Legendary investors states sanctions against Russia have actually helped their economy, not hurt it
Famous intellect Albert Einstein once coined the definition of insanity to be when one does the same things over and over and expects a different result. Â And while Washington’s use of economic sanctions may have achieved a certain amount of success a couple of decades ago when they were used against Iraq leading up to the Gulf War in 1991, and Hussein’s final ouster in 2003, they have proven themselves to do nearly the opposite in recent years when imposed on both Iran and Russian.
In fact U.S. and Western led sanctions may have in the long run hurt America and Europe far more than they did the nations they were imposed upon, and according to legendary investor and billionaire Jim Rogers, sanctions against Russia have actually helped their economy by forcing them to turn towards China, and much greater opportunities.
The sanctions regime has given a big boost to the Russian economy, especially in agriculture. It is a very, very strong growth industry right now. It pushed the Russians together with the Asians, investor and financial commentator Jim Rogers told RT.
Investors worth around $11 trillion have assembled at the St. PetersburgÂ International Economic ForumÂ to discuss the prospects for the world economy, as well as hoping to make some lucrative deals on the side.
RT:Â Â Many financial analysts say the resilience of the Russian economy is making it more attractive to investors. Can Russia expect an increase in foreign investment after it nosedived in recent years?
Jim Rogers:Â Absolutely. Russia was hated three years ago. Nobody was putting any money here. Well, I was, but most people werenâ€™t. Itâ€™s got to get better and it is getting better, because Russia is getting better.
RT:Â Â To what extent have Western sanctions harmed Russia’s economy from your point of view, and what will it take for them to be lifted?
JR:Â In many ways the sanctions against Russia have helped Russia. It has made Russia an agricultural boom. It is a very, very strong growth industry right now. It pushed the Russians together with the Asians. When you come to Moscow or St. Petersburg airport now the Chinese are everywhere; Asians are everywhere. This is actually helping Russia in some ways, and it certainly is not helping America. Weâ€™re not getting anything out of it. â€“ Russia Today
In addition to sanctions against both Iran and Russia actually rebounding against the West, the fact that Washington is now willing to impose sanctions unilaterally outside of a United Nations vote for consensus has even led nations like China and Russia to create their own parallel financial infrastructures which now make economic warfare schemes impotent since all a nation under sanctions has to do is turn towards China and facilitate currency swaps in RMB through their new CIPS payment system.
You could almost say that America’s aggression and economic warfare against the world became the necessity which spurned the East to create the invention of competition in all aspects of the global financial system. Â And now that Russia, China, and even Iran are no longer bound to the shackles of dollar hegemony, Pandora’s Box has been opened with the East now taking its infrastructures on a worldwide road show to wean the rest of the world off of U.S. dominion.
Kenneth Schortgen JrÂ isÂ a writer for The Daily Economist, Secretsofthefed.com,Â Roguemoney.net, and Viral Liberty, and hostsÂ the popular youtube podcast on Mondays, Wednesdays and Fridays.Â Ken can alsoÂ be heard Wednesday afternoons giving an weekly economic report on theÂ Angel Clark radio show.