Opinion by Mathew Carr
The bottom story on the front page of the FT today is a showcase of what’s wrong with the world and journalism under authoritarian leadership interested mainly in protecting warped economic systems instead of people and nature.
Im going to take the story as read, as I analyse it, dear reader.
The ten orange circles kinda represent 10 attempts to cover up what’s really going on here. The FT is showing bravery in trying to expose the sophisticated cover up …yet the FT strikingly fails to reach that obvious conclusion because it fears retaliation from President Donald Trump …such as being banned from the White House, perhaps?
Let’s take the orange circles in order. My decoding.
One
Here the FT is kinda saying China is seeking to provide an alternative currency system that is less of a rip off than the current one, one which is being manipulated by the US in favour of the US multinational companies and their associated billionaires. Yet it does not say it vibrantly. The world deserves currency systems that stop unnecessarily rewarding unproductive and inefficient middle-men-fat-cat bankers.
Two
Here the FT is kinda saying Saudi Arabia is leaving the initiative because it (the world’s second-biggest petrostate) is in cahoots with the biggest (the US) — its “longstanding ally”, as the FT says, as a way to make unreasonable behavior appear reasonable. The world of oil is denominated in the USD. Lower demand for USD will erode the ability of President Trump to manipulate global markets, for example via war. The FT is clearly part of the problem … yet it is putting its sources ahead of its readers because it is (understandably?) fearful of Trump retaliation. I put it to the FT that you are actually more important than any one man on earth, including Mr Trump. Get a grip.
Three
FT kinda has to say what the Saudis said — that they always planned to leave. Riiiight. WTF. I posit that the Saudis hoped the currency initiative would have somehow at some time been accepted by Mr Trump and …that only because it was not accepted by the president, the Saudis decided to leave. FT could have and should have said something like: The Saudis did not seem intellectually honest in their responses to us about why the kingdom entered the currency initiative and why it left the currency initiative.
Four
The “its” in this section is confusing. It refers to SAMA I think. See three above.
Five
This is the FT being quite clever and pointing out that the Saudis are actually copying and deploying the BIS’s deceptive PR strategy. But you need to call this out, FT, with respect. You should have said: The Saudi strategy was pretty much the same as the BIS strategy when responding to FT questions and this probably was to COVER UP FOR THE WORLD’S PEOPLE WHAT’S REALLY GOING ON HERE. The FT could have said: It’s difficult to accept the notion of dropping out of something as “graduating.” This is clearly dropping out, not graduating. You don’t graduate from uni when you drop out, do you?
Six
It seems pretty clear BIS dropped out because of political considerations. And, including this apparent lie does reveal that deception, somewhat. So credit to FT, I guess.
Seven
Linking with the tariff threats is clever, FT, because it does reveal at least one REAL REASON why the cowardly Saudis are pulling out of the currency initiative. Official figures indicate Saudi oil makes up about 4% of US imports. So the kingdom has something to lose. The section does reinforce how Trump is a bully, yet why does the FT not question enough what can be done to erode Trump’s ability to bully on things like this? What needs changing to the US constitution, for instance? Because the FT is probably part of the problem. That’s why.
Eight
Another real reason here, FT, and thanks for it. Credit here to the FT.
Nine
Probably the story’s best paragraph and it could have been higher up. Credit for FT for getting it. Fear of Trump retaliation beats Saudi and FT cowardice, every time. When you don’t bravely call out bullies, they keep bullying. FT, you are partly to blame for Trump’s continuing ability to bully and Saudi’s continuing deception and most people STILL DON’T KNOW that the world currency markets are a rip off.
Ten
Repeating the probable lies I guess does underline the notion “there is a deception here”, so thanks FT …yet the final paragraph seems mostly like a missed opportunity. The FT could have said, instead, something like this: “We put five reporters on this story over three weeks to find out what’s going on and discovered a highly sophisticated actual conspiracy to cover up the truth about the world’s rapacious currency markets and how those markets allow the USA to manipulate other markets as well … and [CarrZee note: in my dreams, the FT would have also said:] also how America uses its dominant currency to place its own people into debt slavery, while destroying nature everywhere on earth.”
It is also possible that mbridge is simply bad.