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China’s Central Bank Vows To Expand Total Credit By 30% Of GDP In 2020

China’s Central Bank Vows To Expand Total Credit By 30% Of GDP In 2020

One of the curiosities about the current global financial crisis is that unlike the global financial crisis of 2008 when a massive credit injection by China sparked a generous reflationary wave around the world which pulled it out of a deflationary slump, this time around China has been far more modest as the following chart shows.

All that may be about to change.

Speaking in a financial forum in Shangha, China’s central bank governor Yi Gang said that China will keep liquidity ample in the second half of the year, but it should consider in advance the timely withdrawal of policy measures aimed at countering the effects of the COVID-19 pandemic.

“The financial support during the epidemic response period is (being) phased, we should pay attention to the hangover of the policy,” Yi said. “We should consider the timely withdrawal of policy tools in advance.”

In other words, just like the Fed, China is pretending that whatever is coming will be temporary. Which, in a world of helicopter money will never again be the case.

But more importantly, we know that in order to boost its stagnating economy, China is about to unleash a historic credit injection: Yi said that new loans are likely to hit nearly 20 trillion yuan ($2.83 trillion) this year, up from a record 16.81 trillion yuan in 2019, and total social financing could increase by more than 30 trillion yuan ($4.2 trillion), or about 30% of GDP. A similar number for the US would be about $7 trillion which is more or less what the US deficit will be over the next 12 months.

In other words, we’re going to need a much bigger chart of China’s broad credit.

Yi added that the bank’s balance sheet remains stable around 36 trillion yuan.

…click on the above link to read the rest of the article…

Tragedies of Our Time: Pandemic, Planning, and Racial Politics

TRAGEDIES OF OUR TIME: PANDEMIC, PLANNING, AND RACIAL POLITICS

An old adage says that tragedies often come in threes. Certainly, the first half of 2020 has seen a version of this. First, the coronavirus that has infected millions of people and killed hundreds of thousands. Second, the response by most governments to the virus by commanding near universal business lockdowns and stay-at-homes that have wrecked economic havoc on the world economy. And, third, the horrific killing of George Floyd, an unarmed and handcuffed black man in Minneapolis by a policeman, that has served as the catalyst for demonstrations against police abuse and charges of racism all around the world.

They are tragedies that, for the most part, have been man-made. Yes, the coronavirus has been a “force of nature,” though the verdict is still out on the actual origin of the virus and how it first entered the general population in Wuhan, China and then began to spread from one continent to another. But what has become fairly clear is the “human factor” in analyzing and forecasting its likely impact on the world population, which, in turn, highly influenced government responses to it.

Human “Error” in the Coronavirus Projections

British Professor Neil Ferguson of the Imperial College in London, and a member of the Scientific Advisory Group for Emergencies (SAGE), offered modeling projections about the likely spread and effect of the virus on the world population that greatly influenced the British and many other governments’ decisions to order business shutdowns and stay-at-home “social distancing” lockdowns. Partly because of this advice, much of the world’s social and economic life came to a halt.

…click on the above link to read the rest of the article…

On Maintaining Perspective In The Year 20 Fucking 20

On Maintaining Perspective In The Year 20 Fucking 20

“As Jane looked around her, she felt that dissatisfied feeling she often experienced when she was somewhere new and lovely. She couldn’t quite articulate it, except with the words: if only I was here. This little beachside cafe was so exquisite she longed to really be there, except of course, she was there, so it didn’t make sense.”

~ Liane Moriarty, “Big Little Lies”

Whenever an author, filmmaker or other artist sets out on the noble endeavor of pointing people toward the ideal of living life to its fullest, they usually wind up depicting a character going off on all sorts of wild adventures, skydiving, trekking across the Himalayas, and so on.

In my opinion reminding people to live life to its fullest is the artist’s single most important job, but this is also where most storytellers get it wrong. Most people who live wild, interesting lives sleepwalk through the whole ride just like everyone else; in the end they’re left with a few amusing anecdotes rattling around in their skulls and a secret sense of dissatisfaction.

This is because most people don’t really show up for life. Even if they’re outwardly doing all sorts of amazing things and racking up a bunch of impressive accomplishments, their attention was mostly consumed with babbling mental chatter almost the entire time. Whatever happens in their life, they weren’t really there for it.

The real way to live life to its fullest is to simply be present for it. A housekeeper who actually pays attention to life as it happens will have lived a lot more actual life than any billionaire playboy who’s constantly out chasing extraordinary experiences while internally preoccupied with other matters.

I point this out because, at the midway point of the year 2020, I think it’s extremely relevant.

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India Reports Record Jump In COVID-19 Deaths As China Struggles With “Textbook Second Wave”: Live Updates

India Reports Record Jump In COVID-19 Deaths As China Struggles With “Textbook Second Wave”: Live Updates

Nuclear-armed neighbors China and India may be enmeshed in a deadly border dispute with potentially serious ramifications for the global community, both countries are struggling with an alarming resurgence of COVID-19 cases, according to media reports.

Yesterday, Chinese officials ratcheted up restrictions in Beijing as nearly 150 new coronavirus cases have been identified in the city over the past week. More residential compounds were placed under ‘partial lockdown’ conditions on Tuesday. Beijing has already tested more than 350k people since Saturday, with a goal of testing a large chunk of the city’s population of ~20 million people.

According to Al Jazeera English, one of the few English-language news organizations with reporters still on the ground in Beijing, many locals were taken by surprise as the local government raised the emergency alert level to ‘II’, closed schools and markets and began imposing movement restrictions, particularly on those who live in “high risk” areas (ie areas near the Xinfadi wholesale food market where officials believe the outbreak originated).

Some Beijingers didn’t realize that their residential community had been placed on ‘partial lockdown’ with nobody allowed in or out until all residents have been tested. AJ says there are currently at least 27 communities under these conditions.

Nelson Quan had no idea he had been locked into his compound in the Yuquan district of Beijing until he arrived at the front gate and saw the barricade.

Four days earlier, on June 11, Beijing had reported its first COVID-19 case in almost two months. Now, Quan’s community and at least 27 others are forced to stay at home while they await the results of their nucleic acid virus tests. No one is allowed in, or out.

…click on the above link to read the rest of the article…

Facebook Singles Out State Media of US Adversaries for a Warning

Facebook Singles Out State Media of US Adversaries for a Warning

Ignoring state-owned media in nations allied with the U.S., Facebook is attaching a warning label to state media from countries the U.S. doesn’t like.

Facebook has begun adding labels to news articles it publishes from “state media” to warn readers about where their news is coming from.

The warning reads: “This publisher is wholly or partially under the editorial control of a state. This is determined by a range of factors, including but not limited to funding, structure and journalistic standards.”

“The concern for us is state media combines the agenda setting power of a media entity with the strategic backing of a state,” Nathaniel Gleicher, Facebook’s head of security policy, told CNN Business. “If you’re reading coverage of a protest, it’s really important you know who is writing that coverage and what motivation they have. The goal of this is to ensure the public will see and understand who is behind it.” 

Facebook is so far labeling news from only two state media outlets. It’s hardly surprising who they are:  Russian government-owned Sputnik and RT, and Xinhua, China’s national news agency.

A government can choose its adversaries. But nowhere is it written that the news media, or Facebook, has to automatically go along.  Doing so makes one look like state-run media.

Facebook CEO Mark Zuckerberg testifies to Congress, April 2018. (YouTube)

Facebook will also ban advertising on its platform from state media it doesn’t like. So far that’s only from Russia and China.

These are purely political decisions made by Facebook under direct pressure from the U.S. government in open Congressional hearings. It has nothing to do with maintaining accuracy in media. 

…click on the above link to read the rest of the article…

As Economies Reopen, the USD Faces this Triple Threat

As Economies Reopen, the USD Faces this Triple Threat

dollar attacked

The U.S. dollar’s status as the global reserve currency has been under attack for many years. But today, these attacks seem to be expanding and intensifying. Let’s look at three recent developments.

Big Bank Bets Against the Dollar

Now that most state economies have at least started to reopen, Goldman Sachs is betting against the dollar, according to a recent CNBC article:

In a note over the weekend, Goldman strategists said that while they had maintained that it was too early to look for “outright and sustained Dollar downside given the balance of cyclical risks,” shorts on the dollar now looked attractive in certain currency crosses.

The article continued by explaining precisely what “short selling” the dollar means:

Short selling a currency involves borrowing that currency, selling it at the current market price and then waiting for the price to fall in order to buy the currency back at a lower price and return the loan.

Specifically, Goldman is betting on the Norwegian krone to outperform the dollar, and thinks the krone is well positioned to do just that.

Recent performance of the dollar (DXY) could be revealing that Goldman Sachs is off to a good start with their bet:

U.S. Dollar Index and 50-Day Moving Average

As you can see at the far right of the chart, the dollar’s value is dropping close to levels not seen since early 2018. It’s also severely under the moving average.

Meanwhile, the krone is still above the moving average, and doesn’t appear nearly as “flat” as the dollar.

But the krone is not the only challenge to the dollar’s hegemony; changes to China’s currency represents another one.

4-Letter Potential “Nightmare” for the U.S. Dollar

Right now, the main currency in China is the yuan.

…click on the above link to read the rest of the article…

Former MI6 Boss Says COVID-19 Manmade, Escaped From Chinese Lab

Former MI6 Boss Says COVID-19 Manmade, Escaped From Chinese Lab

The former head of Britain’s MI6 spy agency believes COVID-19 is a manmade virus that accidentally escaped from a Chinese laboratory, based on forthcoming research, according to The Telegraph.

Entitled “A Reconstructed Historical Aetiology of the SARS-CoV-2 Spike”, the new study, seen by The Telegraph, suggests the virus is “remarkably well-adapted virus for human co-existence” and is likely to be the result of a Wuhan lab experiment to produce “chimeric viruses of high potency”.

The paper concludes: “Henceforth, those who would maintain that the Covid-19 pandemic arose from zoonotic transfer need to explain precisely why this more parsimonious account is wrong before asserting that their evidence is persuasive, most especially when, as we also show, there are puzzling errors in their use of evidence.” –The Telegraph

Perhaps most notable is that the former MI6 boss in question is Sir Richard Dearlove – who helped Obamagate operative Stefan Halper set up a smear campaign against Michael Flynn, and who made a name for himself nearly two decades ago peddling a bogus report that Saddam Hussein had WMDs – which Tony Blair used to justify the UK’s involvement the Iraq war. Clearly Dearlove is trying to ruin our street cred.

Indeed, while it was inevitable that the Western establishment would eventually gravitate towards the Wuhan lab theory Zero Hedge presented in late January, Dearlove’s endorsement couldn’t come from a more suspicious operative.

So, as the establishment continues to adopt the very obvious conclusion supported by a mountain of evidence that the bat-like coronavirus probably escaped from a Chinese laboratory known for modifying bat coronaviruses to infect humans, we suspect Dearlove and the ‘perpetual war’ crowd are most interested in using the accusation as a political cudgel to wield against China.

Here’s the narrative

…click on the above link to read the rest of the article…

China v USA

China v USA

QUESTION: Obviously, China is not Hitler or Napoleon with dreams of conquering the world. The days of empire building are gone. China has always been the one who is invaded from the Mongols and Japanese to the Europeans. Do you see China becoming more dominant in empire building retaking Taiwan?

JN

ANSWER: I am working a report on this subject. You are correct that China historically has not been the aggressor. They were conquered by the Mongols and were invaded by Japan. They never set out on a world domination plan like Hitler or Napoleon because that culture was not prevalent in Asia compared to Europe where each country at one point was the dominant political state in Europe. Russia, on the other hand, believed that it was their position to spread communism to the world.

That said, both Hong Kong and Taiwan were part of China historically. From their perspective, it is not a conquest compared to reunification as Germany viewed the return of East Germany.

What has protected Hong Kong is the economy. That is why China was willing to allow it to retain a lot of its freedom. Now that the world economy is under assault, the protection of both Hong Kong and Taiwan is not as secure as it once was. Alienate China and they have no incentive to just observe.

This is not the war of old. Standing by and not engaging against Hitler and hoping he would stop each time was the wrong decision BECAUSE Hitler was motivated by revenge and conquering Europe. That incentive is no longer present today among the superpowers. Nobody wants to occupy the other. As long as everyone got along economically, that was the bottom-line benefactor to prevent war. Today, war would be strikingly different. It would not be one of conquest, but of annihilating an enemy. Stop the world economy and you encourage war today.

Do You Consent To The New Cold War?

Do You Consent To The New Cold War?

The world’s worst Putin puppet is escalating tensions with Russia even further, with the Trump administration looking at withdrawal from more nuclear treaties in the near future.

In addition to planning on withdrawing from the Open Skies Treaty and knocking back Moscow’s attempts to renew the soon-to-expire New START Treaty, Trump is also contemplating breaking the Comprehensive Nuclear-Test-Ban treaty by conducting the first US nuclear test explosion since 1992, reportedly as an attempt to bring China to the table for joining New START.

Moon of Alabama has already published a solid breakdown of all this, outlining the absence of evidence for the Trump administration’s justifications of its treaty withdrawals and explaining why China has nothing whatsoever to gain by signing on to a trilateral New START Treaty. I have nothing to add to this, other than to ask a simple question.Moon of Alabama@MoonofA

New on MoA:
U.S. Threatens New Nuclear Tests To Push China Into A Treaty It Does Not Wanthttps://www.moonofalabama.org/2020/05/us-threatens-new-nuclear-tests-to-push-against-russia-and-china.html …

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The question I want to ask is, do you consent to this?

Do you consent to steadily mounting cold war escalations against not one but two nuclear-armed nations?

Do you consent to having a bunch of unseen military personnel rolling the dice every day on the gamble that we won’t wipe ourselves off the face of this earth in the confusion and chaos of rising hostilities due to miscommunication or technical malfunction, as nearly happened many times during the last cold war?

Do you consent to a slow-motion third world war where an oligarch-led alliance of powerful nations works tirelessly to absorb new nations into its imperial blob by any means necessary?

…click on the above link to read the rest of the article…

Hong Kong Erupts: Tear Gas Deployed As Thousands Fill Streets To Oppose China’s National Security Law

Hong Kong Erupts: Tear Gas Deployed As Thousands Fill Streets To Oppose China’s National Security Law

After months of relative quiet amid the coronavirus pandemic, thousands of protesters flooded the streets of Hong Kong, defying the city’s ban on gatherings to voice their opposition to a new “national security” law proposed by Beijing which would threaten the city’s autonomy and the civil liberties of its residents.


Ray Chan✔@ray_slowbeat

May glory be to thee, #HongKong! Call us terrorists, whatever you want, after the #WuhanVirus outbreak, #China has no more credibility in the world. #HongKongProtests #NationalSecurityLaw #StandWithHongKong

View image on Twitter

James Pomfret@jamespomfret

Hundreds of riot police charge at protest lines outside Sogo. Some protesters arrested #HongKongProtests #HongKong

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Oh boy what a shot@ohboywhatashot

Mainstream media, what is happening in #HongKong?

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The protesters, most of whom could be seen donning masks, were hit with tear gas less than an hour after the start of the demonstrations which resulted in at least 120 arrests – including 40 of which were people accused of blocking Gloucester Road. A water cannon truck was also deployed according to SCMP.LucyO@Lucy0HKer

Tear gas in causeway bay 24May #HongKong

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The first rounds of tear gas were fired around 1:30 p.m. local time outside a Causeway Bay shopping mall. 20 minutes later, the first arrest was made, according to the Epoch Times.


SCMP Hong Kong✔@SCMPHongKong

Rounds of tear gas are fired in Causeway Bay on Sunday

Video: SCMP/Phila Siu

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Via @CP24

Cha@chawong852

Tank man in #HongKong today. #YouCantStopUs #StandWithHongKong

View image on Twitter

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It Doesn’t Matter What You Think, Reality Is What It Is

It Doesn’t Matter What You Think, Reality Is What It Is

It doesn’t matter what you think, the reality we face is what we are seeing here on the ground. Reality is what it is and our government will as usual muddle through with poorly thought out politically correct solutions geared to kick the can down the road. This brings me little delight. I have gone a bit quiet lately because of how events are slowly unfolding, the keyword, in this case, is slowly. Rather than a wave washing over us we are experiencing a troubling drip after drip of bad news which a majority of the population has now come to accept as normal. You can put lipstick on a pig but no matter what you tell yourself, it is still a pig.

In some ways what is happening to people across the world could be compared to what occurred when the white-man came to America. The Indians slowly traded their freedom for baubles and what they did not trade away was slowly taken by force. In this analogy, technology is the shiny promise unto which we sadly surrender our future. Beware, those that claim the promise technology is the key to a better future are not quick to share its rewards.They prefer to turn us into mindless slaves and government is a tool they employ in their efforts.

Exploding debt and a slow recovery following the 2008 financial crisis. Many of us claimed it really was not a true recovery but rather a debt-fueled false economy. All this continued with the aid of a few major distractions which took our eyes off the ball. Then the corona-virus hit. Looking back, the first diversion was the emergence of ISIS and the wave of refugees that destabilized Europe and the second was the trade war with China.

…click on the above link to read the rest of the article…

How To Understand All This China Stuff

How To Understand All This China Stuff

China is in the news every day now. Today here in Australia we’re pretending to be offended because a Chinese tabloid published the accusation that our nation is a “giant kangaroo that serves as a dog of the US”, even though we all know that’s completely true and we should be flattered that at least they said “giant”. Before that we were getting indignant over a hefty barley tariff in response to our facilitation of America’s global anti-China spin campaign, which it turns out Washington screwed us on.

Anti-China sentiment has been thriving in Australia, aided by our Murdoch-dominated news media, State Department-funded think tanks explicitly geared toward manipulating the China narrative, and of course our own deep-seated racism and xenophobia. Because of its geographical location, the US military/intelligence asset conventionally known as Australia has been a major focal point for the US-centralized empire’s propaganda campaign against the most powerful unabsorbed nation in the world.

China is in the news constantly now, and it’s not because of any virus. It’s not because of Hong Kong, it’s not because of Uighurs, it’s not because of intellectual property violations or any of the other scattershot, unrelated hodgepodge of excuses you’re being fed as to why the Chinese government must be regarded as the latest Actual Hitler all of a sudden.

China is in the news all the time because of imperialism.


Caitlin Johnstone @caitoz

Imperialist Russia hysteria had a hard time finding serious purchase in Australia, but sinophobia has had plenty of propaganda primer here and there’s a State Department-funded think tank in Canberra dedicated to inflaming China hysteria
(https://johnmenadue.com/myriam-robin-the-think-tank-behind-australias-changing-view-of-china-afr-15-2-20200/ …). https://twitter.com/SBSNews/status/1253239688430673922 …MYRIAM ROBIN. The think tank behind Australia’s changing view of China.(AFR 15.2.20200 -On Tuesday in the Australian Senate, Labor’s Kim Carr rose to his feet, thundering about “hawks intent on fighting a new cold war”. In his sights was the Australian Strategic Policy Institute, which…johnmenadue.com


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Fourth Turning Accelerating Towards Climax

FOURTH TURNING ACCELERATING TOWARDS CLIMAX

“At some point, America’s short-term Crisis psychology will catch up to the long-term post-Unraveling fundamentals. This might result in a Great Devaluation, a severe drop in the market price of most financial and real assets. This devaluation could be a short but horrific panic, a free-falling price in a market with no buyers. Or it could be a series of downward ratchets linked to political events that sequentially knock the supports out from under the residual popular trust in the system. As assets devalue, trust will further disintegrate, which will cause assets to devalue further, and so on. Every slide in asset prices, employment, and production will give every generation cause to grow more alarmed.” – Strauss & Howe – The Fourth Turning

Economists Predict Great Depression II for US Economy: Fast or V ...

I’ve been writing articles about the Fourth Turning for over a decade and nothing has happened since its tumultuous onset in 2008, with the global financial collapse, created by the Federal Reserve and their Wall Street co-conspirator owners, that has not followed along the path described by Strauss and Howe in their 1997 book – The Fourth Turning.

Like molten lava bursting forth from a long dormant (80 years) volcano, the core elements of this Fourth Turning continue to flow along channels of distress, long ago built by bad decisions, corrupt politicians and the greed of bankers. The molten ingredients of this Crisis have been the central drivers since 2008 and this second major eruption is flowing along the same route. The core elements are debt, civic decay, and global disorder, just as Strauss & Howe anticipated over two decades ago.

…click on the above link to read the rest of the article…

Why Trump Is Desperate To Secure This Rare Metal

Why Trump Is Desperate To Secure This Rare Metal

While the United States is slowly working towards ending the lockdown and restarting the economy, the federal government is quietly fighting a second war with China over critical metals. 

One of those critical metals in particular is the extremely rare key to global technological dominance because it’s crucial to winning the 5G war–the national security battle of the century.    

The metal is cesium (Cs), the most active metal on Earth, and it’s so rare that it’s hard to even put a price on it. It’s also a vital ingredient in our ability to make 5G happen.

Despite this, America has none, and it dropped the ball a long time ago. At the 11th hour, the Trump administration is now bent on reversing the loss of cesium to China, spanning the globe for lower-risk venues with potential reserves.And that desperate search for cesium potentially makes one particular Canadian junior miner–Power Metals (TSXV:PWM,OTC:PWRMF)–a highly critical component.      

There are only three cesium mines in the world and Power Metals owns three of the five cesium occurrences in the province of Ontario.

In February this year, Power Metals started drilling for what is hoped to become the only potential cesium mine that China doesn’t already control. 

“There is a global shortage of this rare metal and we are very lucky to have found it at our 100% owned Case Lake Property with grades as high as 14.7 % Cs2O,” Power Metals Chairman Johnathan More said in a recent press release

Cesium: The Star of the Critical Minerals Show

Unlike some other commodities, cesium is immune to the demand-decimating effects of the coronavirus pandemic because it is critical to everything from the 5G revolution, healthcare advances and defense to oil and gas drilling–and even time itself.  

…click on the above link to read the rest of the article…

China Daily Censors Opinion Article Written By EU Officials; Removes Any Mention Of China As Virus Origin

China Daily Censors Opinion Article Written By EU Officials; Removes Any Mention Of China As Virus Origin

BuzzFeed’s Alberto Nardelli points out that the European Union failed to discuss edits, including the removal of references to the spread of COVID-19, in an op-ed jointly published by all 27 member states in a Chinese-owned newspaper. 

Some European officials did not find out about the secret edits Brussels made with the Chinese until after the opinion piece was published. One diplomat told BuzzFeed there was no discussion about the edits with Brussels, saying there was “irony of the incident happening just a few days after World Press Freedom Day on Sunday.” 

Another diplomat said Brussels’ decision to make the edit as per China’s request is “weak,” with another diplomat saying member states being shunned from knowing about the edits is “really bad.” 

The piece was published in the China Daily Newspaper and after reviewing the same report but uploaded onto the EU embassy website, it becomes clear this could be the section China had removed: “But the outbreak of the coronavirus in China, and its subsequent spread to the rest of the world over the past three months.”

China limiting freedom of speech, or better yet, attempting to control the global narrative about the virus, marks a dangerous period for the world. One where China continues to coverup the origins of the pandemic. 

An EU spokesperson told BuzzFeed that the opinion piece was edited on the demands “of the Chinese Ministry of Foreign Affairs.” 

“The EU Delegation decided nevertheless to proceed with the publication of the Op-Ed with considerable reluctance, as it considered it important to communicate very important messages on EU policy priorities, notably on climate change and sustainability, human rights, multilateralism and the global response to the coronavirus.”

…click on the above link to read the rest of the article…

Olduvai IV: Courage
In progress...

Olduvai II: Exodus
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