

The pro Ukrainian militias are clearly identifiable as Neo-Nazis by their SS tattoos emblazoned onto their shaven heads, so all our talk of international law will be seen as hypocrisy. The Ukraine is not part of NATO and we are not obliged to defend its sovereignty. It is bankrupt, corrupt and a source of trouble for the West, which has bigger problems to deal with, in the so called Islamic world, particularly those countries to whom we sell arms, who are now financing a Global Caliphate and our own destruction with our own money.

Already the Chinese are pouring scorn on the West about human rights now that the Senate Report on torture and “enhanced interrogation techniques” is in the public domain.

A wounded bear with a friendly vet with money and millions of cyber warriors is dangerous indeed, so our so called “elders and betters” need to think long and hard about the consequences of what they are doing

John Gelmini