One can look at the graphics and imagine that "enough" inflation might cover debts in this way over time, but not financial-assets. Financial assets will need to collapse to a large degree. Somebody will pick the losers, which will be corporations, big financial institutions, wealthy individuals, and especially retirement plans.
Last week Secretary of the Treasury Janet L. Yellen gave a speech on the U.S.-China economic relationship. I called it a declaration of war.
Yesterday National Security Advisor Jake Sullivan held a speech on 'Renewing American Economic Leadership' which touched on some of the same themes as Yellen's speech.
Sullivan argues that the U.S. must change course from opening markets and liberalization to targeted protectionism and subsidies for specific sectors. The main argument for it is 'national security' but the real aim seems to be the suppression of competition from others...
The so called 'decoupling' or 'de-risking' from China is actually an attempt to isolate it. It creates a dynamic that will lead to import replacements in China.
This will lower exports to China from the U.S. and its allies.
Spelling the U.S. plan in detail, the Politico article points out that U.S. “policymakers last year considered including up to five major Chinese industries — microchips, artificial intelligence, quantum computing, biotechnology and clean energy.”
This has nothing to do with national security. The U.S. plan is to use a national security umbrella as an an excuse for economic warfare.
Martin Sandbu, “Europe has to be much clearer when it comes to China,” Financial Times, April 24, 2023, points out that European Commission president Ursula von der Leyen gave a speech before her trip to China describing it as a systemic rival simply because it is an efficient economic competitor. “But she went much further in threatening to block China’s economic opportunities with Europe if Beijing stays on its current course.”
“But something is changing,” Mr. Sandbu noted: “‘Access to China’ for EU corporations increasingly means expanding production in China itself, not exporting 5 Yellen and China, April 25, 2023 Europe-made goods and services there. Before the pandemic, EU carmakers shipped about half a million cars to China — but they built 10 times as many European-branded cars there. Some will even con- sider it easier to build electric vehicles there to ship back to Europe than to expand production at home.”
“The gains from such trade will mainly benefit corporate shareholders in the EU and not the workers, small companies and countries currently tied in to Germany’s car supply chain. Eventually politicians will wake up to the fact that the benefits are not broadly dispersed. Only then are we likely to see economic considerations firmly conditioned on geostrategic interests in EU-China policy. … It is time for Europe to learn that what is good for VW is not necessarily good for Europe.”
So the anti-China trade strategy is to appeal to labor to support America’s New Cold War against China and the rest of the Global Majority.
In the U.S. view, socialism is the enemy of labor, not its means of raising its living standards. That is the upside-down logic of what America’s economic students are taught.
The problem is that America cannot reverse time and undo the enormous burden of debt, privatized monopolies (including health care) and a dysfunctional financial system.
Korea is being promised a wider U.S. market if it will stop exporting chips to China. It is being forced to choose. The U.S. diplomatic tactic is to say, “You’re either with us or against us.” The US will impose sanctions this autumn if Korean companies continue to produce chips in China. They are being told to close down their factories. (Samsung is building a $30+ billion chip factory near Austin, a strategic industrial center to make all kinds of chips, including those previously made for the US military in Taiwan.)
Whereas BRICS is primarily an economic fraternity with focus on commercial relations among its members, meaning a platform of Soft Power, the SCO is primarily a Hard Power fraternity focusing on the security of its member states. It is also more limited geographically, concentrated on Eurasia. Its founding members were China, Russia, Kazakhstan, Kyrgyzstan and Tajikistan. Today it also includes Uzbekistan, India and Pakistan. Among the states accorded “observer” status are Afghanistan, Mongolia and Iran. And at its edges as “dialogue partners” are Armenia, Azerbaijan, Cambodia, Egypt, Nepal, Qatar, Saudi Arabia, Sri Lanka and Turkey.
The other noteworthy development was the side meeting of Shoigu and his Chinese counterpart Li Shangfu. They were shown on television walking side by side to that meeting. Russian news tells us that Li used their meeting to extend an invitation to Shoigu to visit him in Beijing, and that Shoigu accepted...
The drama of the Russian-Chinese entente also will bear on the future conduct of India and Pakistan.
On this, PM Orbán added that with the possibility of Ukraine joining the EU and NATO in the future, a “previously unseen Central European hub will rise up” that will be Polish-Ukrainian centered.
The numbers: the dollar share of global reserves was 73 percent in 2001, 55 percent in 2021, and 47 percent in 2022.
The Chinese currency was used in 48.4% of Beijing’s international settlements, figures have shown
Insiders say he has too much baggage to have a realistic chance of winning due to his history with drugs, womanizing and 'lust demons'
"We should note that during our conversation, Kennedy made false claims about the COVID-19 vaccines," ABC News Live anchor Linsey Davis said toward the close of the 14:46 minute interview segment.
"Data shows that the COVID-19 vaccine has prevented millions of hospitalizations and deaths from the disease. He also made misleading claims about the relationship between vaccination and autism. Research shows that vaccines and the ingredients used for the vaccines do not cause autism, including multiple studies involving more than a million children, and major medical associations like the American Academy of Pediatrics and the advocacy group Autism Speaks. We've used our editorial judgment in not including extended portions of that exchange in our interview."
Speaking on "The Megyn Kelly Show" on SiriusXM, the former Fox News anchor spoke about Carlson's sudden departure from the network.
"I want to, I think break some news for you. Tucker Carlson hasn't actually been fired," Kelly said on her podcast.
"He's still an employee of the Fox News Channel," Kelly stated. "What happened was Suzanne Scott called him, she's the CEO, on Monday morning and said he was not going to be allowed to do any more shows and that he had been kicked out of his company email."
She said that the departure caught Tucker "completely off guard."
Kelly noted that Carlson is "not free to launch a podcast or a digital show or negotiate with other employers at all," adding that he is "still under contract."
Kelly said that Fox News fired Carlson's executive producer, Justin Wells.
54% of the 458 pregnant women reported adverse events. These included symptoms in line with AEs experienced by others who took the shots.
53 of the women (11.6%) experienced miscarriages, which is definitely on the high end of what we should expect.[Most vaccinated after the first trimester, so should have low rate of pregnancy loss.]
Most notably, six of the babies experienced serious AEs that Pfizer admitted were caused by the vaccine transferring “transplacentally.” This likely caused them to be born prematurely. So Pfizer knew from day one not only that the shots do not remain in the shoulder muscle and do indeed spread throughout the body, but that the spike protein could spread to [through] the placenta.