The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
The diplomatic and economic blockade of Qatar by its neighbors has plunged the Middle East into further discord. On June 5, Bahrain, Egypt, Saudi Arabia, and the United Arab Emirates announced a complete boycott of Qatar, accusing the country of aiding regional terrorist groups. However, the primary reason for the condemnation is Qatar’s relationship with Iran.
The conflict has rapidly come to a head. The Gulf Cooperation Council (GCC) gave Qatar a deadline of July 2 for meeting 13 demands, ranging from ending relations with Iran to closing down the Al-Jazeera TV station. Not one of the demands was ever likely to have been met; in fact, many of them were based on false premises about Qatar’s behavior to begin with.
Because Qatar complied with none of the GCC’s demands, the gambit’s lack of coherence is being laid bare. Without a plan B, immediate escalation is unlikely to transpire.