Banned Visas? Small Effect. Not Being Banned by Visa? Priceless
It’s over. The Russian expansion into the Crimean peninsula is a done deal and the financial sanctions are feather weight. The only real sanctions which might have hurt Russia didn’t happen. Germany didn’t ban energy imports. Doing so would have been like one conjoined twin severing itself from the other as a punishment when each are left equally bleeding.
Regarding the alleged destruction of the Russian payment system, the Wall Street Journal today has the story:
“Russia— Visa Inc. V +0.98% and MasterCard MA +1.14% have reached a compromise agreement with Russian officials that would allow the global card payment companies to continue operating in the country.
“”MasterCard and Visa will continue business in Russia,” said Andrew Torre, Visa’s general director for Russia, Friday.
“Russia’s finance minister, Anton Siluanov, said both Visa and MasterCard are ready to create their own Russia-based payment operators, which will take around a year and half. Until then, the two companies have agreed to cooperate with Russia’s existing payment systems, Mr. Siluanov said…
“Ilya Ryaby, the head of MasterCard in Russia, said the companies’ proposals were taken positively by Russia’s government and that both sides have reached preliminary agreements, without elaborating.
“When asked if MasterCard would continue business in Russia, Mr. Ryaby said “we will stay in Russia anyway.””
So, now the credit card companies have committed to keep the payment system intact. Who cares if a dozen or so Russian oligarchs can’t get visas to travel in the US? Not them.
Jerry Bowyer is a Forbes contributor, contributing editor of AffluentInvestor.com, and Senior Fellow in Business Economics at The Center for Cultural Leadership.
Jerry has compiled an impressive record as a leading thinker in finance and economics. He worked as an auditor and a tax consultant with Arthur Anderson, as Vice President of the Beechwood Company which is the family office associated with Federated Investors, and has consulted in various privatization efforts for Allegheny County, Pennsylvania. He founded the influential economic think tank, the Allegheny Institute, and has lectured extensively at universities, businesses and civic groups.
Jerry has been a member of three investment committees, among which is Benchmark Financial, Pittsburgh’s largest financial services firm. Jerry had been a regular commentator on Fox Business News and Fox News. He was formerly a CNBC Contributor, has guest-hosted “The Kudlow Report”, and has written for CNBC.com, National Review Online, and The Wall Street Journal, as well as many other publications. He is the author of The Bush Boom and more recently The Free Market Capitalist’s Survival Guide, published by HarperCollins. Jerry is the President of Bowyer Research.
Jerry consulted extensively with the Bush White House on matters pertaining to the recent economic crisis. He has been quoted in the New York Times, The Wall Street Journal, Forbes Magazine, The International Herald Tribune and various local newspapers. He has been a contributing editor of National Review Online, The New York Sun and Townhall Magazine. Jerry has hosted daily radio and TV programs and was one of the founding members of WQED’s On-Q Friday Roundtable. He has guest-hosted the Bill Bennett radio program as well as radio programs in Chicago, Dallas and Los Angeles.
Jerry is the former host of WorldView, a nationally syndicated Sunday-morning political talk show created on the model of Meet The Press. On WorldView, Jerry interviewed distinguished guests including the Vice President, Treasury Secretary, HUD Secretary, former Secretary of Sate Condoleezza Rice, former Presidential Advisor Carl Rove, former Attorney General Edwin Meese and publisher Steve Forbes.
Jerry has taught social ethics at Ottawa Theological Hall, public policy at Saint Vincent’s College, and guest lectured at Carnegie Mellon’s graduate Heinz School of Public Policy. In 1997 Jerry gave the commencement address at his alma mater, Robert Morris University. He was the youngest speaker in the history of the school, and the school received more requests for transcripts of Jerry’s speech than at any other time in its 120-year history.
Jerry lives in Pennsylvania with his wife, Susan, and the youngest three of their seven children.
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