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Upside down: America’s war on globalization?
http://rt.com/op-edge/america-war-globalization-regionalism-289/
Upside down: America’s war on globalization?
Patrick L Young
Published time: April 04, 2014 07:37
Who would have thought a unitary superpower on Earth would accelerate a return to regionalism in place of globalization?
For all those who deem ‘Financial Innovation’ to be an oxymoron, that brilliant invention the credit card springs to mind. It probably would never have made sense to a focus group, but from humble beginnings as a monthly account with the Diners Club enabling restaurateurs to welcome guests cashlessly, it is difficult nowadays to envisage life without MasterCard or Visa.
Being empowered to shop around the world thanks to a bit of embossed plastic is a cornerstone of modern globalization for travellers and online shoppers alike. Frustrated by the Crimean referendum, President Obama imposed sanctions against Russian financial institutions in an effort to squeeze Russia out of the global market, forcing US card services halt some of their operations in Russia.
Sanctions remain a blunt and questionable instrument for resolving any dispute. However, given the prancing pouts passing for American government, sanctions exemplify the economic illiteracy which dogs the Obama Presidency.
