Turkey's missiles from Russia/Social media plus cryptocurrency

Turkey's missiles from Russia/Social media plus cryptocurrency

on today's world in sight width in way perky's missile order from Russia signed sealed and about to be delivered a field breaker with a US and NATO and the advent of the cashless age what do you get from the combination of the social network giant and cryptocurrency here's our host and way hello and welcome to world insight coming to you live CGT n from Beijing we begin with Russians missile delivery to Turkey recently turkey cautioned the United States after the u.s. said Ankara would face real and negative consequences for acquiring the advanced the Russian made as 400 air defense missiles they are now on their way to Turkey take a look relations between the u.s. and Turkey have been strained for some time but these Russian made missiles are making them worse the two NATO allies are on a collision course with Turkey's purchase of the Russian s400 missile defense system reportedly worth two and a half billion dollars on Monday turkish President Recep Tayyip Erdogan confirmed that the missile shipment was proceeding as planned the controversial deal has become a big irritant with Washington the US were in ankara would face real and negative consequences for buying the Russian missile system including economic sanctions and removal from the supply chain for f-35 chaps former u.s. Acting Secretary of Defense Patrick shannond warned that turkish defense companies would be thrown out of the f-35 fighter jet program losing billions of dollars in contracts with the struggling economy a billion dollar contract might be hard for Turkey to ignore despite mounting diplomatic pressure and Washington's warnings the Turkish president stands firm now I believe eyes are on the delivery process of this issue but there are no setbacks in our agreements we hope for this to be beneficial to our country our region and the world the arrival of the s400 is expected to trigger sanctions from Washington under the countering America's adversaries through sanctions act the US has already halted the f-35 training of Turkish pilot mr. Erdogan did receive some words of support from US president Donald Trump during the g20 summit last month in Japan as 30 turns away from the West for its defense means to the two countries over the crisis that risked unraveling the NATO alliance turkeys purchase of Russian missile system what does it mean for everyone in Moscow we have Alexander looking professor and director East Asian and SCO studies Moscow State Institute of International Relations also we have in Moscow originally from the United States William Courtney a gentle senior fellow of the Rand Cooperation welcome to both of you gentlemen to our program to you a professor rukia is it a good deal for Russia of course it's a good deal because Russia is selling its most advanced weapons to a country which is a NATO member for the first time in history and this means that they accept recognize that Russian weapons is for this weapon system specifically is probably the best in the world and the price is good and Russia gets some revenue for that so surely it's good professor looking just to follow up briefly from you as well is it going to compromise the NATO defense system as the Americans have been worrying about professor Logan well I'm not sure if it's going to compromise anything but that it's not for Russia to think about it the Americans are saying that it will but I think it's just what we're really looking at is competition in unstraight because their systems are much more expensive and also and they want to impose it on everybody under the banner of Alliance Alliance relations but turkey relations their relations with Turkey and and not that great at the moment and probably turkey wants to show some some kind of autonomy by that but anyway it's just speculation because Russia is you know you want Russian weapons and we are selling it so that's as simple as that we don't have to think about some some strategic straight strategic plans or strategic ideas however Washington probably has to think about that does it mr. Courtney oh yes certainly because turkey is a NATO member has been a long long standing a very important part of the NATO alliance the United States certainly hopes that that relationship continues as Professor Lucan points out the Russian s400 system is less expensive than the u.s. patriot system and the s100 is a capable system but this doesn't seem to be the main purpose why president erawan is buying the s400 he seems to be wanting to take Turkey in a more autarkic direction if you will loosing ties with NATO having better ties with Russia and playing a greater role in the Middle East but there's a question whether air21 is pushing too many fronts too fast the humiliating loss in the Istanbul mayoral election recently as a reminder that president Erdogan has to be careful politically at home but on the other hand of mr. Courtney many wonder if the United States losing at least this round of competition using the word barring from professor looking earlier in terms of price in terms of function in terms of the geopolitics balance it seems that Russia is having an upper hand at least in sowing managed to sell this time missiles to Turkey is it well in this particular case Russia is selling the s400 to Turkey so that is a setback but from Turkey's defense standpoint the s400 will be much less useful for turkey than buying the Patriot because it will not be integrated with the other NATO compliant parts of Turkey's defense system so that's going to be a real problem for for Turkey and then secondly with the s400 personnel there from Russia there's a risk of compromise of turkeys security and that should be another concern for Ankara professor looking you want to respond to that the Russians might be undermining the security of Turkey well I think that the Turkish government is quite quite competent in deciding whether some purchase of some weapons system is undermines its security system or defence system or not it's not for Americans to decide I think that what Americans are saying here is as I said just a competition they want to sell more expensive weapons to everyone under the ban of various under the banner of alliance relationship and under or well they're doing the same with gas in Europe for example natural gas we want Europeans to buy their own natural gas which is more expensive than Russian and the excuses that Russia is a bad country and America is a very good country right it's a car actually play on that okay mister I'll play on that all the time you have to be more effective well that's probably the question mr. Courtney is America being effective now bringing everybody together still on the platform of NATO obviously Turkey is having something in mind and now trying to play a balance game at least the geopolitically but many wonder whether that is only the first there will be more to come even with the issue of NATO security mr. Courtney well the Turkish geopolitical situation is really quite complicated and so is America's interest in Turkey for example the US has an air base in eastern Turkey at Incirlik which is one of the most important overseas US military bases in the world and maybe some alternatives if for example in sterling we're close down maybe some alternatives elsewhere in the Middle East but that's an important consideration there are some new developments with regard to Greece Greece has had a new election the Greek government is probably going to have new Greek government probably have better relations with the West and the United States them one before so Turkey would not want to cut itself off from NATO too much and leave Greece in a position stronger position in NATO so that's a consideration so all the way around it's really complicated there's no easy solution for anyone that does not involve trade-offs talking about Turkey our Turkish guests appear in Ankara we have a child cook Lacock lu who is a director of the turkish center for Asia Pacific studies oh what a pleasure seeing you sir once again on a program tell us to understand what is the sophisticated thinking process or not in Turkey about this recent decision despite of the strong opposition you have seen from Washington do we have our Turkish guests hearing our questions mr. Caldecott glue yeah me okay so I got yeah I got your question yes regard we can say that these now Turkey same decree critical juncture to decide to purchase a Russian system it is identified as a enemy system for NATO system in this sense so of course when we look at the turkey is X the explanation for that is just because of the need and the turkey could not purchase American system or other NATO systems previously so the deaths why turkey is purchasing the Russian system right now but on the other of course there are some strategic and political reasons for Turkey's purchasing form for this need a defense system from Russia so in Ankara particularly since 2016 there is the rise of the originals or runtiwa sentiment in general so some security broker see a considers these system change order purchasing very critical defense system from Russia as a a orientation change in that regard so they are considering that this is new seeking for balancing for turkey against the West in their sense but on the others when we look at the turkey relations with the United States and other NATO countries and of course with the European Union so turkey is a very deep-rooted engagement for the case with NATO and NATO allies in general so then it is a very critical decision right now there is a decision to create an alternative for NATO systems on one hand on the others – long term dependency through NATO systems so then now the Turkish government has faced many challenges need to address for that so we are waiting the details for these proteins and also we are waiting the response if there is from the United States what do you mean by details of this purchase exactly what are the details are you looking for actually from the beginning there is no detail for the purchase for the for example for four hundred since late 2017 the amount of deal so there are some rumors only main I believe that it is around one point two point five billion u.s. dollars but on the other the deployment of the place in Turkey there are lots of rumors for that in Ankara or in sakis or Mediterranean coast of Turkey and also the Turkey's main goal for the deployment of the Russian systems in general so there are lots of things and rumors without clear notification and also write informations to public so that there is not very clear certain certainty for that on the other turkey is still deploying the Patriots NATO's petrol systems in the southeast against the any potential attack from story or insight in that manner so then it is very complicated right now the turkeys defense engagements for fighter jets and others on the one hand and also an in Russian system once they apply to the Turkish defence system a defense system right now well there are lots of conflicting issues and arguments together so there is no credible pictures or clear picture right now one of the things people talk about mr. chilaka coup in Turkey is where the battery will be for the s400 one some media reports suggest it will be in Ankara at least one battery others say well it's not necessarily confirm as you just earlier explained now you probably want to explain to our viewers as to why is it that significant as to one battery in Ankara or not why is it such a for those that are in the defense area mr. Chaddha ikkaku you want to explain briefly yes sure this also there is no clear explanation from the church officials so that it is highly likely that if there is a delivery from Russia it will be deployed in Ankara this expectation the next long capital Ankara there's a base name now congested and it will be deployed there but on the other during the process also Turkish government officials little bit different statements for the deployment for that for example only deploying for eastern part for turkeys the transistor will occur also say in that direction in previous weeks and months for the eastern part of Turkey nap western part of Turkey some says also only for defending for big cities and also there is there was another claim it will be deployed for Russian nuclear first nuclear power plant in Turkey in southern part of Turkey and namely Madison area to protect up to nuclear power plant for that so still there is no clear clear explanation for that but the expectation the deployment will be possibly carried out in Ankara basically right now we are leaving the rest of the two minutes to our guests from Russia and the US if things continue to boil are we going to see the bilateral relations already strained there between Washington and Moscow furtherly coming into a boiling water as a result of this purchase what does that mean for each side as strategically let's go to mr. Corton first this has probably been an issue between the United States and Turkey rather than the United States and Russia the United States and Turkey have a NATO alliance that is the key issue how the NATO alliance works for example with the s400 system the Turks could test fly the f-35 stealth fighter against it and help determine what some of the weaknesses of the f-35 are so for that reason the United States has said it will cut off the f-35 program for Turkey if it buys the s400 but the United States will still try to work with Turkey on Syria on a number of other Middle Eastern issues and within the NATO alliance what about for you professor looking for Russia how vulnerable the bilateral relations will be if the deal continues in a way that just explained professor well it's certainly very good for russian-turkish relations because we are already cooperating on many issues like in Syria for example economic cooperation is very close and now in unstraight and turkish US relations is not for us to decide or even if if it is for them to decide but I can say one thing if the United States stops selling fighter jets to Turkey we can help and sell their own play of planes and we are going to be even close mr. Selleck oglu is this a smart move how smart is it for Turkey to once again put itself in the middle of two important players the United States and Russia and having eventually an upper hand and more stake for yourself but however some say it's also black play with fire so that's really a bank balance so yeah this is a difficult situation right now for turkey so that was a approaching crisis for turkey for last at least one year so the Turkish government could not escape for this escalation so now Turkey is in between two big powers for choice in or not chasing for defense choice in the in-depth manner so in any sense that will be a course for Turkey either choosing to purchase and deployed s400 or cancel it so they talk you will face some political and economic cost in innocence in that regard also delaying this crisis at the last moment also will be a fight back for for the Turkish government also there's another problem right now so it is really not there is no very clear picture for Turkey how Turkey can handle these crises we got harming its relations with United States and NATO in general and also keeping good relationship with Russia on the others because Turkey and Russia have close cooperation in Syria and other issues regional security matters so and also Turkey is economically dependent on Western Airlines in these atmosphere so there is no clear picture for for that time and also this summer has become more hot for Turkey in terms of the ambiguities in security issues foreign policy and economy domestic policies right so everybody is waiting the final decision and further steps from the Turkish government right now I see before we go once again I want to go to you mr. corny we've seen quite some drama in recent months regarding the u.s. relationship with this allies within the NATO framework for example Washington the White House asking others to pay more which the elders agreed upon however that certainly the way of asking is certain not necessarily depth lessons and now we see further discussions about you know whether Turkey will purchase from somebody else particularly Russia which has in regarded as quote-unquote the rival as a result of the NATO system so what do you think of the u.s. approach to NATO right now and will things like this at for Washington to be prepared for for the near future mr. Courtney the u.s. relationship with NATO is quite strong and NATO itself is become even stronger in recent years some months ago the Secretary General of NATO Stoltenberg gave a speech before a joint session of the US Congress which showed the strength of bipartisan support for NATO there's been unity in NATO on the importance of the European deterrence initiative in order to increase natives capacity in the eastern flank of NATO NATO allies some of them are increasing their support for the alliance I see thank you very much it's a very interesting topic certainly we're going to see what's going to happen in recent days and weeks thank you so much cell look kulluk igloo Alexander looking William Courtney coming from Russia the United States and Turkey really appreciate gentlemen you're watching world inside still to come on our live program the advent of cashless age what do you get from the combination of a social network giant and cryptocurrency some answers after this break welcome back you're watching world inside with me Tian way the program coming to you live on CTN it is the dawn of the cashless age they say it's the digital money that makes the world go around through mobile payments FinTech with virtual banks and of course crypto currency last month social network giant Facebook jumped on the bandwagon and willing a new cryptocurrency called the Libre it's powered by a technology called blockchain of course but unlike the popular Bitcoin users cannot create libros they can only buy it Libre is backed by assets so its price shouldn't fluctuate dramatically many believe like bitcoins a rollercoaster performance Facebook hopes this new product will help especially those some 1 and 1/2 billion people rather adults in the world who have no access to a traditional bank but Facebook's ambitious venture is met with more questions than excitement on Wednesday chairman of the US Federal Reserve Jeremy Paolo said Libre raises many serious concerns regarding privacy money laundering consumer protection and financial stability these concerns are shared by many governments around the world Chris cryptocurrency digital finance we are joined by a strong panel in London Patrick McGorry assistant professor from King's College in London the UK's first PhD graduates in crypto currencies good to see you in New York we invited max wolf a professor of economics from the new school University in Beijing last but not least Andy mock senior research fellow at the Center for China and globalization welcome to the thrill of you gentlemen exciting but certainly a lot of news going back and forth about the fate of crystal currency particularly what do you say professor Wolff the current state so we've seen an increasingly intense sort of ebb and flow of an experiment with the crypto currencies and I think probably the legacy name currency doesn't really belong terribly well to the group I think we sort of have two different things we have a wild speculative frenzy in a series of increasingly successful than heartbreakingly unsuccessful get-rich-quick schemes behind which we have a real innovation in technology that will probably eventually have a pretty large effect on how value is stored and moved around that's the blockchain so the currencies are usually an attempt to basically self enrich or trap people in a walled garden Facebook's looks like a possible new business area to open up for them that would get people to sort of pre commit to a Facebook ecosystem of spending which would be nothing other than a huge advantage for Facebook so it still remains to be seen how it helps anyone else but interesting interesting experiment and I don't worry there's a lot of layers isn't it mr. McCrory I mean for someone who's a major in Cristal cryptocurrency you must know about this is this a business level of discussion there's also a so called a security level particularly financial security global financial security level of discussion of course there's also the issue of how governments work with businesses as well so your take and well what was the take on sorry the question is what about the three layers of discussion which you think is more important the layer of discussion in terms of business among our governments business government relations what about the global financial security situation and what about what one business can do an integration with the other business you get it yeah I got you yes so and this is in terms of libera yes sure so I pay up today you know what you're being invited to sir yeah yes I think for libera yeah I think what you're basically discovering is that there's a hundred founding members in the world these Western companies they're basically trying to set up a new global currency reserve and is actually quite it's a little bit terrifying that the fact that's going to be a hundred currencies are hundred founding members you're going to be able to dictate monetary policy and take that away from national governments yeah so I'm very dubious whether libera will ever ship or be deployed in so you notice that last week where the Federal Reserve in the US they basically to liberate their you know the stop implementation just so you know the national governments can actually assess the situation do you agree with that mr. mark in Beijing I do I mean I think the key if we're looking at it from a government perspective is Fed Chairman Jerome Powell's phrasing that this is a marathon not a sprint for businesses especially technology businesses that depend on speed of implementation I think this is the kiss of death and why has this happened I think this is a misstep by Facebook in that certainly targeting 1.5 billion people who are unbanked is a good commercial business opportunity but I think they're touching the third rail of global finance in that any country I think considers control of its currency if nothing else for monetary policy to manage the economy is crucial and any entity company or otherwise I would seek to undermine that power I think really is going to hit a brick wall well professor mock professor wolf there was the case that governments around the world are controlling is the kinds of currency being used in their own countries at least and also globally there's a basket of currencies that's likely to be most important US dollar at the very center of it now the question really is Libra when used particularly getting popular all over the world with it mean advantage for a company like Facebook or an advantage also for a government such as the United States even in the field of Chris cryptocurrency so those are interesting questions it's hard to sort of answer because we haven't seen a deployment but look we have had experiments with private currencies they dominated the world financial system until roughly the early part of the 20th century until the about the turn of the last century right and so we experimented with various private money issuance without this technology for about six hundred years and it was mostly an unmitigated and complete and total failure because you needed a like a last instance guarantor the state did that you needed an international set of rules and those were variously produced by state and interstate agreements so it's not so clear that pure greed will self generate a regulatory system that's robust even with the new technology and we do have to be honest with ourselves that it was not a unbridled success under the gold standard or even the best of the pre-existing arrangements so it's also just not theoretically possible that we'd get an international currency that there are national rule makings and findings on because even if the state serves no other purpose they still have the legal right to arrest you and put you in prison which is pretty compelling for most real human beings make that's making this especially interesting isn't it a Patrick if Facebook I had something like that yeah sure you could add something to that but I also have a question to follow up if you can oh yeah okay go ahead yeah yeah okay so that question really is the legal framework professor wolf was talking about extremely interesting because Facebook based in the United States which means Facebook as a company has to abide by the American law however Facebook is doing a cryptocurrency that's supposed to be used the worldwide and therefore which means indirectly the American rule of law and American government is controlling the fate of a cryptocurrency such as Libre if it is being used worldwide do you take that Patrick yeah so I think fears bigger vacci played a very nice trick here to avoid you know the US government being able to stomp on it and pull it out so libera is active an association or foundation in Switzerland so it's actually being run from Switzerland in the movement or not the US well the fifth big have also done is they remove liability of themselves so when they say that when this currency lunches oh one point is the sad in the u.s. it's free speech to write code you can write as much good as you want and you can not be held liable for that but what they've done is that they're writing the code and when you go the protocol live and deploy it there's going to be 100 companies that are going to run the system so all 100 companies distributed across the world are sharing the liability for this even though as big as 100 one could argue there's always a major player among those 100 yeah first of all and secondly if you look at this yeah 100 companies of these are the millions and probably billion companies around the world they still a very small group of companies and therefore also the trustee issue why should we trust these 100 companies just like the question why should we trust governments as well Patrick if you could go ahead with some professors yeah so I think what's really important there to highlight is that what these corporations are pretty much doing it are trying to go above nation states and governments so what's going to happen in the future is that when made so the way liber gets his volume is that there's a bucket of currencies that they've not yet decided what's going to be in there was going to be really remarkable is that these corporations are going to get to decide with currencies get in the basket yeah on how you know significant those currencies are on a global stage and that's a huge financial power these like 100-plus founding members are going to have I think one other point because that while there's going to be a major player to begin with with this Facebook which is pushing for this initiative the way the foundation is set up is that it's going to be a supermajority of these members so you may have to get 70% of the you know these founding members boot before apology can be changed so they've got some safeguards there to prevent one major player taking advantage of it interesting Andy your take well I think that you know again I think I'm fairly skeptic about this I think the points made that of course of ace book as a corporation headquartered in the US is subject to some degree to US law but also I think Patrick's point is a good one in that these global corporations in some sense are able to transcend national laws and that's one of the challenges of our times as well especially with data with technology that affects billions of customers around we also see that companies around the world no matter how global they are are very vulnerable to global trade wars as we see every day in the headlines so if you argue global companies could be free from other troubles of created by politics or geopolitics it's probably too naive is it sure well I say not free from the constraints of politics or geopolitics but they do have some degree of flexibility so that if the legal regime the regulatory regime is too onerous in the US they can shift some degree out to other parts of the world but of course they can't completely avoid that right on the other hand the basket of currency is likely cryptocurrency today likely to be issued by anybody it's still very much likely to have the US dollar as the major currency in that basket and therefore making US dollar has a great advantage and therefore any country that is having a u.s. dollar mainly printing goodbye the United States also have a huge advantage as a result so professor wolf given all of those principles and likely happening phenomenons explained what do you make of the future of cryptocurrency once again I want to browse these three layers that we discussed earlier among businesses between business and government and also in terms of the bigger framework of security of global currencies and so my guess is that one of two things happens either we see the major currencies with some possible private add-ons and purely speculative add-ons but we see the major currencies become the crypto dollar the crypto redman being some sum to some degree you know crypto Swiss franc what-have-you or right in other words we see a sort of mash up of the more kind of tech topi envision that's been associated with crypto with the realities of the modern banking and payment system into that or we see a period of relatively chaotic cryptocurrency usage in countries that have a national currency that is a burden and a fetter on their development but we and they're sort of be two tiers here we see the dominant countries with hard currencies or let's call them economically viable currencies stay the course and crypto becomes an interesting payment database technology which is what it is and not so much a replacement for currencies because what modern currencies are they're largely digitized anyway right and they are the product of a series of rules from central governments and I don't see that changing in the foreseeable future now we take a look at the overall situation okay so Libra has been cautioned by the US government's different branches of the government and also we also know g7 is likely to do a report likely in the middle of this month about cryptocurrency and its impact and how governments should deal with that certainly we know the IMF particularly the managing director up and have been talking repeatedly about the caution people should have a two-word cryptocurrency so it seems that whether it's individual governments or international organization or platforms are all taking different ways of looking at the fate of cryptocurrency so given that as a reality Patrick where are we heading for in the near this like we're very important near future Patrick go ahead and the near future so I think there's one important point to mention is that bitcoins ten years old now and bitcoins actually proved as the only kurtik is the only online digital money that's being basically online for a hundred percent of the time and is you know open source permission is anyone connected and anyone can use it so given this 10-year history of proven success I don't think it's going to go anywhere anytime soon I think we're going to see in the near future or central banks and national governments issuing their own type of cryptocurrency so there's already some governments or central banks that I think the Chinese contra Central Bank recently mentioned they're going to step up their efforts towards issue in their own coin I think what you're going to see is a lot of countries issuing their own coins you'll all deliberate in the middle that will hopefully be this regular the global reserve I don't think it's actually ever going to ship I'd be very dubious by the regulator's ever let that ship okay and then I think what you're going to have is something like Bitcoin or a theory and that's like you know global programmable money let me think that's new trust free financial system I thought that would be my vision okay there we go you are the first PhD what could I say right and you go ahead of your thought near future I think in the near future China is doing some very interesting things that I want to make the distinction here between cryptocurrency and digital currency or digital money so I think one of the things that's very interesting that we can see in the near time near-term is China's exploring looking at replacing cash so the physical money the bills and coins with some sort of digital substitute and that solves a lot of problems it still preserves some anonymity for users but it also gives the government a lot more transparency better more complete more granular data on the economy so I think that's one important thing that we can look for and I would distinguish that from a cryptocurrency what I would call that perhaps digital currency I see last but not least the max what do you think near future yes oh I think we need to see a retrenchment of the notion of blockchain as currency and speculative investment vehicle and change for the use technology which I think would open up some greater possibilities but I think that a lot of the excitement around cryptocurrency has been driven by fantastic and reproducible investment gains which are really a test amount to this era of upward wealth redistribution and loose monetary policy and so we'll have to see that normalized before we can make an assessment outside of an unusual benchmarking situation I see a good point there all of you great points and certainly we learned a lot about cryptocurrency and its relations with our financial security for future thank you so much Andy Mach max wolf and Patrick McGorry really appreciate gentlemen and that is all the time we have for today if you like to see more try to find us world inside cgta into your search engine check out our youtube channel you can also follow us on twitter facebook and sina weibo from ETA and everyone on the world inside team thanks for watching tune in again next time for more insights across China and around the world


2 thoughts on “Turkey's missiles from Russia/Social media plus cryptocurrency”

  • Be it known that during the coup it is the US f-16 firing turkish Erdogan supporter, S-400 is prefer for future US backstabbing, turkey real enemy is USA nothing else.

  • Sanction sanction sanction, USA agrees to sell the patriot Sam to Turkey, but United States still have full control of the patriot Sam, but not Turkey. You don’t really own what you pay for.

Leave a Reply

Your email address will not be published. Required fields are marked *