• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

China Tells U.S. What It Can Do With Its Iran Oil Import Sanctions

Tyler Durden's picture




 

While the US magnanimously decided to exempt several nations from U.S. sanctions on Iranian oil imports, it appears the Chinese government has indicated it has no plans to change its position on oil purchases from Iran. As Voice of America reports, China's FinMin spokesman Liu Weimin said the purchases are necessary, because of its economic development, describing their 'purchase channels' as 'completely legal' and 'normal, open, and transparent'. China is the world's largest buyer of Iranian oil and is the last remaining major importer exposed to possible penalties when the U.S. sanctions are imposed, likely later this month. When asked if China and the United States are still in discussion about the sanctions, the spokesman would only say that Beijing has clearly informed Washington of its position. China's purchases of oil from Iran declined earlier this year, but analysts say the cutback was the result of a price dispute. Purchases went back up in April and have continued. Raise to you Hillary.

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Tue, 06/12/2012 - 14:03 | 2518703 Cognitive Dissonance
Cognitive Dissonance's picture

China doesn't seem to be acting like a compliant US vassal. Mighty uppity of them.

/sarc

China vowed revenge for that gunboat diplomacy way back when. The Big Stick turns into an ugly stick when turned around and used on the former abuser. Payback is a bitch........bitch.

http://en.wikipedia.org/wiki/Gunboat_diplomacy

Tue, 06/12/2012 - 14:10 | 2518732 hedgeless_horseman
hedgeless_horseman's picture

 

 

Raise to you Hillary.

Hillary:  Oh yeah, well, we will just go ahead and release the remake of Red Dawn with China as the bad guy!

China:  Not in our movie theatres you won't.

Tue, 06/12/2012 - 14:13 | 2518762 Cognitive Dissonance
Cognitive Dissonance's picture

This will just make the transition from dollars to yuan as the global reserve currency easier here in the good old USA.

 

Movie goer - "Two for the new (GM) Cars movie please."

Cashier - "That will be 893 dollars or 2 yuan please."

:)

Tue, 06/12/2012 - 14:14 | 2518779 tocointhephrase
tocointhephrase's picture

That dude got air Tyler, BOOM!

Tue, 06/12/2012 - 14:32 | 2518859 Pladizow
Pladizow's picture

Fuck you round-eye!

Tue, 06/12/2012 - 18:41 | 2519821 Shineola
Shineola's picture

And remember that "All your drone chips are belong to us!"

Tue, 06/12/2012 - 20:59 | 2520078 cranky-old-geezer
cranky-old-geezer's picture

 

 

China is the world's largest buyer of Iranian oil and is the last remaining major importer exposed to possible penalties when the U.S. sanctions are imposed, likely later this month.

Exposed to possible penalties?

Are you serious?

When we're begging them to buy our (soon-to-be-worthless) treasury debt?

US govt has been kissing China's ass last 10 years.

Tue, 06/12/2012 - 14:33 | 2518867 A L I E N
A L I E N's picture

Rand Paul endorsed the Iranian sanctions and romney.  Like father NOT like son..

Tue, 06/12/2012 - 14:45 | 2518920 HoofHearted
HoofHearted's picture

Was that ButterBean? Sure looks like a lot of the guys I see at Wal-Mart. I think the picture is very appropriate. Very nice choice by the Tylers.

Tue, 06/12/2012 - 14:19 | 2518794 ZerOhead
ZerOhead's picture

I hope China doesn't ask Hillarity to stop importing a million barrels a day from an absolute monarchy that tortures it's citizens yearning for freedom and imposes sharia law on the people it owns...

http://en.wikipedia.org/wiki/Politics_of_Saudi_Arabia

Tue, 06/12/2012 - 15:17 | 2518864 Lucius Corneliu...
Lucius Cornelius Sulla's picture

The Saudi Royals are way worse than the Iranian clerics when it comes to human rights.  How many of the hijackers were Iranian?  The State Department has no interest in prosecuting the main prop that holds the Empire of Debt together.  Without the petrodollar there is no 5th fleet and extra large expense reimbursments and pensions for the diplomatic corp.

Tue, 06/12/2012 - 15:20 | 2519072 john39
john39's picture

that's because they are crypto zionists...

Tue, 06/12/2012 - 15:20 | 2519073 azzhatter
azzhatter's picture

I love the smell of sweet hypocrisy in the morning

Tue, 06/12/2012 - 22:14 | 2520200 Bringin It
Bringin It's picture

http://www.wtop.com/289/2377364/US-Russia-sending-Syria-attack-helicopters

Rep. Ileana Ros-Lehtinen, chairwoman of the House Foreign Affairs Committee, urged a tougher U.S. response. She accused Russia of enabling repression by Syria and its ally Iran.

Ros-Lehtinen needs to get her boney ass up to the front and start carrying her load.  America is enabling repression in Palestine.  What is Ros-Lehtinen doing about US made white phosphorus and cluster bombs carpeting the civilians of the open-air concentration camp - AKA Gaza??

Tue, 06/12/2012 - 14:34 | 2518870 DaveyJones
DaveyJones's picture

so true.

they torture their citizens,

we torture eveyone else

we use their citizens

to blow up our own citizens

so we can blow up their neighbor's citizens

oil

and they said crack makes you crazy.

Tue, 06/12/2012 - 22:16 | 2520076 Bringin It
Bringin It's picture

Well said Davey. 

Anyone who participates in another illegal American war is a fuckin criminal.  No one can claim to be naive at this point.

Tue, 06/12/2012 - 21:36 | 2520133 Ranger4564
Ranger4564's picture

That was brilliant.  Absolutely fantastic job.  :-)

Tue, 06/12/2012 - 20:21 | 2520018 caconhma
caconhma's picture

Speaking about the USA.

America could bribe Iraq and Libya military to win.

Since bribes don't work in Afghanistan against Taliban, the fucking Obama war in Afghanistan is a catastrophe. The same shit has happened in Vietnam. 

Does any one in his/her sound mind think America is ready to start a war with China? 

Tue, 06/12/2012 - 21:00 | 2520084 Bringin It
Bringin It's picture

re.  Does any one in his/her sound mind think America is ready to start a war with China? 

No, but that won't even slow down the Zions when they feel it will work for them.  3,000 Americans were murdered on 9/11.

Tue, 06/12/2012 - 14:07 | 2518741 Gene Parmesan
Gene Parmesan's picture

When viewed in conjunction with Russia's latest posturing in Syria (and on other subjects), this could turn into a pretty ugly "dispute."

Tue, 06/12/2012 - 14:16 | 2518785 Bollixed
Bollixed's picture

The reason Hillary is a good synonym for US policy is because we have no balls. Just a constant state of PMS.

Permanent Macho Syndrome

Tue, 06/12/2012 - 14:29 | 2518843 DaveyJones
DaveyJones's picture

sending a woman who the US says stands for female equality and power yet who stood by her man while he screwed everything in sight so she could gain political advange pretty much sums up our international policy and how the world looks at us 

Tue, 06/12/2012 - 14:39 | 2518901 Cognitive Dissonance
Cognitive Dissonance's picture

Nice. Very nice.

Can I steal that for a future article? :>)

Tue, 06/12/2012 - 15:44 | 2518911 DaveyJones
DaveyJones's picture

as Rudolph said, "It would be an honor sir" 1.

 

1. This allegory was in no way meant to reflect relative weights

 

Tue, 06/12/2012 - 15:22 | 2519085 post turtle saver
post turtle saver's picture

Don't hate the player, hate the game.

Tue, 06/12/2012 - 18:20 | 2519764 Max Hunter
Max Hunter's picture

Why does one have to choose when both clearly deserve to be hated?

Tue, 06/12/2012 - 21:43 | 2520146 Ranger4564
Ranger4564's picture

That is so damn in your face logical, I love it.  Brilliant.

Tue, 06/12/2012 - 16:01 | 2519250 kridkrid
kridkrid's picture

wow.  Never really thought of it that way... but... wow.

Tue, 06/12/2012 - 18:23 | 2519775 donsluck
donsluck's picture

And of course the one who actually COMMITTED the adultery enjoyed very high approval ratings while being impeached over HIS lying about the same. It takes a very powerful woman to swallow her Christian puritanical monogamous illusions for future power. That must be why you hate her.

Tue, 06/12/2012 - 21:46 | 2520153 Ranger4564
Ranger4564's picture

We don't have to side with one of them, we are not their children... we're allowed to dislike both.  Isulting her does not mean we approve of him more.  Stop thinking in terms of trade balances.

Tue, 06/12/2012 - 21:44 | 2520148 Ranger4564
Ranger4564's picture

You are on fire today.  Fantastic portrayal.

Tue, 06/12/2012 - 15:21 | 2519081 azzhatter
azzhatter's picture

Excuse me but I believe Hilary has a set of nuts

Tue, 06/12/2012 - 16:07 | 2519282 neidermeyer
neidermeyer's picture

Bills? In a little wooden box.

Tue, 06/12/2012 - 23:19 | 2520297 Cthonic
Cthonic's picture

Internal or conformal carriage?

Tue, 06/12/2012 - 14:37 | 2518871 Cyrano de Bivouac
Cyrano de Bivouac's picture

GP-We(America) posture, Russia and China are forced to respond.

Tue, 06/12/2012 - 14:17 | 2518792 knukles
knukles's picture

And here's Part 1 of the deal as I remember it.
Uncle Slammer says if you buy oil from Iran, you'll be excluded from any US based/related international payments system.  Read Fed wire, SWIFT, etc.

Then several countries (who we love dearly as they're paragons of peace, freedom, democracy, etc., my ass) get exemptions.

So China says; "WTF?  Like I'm your fucking landlord, Jackass.  You no wanna pay me?"

Could that be an "Opppps!"? 

Part 2.
Under international law/treaties (no I don't remember and am not going back to find it again, so don't ask) to close any sovereign entity out of such payments system constitutes and Act of War.
WTF, just don't want 'em to use $US, right?

Maybe "Opppps!" number 2?

Just like Our Big Sammy considers an CyberWhateverTheFuck it's called these days to be an Act of War.

"Oppps!" #3?

So, will China stop buying Tresauries?  Will they sell any?  Just let them roll off?  Demand gold (physical if they really wanna get prickly) as a medium of exchange for all the trinkets, shit and iPads they sell us?

Oh well.  Back to Dancing with the Tzars

Tue, 06/12/2012 - 14:53 | 2518952 Lucius Corneliu...
Lucius Cornelius Sulla's picture

We may be able to credit this policy as a major step taken to end the dollar as the global currency.  Things have already been moving in that direction...

Wed, 06/13/2012 - 06:31 | 2520734 StychoKiller
StychoKiller's picture

Ya gotta wonder if anyone with a brain can be found in the State Department -- Good job!

Tue, 06/12/2012 - 14:26 | 2518827 Lost My Shorts
Lost My Shorts's picture

Actually, the Chinese are grateful that US sanctions created a buyer's market for Iranian oil, and let them pick it up at a cheaper price.  We bankrupt our country on imperial schemes, while they sit quietly collecting cheap oil.  Thank you Yankee friend.  I buy you beer some time.

Tue, 06/12/2012 - 15:22 | 2519086 Raymond K Hessel
Raymond K Hessel's picture

GENIUS!  You are truly an evil genius.  BRILLIANT!

Tue, 06/12/2012 - 15:40 | 2519142 DaveyJones
DaveyJones's picture

Second that. The criminal is often his own worst enemy.

Reminds me of a closing argument a long time ago in a case where the defendant's attorney argued that the witness must be lying because the defendant would never do that because it would be a very dumb and self defeating thing to do. In rebuttal, I simply said "you know, the really brilliant criminals, you never see them in here.

Tue, 06/12/2012 - 15:50 | 2519194 Chuck Walla
Chuck Walla's picture

The Chinese do not realize that oil is the "energy of the past" just yet.

Tue, 06/12/2012 - 16:22 | 2519382 HurricaneSeason
HurricaneSeason's picture

Yes, the barbaric black relic of the uncivilized peoples.

Wed, 06/13/2012 - 06:32 | 2520736 StychoKiller
StychoKiller's picture

Coulda said somethin' about the Obamatron here, chose to take the high ground instead.

Tue, 06/12/2012 - 15:48 | 2519181 ArrestBobRubin
ArrestBobRubin's picture

Ditto gold: same thing happening there. The question becomes has this all been fixed? Is this the pay up to China for selling them all that crap?

If so, what else is part of the bargain?

Tue, 06/12/2012 - 16:58 | 2519520 lakecity55
lakecity55's picture

R Paul can follow the former Ft Knox GLD all the way to China-man land.

Tue, 06/12/2012 - 20:53 | 2520073 Buck Johnson
Buck Johnson's picture

Payback is definitely one, but we haven't had it yet not by a longshot.  When China really give it to the US, it will really hurt and hurt bad.

Tue, 06/12/2012 - 14:00 | 2518706 chinaguy
chinaguy's picture

China has already bitch-slapped the Obama Admin several times. China will not change their stance on this matter.

Tue, 06/12/2012 - 14:20 | 2518804 casey13
casey13's picture

The US is playing a very dangerous game. This could end the current swift systems monopoly and the dollar hegemony.

Tue, 06/12/2012 - 15:00 | 2519004 earleflorida
earleflorida's picture

Dangerous game for who? The dollar doesn't help the ordinary citizen. Try living off Treasuries and CD's today! No thankyou. The monopoly game has put most american consumers on borrowed time living on the edge of Baltic Avenue, with get-out-of-jail free passes in an endless loop of defunct Habeas corpus via 'the tomfoolery bernak' esoteric Modus operandi, period! Serfdom to the nth degree - is as close as freedom can get without crossing the threshold into totalitarianism! Screw thy hegemony to the Wall,... the Chinese Wall, and let my people go!!!

ZIRP only keeps the lie alive!

jmo

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