US Secretary of the Treasury Jack Lew gave a speech today at the Carnegie Endowment for International Peace, where he warned against the US overuse of sanctions against other nations, saying it risks undermining the US position as a leader in global trade.
Lew also said that since the US goals for sanctions were to pressure “bad actors to change their policy,” it was vital for the US to be quick with sanctions relief when they succeed, saying the US risks undermining its own credibility by not lifting sanctions.
Lew made it clear he was talking about Iran in that last case, saying Iran has “kept its end of the deal,” and that it is “our responsibility to uphold ours in both letter and spirit.” Iran has complained the US has removed many of the agreed to sanctions “on paper only” and that international banks still fear US retaliation for doing business with Iran.
In the case of the Iran sanctions, it indeed seems to be undercutting US companies who were vying for Iranian contracts, as Iran seems to be exclusively contracting with European and Asian companies for its economic reconstruction, and is increasingly resistant to doing business in US dollars because of the problems with banking.
4 thoughts on “Treasury Secretary: Overuse of Sanctions Undermines US Position in Global Economy”
At least someone says something rational occasionally.
There is an increasingly attractive alternative for a nation beset by US sanctions, China now the world’s number one economy and still growing at a rapid 7%, and whichever nations like the rest of the BRICS wish to throw in with it.
When these countries finish creating an alternative global banking system and international reserve currency, the jig will be up for the US Empire. Its military is dependent on superior technology and that advantage is also fast disappearing although the US Elite do not yet grasp that.
Well roared lion! The problem is that almost no one else in our Congress or among the ones aspiring to be in the White House accepts that defending itself is in the national interest of Iran as it is loudly touted for our nation.
By his statement Secretary Lew glaringly exposed the immoral aspect of his call for ending the sanctions against Iraq. It is not because these sanctions have hurt and still hurt the people of Iran but because the sanctions hurt the almighty dollar.
Just more forked tongue from Jacob Lew, a member of the zionist power structure. If he really believed his comments he would not have appointed another zionist as head of his Undersecretary of the Treasury for Terrorism and Financial Intelligence. The position was created for AIPAC to damage Israel’s “enemies” and was immediately headed by David Cohen, replaced by Stuart Levey who was replaced by another zionist, Adam Szubin who recently called Putin a “picture of corruption”. Now, ain’t that the pot calling the kettle black.
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