America, which had been pushing the world, especially Asia, under financial crisis and the influence of the IMF, has gradually ceased to remain credible and trustworthy. Trump’s policies have started freeing the world from American pressure, especially in Asia, where a new bloc has emerged, the China bloc, which is not ready to accept American restrictions and the Sanctions imposed by it. America has been left alone in Asia.
All economic and diplomatic influence has now come into the hands of China’s President “Xi Jinping.”
Look carefully at this group photo that you are seeing. This is a picture of the heads of those countries that trade with Iran. Almost all of them are present in this picture except the United Arab Emirates. The United Arab Emirates is not present because it was not invited to the meeting at all.
A week ago, America had given all these countries a claim and a threat that, in order to economically isolate Iran, action would be taken against countries trading with it.
And today all these countries are gathering together and responding to that announcement.
Two wars have given China’s President Xi Jinping the power and influence that this suspicious and important meeting in Bishkek is a demonstration of that power. The Secretary-General of the United Nations can also be seen in this picture with all these leaders.
And none of them has stopped doing business with Iran.
One reason for this is also that a few weeks ago he had announced that he would stop all trade with Iran.
The remaining countries have been invited as dialogue partners and guests. Turkish President Recep Tayyip Erdogan has also arrived here. Turkey is also an important trading partner of Iran.
China, Russia, India and Pakistan all trade with Iran.
And a week ago America had threatened all these countries that Iran would be economically isolated. Today all these countries are gathering together and responding to this announcement, which America had named (Economic D-Day).
And in the middle of this entire picture, the person standing there holds the real power over this matter. Xi Jinping.
All economic and diplomatic influence has now come into the hands of China’s President “Xi Jinping.”
What is this influence and will China be able to use it? Today we will talk about exactly this.
Xi Jinping arrived in Bishkek on Sunday. He described relations with Kyrgyzstan as a golden era.
This was said in a country that remained under the influence of various external powers for almost 150 years.
Now an agreement has also been signed on it with President Japarov.
Before the summit began, Xi Jinping had limited external activities for almost two years. Now suddenly he has appeared on the scene again.
The “New York Times” described this meeting in one sentence. The newspaper writes that the power that two wars have provided Xi Jinping, this meeting in Bishkek is a demonstration of that power.
In this same meeting, the extent of the economic war between America and Iran is also becoming clear.
America is involved in the war against Iran. President Trump had threatened that any country that supported Iran would also face economic D-Day.
But Beijing has put this threat aside.
In the same New York Times report, a former White House official said that Trump’s threats and pressure on Beijing are no longer as effective as before.
But let us return to this same picture again.
Look at this picture again. Who is standing in it?
Only six days after the American announcement, he is present at this meeting in front of cameras from around the world.
And only two days after the latest situation between America and Iran, he is standing here.
He did not say whether the continuation of the war was in America’s interest or not, but regarding Iran he clearly said that this war is neither in Iran’s interest nor in the interest of the region.
Now let us talk about China.
According to the US Treasury Department itself, China buys approximately 90 percent of Iran’s oil.
Small private refineries in China’s Shandong province, known in market language as teapot refineries, have been buying this Iranian oil for many years.
Russia is also standing with China.
President Vladimir Putin, who has himself been facing a separate sanctions system for four and a half years.
India is also with them.
This is the same country on which America has imposed an additional 25 percent tariff simply because it buys Russian oil. India was still buying approximately two million barrels of Russian crude oil per day in August.
Now listen to what happened further.
In June, approximately 40,000 tons of petrol were sent to Russia from the Vadinar refinery located in India’s Gujarat province.
Russia sells crude oil to India, India refines it and then sends it back to Russia in the form of petrol.
America has a serious objection to this.
Now there are names of seven more countries on the American list that are also connected with India.
One of them is Turkey, and Turkish President Erdogan has also arrived here.
He has also not stopped his business but is present here to participate in the meeting.
Turkey’s annual trade with Iran is also exceeding five billion dollars, and approximately 13 percent of its gas comes from Iran.
There are also six names related to Turkey on the American list.
And now let us talk about Pakistan.
Pakistan’s Prime Minister is also present at this meeting.
Pakistan has also taken over the responsibility of chairing the organization this week, and next year’s summit will be held in Islamabad.
On August 24, the day when Washington announced that every country trading with Iran would be cut off from the dollar system, Field Marshal Asim Munir was present in Tehran on the same day.
He also met Iran’s President Masoud Pezeshkian and Parliament Speaker Qalibaf.
Both are Iran’s key negotiators in negotiations with America.
The Pakistani Army Chief had also gone there because Trump himself had asked him a week earlier to help bring Iran back to the negotiating table.
This news was reported by Reuters, citing three Pakistani sources.
Now let us return to the same picture.
Belarus and Kazakhstan are also present here.
Both are trading with Russia, which is facing the closure of several of its refineries due to drone attacks.
And Kazakhstan is hosting this entire meeting.
Kyrgyzstan obtains more than 90 percent of its petroleum needs from Russia. But Russia is now trapped in the war, so it is unable to provide oil as it did before. Therefore, on August 19, that is, only 12 days before this meeting, Kyrgyzstan signed an oil supply agreement with China’s state-owned oil company. And in this picture, the Secretary-General of the United Nations is also present with all of them.
Before August 24, none of these countries had been consulted.
No one was taken into confidence that we were going to impose sanctions under the name of Economic D-Day.
And none of them has stopped doing business with Iran.
- Now before moving forward, it is also important to understand what sanctions actually are.
- Sanctions in themselves are not any global law against Iran.
- The real matter is who can use the American banking system.
- Two countries in the world may be thousands of miles apart, but the money involved in major trade between them often circulates through one American bank or another.
- This is called Dollar Clearing.
- This is the dominance of the dollar that controls the global financial system.
- It is like a toll plaza where the road is yours, the vehicle is yours, but you still have to pay the toll.
- The real face of American power is not in a cannon or a gun, but in this door.
But now there is a difference in this.
Primary Sanctions mean that American citizens and American companies will not do business with Iran. This is American law.
But along with this, Secondary Sanctions are also imposed.
This is not international law but a claim of American power over other countries.
And this claim remains effective only when other countries continue to accept it.
The word Sanction also points toward the same concept. Sanction and Sanctify both come from the Latin language.
The original meaning of Sanction was to declare something sacred or obligatory. That is, when something is declared sacred, it is considered obligatory. The concept of restriction is also hidden in this word, that when an announcement has been made, it should be considered applicable to everyone. But this is not a court order, it is a claim of power.
On August 24, in Washington, US Treasury Secretary Scott Bessent stood in the Treasury Department’s cash room and announced a campaign.
It was named Operation Economic Outcast.
That is, an operation to economically isolate Iran. Bessent himself compared it to World War II. He said that just as everyone gathered together on D-Day during World War II and defeated Germany, similarly today we are targeting Iran’s financial relations with the same spirit.
Five major areas of this campaign were also identified, including digital assets, technology, gold, aviation and maritime trade. A list of approximately 60 names was also issued. Some names from China were also included in this list.
26 entities and individuals from China and Hong Kong were included, which was more than any other country.
11 from Iran, 10 from the United Arab Emirates, 7 from India and 6 names from Turkey were included.
That means China was not excluded from the list. But Chinese banks were kept outside this list. No Chinese bank was sanctioned. The names that were included were mostly commercial and paper companies. Most of these companies had been registered after 2022.
One Hong Kong company was established in March this year and sanctioned in August.
That means it was only five months old.
Now think about it.
- A paper company is not the real target, it is only a garment.
- You impose sanctions on it, and the same people establish a new company in the same building.
- The entities are registered again.
- But rebuilding a bank is not so easy.
- There are many requirements for it.
And no major Chinese bank was touched.
In the same press conference, a direct question was also asked as to why Chinese banks were not sanctioned.
In response, Bessent said that no one is above American sanctions and that this is the best way to deal with countries.
This was actually a silent invitation.
Then when he was asked why Chinese banks were not being punished immediately, he himself asked a question:
Why would I want to destroy the global financial system?
This sentence was not said by Iran or China.
It was said by the same person who, on the same day, in the same room, was announcing an economic D-Day against Iran.
He was not saying that they could not reach Beijing.
He was saying that reaching Beijing means breaking the floor on which they themselves are standing.
In the same press conference, Bessent had also said that by the end of the week, sanctions against a major financial institution would also be announced.
On August 28, Friday, one person was sanctioned.
He was the manager of a branch of a joint bank in Dubai.
A Hong Kong paper company was also sanctioned.
And a proposal was also presented to remove the branch of an Egyptian bank located in Dubai from the American banking system.
That means that so far, only an Egyptian bank has been mentioned as a target against one of the major financial institutions in history.
And this sanction is not yet a final decision but only at the proposal level.
- Here I take you back to the past, because it has a very deep connection with today’s situation.
- This is about July 1956.
- At that time Gamal Abdel Nasser was the President of Egypt.
- He nationalized the Suez Canal.
- Britain joined France and Israel and attacked Egypt.
- But Egypt won this war.
- But how did Egypt win this war?
- The Egyptian army did not win the war.
- Egypt had been defeated on the battlefield of the Suez Canal.
- The real decision came after America entered.
- A message was delivered to Britain from the US Treasury Department.
- America put pressure on Britain in three ways.
The first thing was that Britain was financially extremely weak at that time.
Its treasury had been emptied while fighting the war, and it had gone to the IMF to obtain a loan.
Since America had influence over the IMF, America refused to provide Britain with immediate financial relief.
America also closed its Export-Import Bank for Britain.
Britain’s access to approximately 600 million dollars in financial facilities was stopped.
America also threatened that it could sell the British pound.
Now look at the third pressure.
Because of the debt from World War II, America was to receive approximately four billion dollars from Britain.
In October 1956, Britain’s total reserves of pounds were approximately equal to 2.25 billion dollars.
That means the lender had the power to destroy the borrower’s currency within one week.
- Both were aware of this fact.
- Britain accepted the ceasefire.
- As a result, petrol rationing began in London in December.
- This rationing continued until May.
- And in January, British Prime Minister Anthony Eden resigned.
- Now put this entire history in front of today’s circumstances.
- In 1956, Britain, considered a world power, was in debt.
- And who made this indebted power helpless before the world?
America, today’s existing superpower, is deeply buried under debt.
America has approximately (40 trillion dollars) in debt.
Beijing has more than 600 billion dollars in assets of the US government.
And these are only the figures officially revealed.
The actual amount may be much higher, because China also keeps large amounts in the accounts of third countries.
Notice one thing here.
- The weapon that broke Britain’s back is no longer available to Washington with the same power.
- The New York Times also writes that these wars have provided Xi Jinping with power.
- Therefore, the real question is not whether Xi Jinping has gained something or not.
- The real point is that Washington has spent something that will not come back.
- The power that remained with Washington for 80 years is now transferring a major part of it into the hands of Xi Jinping.
The August 24 order that I was just mentioning did not fail because anyone openly opposed it.
No one opposed it.
Even America’s allies are not, in principle, disagreeing with it.
If we talk about the United Arab Emirates, it had already announced one day earlier that it would follow this policy.
But the failure of this (Economic D-Day) is that America cannot effectively enforce this order on countries that are not its allies and that were not even taken into confidence before this announcement.
Now every country standing in this picture will say that it will make a decision according to its interests.
India buys Russian oil and sends refined petrol to Russia.
Turkey will say that it will continue buying gas from Iran.
Pakistan will also say that it will act according to its interests and on the same day of this announcement sends its Army Chief to Tehran.
- And that too at Washington’s request.
- No one stood up and walked out of the meeting.
- No one left the room.
- Everyone is present.
- But no one bowed their head.
- No country announced that it would completely accept the American D-Day sanctions.
- I would not even call it half a success.
- Because no country can damage its trade interests in this way.
- Every country has its own interests.
- The trade of all countries is connected with Iran in one form or another.
Therefore, America or Washington has no such button that it can shut down this business around the world in a single day.
This is why these sanctions have challenged America’s superpower strength.
This means that announcing sanctions is very easy.
You can hold a press conference in Washington and make an announcement.
But when the relevant countries do not accept this announcement, it is not even a rebellion; rather, compliance with the sanctions remains almost zero.
However, it is also not correct that this pressure is having absolutely no effect on Iran.
At the beginning of the year, before the war, crude oil going from Iran to China was approximately 1.7 million barrels per day.
In August, this quantity fell to approximately 500,000 barrels.
Since the middle of July, no major Iranian oil tanker has been able to pass through the Strait of Hormuz carrying crude oil, because America has imposed a blockade there.
Iran’s oil supply route has been restricted.
But just look at who has done this.
This has been done by the US Navy.
Now the question is how long can the US Navy continue doing this?
What is its capacity?
For how many months can it maintain this blockade?
That is a separate question.
But the reality is that the US Navy has not permanently strangled Iran.
The day this blockade ends, the situation will change again.
Iran’s oil will begin flowing into the global market again.
How long can America continue the blockade in this region through its aircraft and naval power?
That is the real question.
Military weapons are still being used.
The weapon that is failing is the (financial weapon)
And this financial weapon was the thing that made America the global ruler.
The gun did not make the decision in Suez.
The (IMF) made the decision in Suez.
So is Bishkek the place where the crown of the global superpower is being transferred from one hand to another?
In my opinion, that is exactly what is happening.
This crown of the superpower was transferred from Britain to America in 1944.
Documents were quietly signed in Bretton Woods, in the city of Bretton Woods in the state of New Hampshire.
Twelve years after that, the Suez incident took place.
That was actually the final seal on the transfer of this crown.
This process was completed late because the old power was still showing the world that it was still a superpower.
But in the Suez incident, Britain was completely exposed.
Now put the same situation in front of Bishkek.
In Bretton Woods, global financial institutions were established in only three weeks.
And last year, the Shanghai Cooperation Organization decided in Tianjin that a development bank would be established.
One year has passed and the matter has reached the fourth stage of consultations in Shenzhen.
The organization’s Deputy Secretary-General, who is Pakistani, said in May that establishing this bank could take several more years.
Obviously, it will take time.
And countries are still not fully ready to abandon the dollar.
The reason is also clear.
You cannot leave the dollar overnight.
The bank that is being created to move away from the dollar has not yet even been decided when it will start operating and in which currency it will operate.
Its documents have not yet been completed.
But this bank will one day certainly come into existence.
The day this bank is established, the world will have an alternative route besides the dollar.
The day this bank issues its credit card and debit card, and the debit card of this bank begins to be cashed at a local store, the dominance of the dollar will face a real threat.
When you are able to buy an airplane ticket with the same credit card, the situation will change further.
When this bank’s credit card works in Dubai, when it works in London, on that day the global dollar system will have a real alternative.
But it will take time. There are delays in such matters.
This is an 80-year era of dollar dominance.
One summit cannot end it in a single day.
It will take time for this bank to become an alternative financial system. But the dollar is facing difficulties.
And the dollar is not facing difficulties because an immediate competitor exists.
Rather, the dollar is facing a challenge from within.
America’s approximately 40 trillion dollar debt itself is putting pressure on the dollar system.
One thing is clearly visible on the faces of the 17 leaders gathered in Bishkek.
They heard Washington’s D-Day announcement, but continued their work.
They heard it as if they heard it from one ear and let it out through the other.
Now the question becomes very important: will the owner of global power change and will a new owner, China, come forward?
And if that happens, in which direction will it take the world?
At this time, the change is clearly visible.
But this change is linked with time.
We will keep an eye on it.
And we will also see what results emerge from this Shanghai Cooperation Organization meeting.
Because one month later Xi Jinping is going to visit America.
He will participate in the summit being held in Washington, D.C.
I think he is going to Washington with a great deal of economic and diplomatic power.
He is going with a great deal of (Leverage).
So America’s current strategy regarding Iran appears to be almost failing.
America acted with such haste that it itself revealed its limited power before the world.
And apart from the United Arab Emirates, no country appears to be in the mood to fully implement America’s policy.
Now the question is also how America will compensate the United Arab Emirates for this compliance.
Because the United Arab Emirates’ annual trade with Iran is approximately around 30 billion dollars.
This is a major economic shock for the Emirates.
The national policy of the United Arab Emirates is based on accounting for every single penny.
Its entire economic structure revolves around money and trade.
It is a major commercial center and views everything in trade from the perspective of economic interest. Therefore, we will also have to see how America will compensate the United Arab Emirates for the economic loss resulting from this compliance.