You're watching...
Rep. Edward Royce, (R-Calif.), on why sanctions are needed against banks that do business with North Korea.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Halftime and defense cuts are kicking in big time the Pentagon reducing the number of aircraft carriers in the Persian gulf -- to the one.
That's on the same day are -- president says quote.
That it's a nuclear state Republican lawmakers are pushing for tighter sanctions on North Korea during -- -- propaganda video that released showing.
In attack on New York City foreign affairs committee chairman Ed Royce is leaving the -- cards.
So congressman thanks for joining us.
They we're used to belligerence on the North Korea but -- -- like as each day goes on.
They feel more more emboldened mistaken and are facing today you just really it feels like the -- -- -- today said -- must put an end to it right now.
Well we need to and we found something that worked in the past.
If you recall some years ago when we cut North Korea counterfeiting.
Our 100 dollar bills.
We put sanctions.
On the banks that did business with North Korea so that they could obtain no hard currency.
That was very very effective and frankly when you bring an economy down like that we and we did for several months as a consequence.
The dictator couldn't pay his generals that's never a good position to be in when you're dictator.
So if we cut off that hard currency again that that's the type of sanctions were pushing for right now.
We can have a real deterrent effect in terms of their ability to go forward with the program.
But the fact of the matter is no matter what we've thrown at them.
It seems like they are absolutely 100% determined all on this missing this nuclear mission.
Not only to be something of a nuclear power -- also the be able to export nuclear power.
Because that might be their only source of sort of income.
Well now you know what their their head of state Kim Jin moon is dreaming about you you see the video there.
With a young man draining any dreams of this ICBM and you see there.
There are.
Three stage ICBM take off and you see it headed.
You know towards the United States and then you see it hit New York City.
I think given the fact that first of all -- involved in continuing with this program and second.
They have -- -- -- and that -- working with to give them the capability.
Yes now is the time to move with the types of sanctions.
That might also implode the regime not only does it make it hard for them to get the hard currency to continue the program.
But it and fix it hard for them to stay in power.
Under a set of circumstances like that it is too bad that the State Department lifted those sanctions some years ago.
Because they were hand they were proving so effective at the time.
Represent of course he dismissed in Iran.
And today Ahmadinejad visited Egypt.
We talk about the difficulty of trying to do.
You know together these two.
Bad actors it and and and that really makes it even more difficult doesn't -- To your point we don't keep sanctions in place or.
When would be allies that we give a lot of money to seem to reach out the hand of respect to them legitimizing those -- I think -- Very good point.
The -- the other observation I would make is that today.
We finally.
Had put into place a new set of sanctions.
Which not only ratchet down the amount of oil that any government can except.
From from Iran but also.
Require.
And this is it -- universal sanction imposed around the world that instead of sending hard currency in exchange for that oil.
Only goods will be sent back to Iran will.
If your currency is virtually worse worthless as it is in.
Iran or North Korea and you put these types of sanctions in place and at the same time you're cutting off the market for petroleum.
Exported from the country.
That also.
Will create many difficulties internally for the Iran and regime we should be doing this 24/7 we should be.
Applying it on every pressure point.
-- fortunately it.
Yet in a one minute that we have left how how -- this all relate to what's going on Washington with respect to sequestration.
And massive cuts in defense spending it feels like the Republicans are behind going through with this.
Yet by the same token we know that they're gonna be some and there's going to be some serious impact.
Including and even more -- and Iran and even more belligerent North Korea.
What we have done is pass legislation over -- the senate.
That we places that replaces the cuts in defense.
With other cuts other cuts in the bureaucracy that's the approach Republicans want to take and the reason we -- -- take that approach obviously.
Is because an emboldened North Korea and Iran.
Is his very problematic.
Given the attitudes of people like Kim Joseph moon and often -- a -- you you have unstable.
Individuals here you don't know what.
They're going to do as a consequence we want to have a credible defense.
Credible deterrence and at the same time we also with a new set of sanctions would like to bring these governments down.
Represent boys -- your colleagues called the Korean video North Korean video tasteless and bile.
I have to agree and I'm glad you're out there fighting the good fight we appreciate it thanks a lot.
Thank you Charles.
