2023-06-04 22:32:29
On Sunday, international economist Steve Hanke exposed the mistakes of US economic policy and warned of rising food price inflation in Lebanon and Argentina.
“More than 20 countries have applied or expressed interest in joining the BRICS group,” the senior lecturer at Johns Hopkins University said in a tweet.
“The unwise US sanctions are turning the BRICS into an anti-American group,” Hankey added, commenting in a sarcastic tone, “another great victory for America.”
The economist pointed to the rapprochement between Russia and India, explaining that it is another example of the counterproductive consequences of imposing sanctions.
“During May, India’s purchases of Russian crude oil increased to 1.96 million barrels per day, and India pays $68.21 per barrel, thus Russian crude continues to trade well above the maximum price imposed by the West of $60 per barrel,” Hankey said in a tweet.
“With sanctions, there is always a way around them,” the economist stressed.
Hanke moved on to talk regarding the economic problems facing Argentina and Lebanon, warning of the danger of high food prices.
The economist explained, “Food price inflation in Argentina has reached 115 percent, according to the World Bank, and Lebanon is the only country that has a higher rate of food price inflation of 352 percent. The only solution for Argentina: vote for Javier Milli – an Argentine economist and politician – and follow the policy of dollarization ( Converting the financial system to the use of dollars).
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