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Tony Norfield Profile picture
@StubbornFacts
Mar 27, 2023 • 7 tweets • 4 min read • Read on X
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#Bandera & the Brits. 🧵Stephen Dorril’s voluminous book on MI6 (publ. 2000) has lots of info on UK ‘intelligence’ using #Ukraine’s fascists in the 1940s. Guest appearances also from the US CIA, Canada & the Vatican! Fascism fine if anti-communist!
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More from @StubbornFacts

Tony Norfield Profile picture
Jul 28
Rise & (hopefully) Fall of Zionism🧵
Zionism (Z): Colonise Palestine as a ‘Jewish State’
- Z movement from late 19th C, mainly eastern Europe, partly a response to anti-Jewish pogroms
- Z influenced by blood & soil European racism
- also tied in with Christian evangelism👇! 1/10 Image
2/10
Zionists have always aimed to get big power sponsors:
- Ottomans ran Palestine, but were not interested in Z
- Z got an opening with British🇬🇧 imperial plans for region
- Success with Balfour Declaration, 1917
economicsofimperialism.blogspot.com/2019/06/the-pr…
3/10
- Zionism offered Europe an implicit deal: send your unwanted Jews to Palestine!
- But British🇬🇧 wanted control of Palestine🇵🇸 in 1930s, so they limited Jewish immigration, despite rise of Nazism
- Slaughter of Jews in Europe changed the political balance after WW2
Read 10 tweets
Tony Norfield Profile picture
May 14
New #BRICS FX? A 🧵 on this ‘Unit’ currency promoted by @RealPepeEscobar. 1/7
Many countries are angry with existing US$ domination. But that is no reason to walk into a minefield!
2 aspects of the system he notes: a ‘currency’ (the ‘Unit’) and a transfer mechanism.
2/7
 a) Unit is backed by gold & BRICS FX? ‘Deliver these & get a Unit’.
b) But ‘Unit’ price can be ⬇️⬇️versus components!
c) A blockchain system used to register Unit assets & transfers for payment.
d) ‘White Paper’ details NOT given on , but a 16-page FAQ.unitfoundation.org
3/7
 e) Unit is 40% gold. 60% is BRICS FX, but no % shares indicated.
f) FX only accepted if exchangeable for gold.
g) This gives a gold veneer to the scheme (scam?)!
h) Gold is à la mode, but solves nothing!
Let’s examine some key issues …
Read 8 tweets
Tony Norfield Profile picture
Jan 8
A 🧵 on #BRICS & the global foreign exchange (FX) market. Image
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Read 8 tweets
Tony Norfield Profile picture
Mar 30, 2023
The ‘petrodollar’🧵. Oil pricing, from UK£ to US$ to ? Current moves in historical context:
1. Pre-WW2, oil from the Gulf area was mainly priced in £, reflecting UK power in the region (Iran, Iraq, etc)
2. From the 1940s, with more US oil co. involvement & UK much weaker ... 1/7
2/7
 ... the $ took over oil pricing
(Saudi production was minuscule in 1938, then ⬆️ to 5.6% of world output in 1950, just behind Iran)
3. In the 1970s, 🇺🇸 stopped a Gulf effort to switch from $ to a basket of FX for oil pricing (mainly via security deal, extra IMF votes for ...
3/7
 ... Saudi Arabia)
4. Gulf FX bank deposits in $ soared in the 1970s, with higher oil prices
5. These were directed to the London FX market + investments in US Treasury securities
6. UK had already boosted $ FX dealing & eurodollar banking from the 1960s
Read 7 tweets
Tony Norfield Profile picture
Mar 28, 2023
#Bandera & the 🇬🇧Brits. 🧵Stephen Dorril’s big book book on MI6 (publ. 2000) has lots of info on UK ‘intelligence’ using #Ukraine’s fascists in the 1940s. [thread] Guest appearances also from the US CIA, Canada & the Vatican! Fascism fine if anti-communist! Selected text ... 1/7 ImageImage
2/7 ImageImage
3/7 ImageImage
Read 7 tweets
Tony Norfield Profile picture
Dec 11, 2022
The global FX market reflects US domination. Only a tiny % of FX dealing is directly linked to commercial, international trade. Inherently unstable capitalist markets make all companies hedge, panic, etc! Latest shifts to use non-$ FX will change all this only slowly! 🧵 1/6
2/6
Key points on the global FX market, US$, China, etc.
- BIS produces the biggest FX survey every 3 yrs, latest for 2022
- US$ is involved in 88% of all global FX deals
- Euro just 31%; China’s FX was only 7% (but up from 4% in 2019)
Note: Total = 200%, as 2 FX in each
3/6
 - Most FX trading is between financial companies (buy/sell securities, hedge, speculate), but non-financial companies also do this
- Very little FX trading (<<6%) is due to direct trade in goods & services!
- Volatile markets lead companies to do hedging, position changes
Read 6 tweets

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