Tag Archives: Steve Mnuchin

US Treasury’s Steve Mnuchin Virtue Signals Economic Terrorism, by Finian Cunningham

US economic sanctions kill people as surely as its bombs and bullets do, although everybody seems to fill better about sanctions. From Finian Cunningham at strategic-culture.org:

US Treasury Secretary Steve Mnuchin seems to think that nations under the hammer of American sanctions should be thanking Washington for not attacking them militarily instead. How generous, how virtuous of Uncle Sam!

Speaking at the Doha Forum in Qatar last week, Mnuchin made a virtue of the US imposing economic sanctions on countries it dislikes because such measures, he claimed, were a way to avoid the worse alternative of war.

The reason why we’re using sanctions is because they are an important alternative for world military conflicts,” said the US Treasury Secretary.

The sleight of hand here is to portray Washington as somehow being more responsible and principled in its foreign policy by using coercion against other nations supposedly without harming civilians, damaging infrastructure or spilling blood.

Billionaire Mnuchin is living in a bubble of American propaganda if he thinks that economic sanctions are some kind of sterile lever which do not have any impact on human suffering. Sanctions are acts of war, conducted as other means to troop invasions, air strikes and naval blockades.

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Mnuchin Reveals Trump’s Iran Deal Gamble: “The Objective Is To Enter Into A New Agreement” by Tyler Durden

The withdrawal from the Iran Nuclear Agreement is set up to facilitate a renegotiation. From Tyler Durden at zerohedge.com:

One of the growing concerns resulting from Trump’s decision to pull the US out of the Iran deal, is that oil – and gasoline – prices will jump so much, now that anywhere between 200kb/d and 700kb/d in Iran exports is taken out of the market, they will offset most benefits to US consumers from the Trump tax cuts. We covered this topic three weeks ago in “Rising Gas Prices Threaten To Wipe Out Trump’s Tax Cut Benefits.”

Incidentally, that’s just one of the less severe complications that could emerge over the next 6 months as the full extent of the new Iran sanctions is rolled out.  As we reported earlier, Trump said the U.S. would levy the “highest level” of sanctions against Iran—including the punishment of Western companies and banks if they continue to do business with the country—as Washington pulled out of the Iranian nuclear accord.

And while new contracts are banned, companies and banks will have 90 days or 180 days to wind down their ties before risking penalties.

“Any nation that helps Iran in its quest for nuclear weapons could also be strongly sanctioned by the United States,” Trump said, envisioning a complete paralysis of the Iranian economy. As the WSJ summarizes, financial or business activities outlawed by Aug. 6, Treasury said, include exports of airplanes and parts, dollar transactions, trade in gold and other metals, sovereign debt and auto-industry deals. By Nov. 4, sanctions ban oil purchases, dealings with Iran’s ports and shipping industry, any ties to its insurance sector and dealings with the central bank.

But is the president really willing to alienate any of the countless European and global states that will continue trading with Iran, especially since the latest sanctions cover every major aspect of Iran’s economy, most importantly banning oil exports from the country, but also hitting the financial sector and the automotive and aviation industries.

That’s the big question.

To continue reading: Mnuchin Reveals Trump’s Iran Deal Gamble: “The Objective Is To Enter Into A New Agreement”

There Will Be Swamp – Steve Mnuchin Confirms Treasury Secretary Nod, by Michael Krieger

Michael Krieger throws in the towel on draining the swamp. From Krieger at libertyblitzkrieg.com:

While I’m not a Dodd-Frank fan, it’s not because it was too harsh, but because it didn’t really do much of anything. It was the typical neoliberal bait and switch, designed to look tough for public consumption, while merely making tweaks around the edges of a financial system that requires systemic, paradigm level change.

Trump’s support of repealing Dodd-Frank tells you all you need to know. A Trump Presidency will see Wall Street felons who should be in prison, running as wild and free as ever.

He will be the same thing to distressed working class whites that Obama was to the black community. A fake messiah and a shyster.

– From May’s post: Donald Trump’s True Colors Emerge as He Snuggles up to Wall Street

The fact that Steve Mnuchin was a Goldman Sachs partner is the least of my concerns when it comes to the man. Indeed, if someone wanted to create a playing card deck of sleazy Wall Street financial crisis opportunists, it’d be hard not to include Steve Mnuchin.

What exactly am I talking about? Specifically, I’m referring to the collapse of IndyMac (renamed One West), and the generous helping of government welfare Mnuchin and his partners received upon purchasing the failed banking institution. This is a financial crisis saga that is unknown to most, despite having received some extensive coverage over the past year. One of the best articles on the topic was written by David Dayen in his piece, Donald Trump’s Finance Chair Is the Anti-Populist From Hell. Here are a few excerpts:

To continue reading: There Will Be Swamp – Steve Mnuchin Confirms Treasury Secretary Nod