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China Bails Out Brazil In $50 Billion Regional Power Grab
In early April, we asked if the $3.5 billion in financing the Chinese Development Bank provided to heavily indebted Petrobras was indicative of how China intends to invest once the Beijing-led Asian Infrastructure Investment Bank is officially up and running. We also noted how interesting (and ironic given how we’ve characterized the AIIB), it is that Beijing is investing in Washington’s backyard, effectively slighting the original Monroe Doctrine even as China tacitly implements its own take on an official policy of regional influence and control.
Three weeks later, we documented Xi Jinping’s historic trip to Pakistan where the Chinese President pledged to invest $46 billion in a variety of infrastructure projects including the long-delayed Iran-Pakistan natural gas pipeline as part of Beijing’s ambitious (to say the list) Silk Road initiative. As a reminder, the $46 billion is 53% more than the US has invested in Pakistan in 13 years and six times as much as what Washington promised under a recent program which the New York Times called a “dramatic failure.”
It’s against this backdrop that Chinese Premier Li Keqiang is touring Brazil, Colombia, Peru and Chile, and as Bloomberg notes, “China’s interest in Latin American isn’t just about oil and agriculture anymore.” It sure isn’t, because in a set of agreements worth as much as $54 billion, Beijing has just effectively bailed out AIIB member Brazil, further entrenching China into the economic and political future of Latin America in the process.
Via Reuters:
Chinese Premier Li Keqiang came to the rescue of Brazil's slumping economy on Tuesday with trade, finance and investment deals worth tens of billions of dollars in energy, mining, aviation and the upgrade of dilapidated infrastructure.
On his first official trip to Latin America, Li saw a raft of agreements signed, ranging from a $1 billion purchase of passenger jets made by Brazil's Embraer to the lifting of an import ban on Brazilian beef and a long-discussed plan to build a railroad over the Andes to the Pacific.
"A new road to Asia will open for Brasil, reducing distances and costs, a road that will take us directly to the ports of Peru and, across the Pacific Ocean, China," President Dilma Rousseff said, inviting Chinese companies to build it. Brazil and China agreed to study the feasibility of the rail link that would allow Brazilian exports to avoid the Panama Canal.
Li put the value of Tuesday's agreements at $27 billion, while Rousseff said they totaled $53 billion, a ballpark figure that aides said included past and future funding.
The injection of capital from China could not come at a better time for Brazil, which is sliding into recession following the end of a commodity boom last decade that was fueled by voracious Chinese demand for its main exports, iron ore and soybeans…
The two leaders announced that the Industrial and Commercial Bank of China Ltd (ICBC), the world's largest bank by assets, will set up a $50 billion fund with Caixa Econômica Federal, Brazil's largest mortgage lender, to invest in infrastructure projects in the South American country.
The fund was another sign of China flexing its financial might in Latin America, a region that used to be dominated by the United States but where China lent more than the World Bank and the Inter-American Development Bank combined last year.
Here’s more from The Latin Times on the massive cross-mountain rail undertaking:
Peru, Brazil and China are moving forward on a transcontinental railway that will cut across the Andes and connect port cities in the Pacific and Atlantic coasts of South America. The agreement was announced during a four-country Latin American tour by Chinese Premier Li Keqiang. The mega rail project will cost an estimated $10 billion dollars. Technical studies are now underway and specific timelines are expected to be revealed in the coming months. The railway is expected to reduce the cost of exporting agricultural goods from Brazil to China, and bring new business to Peruvian ports.
Brazilian grain is a top item on China’s wish list, as are iron and other raw minerals. Agricultural goods like corn and soy currently leave Brazil by boat heading south down the Atlantic coast, rounding the southern tip of Argentina, and heading back up the Pacific coast on it’s way to China. An overland route would shave off a few days from the trip, and lower transport costs by an estimated $30 per ton. That might not seem like much for a $10 billion dollar project, but Brazil exports millions of tons of grain to China each year.
And a bit more color from FT:
International rail contracts are a political priority for Beijing, which sees exports as a solution to China’s burdensome overcapacity in steel, rail, construction and engineering services as the economy slows. Chinese-built rail projects have been proposed for Thailand, Indonesia and central Asia.
A rail programme fits Beijing’s preference for government-to-government infrastructure deals that can be allocated to state-owned companies, which remain wary of complex Latin American tax and labour laws. China engineered a merger in its two state-owned rail companies late last year to prevent them from undercutting each other in international tenders.
The concept of a trans-Andes rail link is ambitious, with cost estimates ranging from $4.5bn to $10bn for a northern link through the Amazon. That route is almost certain to face opposition from environmental and indigenous rights groups as it would cross primary forests. A longer alternative through Peru’s southern deserts would have to include Bolivia but would justify large port investments in the south of Peru.

As is abundantly clear from the above, China is very serious about taking an opportunistic approach when it comes to expanding China's influence in regions Beijing views as strategic. In Pakistan, China has an interest not only in bridging trade routes, but in facilitating the flow of Iranian gas and combating the spread of extremism along its western border. Now, Beijing is set to seize upon the commodities bust and invest in Latin America while conditions are ripe in order to both facilitate trade (China needs to do anything it can to combat decelerating economic growth) and cement Beijing's regional power grab in what is supposed to be Washington's strongest sphere of influence.
The US' waning influence is now on full display in its own backyard.
* * *
Press release and full list of new agreements between China and Brazil (note the underlined projects):
Steeped in close coordination and fluid that marks relations between China and Brazil. Thus it can be defined the visit of Prime Minister of China, Li Keqiang, to Brazil, when he signed with President Dilma Rousseff a Joint Action Plan between the two countries in the period 2015-2021.
During the visit of the Chinese delegation, on Tuesday (19), have signed a total of 35 agreements covering infrastructure segments, manufacturing, trade, strategic planning, infrastructure, transport, agriculture, energy, mining, science and technology, trade, among others. Also, joint statements on the results of the Prime Minister's visit and climate change were held.
"The Joint Action Plan 2015-2021, which I signed with the Prime Minister inaugurates a higher stage in our relationship. It is expressed in the various agreements in multiple government and business agreements signed today, especially in the areas of investment and trade " said President Dilma Rousseff...
Brazil and China have important bilateral investment flows. Trade between the two countries reached US $ 77.9 billion in 2014, with Brazilian surplus of $ 3.3 billion. On the Brazilian side, the highlights are the aviation, banking, machinery, auto parts and agribusiness. It has been noted, too, diversification of Chinese investment in Brazil for energy, electronics, automotive and banking.
According to José Alfredo Graça Lima, political undersecretary-general of the Foreign Ministry, "bilateral relations between Brazil and China point to a new type of cooperation between the two countries, with much more focus on investments in increasing production capacity, with Chinese contribution in technology for different areas. "
35 agreements signed between the Brazilian and Chinese governments on Tuesday (19):
FOREIGN AFFAIRS
- Joint action plan between the Government of the Federative Republic of Brazil and the Government of the PRC (2015 - 2021)
- Memorandum of Understanding for implementation of projects to promote investment and creation of business opportunities between the two countries.
COMMUNICATIONS
- Memorandum of Understanding on remote sensing, telecommunications and information technology
- Collaboration agreement for funding and Project Free Wifi 4G operation
- Agreement between Vivo and Huawei on the Tech City Project to expand the coverage and signal in the downtown area of ??Rio de Janeiro and Porto Maravilha region
- Agreement on joint center of innovation in the mobile area
- Memorandum of understanding on strategic cooperation fixed and mobile solutions
PLANNING, BUDGET AND MANAGEMENT
- Framework Agreement for the development of investment and cooperation in capacity area and the early harvest program of investments and cooperation in capacity area between Brazil and China
TRANSPORT
- Memorandum of Understanding on feasibility studies for the Transcontinental Railway Project
- Framework Agreement on financing the purchase of 40 Embraer aircraft
- Operating lease financing agreement for the Blue Airlines
SCIENCE AND TECHNOLOGY
- Additional Protocol on research and joint production of satellite earth resources China-Brazil (CBERS) 04a
- Scientific cooperation agreement
- Memorandum of Understanding on providing training in information technology to scholars of Science Without Borders program
AGRICULTURE AND LIVESTOCK
- Health and quarantine protocol requirement on the export of beef from Brazil to China
- Cooperation agreement on animal health and quarantine
- Framework Agreement for trilateral cooperation between the government of Mato Grosso do Sul state, the China Development Bank and the China BBCA group on corn and soybean processing
SPORTS
- Memorandum of Understanding for cooperation in the sport of table tennis and badminton modalities
ENERGY
- Memorandum of Understanding on cooperation in the nuclear technology field
- Conclusion of agreement EDPR shares transfer to the Three Gorges Group on wind power project
- Memorandum of Understanding on cooperation in promoting trade and investment for the construction of photovoltaic solar panels
PETROBRAS
- Framework Agreement for cooperation for the Petrobras project financing worth US $ 5 billion
- Framework Agreement for cooperation for the Petrobras project financing worth US $ 2 billion
- Cooperation Agreement for the creation of long-term relationship
FOREIGN TRADE
- Memorandum of global financial cooperation between the Valley and ICBC to offer financial services worth $ 4 billion
- Contract of purchase and sale of Banco BBM SA shares by the China Communications Bank
- Cooperation agreement for preferential partnerships and access to the Brazilian capital market
INFRASTRUCTURE
- Charter agreement between Vale and Cosco
- Memorandum of Understanding aiming at the creation of the Polo Car of Jacarei / SP
- Cooperation Agreement for the steel complex facility in Maranhao
- Financing memorandum about purchasing project of 14 tonnage of iron ore ships of 400 000 tonnes
- Financing memorandum about purchasing project of 10 tonnage of iron ore ships of 400 000 tonnes
- Memorandum of Understanding for the acquisition of four ships of Class large ore carriers
- Framework Agreement between China Merchants Shipping and Vale for shipping iron ore
ENVIRONMENT
- Memorandum of Understanding for private partnership with a view to preparing project within the Amazon integration program to renew and expand the current Amazon Protection System (SIPAM)
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Hello? Monroe Doctrine? Are you there?
The Monroe doctrine has been responsible for unmeasurable suffering and misery in Latin America for over a hundred years.
It was the beginning of the US's imperial designs and it stands to reason that its death coincides with the death of the Empire.
Does this mean the Nicaragua Canal project is a no go?
/s
If the Chicoms want it badly enough, they will dig it out in a couple of 2 or 3 weeks.
http://www.theguardian.com/world/video/2015/apr/30/china-build-57-storey-skyscraper-19-days-timelapse-video
OK, so will they be speaking Portuguese with a Chinese accent or Chinese with a Portuguese accent?
No big deal.. Petrobras still owes us a couple of billion bucks (I think),
Petrobras may need to re-publish Q1 results due to accounting issue- regulator
hold on a second....how they gonna do this without bombing the shit out of them first......
geez, I forgot about that ..
it's better to bomb first and then ask forgiveness later.
https://www.youtube.com/watch?v=snTaSJk0n_Y
Well the Chinese are showing to the West how should they do biznis. And the design came mostly from Russians:
http://newyouthpolicy.org/en/articles-en/259-spb-consensus-eng
Never fear, this new Chinese "Doctrine" is going to continue the suffering and misery for at least another hundred...
Agreed. Pure wickedness the Monroe Doctrine is and was. Putin has the tiniest of Monroe Doctrine's and he is a great evil for it we are told.
To be sure, the people that live in "latin America" are absolved of all repsonsibility.
The Author left out:
Drug Trafficking. I'm sure the Pure Evil Criminal Psychopaths over at the CIA will have something "Destabilizing" to say about this.
Oh noes, not through the Amazon Rainforest!
Someone alert Ted Danson! ;-)
I'm more concerned with the sports treaty over badminton and table tennis. Could mean some real trouble for the USA...
it continues to be more and more impressive - the redeployment of $3 Trillion in Chinese Reserves of US Treasuries.
For less than 10% of the $6 Trillion The Empire of Chaos spent on murder and war in the Middles East - Russia and China are taking over major commercial initiatives all over thre world without ANY investment bankers!
Obama is the biggest clown in History
Snowden picked the right place to land - he should never look back
The more you guys say "Obama this" and "Obama that", the sillier you look. As if that man is making any major decisions of his own volition. The guy took a marginal political acumen and sold it to the powers that be along with his faux blackness, and they let him be president. If anything he's an evil genius of self made celebrity. Better than the Kardashians even ;-)
100% correct NZero.
Barry tossed a coin into the air
h) Tool President USSofA ( plenty bunker practice )
t) MLK.2
knowing the negroes would be in touching distance on smelling bullshit chose the safer, although lesser autonomous, option.
Well said, Nihilist.
The unwashed here project all their justified venom on a puppet while not realizing the real power is behind the curtain.
Calling Obama names, Reggie jokes etc., is an adolescent intellectual approach to an adult problem.
Yes this is a kick to the balls of America in our own back yard...but before we toss the baby out with the bathwater lets all try to remember that Brazil and China are HORRIFICALLY corrupt. The 3+ Billion FIFA stadium in Brazil now that is growing weeds or the Olympics that are over budget and not even close to being ready with the Criminals in the poor-sections running the show.
Hell, in Brazil the #1 way to travel is by Helicopter because of all the Kidnappings.
No, for me, I will enjoy the Hubris as a vast majority of this cash winds up in the pockets of the Govt officials...To me, the entertainment value of this alone will be worth it.
So your problem is with the fact the poor criminals, instead of the rich ones are running the show?
Brazil's colonial style oligarchy is long in the tooth. I will enjoy the entertainment value of you helicopters and malls being overrun by hungry poor people and your wife's plastic surgery-sculpted pussy and lips being airtighted by three dudes.
What?....no.
What Im trying to say is that the Brazillian Govt is so out of whack that the small gangs pretty much run the Favelas. The entire nation has issues. The corruption is rampant everywhere. China coming in will be amusing simply for the fact that once they pay off the Govt officials....then they will have to pay off the gangs, then the police, then the indians, then the church, then whoever else can come in and fuck up their game plan.
TL/DR its an endless black-hole of corruption across all levels....any money tossed in will have about maybe 5-10% actually make it to the construction site.
I am pretty sure that all in all, the take in Brazil is in the same ballpark as the take in the US. Here it's more above the table, there it's more below.
The US and Brazil are both black holes of bureaucracy, central planning, Byzantine tax codes, redtape, indirection, and so on.
In fact, I can't think of any country that one can really claim is any different, only a bit more or less so.
And what makes you think China isn't really good at dealing with this? They've done it with how many less-than-exemplary countries, starting with their own, for decades.
I don't generally butt in on posts like this, but I HATE seeing madeup bullshit like this masquerading as fact.
>The 3+ Billion FIFA stadium in Brazil
Um... there is no $3b stadium. There were 12 stadiums, it was a mix of new and refurbished, with "new" being a bit of a misnomer.
Itaipava Arena Fonte Nova - Replaced a stadium that was torn down, 2016 Olympic Venue
Itaipava Arena Pernambuco - New, already in regular use
Arena das Dunas - Replaced a stadium that was torn down
Arena da Amazônia - Replaced a stadium that was torn down
Arena Pantanal - New stadium, under-used, under renovation... relatively small
Arena Corinthians - New stadium, planned for decades, FIFA provided an excuse to finally build it
Estádio Nacional Mané Garrincha - Replaced a stadium that was torn down, 2016 Olympic Venue
So... no, not "7 new" stadiums, more like 3 new ones, with 1 of those already planned... so more like 2.
Brazil pissed away a good amount of cash on stupid shit, sure. And a good chunk of it will probably be a complete waste. A few of them will probably even be repurposed as something not originally intended. Does it really matter though? Not really. The supporting infrastructure is incredibly important in a country like Brazil. It was an excuse to improve roads and build up an infrastructure which, while immediately appears to be a waste, will be filled up in time as opportunities are uncovered. The state is doing exactly what it should be doing... building and creating non-specific opportunities. Once even a portion of the new infrastructure is utilized at capacity, the boost from efficiencies will more than make up for the perceived losses.
You see hilarious stories like this when not-US is playing around in the US's backyard. Here's a hint, when all the "independent" media in the US are suddenly covering the same story, seemingly without reason, it's government-sponsored propaganda. If the US wasn't being shut out, you would be seeing glowing articles. When it is China making inroads and getting shit done.... the propaganda must be spun to put every aspect in a negative light. Here's a hint on understanding this: If it's coming out of the US via any "official" or "media" channels, it is, by default a lie either wholly or partially or at the very least it is a selective "truth" focused on selling an agenda. It can be and should be disregarded entirely.
Very good!
Excellent!
:-)
The major loser across the board is Australia - the commodity based economy is being systematically undermined by China everywhere
Being the poodle of the USA is not smart business - you will be shirt fronted by Russia and China!
The Aussies need to get rid of Tony Abbott
And with billions invested in Ecuador, China reaps the rewards of cheap resources:
http://yourescapetoecuador.com/
Let the Ozzies allow the USSofA to build up their military prowess to fend off the Chinese threat and while they're at it they can stick their iron ore up their arse.
Fuck you Abbott you slimebag POS. Yeah the Oz Miners and Central Bank should be running around like headless chickens soon. If the Oz Citizen's not to forget their fellow UK fuckwits vote for shit, they'll never be disappointed.
Interesting, though somewhat incoherent, spew. Not sure what it actually has to do with Australia other than showing your own political disposition.
China is our biggest trading partner. And Chinese continue to busily buy up huge numbers of properties in Australian cities as well as rural properties, as well as investing in new projects. And China was happy to have Australia as part of its new development bank. So no indication of China feeling excluded from or hostile to Australia.
Bazza
You're having a (bubble or bubble bath ) laugh!
What do you do for a living? Let me guess you work for some clueless geopolitical nonentity who is .gov subsidized.
Anyway i am not guessing here when i tell you that BANKSTERS OF OZ DESPISE CHINA. Ya Dig?
WHY?
THE INVESTMENT PIVOT EAST IN FINANCIAL SERVICES ( weakening the old cartel )
The Auzzie man in the street ( house prices , johnny foreigner )
Corporations- chinese ability/strength to dictate mineral prices ( no longer the luxury of a London Fix )
Get real dude i am apolitical. Hang them fucking ALL.
I remember you Bazza.
Prior to the election you referred to the British Labour Party as Labor Party and i got suspicious as i am forced to watch the Sunken empty facial expressions of the herd on a daily basis.
Like i mentioned once a year or so ago from Floyd;
Hello Hello Hello
Is there anybody in there?
Just Nod if you can hear me
Is Anyone at Home. . .?
IMF 2.0
China has massive Agenda 21 projects ratcheer in Anaheim, CA.
And I. Bet that. Unlike the US, They will really send the money.
Bill Clinton and the Republican congress allied to push through any number of globalization trade deals, the kind that led to the export of American jobs seek low cost labor. Clinton and his republican pals told us, "not to worry, we don't want dirty manufacturing jobs. Americans will create ideas and China will manufacture them. It's a win, win."
Well, we see now that this was a lie. The nation who is called the world's workshop is the nation with the 2-3 trillions dollars in FX reserves. Trade surpluses for decades now. China is rolling in money, from selling to the world. So they can easily fund projects, 50 billion is nothing. To America, 50 billion is something, and would be badly needed to expand military weapons purchases and paying for 2 trillion dollar wars.
The liars are at it again, Obama and his republican allies on on the hunt to get the trans pacific, and European trade deals through, whihc make corporations the governing bodies of earth. More fucking job losses, more banking profits.
I remember attending a product demo and tech meetings At IBM in the mid-late. 90's, they demo-ed a office of the near future. Voice Activated transactions orders etc. .
They kept saying that the future we will be knowledge workers. Being paid for what we knew, not on What we could do.
I asked what happens to the mill workers in the plants that my company, for example, was closing and moved to china(really) and will never be "knowledge Worker"?
He said; "Well there will be casualties"
I said to myself and my friend that this is going to hurt when it catches with us.
And the stupidity in that "knowledge worker economy" claim is that knowledge is created by the people who actually make things or support people who make things. So the "knowledge workers" of the future are Chinese not American.
There was a legacy period while older engineers, technologists, etc who had been part of manufacturing and developing for local manufacture had still been present in the US but as they retire they're replaced by their like in China not in the US.
America buys plastic crap, baubles and trinkets from China, takes out loans from China so that we can buy even more plastic crap, baubles and trinkets, guts our manufacturing and labor forces just so that we can buy even cheaper plastic crap, baubles and trinkets.....and now China buys Brazil - the country. That's really good, America. Congratulations. Stupid effing sheep.
/sarc
Hey, It would be brilliant if China gave Brazil $50 Billion US dollars in the form of mature US Treasuries.
If you want the money, you cash'em in. But you pay us back in RMB's.
lol.
The isolation continues. However, I don't think that word means what fed.gov thinks it means.
Well, it all started ...
Replacing the Brazilian polar station:
"The Navy of Brazil confirmed on Wednesday (20) that CEIEC Chinese company will build the new scientific station Comandante Ferraz, in Antarctica. The result of the event was posted on the website.
According to the Navy, the proposal of the Chinese was the lowest offered between the three competitors (US $ 99.6 million, approximately R $ 302.1 million).
18 will house laboratories, as well as seven units isolated to research weather and the atmosphere. Its capacity is to house 64 people. The work was expected to be delivered in March 2015, but because of delays in the bidding, the delivery station can only take place in 2018. "
Make no mistake, US $ will not be used.
The amounts expressed in US $ are pyrotechnic effect for "English see."
hehe.
Hey Karaio. Do you have any photo of your hot female scientists on Copacabana beach? Maybe it's all the Chinese want to see.
For my part, I prefer to deal with Indian, Russian or Chinese.
They have ethnic diversity in their countries and treat me as a Brazilian, an equal.
Already Americans, French, Germans always have disdain.
All they do is over, it is better ...
An air superiority hard to swallow.
The middle finger of his right hand is in hand (with four other bent).
BRICS.
As for women, the most beautiful are not in Copacabana, are in the South and Midwest of Brazil.
I do not decry the other regions but, seek to verify the information ...
hehe.
:-)
This is ALL about Mineral Resources Trafficking and Dependency.
Australia an obvious partner for China cannot be trusted. Geopolitical Squeezes like that on Russia by the western cabal will not be allowed to materialise.
The Brics way behind the curve until recently are making the right moves.
As much as it is exhilarating for me to watch this play out it's the Neo-Con's Nightmare.
Russia ( in partnership with Germany ) are JV'ing in a lot of Infrastructure and Power Projects in S.America , in particular Argentina (has that debt been written off yet, ha ha).
So while the Australians will see increased traffic at their kangaroo burger bars via US navvies, Brazil , Argentina and Peru can expect to see 1000's of Won Ton Restaurants open.
Loaning 50 Billion to build a railroad that will never be paid back... Yeah, the S American's are making all the right moves, for sure.
Talk about the ultimate act of desperate pump priming.
So the idea is to keep Chinese steel mills running by loaning the Brazilians the money to build a railroad made out of Chinese steel?
And, for those playing along at home, "loan" is Latin American for "give us money we will never repay".
Not only does China waste their money on a bureaucratic boondoggle project but it doesn't even get it built in their own country.
The end of the charade draws ever nearer.
i am not saying you are wrong, but China actualy have a mega railway project in its country too (with russia)
The money may never be paid back, but Brazil has loads of cllareal: soybeans, iron ore, niobium,gold, fresh water-the list is endless.
These are the commodities that China will take in lieu of getting paid.
Yo old Yellen better get back to printing.
Billion with a B?
Apparently the death from a thousand cuts thing is working.
According to Washington, isn't everywhere their backyard?
So... Will any of these ships be landing in California? I say let the Chinese build as much of the railroad as they can afford, before they go broke. We all benefit from new infrastructure.
Viva BRICS the rising superpower.
& Down with the evil west, America the Satan
Washington consensus being replaced by Being consensus. Buying influence and resources with loans. There is just a new hand that feeds (and that you don't bite) but it's a grabbing hand. And like with anything Made in China might collapse quicker than American infrastructure.
China had a bit of a break from world domination there for a few hundred years(let's call it recess). Now they've woken up,scratched themselves,had a good stretch and... WE'RE BACK in play.Next several chapters written in Mandarin blah blah.Most of us can't see as we are too Kardashianed out.
Very good - China slowly taking over Africa and Latin America, - USSA left watching on the sidelines, lol. That's what happens when you want to rule the whole world and be the undisputed hegemon who is fixated on "full spectrum dominance". All the recent developments indicate very clearly how disastrous the USSA foreign policy has been over the years - even if they still maintain the massive FED/military imposed stronghold on most of the strategic locations it surely is changing very rapidly. Both China and Russia have been VERY busy recently estabilishing new partnerships all over the place whereas USSA is still engaged in destructive activities like spreading chaos in the Middle East (they're "fighting" ISIS, LMAO) and trying to organize orange revolutions to disrupt Eurasian cooperation, - look at Ukraine and watch Macedonia...all at the time when USSA internally is going up in flames not because of "racial incidents", but becasue of the idiotic mismanagement and completely wrong priorities!