US threatens to ‘cut China off’ from dollar if it does not uphold sanctions against N. Korea

(U.S. Treasury Secretary Steve Mnuchin)

The US could impose economic sanctions on China if it does not implement the new sanctions regime against North Korea, the US Treasury Secretary has warned. Steven Mnuchin said the restrictions could involve cutting off Beijing’s access to the US financial system.

“North Korea economic warfare works,” Mnuchin said Tuesday at the Delivering Alpha Conference in New York City. “We sent a message that anybody who wanted to trade with North Korea – we would consider them not trading with us.”

The Treasury Secretary echoed the words of the US envoy to the UN, Nikki Haley, by calling the fresh round of sanctions against Pyongyang “historic.” Mnuchin added “if China doesn’t follow these sanctions, we will put additional sanctions on them and prevent them from accessing the US and international dollar system.”

Wait what?

Didn't Chna already say they want to dump the US (petro) dollar back in june?
Russia and China Move to Dump the Dollar, Threatening the New World Order

This is not sanctions, this is utter stupidity! Seems like the US wants to show off some new military toys?

a reply to: kloejen

China's been hoarding tens of thousands of tons of gold (while here in the West we seem to just export all of ours, and the head of our Treasury just recently went to Fort Knox to tell us that "The Gold is Safe", even though it may not be there, or may not be the US's anymore).

China just announced a gold-backed Yuan to be traded for oil.

The U.S. gets something like 75 or 80% of our imports from China.

I bet China doesn't give a rats ass about our economic threats.

Expect us stores to be almost completely empty with a few weeks or months if that happens.

A lot of U.S. economy relies on buying from China and reselling at a higher price as the U.S. does not produce that much anymore.

It would be pretty devastating for the U.S. while the rest of the world gets flooded with very cheap Chinese goods.

a reply to: FamCore

Sorry :

China just announced a gold-backed Yuan to be traded for oil.

Every country from Britain to the Sudan has said the same.

The U.S. gets something like 75 or 80% of our imports from China.

And doesnt that alone mean that China has a direct link to the US ?

I bet China doesn't give a rats ass about our economic threats.

You would lose that bet. China owes a lot of their newfound economic surge to the US. And the US owes China billions for the purchase of junk bonds and underwater home mortgages that fell through.

Next ?

a reply to: kloejen

To add a bit of perspective to the situation ,Pepe Escobar has a good piece up at AT

It’s all about the Trans-Korean Railway In sharp contrast to the Trump administration and the Beltway’s bellicose rhetoric, what “RC” proposes are essentially 5+1 talks (North Korea, China, Russia, Japan and South Korea, plus the US) on neutral territory, as confirmed by Russian diplomats. In Vladivostok, Putin went out of his way to defuse military hysteria and warn that stepping beyond sanctions would be an “invitation to the graveyard.” Instead, he proposed business deals. Largely unreported by Western corporate media, what happened in Vladivostok is really ground-breaking.

Moscow and Seoul agreed on a trilateral trade platform, crucially involving Pyongyang, to ultimately invest in connectivity between the whole Korean peninsula and the Russian Far East. South Korean Prime Minister Moon Jae-in proposed to Moscow to build no less than “nine bridges” of cooperation: “Nine bridges mean the bridges of gas, railways, the Northern Sea Route, shipbuilding, the creation of working groups, agriculture and other types of cooperation.” Crucially, Moon added that the trilateral cooperation would aim at joint projects in the Russian Far East. He knows that “the development of that area will promote the prosperity of our two countries and will also help change North Korea and create the basis for the implementation of the trilateral agreements.”

www.atimes.com... These new sanctions could come back to bite the US big time . That is a large chunk of USD that would have to effect western economics .

*Shrugs* there is a morbid little part of me that says good lets do it, yea it will wreck things for some time probably cause a lot of deaths but at the same time we would have to get back to making things which would help in the long term.

But I dunno.

originally posted by: Irishhaf
*Shrugs* there is a morbid little part of me that says good lets do it, yea it will wreck things for some time probably cause a lot of deaths but at the same time we would have to get back to making things which would help in the long term.

But I dunno.

The sanctions on Russia have done the very same although I don't think they were designed to help Russia improve itself, they have.

Maybe such a thing would help the U.S. to restore some self sufficiency.

lol. the US dollar a threat of any kind... to China of all countries...

they have us by the pu**y so to speak.
we need China more than we need any other countries or they need us...

let's keep raising that debt ceiling and threaten countries which supplies us with possibly most of everything in our households currently.


they see right through the US and the threats.

Imagine What Would Happen if China Decided to Impose Economic Sanctions on the USA?

China is not dependent on US imports. Quite the opposite. America is an import led economy with a weak industrial and manufacturing base, heavily dependent on imports from the PRC.

Imagine what would happen if China following Washington’s threats decided from one day to the next to significantly curtail its “Made in China” commodity exports to the USA.

It would be absolutely devastating, disrupting the consumer economy, an economic and financial chaos.

“Made in China” is the backbone of retail trade which indelibly sustains household consumption in virtually all major commodity categories from clothing, footwear, hardware, electronics, toys, jewellery, household fixtures, food, TV sets, mobile phones, etc. Ask the American consumer: The list is long. “China makes 7 out of every 10 cellphones sold Worldwide, as well as 12 and a half billion pairs of shoes’ (more than 60 percent of total World production). Moreover, China produces over 90% of the World’s computers and 45 percent of shipbuilding capacity

We are in real trouble.

We have an entire generation of spineless/brainwashed/skill-less softies... fostered by the 'you need college' agenda.

a reply to: kloejen

It's hot air diplomacy and obviously not coming from a position of strength.
You didn't see this?

Corbett Report

originally posted by: PublicOpinion
a reply to: kloejen

It's hot air diplomacy and obviously not coming from a position of strength.
You didn't see this?

Corbett Report

I believe i pointed out the stupidity?
Ofc its hot air... but what do you think the goal is ? That railroad which was mentioned?

a reply to: the2ofusr1

Thanks for that info.

The socalled "sanctions" will for sure come back and bite the US a$$.

This is a half-heartedly attempt of being "consistent"... as mentioned in another post, "hot air".

But why?

a reply to: FamCore

China has no technology, only low wage labor. All those made in China need American machines to assemble them together. China needs America. America don't need China. Heck, even today China can't build jet engine.

a reply to: kloejen

That railroad which was mentioned?

No, the one that leads to actual war. The MIC seems to be on a desperate mission to find new markets, business as usual reaching out for new levels of escalation.

Could be sold as a patriotic struggle in order to "save the Dollar", in case people are dense enought to ignore quantitative easing from the FED, EZB, etc. for such a narrative. Which they will. Never let a good crisis go to waste...

originally posted by: zipruna
a reply to: FamCore

China has no technology, only low wage labor. All those made in China need American machines to assemble them together. China needs America. America don't need China. Heck, even today China can't build jet engine.

I don't think many people understand China they assemble products but don't make the equipment to needed to assemble them they are imported from the United States and Japan. Without parts there factories shut down. 80 percent of their economy is dependent on US trade without it their economy crashes. They do not have the means to create high tech parts and still need to buy chips etc from the US.

The US could easily replace China by having assembly plants In Mexico and south america pick up the slack. Not to mention the US makes the parts for assembly plants meaning very easy to set up if they can make a profit.

Meh. I think China isn't in as good a financial situation as people want to believe.

Without us I think China would lose out on near $500 billion in trade.

Who will they make that up with? No one I think.

And the US will just move production to India. Which is already in the works.

originally posted by: FamCore
China just announced a gold-backed Yuan to be traded for oil.

No they didn't.

The price is fixed to gold. That is a major difference and it was done in 2016.

originally posted by: AugustusMasonicus

originally posted by: FamCore
China just announced a gold-backed Yuan to be traded for oil.

No they didn't.

The price is fixed to gold. That is a major difference and it was done in 2016.

This also benifitted the US economy as it limits China from currency manipulation. On the past they could decide what the currency is worth by tying it to gold they cannot devalue the yuan.