Credit is fungible, so this will have little if any of the intended or expected results.
And that is the likely goal here. Although it won't kill off Bank Rossiya, the breathtaking hypocrisy and stupid antics in response to Crimeans voting themselves independence, essentially USA being a poor loser, is a relationship changer.
In the early 1980s when the Iranians freed themselves of the USA puppet "Shah" of Iran, we took actions necessary to break Bank Melli Iran, with precisely the same "pariah" status as to letters of credit, supposedly a kiss of death in banking. But that is the problem when you believe your own PR. USA banks were lending credit, not money to "invest" in projects that kept Iran poor and a few Iranians and Americans rich. Faithful Moslems understand the difference between money and credit, and judo-flipped the American banks and their standby letter-of-credit false economy in Iran. A big player in standby letters of credit and Iran at the time was Continental Illinois, which went under by 1984.
Today Bank Melli Iran is the largest commercial retail bank in the Middle East. We should not believe, and certainly not act, like the world cannot live without the USA.
But bankers know all this perfectly well. The powers that be want war, and are doing what is necessary to start it. Happily the Russians and Chinese have adults as leaders, maybe they will keep us all out of war. They have their hands full enduring insults from the hypocritical. If we bring our troops home now, we are less likely to get into another war for bankers. If we have truth commissions, we can unravel the crimes of the bankers, and no one has to go to prison. If we deregulate banking, we can get closer to peace and prosperity. (It is only bank regulations that create the ability for banks to lend credit an inherently fraudulent act.) With bank deregulation, countless small, solid, profitable secure banks will open and serve the communities, as we once had before the policy of the USA was "get big or get out."
Who knows, maybe this logo would become admired among depositors in a free market USA.
Feel free to forward this by email to three of your friends.
In response to Russia’s takeover of the Ukraine’s Crimean peninsula, Obama yesterday authorized the Treasury Department to add 20 members of Putin’s inner circle, as well as Bank Rossiya, to the Office of Foreign Asset Control’s list of “specially designated nationals.”No, not at all. Since the demand for credit has not changed by this action, the only banking result will be a re-aligning of who is dealing with whom. USA banks will no longer earn on Russian deals, something that hurts the USA banks more than the Russians. But all bankers know they need a war to change the topic. Their raw, long term criminality is pernicious. There can be no economic recovery with their ongoing structural and eternal bailouts, and to end that would be to end the banker's sinecure. Better for bankers there is a big war.
The designation makes the individuals named ineligible to do business with U.S. financial institutions, which is likely a major personal inconvenience. But for Bank Rossiya, the designation is something like the kiss of death.
And that is the likely goal here. Although it won't kill off Bank Rossiya, the breathtaking hypocrisy and stupid antics in response to Crimeans voting themselves independence, essentially USA being a poor loser, is a relationship changer.
In the early 1980s when the Iranians freed themselves of the USA puppet "Shah" of Iran, we took actions necessary to break Bank Melli Iran, with precisely the same "pariah" status as to letters of credit, supposedly a kiss of death in banking. But that is the problem when you believe your own PR. USA banks were lending credit, not money to "invest" in projects that kept Iran poor and a few Iranians and Americans rich. Faithful Moslems understand the difference between money and credit, and judo-flipped the American banks and their standby letter-of-credit false economy in Iran. A big player in standby letters of credit and Iran at the time was Continental Illinois, which went under by 1984.
Today Bank Melli Iran is the largest commercial retail bank in the Middle East. We should not believe, and certainly not act, like the world cannot live without the USA.
But bankers know all this perfectly well. The powers that be want war, and are doing what is necessary to start it. Happily the Russians and Chinese have adults as leaders, maybe they will keep us all out of war. They have their hands full enduring insults from the hypocritical. If we bring our troops home now, we are less likely to get into another war for bankers. If we have truth commissions, we can unravel the crimes of the bankers, and no one has to go to prison. If we deregulate banking, we can get closer to peace and prosperity. (It is only bank regulations that create the ability for banks to lend credit an inherently fraudulent act.) With bank deregulation, countless small, solid, profitable secure banks will open and serve the communities, as we once had before the policy of the USA was "get big or get out."
Who knows, maybe this logo would become admired among depositors in a free market USA.
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| Bank Melli Iran |
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