The US dollar is so important in today’s economy for three main reasons: the huge amount of petrodollars; the use of the dollar as the world’s reserve currency and the decision taken by US President Nixon in 1971 to end the dollar convertibility into gold.
The US currency is still a large part of the Special Drawing Rights (SDR), the IMF’s “paper money”.
A share ranging between 41% and 46% depending on the periods.
Petrodollarsemerged when Henry Kissinger dealt with King Fahd of Saudi Arabia, after “Black September” in Jordan.
The agreement was simple. Saudi Arabia had to accept only dollars as payments for the oil it sold, but was forced to invest that huge amount of US currency only in the US financial channels while, in return, the United States placed Saudi Arabia and the other OPEC neighbouring countries under its own military protection.
Hence the turning of the dollar into a world currency, considering the importance and extent of the oil market. Not to mention that this large amount of dollars circulating in the world definitely marginalized gold and later convinced the FED that the demand for dollars in the world washuge and unstoppable.
An unlimited amount of liquidity that kept various US industrial sectors alive but, above all, guaranteed huge financial markets such as the derivatives – markets based on the structural surplus of US liquidity.
After the Soviet Union’s collapse, the United States always thought about world’s hegemony and, above all, imagined to oppose the already active Eurasian union between China, Iran and Russia – the worst nightmare for US decision-makers – both at military and financial levels.
As early as those years, following Brzezinsky’s policy line, the US analysts warned against the unification of Eurasia – to be absolutely prevented – and against the subsequent reunification of Eurasia with the Eurasian peninsula, to be avoided even with a war.
At that time, the three aforementioned Statesstill conducted their business in dollars: China wanted to keep on becoming the “world factory”; Russia had run out of steam and wasnear breaking point; Iran had to inevitably adapt to the rest of Sunni OPEC.
With Putin’s rise to power, Russia’s de-dollarization began immediately.
The share of dollar reserves declinedyear after year, while Putin proposed new oil contracts.
Since last year, for example, dollars cannot be used in ports.
In the case of Iran, the sanction regime – in particular – has favoured the discovery of means other than the dollar for international settlements.
The operations and signs of the de-dollarization continued.
The war in Iraq against Saddam Hussein was also a fight against the Rais who wanted to start selling his oil barrels in euros, while the war in Afghanistan wasviewed by China as part of the ongoing overall encirclement of its territory.
Hence the importance of the Belt and Road Initiative. Also the war in Afghanistan was an attempt to stop the Eurasian project of economic and commercial (as well as political) union between Russia, Iran and China.
As further sanction, the EU required EU designated Iranian banks to be removed from the SWIFT network, which is also a private company.
Iran, however, has immediately joined the Chinese CIPS, a recent network, similar to SWIFT, with which it is already fully connected.
Basically China’s idea is to create an international currency based on the IMF’s Special Drawing Rights and freely expendable on world markets, in lieu of the US dollar, so as to avoid “the dangerous fluctuations stemming from the US currency and the uncertainties on its real value “- just to quote the Governor of the Chinese central bank, Zhou Xiaochuan, who will soon be replaced by Yi Gang.
In the meantime, Russia and China are acquiring significant amounts of gold.
In recent years China has bought gold to the tune of at least 1842.6 tons, but the international index could be distorted, as many transactions on the Shanghai Gold Exchange are Over the Counter (OTC) and hence are not reported.
Again according to official data, so far Russia is supposed to have reached 1857.7 tons.
Both countries have so far bought 10% of the gold available in the world.
Meanwhile, Saudi Arabia has already accepted payments in yuan for the oil sold to China, which is its largest customer. This is a turning point. If Saudi Arabia gives in, sooner or later all OPEC countries will follow suit.
In many cases, India and Russia have already traded with Iran by accepting oil in exchange for primary goods and commodities.
China has also opened a credit line with Iran amounting to as many as 10 billion euros, with a view to gettingaround sanctions.
It is also assumed that North Korea uses cryptocurrencies to buy oil from China.
As devastated as its economy is, Venezuela no longer sells its oil in dollars – and it is worth recalling it can boast the largest world reserves known to date.
Furthermore, China will buy gas and oil from Russia in yuan, with Russia being able to convert yuan into gold directly on the Shanghai International Energy Exchange.
Keynes’ “tribal residue” takes its revenge.
So far the agreements for trade in their respective currencies were signed between China and Kazakhstan (on December 14, 2014),between China and South Africa (on April 10, 2015) and between Russia and India (on May 26, 2015) while, at the end of November 2015, the Russian central bank included the yuan into the list of currencies that can be accepted as reserves. On November 3, 2016 an agreement was signed between Turkey and Russia for the exchange of their currencies and in October 2017 a similar agreement was reached between Turkey and Iran.
For financial institutions, the de-dollarization continued with the establishment of the BRICS Fund worth 100 billion dollars (on July 16, 2014) and with the establishment – on January 16, 2016 – of the Asian Infrastructure Investment Bank (AIIB), made up of 57 member countries, including Italy, which automatically caused the US anger.
In May 2015 the Russian-Chinese Investment Bank was created, followed in July 2015 by the opening of the new bank for the development of BRICS, based in Shanghai. In November 2015, however, Iran approved the establishment of a bank together with Russia.
It is worth underlining that in April 2015 the Russian national credit card system was opened, dealing also with small currency transfers.
It is also worth recalling the Duma law on de-offshorization of November 18, 2014, i.e. the legislation obliging the Russian companiesresident abroad to pay taxes directly to the Russian Treasury.
The above mentioned Chinese CIPS started operating in October 2015, while in March 2017 Russia implemented a system similar to SWIFT (interacting with the Chinese one).
The issue is complex because with fracking, the United States has become the first oil producer – hence there is less need to keep the huge amount of petrodollars. This happens while a natural oil and gas shale deposit has just been discovered, off the coast of Bahrain, with reserves of 80 billion oil barrels and 4 trillion cubic meters of gas.
The United States does no longer buy oil and gas because it does not need them, but China is increasingly the best global buyer.
Apart from the stability of gas and oil prices, which should be guaranteed in the coming years, China and its allies should be ever more able to select between the supply and, certainly, between the countries which accept the non-oil bilateral exchange with China and payments in yuan or gold.
Still today, the US GDP accounts for 22% of world’s GDP, while 80% of international payments are made in dollars.
Hence the United States receives goods from abroad always at comparatively very low prices, while the massive demand for dollars from the rest of the world allows to refinance the US public debt at very low costs.
This is the economic and political core of the issue.
In fact, the Russian government held a specific meeting on de-dollarization in spring 2014.
This is another fact to be highlighted. It is a political operation that appears to be a financial one, often in contrast with the “volatility” of current markets, but its core is strategic and geopolitical.
In theory, the de-dollarization regards three specific issues: payments, the real economy issue and ultimately the financial issue, namely the financial contracts denominated in dollars.
In the first case, China will tend to eliminate every transaction denominated in US dollars by third countries and to removesettlement mechanisms involving the dollar and operating in its neighbouring areas.
In the second case, the dollar transactions will be – and are already – largely prohibited for individuals.
In the third case, the share of foreign contracts denominated in yuan is now equal to 40% and strong acceleration will be recorded in 2018.
The oil futures denominated in yuan are now booming. The first attempt was made in 1993, when China opened its stock exchanges in Beijing and Shanghai.
China itself closed operations two years later, due to market instability and to the yuan weakness.
Two other things have changed since then: in 2016 the yuan was admitted as a currency making up the IMF Special Drawing Rights and in 2017 China overtook the United States as the world’s largest oil importer.
Hence, thanks to the oil futures denominated in yuan, China is reducing its dependence on the dollar and, in the meantime, it is supporting its oil imports, as well as promoting the use of the yuan globally and expanding its presence in the world.
Russia has done the same.
Therefore the United States is about to be ousted as world’s currency due to its continuous series of wars and military failures (former President Cossiga always told me: “The United States is always on the warpath and up in arms, but then it is not able to get out of it”) and, like everyone else, it shall pay for its public debt, which is huge and will be ever more its problem, not ours.
Here it is worth recalling what the US Treasury Secretary,John Connally, said to his European counterparts during a meeting in 1971: “The dollar is our currency, but your problem”.
Obviously, in relation to all these issues which also concern primarily the euro, the European Union is silent and sleepy.
The Mystery of China’s Internment Camps: Genocide of Uighurs
Human rights abuse is not an alien concept to the world, especially over the ghastly events posted through the two decades into this century. Whether it’s the mutiny in Syria leading to the rise of ISIS; dismembering the regional population, or the massacre of the Rohingya community at the hands of the draconian military of Myanmar; trudging the Muslim minority under the most inhuman conditions known to mankind in the name of ethnic cleansing. Even the lockdown of innocent Kashmiris, under over-the-top scrutiny and extremist mindset of the BJP-championed government of India, has been the highlight in the discussions heated in the Human Rights Councils around the globe. However, none of the human rights violations have been so systematically concealed that the very existence of a genocide is rendered a rumour for years and continues to challenge the authenticity of the news coverage obtained in today’s modernised world. The genocide of the Uighur Muslim Community in China is an accurate example of such a pogrom; the community being deliberated to renounce their faith and being subject to servile conditions, incarcerated in controversial camps under the prevailing communism in China.
Xinjiang is the extreme western region of China and enjoys the entitlement of being the largest autonomous region of the mainland yet still being a notch lesser in degree from Beijing. However, the self-governance status is as superficial and contrasting to the status of Taiwan; little to no discretion awarded to the region yet still hailed as autarchic. The Uighur community decent from the Turkic ethnicity and make up about 50% of the total population of Xinjiang, a tally totalling to about 11 million people. China was accused in the preceding years of intense surveillance of the Uighur Muslims eventually escalating to the point of being taken captive in internment camps; being forced to learn mandarin, pushed to relinquish their religion and even forcing Uighur women to marry non-Uighur men in a systematic attempt to erase the community from the region in a gruesome exercise that could only be described as an ‘extermination’ as per the definitions of The United Nations.
China’s position over the state-run genocide has stayed intricate over the years, since the initial reports of the internment camps breezed to light through international media and local activists. The Chinese officials claim that the world outside doesn’t realise the true essence of the situation in Xinjiang. The Chinese authorities have labelled the genocide as ‘Defence’ and ‘Retaliation’ against the specific groups of Uighur militants operating to bombard China with rampaging violence pivoted on the grounds of ethnic separation in the region; a movement sighted by China Communist Party as an effort to gain independence from China stemming from the brief campaign launched back in the 20th century before the communal population submitted to Communist China in 1949. China has repeatedly denied the accusations of ‘Ethnic cleansing’ and has continued to push the narrative of conducting ‘Vocational Camps’ for willing participants to fight against the militants instead of running internment torture camps to decimate the entire community.
While the world has remained dormant over the excessive brutality within the borders of the People’s Republic, the apparent heat of the genocide is pervading over China under the communist ideology posed by President Xi Jinping. His extremist comments have incited a crunch against not only the Uighur community but the Muslims residing all over China, being forced against fasting in Ramadan and even being mocked in daily prayers and for wearing veils. The recent movement in Xinjiang is projected as a programmed skit to promote the Han Chinese community in the industrial flourish of the region, thereby settling the non-natives and skimming the Uighur population gradually. The United Kingdom has continually threatened sanctions over China and even the rising Biden administration in US has addressed the genocidal tendencies within Xinjiang on the account of utter violence and discrimination. However, no substantial efforts have been taken to even probe into the situation let alone resolve it. As ethnic and religious violence continue to rage under the arching communist regime of China, a little more than critical comments and envisioning threatening policies is required from the global community to relieve Uighur’s from their misery.
Nanjing tragedy – massacre or “incident”?
On December 15, China was marking the 80th anniversary of the Nanjing massacre by Japanese troops.
In Japan, they avoid using the term “massacre,” however, so when covering the tragic event the local media referred to it as the “Nanjing incident.”
In December 1937, at the height of the second Sino-Japanese war, Japanese forces entered the city of Nanjing, then the capital of Nationalist China, which had been used by the Kuomintang government as its headquarters since 1927. The Chiang Kai-shek government had earlier decided to move the bulk of its forces out of the city, leaving behind just a small garrison. All that time, the citizens were kept in the dark about those plans. Moreover, they were prevented from escaping, even though there still was plenty of time to evacuate the civilian population. As to the Japanese, in Nanjing they didn’t encounter the serious resistance they had faced in the battle for Shanghai. And still, in addition to mass-scale looting and torching of houses, they staged a real bloodbath killing thousands of unarmed city residents and POWs. Judging by numerous accounts of that massacre, including by a handful of Europeans who remained in the city and were spared by the Japanese, who agreed to place them in a special “safety zone,” it seems that the city was being overrun not by soldiers but a giant crowd of characters from American movies about sadistic serial killers. The elaborate torture and murder of pregnant Chinese women was especially shocking.
The reasons for such behavior by the Japanese military still defy a clear explanation. One thing is clear, though: Japanese militarism as a phenomenon is characterized by the complete loss by politicians of control over the military and of officials closely associated with it. That being said, senior officers, unlike the “field generals,” were often unable to prevent the atrocities committed by the lower ranks that quickly became widespread. Unlike in the Navy, the system of personnel training in the Imperial Army allowed uneducated conscripts from peasant families to rise to the rank of officers. A chance to feel oneself as part of the “military caste” and traditions of the samurai, which their ancestors could not even dream of, might be a reason why many of those new officers began to “revel” in their own power. At the same time, medieval customs, like testing the sword’s sharpness on unarmed people, and ritual cannibalism were coming back. Japanese newspapers of that period wrote about two officers in Nanjing who competed who of them would chop off more heads, thus executing hundreds of people.
It was not until the close of World War II that the events in Nanjing attracted international attention, as even the Kuomintang propaganda had been keeping mum about it. The Japanese militarists committed countless other crimes, but for them the Nanjing massacre carried a special meaning, not because of the number of victims, but because of the reputational risks it posed for the imperial family, since one of their members (Prince Yasuhiko of the Asaka clan) was the one who personally supervised the capture of Nanjing. After the war he was not put on trial and enjoyed immunity granted to members of the imperial family, with the full consent by the US occupation authorities.
In 1948, the case of the Nanjing massacre was considered by the International Military Tribunal for the Far East, which handed down two death sentences. The tribunal determined that more than 200,000 people were killed in Nanjing. A year before that a series of “smaller courts” held in China, including in Nanjing, put the death toll at 300,000.
In post-war Japan, the “Nanjing Incident” remains a much-disputed issue giving rise to all sorts of conspiracy theories concerning not only the historical past, but also present-day relations between Japan and China.
These include attempts by the so-called “revisionists” to question both the methods of counting the victims (with just 40,000 mentioned as the lower limit) and the very fact of the Nanjing killings.
Meanwhile, a movement that emerged in Japan during the Cold War period, led by representatives of the country’s academic community, people of the arts and members of the teachers union, challenged the way historical facts, including the Nanjing massacre, were presented in school textbooks. However, their activities started to die out during the 1990s, when the nationalists, opposed to the “masochistic view” of history, began to play a bigger role in Japanese politics.
The famous Japanese writer Haruki Murakami took a lot of angry flak from the extreme right-wingers when in one of his books, published in 2017, he had one of the characters reflecting on the question about “the difference between 100,000 and 400,000” of people killed.
Getting back to the present, there is one question that is begging for an answer. Tokyo’s policy towards China was one of the biggest achievements of Prime Minister Shinzo Abe, who stepped down in September 2020. Amid a deep crisis that Japanese-Chinese relations found themselves in in 2012, due to the inability of the Democratic Party, which was in power before him, to stand up to the nationalists’ populist actions, during his eight-year premiership Shinzo Abe managed if not to make them friendly, then at least to restore “normality.” Moreover, in solving this difficult task, he neither made any concessions on key issues for Tokyo, nor irritated Washington, which had its own plans for Beijing. At the same time, Shinzo Abe continues to be viewed in East Asia and also in the West as a “hawk,” whose statements and even some symbolic gestures clearly smack of revisionism. On one occasion, for example, he was photographed at the controls of a Japanese-designed fighter with “731” painted on its fuselage, evoking clear associations with the Japanese Unit 731, which was testing bacteriological weapons on humans in Manchuria. In 2013, Abe visited the Yasukuni Shrine, drawing negative reaction not only from Japan’s regional neighbors, but also from Washington. How come a politician with such views was able to “make friends” with China?
There is a circumstance here that has not been lost on the Japanese media. Since 2018, [Chinese President] Xi Jinping has not attended events marking the anniversaries of the Nanjing tragedy, although it was he who in 2014 proposed to mark the Day of Remembrance for the Victims of the Nanjing Massacre. This time round he did not show up either for the December 15 event (due to the pandemic, as was officially explained). On December 13, Japan’s state broadcaster NHK reported that amid a further deepening of its confrontation with the United States, China intends to demonstrate its interest in strengthening ties, primarily economic ones, with Japan. Therefore, the mourning ceremony was organized so as not to harm the current status of Sino-Japanese relations.
However, the gradual “unfreezing” of relations between the two countries began long before Donald Trump declared a sanctions war on China. It was Shinzo Abe who, speaking in parliament back in 2014, invited Beijing to resume the dialogue between the two countries’ leaders. In that same year, a group of prominent Japanese politicians, among them the former Prime Minister Yasuo Fukuda, paid a visit to China. When Fukuda’s father, Takeo, was prime minister during the late 1970s, Japan signed the Treaty of Peace and Friendship with China, and his surname has since been a symbol of a “reset” in bilateral relations. This time the elderly politician was once again used as a “fire engine.” In the same year, Shinzo Abe and Xi Jinping met on the sidelines of the APEC summit in Beijing, and their meeting in Hangzhou, China, during the September 2016 G20 summit is now seen as the beginning of the active phase of mending fences between the two nations.
During the Trump presidency, this process only accelerated, much to the benefit of both Beijing and Tokyo, each of which had serious problems in relations with Washington. Notably, as the Sino-Japanese Treaty of Peace and Friendship was signed in 1978, each year ending with “8” could bring new headways in bilateral ties. This tradition is especially important for China, where ceremony plays such a big role in politics. During Shinzo Abe’s first visit to Beijing in October 2018, the sides agreed to launch over 50 infrastructure cooperation projects, which experts were quick to hail as the dawn of a new era in Japanese-Chinese relations. In fact, many of these joint projects later turned out to be just for show, and were subsequently shelved. Still, when Shinzo Abe met his Chinese counterpart at the 2019 G20 summit in Osaka, they agreed that Xi Jinping would pay an official visit to Japan in the spring of 2020, but the visit was postponed due to the pandemic. The epidemic could also have been the reason why Xi Jinping refrained from attending this year’s memorial event in Nanjing.
As for Shinzo Abe’s revisionist views, they are probably seen in Beijing as mainly intended for domestic consumption, in contrast to the pro-American nationalism of another charismatic Japanese politician, former Prime Minister Junichiro Koizumi. Unlike Koizumi, Shinzo Abe was more of a “nationalist-pragmatist,” focused on solving problems pertaining to the national interests of Japan.
During his first news conference after taking office, Japan’s new Prime Minister, Yoshihide Suga, said that he would like to build stable relations with neighboring countries, including China and Russia. Still, chances are high that the subject of the Nanjing massacre may return to the bilateral agenda since the age-old traditions of historical memory will not let the onetime foes forget this tragic event.
From our partner International Affairs
South Korea’s Potential for Global Influence is Weakened by its Mistreatment of Women
In recent years, the Republic of Korea has become a pop culture juggernaut.
Eight years after “Gangnam Style” went global, K-Pop still reigns supreme with boy band BTS topping charts and issuing IPOs. Bong Joon-ho’s film “Parasite” swept last year’s Oscars, kimchi now has UNESCO cultural heritage status, while Samsung smartphones are used all over the world, second only to the mighty Apple.
The global appeal of the Korean Wave, known as “Hallyu,” recently attracted the attention of a report from the Carnegie Endowment for International Peace, which argued that this rising soft power could in turn boost South Korea’s global influence and drive diplomatic leadership on a broad range of transnational issues, from climate change to public health to democracy promotion.
This all sounds great, but there remains a nagging problem. Despite its flourishing culture, there have also been a string of scandals highlighting the plight of women in the country, who facing everything from inequality to workplace discrimination and rampant sexual harassment.
By any measure, the problem is significant and costly to the country’s interests. According to a 2019 report by the World Economic Forum, South Korea ranks 124 out of 149 countries in the world in terms of economic opportunity for women, while another report cites the highest gender pay gap among OECD nations at 35%. This low level of female participation in the economy is not only a drag on future GDP growth, but also coincides with a parallel mental health crisis: suicides among Korean women in their 20s have jumped by more than 40 percent in the last year, at the same time that male deaths are in decline.
Mistreatment of women in Korea may be a feature, not a bug, of the system. A recent string of sexual abuse scandals has reached the highest levels of the country’s political elites.
This past July, the country was shocked to wake up to the news that the popular Mayor of Seoul Park Won-soon had committed suicide when accusations of sexual assault against his secretary were made public. Mayor Park had built his image as stalwart champion of women’s rights, and yet, the secretary, who has been threatened and blamed following the suicide, says that she “felt defenseless and weak before the immense power” of the Mayor.
Months later, we are discovering the very people meant to protect the victims instead act to protect the alleged perpetrators. Congresswoman Nam In-soon, one of South Korea’s highest profile women’s rights activists, is being called on to resign after it was revealed that she leaked news of the sexual harassment investigation into Mayor Park. Another member of congress, Yoon Mee-hyang, was forced out of the ruling Democratic Party after facing criminal charges of embezzlement from the “comfort women” charity she used to direct, which raised money for survivors of World War II military brothels.
Before Mayor Park’s suicide and the comfort women scandal, there were many others. Last year, South Chungcheong Province Governor Ahn Hee-jung was convicted on nine counts of rape and sentenced to three and half years in prison. Mayor of Busan Oh Keo-Don was forced to resign following the assault accusation. Ahn Tae-geun, a former senior prosecutor whose case had become symbolic for the #MeToo movement, had his conviction overturned earlier this year.
These patterns stand in stark contrast to the image the government seeks to project.
In public speeches, President Moon Jae-in frequently advocates in defense of women’s rights in speeches and interviews. Speaking at the last UN General Assembly, he declared a commitment to inclusiveness and reducing inequalities. The ruling DPK has long associated itself with rights activists, and has made gestures toward combating misconduct and mistreatment of women – but critics say they aren’t doing enough. A headline on CNN last summer went so far as to call out the hypocrisy: “South Korea’s President says he’s a feminist. Three of his allies have been accused of sex crimes.”
Despite numerous protest movements and well supported marches, Korea has not yet experienced a breakthrough #MeToo moment. According to media testimonials, many women continue to face significant obstacles to advance in their careers. Even after 70,000 women marched last year to protest the prolific abuse of spy cams set up in bathrooms and changing rooms, patriarchal attitudes continue. This month, guidelines published on an official government website advising pregnant women to cook, clean, and to lose weight for their husbands after childbirth caused a social media uproar.
This is a deeply concerning problem. As highlighted by the Carnegie report, Korea’s role as a “middle power” in a such a volatile region would be highly welcome, and not just on things like climate and coronavirus vaccine distribution, but also their crucial role in containing North Korea’s nuclear ambitions and holding firm in the shadow of China’s expanding authoritarian reach.
Some Korean groups have advocated internationally against gender-based violence, which is undoubtedly a very worthy cause. But until the Moon government can get serious about tackling these inequalities and abuses at home, its efforts to project influence abroad will fail to meet potential.
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