First Short Quiz – Questions Before Opening “Chokepoints”

[johnkarls]

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A worthwhile exercise before opening a book is to ask yourself what you expect it to address so that you think reading it is worthwhile.


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1. Does “Chokepoints” address three malfeasors – Russia, China and Iran – which were posing significant threats at the time of publication?

2. Has Iran largely disappeared from the news during the 6 months since 2/25/2025 publication because of military (vs. economic) sanctions?

3. Has Russia been dominating the news because of its war on Ukraine?

4. Was our author, Edward Fishman, an economic-sanctions expert during the Obama Administration?

5. Despite fellow-Democrat President Bill Clinton’s solemn 1994 guarantee of Ukraine’s sovereignty and territorial integrity if it gave up its 1,900 multiple-warhead nuclear missiles when BTW Ukraine was the world’s THIRD-LARGEST nuclear power (behind the U.S. and Russia, but ahead of the UK, France, China, etc.) -- did Edward Fishman’s Obama Administration NOTORIOUSLY FAIL to honor Clinton’s guarantee during Russia’s first invasion of Ukraine in 2014 when Fishman/Obama provided only non-lethal aid in the form of blankets???

6. Have we often marveled over the late Sen. John McCain’s constantly calling Russia “a gas station masquerading as a country”???

7. Is this because Russia’s economy is based on oil & gas production, with oil & gas (per the CIA’s World Factbook) comprising virtually all of Russia’s exports, with which it pays for its imports of cars, medicine, broadcasting equipment, garments, etc.???

8. And have we often marveled that Russia has handsomely profited from its war on Ukraine the last 3.5 years because the war has raised world oil prices???

9. And that the U.S. could have shut down Russia’s invasion overnight for the last 3.5 years by imposing prohibitively-high tariffs on any country buying Russian oil & gas (principally China and India)???

10. Why didn’t Fishman/Obama do that in 2014???

11. And why does Pres. Trump refuse to do so despite our 4/16/2025 letter to him entitled “MAKING AMERICA HONORABLE AGAIN by sending 1,900 multiple-warhead nuclear missiles to Ukraine with our apology” ???!!!

12. Could Pres. Trump’s reason for insisting Ukraine continue to suffer be that he doesn’t want to suffer the impact on world oil & gas prices if he takes Russian oil & gas off the market???

13. And the impact that higher world oil & gas prices would have on American gasoline prices at the pump which he desperately wants to reduce???

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But back to Edward Fishman’s touted economic sanctions --

14. Aren’t they just a proverbial “fig leaf” behind which pols can hide???

15. After all, doesn’t Economics 101 teach that the “money supply” has many different measurements, for example –

(A) the monetary base (money in circulation plus bank reserves),
(B) so-called “M-1” (currency, travelers checks, checking accounts),
(C) so-called “M-2” (“M-1” plus savings deposits & money-market funds),
(D) so-called “M-3” (“M-2” plus large time-deposits and other less-liquid assets),
(E) etc., etc.

16. So why does Edward Fishman think it’s a “big deal” whether a particular British bank et al. are permitted to handle transfers of U.S. dollars for, say, Russian interests???

17. After all, can’t Russia, China, etc., establish banks (if they haven’t already) to handle accounts denominated in US dollars???

18. Indeed, doesn’t the U.S. Treasury Dept report by month the foreign countries which are the largest holders of U.S. Treasury Securities???

19. And couldn’t those countries establish a market for those securities without a “by your leave” from the US???

20. Isn’t the truth that the reason why most countries count their foreign exchange in terms of US dollars is that the US dollar has, historically, been fairly stable with minimal inflation (at least in contrast to the currencies of other countries)???

21. And that Pres. Biden almost destroyed the US dollar as the world’s currency with his inflation???

22. BTW, in terms of economic theory, couldn’t a currency be based on anything that holders are willing to accept as credible??? Such as the number of craters on the moon??? Which BTW is guaranteed to have zero inflation since the number of moon craters has already been established???

23. After all, haven’t these principles been demonstrated by actual crypto-currencies such as Bitcoin???

24. And what is the basis for Bitcoin’s credibility since it is not issued by a government or known entity???

25. Isn’t Bitcoin’s credibility based on the “greater fool theory” that you can sell it to someone else (a “greater fool”) before it crashes – and this has been borne out, AT LEAST SO FAR???

26. Is it easier for 83 year olds who majored in economics before law school such as Yours Truly to appreciate such concepts – since they lived through 1971 when the US dollar could no longer be redeemed for $20.67 per troy ounce of gold because our supply of gold at Fort Knox was being depleted so rapidly as it was theretofore being shipped, literally, to foreign countries???

27. And all Americans held their breath whether “going off the gold standard” would doom the dollar???

28. But no need to worry – because weren‘t Americans inept at bartering and “the greater fool theory” kept the dollar afloat???

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SO BACK TO Q-14 – AREN’T ECONOMIC SANCTIONS JUST A PROVERBIAL “FIG LEAF” BEHIND WHICH POLS CAN HIDE???