Heard on TV tonight:
From 2017-2023, the US had no ambassador to Panama. During that time, Panama signed 47 bilateral agreements with China, and severed ties with Taiwan. China operates essential operations of the canal...through which 40% of container ships supplying the US pass. Imagine one of the first things China would do if we get into a dispute with them over, say, their invasion of Taiwan. They could cut off the canal.
This was noted during the Biden administration. Probably time for someone to do something about it. (WTF was Carter thinking???)
China's increasing economic activities are around canal and in other places in that country. But the canal itself is fine. It's independent of government.
Don't forget there is a clause in canal ownership transfer agreement between U.S. and Panama: The canal must remain neutral. U.S. reserve the right to use military interference if the canal loses its status of neutrality. That is, U.S., respect Panama sovereignty on the condition that your canal remains neutral. This is the politics of the power. I am the power, you're my small neighbor with a historic tie with me. You have to agree this condition.
Now you may understand Russia's stance on Ukraine. Ukraine must be neutral unless you don't believe Russia is power comparing to Ukraine and you deny historic tie between these 2 countries.
We actually invaded as recently as 1989 to oust Manual Noriego, who had been a CIA operative until he went gonzo on drug trafficking. Our history down their is not glorious
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