By Michael Snyder: So much for "isolating" Russia. The Chinese government is publicly siding with Russia
on the crisis in Ukraine, and that is very bad news for the United
States MIC. Not only does it mean that the U.S. is essentially powerless to
do anything about the situation in Ukraine, it also means that Russia
and China are starting to understand how much economic leverage that
they really have. Yes, the Obama administration can threaten to slap "sanctions" on Russia or threaten to kick Russia "out of the G8",
but those actions would not actually hurt too much. On the other hand,
Russia and China hold approximately 25 percent of all foreign-owned
U.S. debt, and if they started massively dumping U.S. debt it could
rapidly create a nightmare scenario. In addition, it is important to remember that Russia is the largest exporter of natural gas and the second largest
exporter of oil in the world. And China now imports more oil than
anyone else on the planet does, including the United States. If Russia
and China got together and decided to kill the petrodollar, they could do it almost overnight. So when it comes to Ukraine, it is definitely not the United States that has the leverage.
If China and the rest of the world abandoned Russia over Ukraine,
that would be one thing. But that is not happening at all. In fact,
China has chosen to publicly stand with Russia on this issue.

