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TOP INTELLECTUALS IN THE U.S. stood up this week to speak out for China—and demand a stop to the powerful militaristic country’s drive to start an unnecessary war in East Asia.
The White House claim this week that they did not want conflict with China is “Denial and information distortion bordering on propaganda,” said Stephen Roach, Yale University professor and former chief economist at Morgan Stanley. The untrue statement was “classic Cold War posturing”, he said in statement on Twitter on Thursday.
Others agreed. Falsely painting the Chinese as trying to take over the world is bad for everyone, writer David Rothkopf argued in a Daily Beast essay printed today. Why paint China as a threat?
“Why? Why is it such a great threat even though the country has no history of conquest beyond its region in 5,000 years of history and is far from being able or inclined to pose a direct threat of attack to the U.S.?” he asked.
Even the relentlessly hostile Financial Times printed a column by Edward Luce admitting that the current geopolitical tension in the world did not come from China, but from the U.S.
“This week, Xi Jinping went further than before in naming America as the force behind the ‘containment’, ‘encirclement’ and ‘suppression’ of China. Though his rhetoric was provocative, it was not technically wrong,” wrote Luce in a column on Wednesday. Luce, like most FT writers, normally takes a very hostile line against China.
INTELLIGENCE CHIEF WARNING
On the other side, America’s Director of National Intelligence Avril Haines tried to justify the U.S. stance. She said the U.S. was working against China because the giant country is “increasingly challenging the United States economically, technologically, politically, and militarily around the world”.
She said the goal of the Chinese was to “continue efforts to achieve [President] Xi’s vision of making China the preeminent power in East Asia and a major power on the world stage.”
But Rothkopf responded to Haines’ statement by stating the obvious: so? What else would anyone expect?
“Is there something inherently wrong or dangerous about China seeking to challenge the United States economically, technologically, or politically? Isn’t that what all nations do? Don’t we believe in the inherent superiority of our system? Don’t we believe in the benefits of competition? (I thought that was fundamental to America’s national identity and values.)”
He further pointed out that “all nations seek to have sufficient power that they cannot be bullied by global hegemons (and let’s be realistic, we’re the only global hegemon in this conversation at the moment)”.
In other words, China is taking a tougher stance because the strutting, might-is-right stance that the U.S. takes, has forced it to do so.
COLD WAR
While a belligerent U.S. tries to recreate the old script of the Cold War against Russia, there’s a marked difference between the Soviets and the Chinese, Edward Luce pointed out: “China is not exporting revolution.”
The U.S. justified its hostility to the Soviet Union by saying it was spreading communism, but the Chinese are not spreading their system anywhere.
PUBLIC AGREEMENT
There was a strong outbreak of voices on social media agreeing with these points.
Nobody can believe the White House claim that they are not trying to create war, numerous voices said. “We just send warships and war planes to China’s territorial waters in the friendliest of ways,” was the sarcastic response of Alfonso Araujo.
Stephen Roach’s claim that the White House position was “bordering on propaganda” was “too kind”, said Brenda Teese.
“Biden talks about competition, but what he does is zero-sum and hostile behavior,” said Spencer Du. “China has not yet intended to take the U.S. as its enemy but has begun to take the actions of the U.S. as hostile.”
“If the U.S. cannot acknowledge the legitimacy of the P.R.C. to rule China, then the U.S. is essentially agitating for a war,” said Professor Gregory Herczeg this morning.
BUSINESS COMMUNITY HAS A DIFFERENT VIEW
The U.S. political response was markedly different from the point of view of ordinary people and the business community.
There are more than 70,000 U.S. companies operating in China, David Rothkopf pointed out. The two powerful nations are already strongly intertwined in a positive way – so why ruin this?
The justification for hostility against China is crude allegations that the country “destroyed” Hong Kong and “genocided” the Uyghur population of Xinjiang, but neither narrative remotely reflects the more complex reality. Now the U.S. is making use of Taiwan.
TAIWAN JUST AN EXCUSE
“The problem with the current apparent decision to treat China as an enemy and an existential threat is that it can lead to distorted views on certain issues—such as Taiwan,” Rothkopf says.
“Let’s be real for a moment. What really bothers us about China’s rise is that they are quite open about the fact that they want to challenge our influence in the world. We want to be No. 1. We don’t like being challenged,” he wrote.
Luce agreed that America actively looks for excuses to create negativity. “If Taiwan did not exist, would the U.S. and China still be at loggerheads? My hunch is yes,” he wrote.
The American administration is taking an unnecessarily harsh stance against China’s peaceful rise in its neighborhood, Rothkopf argued. “But isn’t it reasonable for China to want such influence?” he asked.
“After all, throughout world history until the start of the industrial revolution, China had the world’s largest economy and it is now resuming that role.”
China spacecraft Chang'e-6 first to collect samples from far side of the moon - BBCNews
A picture of the Chang'e-6 lunar probe's lander and ascender vehicles on the surface of far side of moon taken by a mobile camera on June 3, 2024 Photo: Courtesy of the CNSA
Two days after lifting off from the moon's surface, the ascender of China's Chang'e-6 lunar probe completed a rendezvous and docking with the orbiter-returner combination, delivering the world's first lunar samples collected from the far side of the moon to the Earth-returning vehicle on Thursday afternoon.
The Global Times learned from the China National Space Administration (CNSA) on Thursday that the rendezvous and docking took place at 2:48 pm Thursday and the safe transferring of lunar samples at 3:24 pm. This marks the second time China has achieved a lunar orbit rendezvous and docking, following Chang'e-5.
After its epic lift-off from the far side of the moon on Tuesday morning, the ascender of Chang'e-6, carrying the lunar samples, entered the lunar orbit and carried out four orbit adjustments, per the CNSA.
When the ascender was about 50 kilometers ahead and 10 kilometers above the orbiter-returner combination, the orbiter andreturner combination used close-range autonomous control to gradually approach the ascender, completing the orbital rendezvous, according to mission insiders.
The orbiter's three sets of K-shaped grappling claws aligned with the three connecting rods on the ascender's docking surface, securely connecting the two devices by tightening the claws, precisely completing the docking.
After that, the container holding the precious samples from the far side of the moon was safely transferred from the ascender to the returner.
The Chang'e 6 orbiter and returner combination will next separate from the ascender and enter a lunar orbit waiting phase, preparing for a lunar-to-Earth transfer orbit control at an opportune time, according to the mission plan.
After undergoing key steps such as the lunar-to-Earth transfer and the separation of the orbiter and returner, the returner is scheduled to land with the lunar samples at the Siziwang Banner landing site in North China's Inner Mongolia Autonomous Region.
Open to cooperation with US
Chang'e-6 completed the world's first-ever mission of collecting samples from the far side of the moon and is on its way home. This is a historic step in humanity's peaceful use of space, Chinese Foreign Ministry Spokesperson Mao Ning said during a routine press conference on Thursday.
When commenting on reports of NASA's congratulations on the latest leap in China's decades-long moon exploration, Mao told the Global Times on Thursday that China is always open toward space exchanges and cooperation with the US.
The two sides established mechanisms such as the working group on Earth science and space science cooperation, and the China-US Civil Space Dialogue. At US request, the competent authorities of the two countries established a mechanism to exchange orbit data on each other's Mars probes to ensure long-term successful mission operation, according to the spokesperson.
There are, however, difficulties in China-US space cooperation at the moment, which are caused by US domestic legislation such as the Wolf Amendment that prevents normal exchanges and dialogue between Chinese and US space agencies, Mao said.
"If the US truly wants to push forward space exchanges and cooperation with China, it needs to take practical steps to remove these obstacles," Mao noted.
The achievements of China's ongoing Chang'e-6 moon probe mission thus far have evidently become a source of anxiety for the US amid the Western media's fabricated hot saga of the US-China space race, Chinese space observers said on Thursday.
When covering the ascender of Chang'e-6's lift-off from moon surface, US media outlet CNN reported on Tuesday that the successful return of the samples would give China a head start in harnessing the strategic and scientific benefits of expanded lunar exploration - an increasingly competitive field that has contributed to what NASA chief Bill Nelson calls a new "space race."
When asked which country would be the first to have a base on the moon, Keith Cowing, former American rocket scientist and current editor of NASAWatch.com, bluntly said that it might be China. "We (the US) are trying to get there first… but we will land next to them (China), roll down our window and say 'Hi, y'all, where do you want us to park our big lander'."
During the same interview with DW, David Ariosto, an American journalist and founder of Space Watch Daily, said that China has the edge at this point, but that could change.
The anxiety and sour grapes mentality are quite evident on the US side, Li Haidong, a professor at the China Foreign Affairs University, told the Global Times on Thursday.
When handling ties with China, the US is desperate to hold an absolute edge over China in all spheres including the space domain to deal with China's rapid development. The obstacles are rooted in this mentality, Li noted. "Strategically, the US is also unwilling to be on an equal footing with China in space. This mind-set is deeply ingrained and traditional, making it difficult to change. This is also an important factor."
US media and the head of NASA have repeatedly tried to stir up the US-China space race narrative, aiming to increase investment in the space sector and accelerating technological progress and related activities in space, Chinese observers said.
The US wants to create a scenario of mutual confrontation rather than cooperation, which has led to the so-called space race the US desires. However, at present, the conditions for such a race do not exist because China and other countries are not willing to participate. If only the US is invested in it, it can't be called a race. In the end, it becomes a one-sided effort by the US, they said.
Leading the pack: Tan beats Cook, Musk and Zuckerberg in the analysis by the WSJ. — Photo from Broadcom Inc
Tan tops list of highest paid executives in the US last year
PETALING JAYA: The highest-paid chief executive officer in the United States is neither Apple’s Tim Cook nor Tesla’s Elon Musk, but Malaysian-born businessman Tan Hock Eng.
Tan, 71, also surpassed Meta Platforms’ Mark Zuckerberg by earning US$162mil (about RM760mil) in compensation last year, according to South China Morning Post, which quoted an analysis by the Wall Street Journal (WSJ) this week.
“Tan, who is a US citizen, is the CEO of semiconductor company Broadcom Inc and has been topping the pay charts since 2006, receiving US$103mil in 2017,” said WSJ.
However, the pay package comes with several conditions, including the company’s stock hitting a certain level by next year. Tan must also remain as CEO for an additional five years, and he will not receive any more equity or cash bonuses during that period.
The semiconductor company’s shares rose 106% over the past 12 months, bringing its total market capitalisation to US$655bil (RM3 trillion).
Tan is also a board member of Meta Platforms, the US-based company that owns Facebook, Instagram and WhatsApp among others.
Tan, who hails from Penang, completed his undergraduate studies in mechanical engineering at the Massachusetts Institute of Technology.
He also has a bachelor’s degree in electrical engineering from the National University of Singapore. He then earned a Master of Business Administration from Harvard University. After returning to Malaysia, he was involved with Hume Industries between 1983 and 1988.
He then moved to Singapore as managing director of venture capital firm Pacven Investment.
He reportedly relocated back to the United States in 1992 and assumed the role of vice-president of finance for PC maker Commodore International.
;China Just Won the Space Race Against America...NASA is in Shock!
China Space Station Tian Gong is now complete and China is in a position to dominate the future of space and replace America as the number one space nation in the world. But how did this happen? How did China become a supreme space nation? Let's break it down
A staff member stands before a Long March-2F carrier rocket, carrying the Shenzhou-17 spacecraft, on the launch pad encased in a shield at the Jiuquan Satellite Launch Centre in the Gobi desert in northwest China on Oct. 25, 2023. — AFP
SHORTLY after New Year’s Day in 2019, China landed an unmanned spacecraft on the far side of the moon, where no mission had gone before. United States intelligence officials say they did so quietly, taking their time to verify the rover had landed in one piece and protecting themselves from embarrassment. Hours passed before Beijing announced its historic achievement to the world.
The landing was a wake-up call in Washington. China’s space program was advancing with unexpected speed. Beijing would soon assemble in record time a space station orbiting Earth, catching US officials off guard once again.
US intelligence officials acknowledge that China’s sudden advances had surprised them. They are no longer surprised. The intelligence community now assesses with confidence that China is poised to succeed in landing humans on the moon and constructing a permanent base camp at the lunar south pole by the end of this decade, four intelligence officials said, just as American space agency Nasa has fallen behind its own deadlines to achieve similar milestones.
It is the first time intelligence officials have publicly detailed their concerns that China may win the race to return people to the moon and establish a lunar outpost – an achievement that could set back US plans for human space travel for decades to come.
“It wasn’t too long ago that China said they were intending to land by 2035. So that date keeps getting closer and closer,” Nasa administrator Bill Nelson said in an interview. “I take it very seriously that China, in fact, is in a headlong race to get to the moon.”
Neither country plans to stop at the moon. Both see it as a training ground for missions to Mars in the 2030s, vying to make history by sending humans deep into space and landing them for the first time on another planet.
“Before, it was more of an afterthought – China was nowhere to be seen,” one US intelligence official said, speaking on the condition of anonymity to discuss sensitive intelligence matters. “Today, China gets the lion’s share of intelligence attention.”
A second US intelligence official said “space is very evident to China as a place they need to counter US power.”
“They don’t want to be the space power of the 2020s,” the official added. “They want to be the space power of the 21st century, the way we were in the 20th.”
More than half a century after the US put men on the moon, a space race is on for the new millennium. The first great competition of world powers since the end of the Cold War is spurring a new era of exploration that could send humans on missions far beyond those of the Apollo program 50 years ago.
But if the original space race with the Soviet Union was a sprint, this new competition with China is going to be a marathon.
“The United States will continue to lead the world,” Vice President Kamala Harris, who also serves as director of the National Space Council, said in a statement. “Our unrivaled network of allies and partners will power our deep space exploration, inspire the next generation of explorers, and will ensure that advancements in space benefit all of humanity.”
At Nasa, all of these goals are linked, forming a “ Moon to Mars Architecture” that is breaking modern precedent in Washington for space initiatives with sustained support and funding from consecutive Republican and Democratic administrations.
“Is China a catalyst? It should be. Chinese ambitions for both the moon and Mars should be taken very seriously,” said Dean Cheng, senior adviser to the China program at the US Institute of Peace. “Because from their perspective, it’s not just about planting a flag. There’s a whole freight train worth of baggage and meaning associated with both of these missions.”
“This is to establish presence,” Cheng said, “but then to establish the rules.”
Competition is already inching toward conflict closer to home. Since landing a rover on the far side of the moon, China has more than doubled its number of satellites orbiting Earth, and has launched a space plane that remained in low-Earth orbit for several months before ascending and releasing a projectile, defense officials said. Beijing is already fielding weapons in space, including electronic and cyberspace equipment, but also devices that can stalk and latch on to satellites to disrupt their orbit.
Nelson expressed concern that China may reach its lunar milestones first – a development that could allow Beijing to monopolize resources critical to a sustained presence on the surface, such as frozen water hiding in crevices of permanent darkness, and solar energy from mountain peaks bathed in eternal sunlight.
“If China were to land and begin an outpost there, I think it would be a Sputnik moment for the American people,” said G Scott Hubbard, Nasa’s first Mars czar and former director of the Ames Research Center at Nasa who now chairs SpaceX’s crew safety advisory panel. “They could claim it as their own.”
The Chinese Embassy in Washington said in a statement that “outer space is not a wrestling ground, but an important field for win-win cooperation. The exploration and peaceful uses of outer space is humanity’s common endeavor and should benefit all.”
Senior officials in the Biden administration said that China’s program could be the motivation the US needs to reestablish the wonder and drive of spaceflight that once captured the American imagination. “There are positive aspects to competition,” one official said, adding, “one person’s pressure is another person’s inspiration.”
Beijing surprised Washington once again last May, when its military-run Manned Space Agency held a press conference ostensibly to deliver a routine announcement.
Agency officials were introducing three new Chinese astronauts who would depart for China’s Tiangong Space Station the following day – part of a steady cadence of new crew members being sent into orbit every six months, an impressive achievement in and of itself. Then officials added that Beijing intends to land humans on the moon by 2030, moving their timeline up by years.
China’s Academy of Military Sciences has previously said that space “has already become a new domain of modern military struggle.” Neither the China National Space Administration nor the China Manned Space Agency responded to multiple email requests for comment.
China’s public plan is to use robots to scout the south pole for lunar water in 2026 and begin establishing its base there, to be called the International Lunar Research Station, in 2028. Beijing aims to complete a new Long March 10 rocket system for its crewed missions by 2027.
US intelligence officials say it would be “high risk” for the Chinese to attempt their first human landing at the south pole, but also believe Beijing will try to distinguish their first landing from Apollo.
“If there is a prestige goal,” one intelligence official said, “it is the south pole of the moon.” — TNS
The US Federal Reserve will hold a new policy meeting on Tuesday and Wednesday, with the decision on interest rate growth being the limelight. It is widely anticipated that the Fed will deliver at least another 75-basis-point interest rate hike to tame inflation. This might further increase the value of the US dollar against other currencies, which is at its 20-year high. Driven by the Fed's aggressive rate hikes, the US dollar is viewed as "experiencing a once-in-a-generation rally." For many countries in the world, this might be the beginning of another nightmare.
The meeting will witness the fifth time that the Fed will raise interest rates. The direct reason is to ease the high pressure of inflation in the US. But if people dig the root cause, this is an inevitable consequence of US' blind and unlimited money printing to temporarily maintain "prosperity." In other words, in the face of the deep-seated problems exposed by the 2008 financial crisis, Washington has been powerless, and unwilling as well, to solve them. Instead, it was extremely short-sighted to cover up the crisis and curry favor with the Wall Street, while taking advantage of the hegemony of the US dollar to quietly treat the crisis like dumping wastewater - draining it to the world.
A super strong US dollar and the fall of other currencies will, to a certain extent, ease the scorching inflation in the US economy, but the world will have to pay for it, which is often referred to as "when the US is sick, the world has to takes pill." The ensuing severe inflation, economic recession and other problems have already appeared on a large scale in many countries. Thirty-six currencies around the world have lost at least one-tenth of their value this year, with the Sri Lankan rupee and Argentine peso falling by more than 20 percent, since the dollar strengthened.
This has not only worsened the already weak economies of Europe and Japan, but also forced a large number of developing countries to swallow the bitter pills of the economic recession caused by imported inflation. Countless families were impoverished overnight. This is a very abnormal situation that is not supposed to occur, but it is the cruel truth behind the US "containment of inflation."
In fact, since the end of World War II, the US has used dollar hegemony to carry out "financial looting" or "export crises" against other countries several times. As a widely popular phrase in the West goes, the US enjoys the exorbitant privileges created by the dollar and the deficit without tears, and used the worthless paper note to plunder the resources and factories of other nations.
Each round of dollar appreciation in the past decades has been accompanied by extremely bad memories: The Latin American debt crisis broke out in the first round, Japan suffered from the "lost two decades" during the second round and the Asian financial crisis took place during the third. Particularly in the Asian crisis, which is still fresh in many people's memories, more than 100 million middle-class people in Asia fell into poverty, according to the World Bank estimation. The strengthened dollar, time and again, cuts the world like a sharp blade.
Therefore, while the political elites in Washington boast of the "myth of the American system" and take credit for "alleviating the crisis," thousands of poor families around the world are being trampled by them. They are not unaware of this, but still collectively choose to be indifferent and arrogant, as if this is the privilege that the "hegemon" should enjoy. As US former treasury secretary John Connally put it in the 1970s, "The dollar is our currency, but it's your problem." Today, the dollar is once again the world's problem. In a sense, it's hard to believe that the "prosperity" of the US is clean and moral.
However, the crisis cannot be covered up forever. Washington keeps laying mines but never removes them, which will eventually explode the US itself. The incompetence of US financial policymakers has been exposed by the consecutive interest rate hikes that have contributed to the abnormal appreciation of the US dollar with the purpose of defusing the severe inflation.
For the US itself, what will rise accordingly are the cost of corporate financing, the pressure on residents to repay their loans, and the price of export production among others. Meanwhile, the credibility that the US dollar has as a global currency is being continuously exhausted by the US "beggar-thy-neighbor" policy. Now the anxiety and insecurity brought by the US dollar to the world has heralded the beginning of the decline of its hegemony - regarding Washington's insatiable exploitation, Europe, Asia, the Middle East and other regions have explored the path of "de-dollarization," leading to the inevitable diversification of the international monetary system.
The best way to restrain the rampaging hegemony is to practice true multilateralism. Whether it was the Asian financial crisis in 1997 or the global financial crisis in 2008, the world seemed to have stumbled more than once by the same stone, which, however, is not that firm anymore. The instability and fragility of international financial markets have once again become prominent. It is precisely at such times that the international community should be more determined to cooperate and build a reliable, systemic and long-term multilateral international financial system. This cannot wait.
The United States of America is in big trouble, short term and long term. In 2022, the stock market is crashing, bond market is down the most in 40 years, housing bubble is bursting, inflation is skyrocketing, debt is exploding, and GDP is shrinking. These are not temporary crises. Instead, they reveal systemic flaws in the American economy that is propped up by a rigged global financial system.
However, that fraudulent system is starting to crumble and the primacy of US dollar is in serious trouble, thanks to an emerging multipolar world. (Don't believe the nonsense that the US can keep printing infinite amount of dollars).
The US needs to default on its debt and start new. Declare bankruptcy and yet remain the #1 country. This will be the "Bretton Woods III" agreement.
Sounds ridiculous? Well, it's possible only if all the other countries are weak and nobody is strong enough to challenge the US.
This is why the US must not only crush Russia and China — its two biggest geopolitical rivals, but also weaken Europe. This paves the way for the US to establish a new global order which is similarly rigged and just as deceitful and corrupt — in order to prolong the American Century.
Dollar Hegemony
America's extraordinary power comes from the power of US dollar, which is the established global currency for trade. This also means that countries around the world have to accumulate US dollars in their foreign exchange reserves. But the US has been abusing its power by weaponizing the dollar through sanctions and confiscations of hard-earned reserves.
No wonder that China, Russia and others are seeking ways to circumvent the dollar in trade. Since 1999, the share of US dollar assets in central bank reserves has dropped by 12 percentage points—from 71 percent. Hence the share of US dollar in global reserves is now only 59%. When that number falls below 50%, the tectonic shifts in global finance will become more apparent to Americans.
To fully grasp the nature of the current world order, let's see how the US established the dollar as the world currency, carried about the biggest gold heist in human history, then defaulted on its obligations, but revived the moribund dollar with a clever deal. That's the story of Bretton Woods I and II.
Bretton Woods I - Gold-backed Dollar
WW2 was a wonderful thing for the US. First, it took the US economy out of the Great Depression. The US played the role of arms supplier and gladly watched European empires destroy themselves. Even before the war was over, the US brought in all the allies to Bretton Woods, New Hampshire, and said, "When the war is over, you will all be weak and broke. I will be the new empire and my dollar will be the global currency. And it will be as good as gold -- a guaranteed rate of $35 per ounce of gold."
This meant that if you have $35, you can go to a bank and get an ounce of gold!
The world agreed. When the war was over, everyone bought US dollar with gold and used it for trade. Huge amounts of gold were also physically transferred from Japan, Germany and other parts of the world into the vaults of the Federal Reserve Bank in New York.
This system worked until 1971 when the US suddenly declared that, "Oops, the dollar is not backed by gold anymore. If you have US dollars, they are just pieces of paper now. You cannot get your gold back!" People called it the "Nixon Shock."
1970s - When Fiat Dollar almost died
This was also the biggest gold theft in human history. But what could the world do? America had nuclear weapons and the mightiest military.
Of course, the switch to a fiat currency caused havoc. The value of US dollar fell precipitously and inflation skyrocketed. The US economy was in deep trouble. That's when the US elites came up with a clever idea to rescue the dollar and restore its primacy.
Bretton Woods II - The Birth of Petrodollar
How to make the dollar relevant? Hmm...What if everyone needed US dollar to buy something essential?
Like ... OIL. Brilliant!
This was the birth of Petrodollar.
Basically, the U.S. used Saudi Arabia’s oil to save the dollar. That is, Saudi Arabia (and other smaller producers) would sell oil only for US dollars. And to make sure that the Saudis don't get too powerful, they will be forced to recycle most of their profits back into the US economy. It was also a protection racket, which meant the US military would occupy Saudi Arabia and protect it from enemies.
Saudi King Faisal with Kissinger. Birth of Petrodollar. But why would the Saudis agree to this? Because the U.S. make Saudi Arabia the new king of oil and the most influential Middle East power ... after crippling Iran.
Win-win for the US.
Thus, the U.S. armed and funded Saddam Hussein of Iraq to wage a decade-long war on Iran. US provided arms/intelligence. Germany and France provided deadly chemical/biological weapons to Iraq. Here’s Donald Rumsfeld with Saddam in 1983.
Of course, the same Rumsfeld would bomb Iraq and kill Saddam twenty years later.
Thus, the Petrodollar deal with Saudi Arabia could be called as Bretton Woods II. It extended the life of the American Empire by a few more decades.
Bretton Woods III -
For the last four decades, countries around the world have been foolishly working hard for US dollars, buying US treasuries, and funding the American Empire. But within the next decade, those U.S. treasury bills and bonds might be worthless. Deja vu all over again.
The U.S. needs Bretton Woods, Version 3. Somehow, the world needs to write off all American debt and start the racket anew. But … with America still as #1 How the hell could this happen?? This is how:
If the world is full of weak countries, they will accept the new rules -- just like they did in 1944 and 1974. Imagine a world where Russia and Europe destroy one another. Imagine a world where Japan and India attack China … and they all get destroyed. A world on fire, destroyed by passion and bombs.
In that world, America will come in as the savior at the last moment, stop the war, and make everyone a happy vassal.
Great Reset. Bretton Woods III. New World Order. Call it what you will.
Conclusion
The wheels are in motion. After eight years of provocation, the US successfully forced Russia to invade Ukraine. And the US also brilliantly pulled Europe into the mess. Europe's economy is being crushed and de-industrialized.
As for China, the U.S. is trying its best to start a war using Taiwan as the pawn. Japan is being asked to re-militarize and procure 1000 long-range missiles. The US needs a few more years to manufacture this mother of all wars. A lot depends on India, since Japan wouldn't want to be the only Asian country to attack China.
Four years ago, I predicted all this in the article "The Most Dangerous Decade." However, much of the world is still happy to be mesmerized and led into the slaughterhouse.
Only Russia and China can change how this story evolves. If Putin can quickly and decisively win the Ukraine war, he can force a peace settlement with Europe.
And China needs to accelerate the internationalization of Yuan. There is no de-dollarization without a robust alternative financial system. China also needs to muster the greatest diplomatic efforts to make peace with Japan and India, the two most potent adversaries and puppets of the US.
In the most optimistic scenario, the Global South or the people of the developing nations can bring into fruition a new fair world without catastrophic wars or financial devastation. As Sun Tzu said, "The supreme art of war is to subdue the enemy without fighting."
https://mail.google.com/mail/u/0/#inbox/FMfcgzGqQclQQKsTXRZGBMLRQzQzJwZB
Brent Neiman, a counselor
to US Treasury Secretary Janet Yellen, urged China to "take part in
coordinated debt relief for vulnerable nations to avoid the specter of a
systemic sovereign-debt crisis," Bloomberg reported on Wednesday.
Companies attending the 7th China-Eurasia
Expo in Urumqi, Northwest China's Xinjiang region said the increased
use of the yuan in cross-border trade in Central Asia is making business
more convenient and reducing foreign exchange risks stemming from the
use of the US dollar, and they called for more arrangements to ...
Sunday marks the 21st anniversary of the 9/11 attacks. Amid the mourning for the victims, it's apparent that much of the world
in the past two decades has been impacted by the US government' vengeance wars against terrorism, though the global situation has only got more complicated and chaotic.
The West needs to brace for the Great Reset as new voices challenge the established world order
China’s
rise and America’s failings have shifted world opinion and set the scene for Asia and the rest to clash with the US and Europe over
ideologies and values
As geopolitical tensions rise, a Hong Kong used to Western voices will benefit by more deeply understanding Asian perspectives
We have entered the Age of the Great Reset. We are likely to come out at the other end with a world quite different from the one we have become used to. Let’s hope it will be a better one.
The perspectives of non-Western experiences are increasingly being articulated and heard, and new voices are challenging the dominant narratives.
History can explain the collision of ideologies and values between the East and West, and between the North and South.
The second world war was followed by a period of decolonisation in the Asia-Pacific and Africa between 1945 and the 1970s. Many new nations struggled to establish stability after long periods of imperial rule when their land, resources and labour were exploited.
Civil war broke out in China after Japan was defeated. Just as in much of Asia, Chinese people were dirt poor when the People’s Republic was created in 1949 and they remained among the poorest in the world until relatively recently.
The era of decolonisation coincided with the Cold War, a period of intense rivalry between the United States and Soviet Union. America was wary of Soviet communism and its expansion, and the USSR resented the US for its policy of containment to check its power.
The Cold War may be said to have ended with the dissolution of the Soviet Union in 1991. The dominant narrative then was that the superiority of the American democratic-capitalist system enabled the US to “win” because it could outdo the Soviets in amassing weaponry and generating material wealth.
Asia has become a fast-growing economic region. It’s advancement has been a result of improving education of the people, integrating Asian economies into the global system through export production, and strengthening the capacity of public institutions.
African countries have been making strides too, especially since 2000, in their socio-economic advancement and governance performance.
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As a result of the progress being made in these parts of the world, diverse perspectives about ideologies and values, as well as how countries are conducting their international affairs, have come to the fore.
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The US has been forcing the pace of the Age of the Great Reset. Its seemingly orderly governing system and successful market-capitalist economic and financial systems used to be seen as the model to emulate. That has changed.
The US invasion of Iraq in 2003 and the financial crisis of 2008 may be seen as watershed moments that started to shift world opinion.
More than 100 lavish palaces and villas of Iraq’s former dictator Saddam Hussein lie in ruins
More than 100 lavish palaces and villas of Iraq’s former dictator Saddam Hussein lie in ruins
The claimed intent of the Americans was to free Iraqis from their authoritarian leader, and Iraq supposedly had weapons of mass destruction that endangered the world. However, Iraq did not possess such weapons – the claim was later exposed as a lie – and the US actions destabilised not only Iraq but the Middle East as a whole.
The 2008 financial crisis gave rise to doubts and a distrust of Western financial practices, and exposed the weaknesses, especially of the American regulatory and supervisory systems.
Hank Paulson, former head of the US Treasury, wrote in his book that Wang Qishan – now China’s vice-president – said to him in June 2008 that perhaps the Chinese didn’t have much to learn about finance from America any more.
Fast forward to today, and how the world sees Russia and the Ukraine war provides a good example of the difference in perspectives between the East and West, the North and South.
Putin tells pupils why Russian troops are in Ukraine in a speech to open school year
Putin tells pupils why Russian troops are in Ukraine in a speech to open school year
Putin tells pupils why Russian troops are in Ukraine in a speech to open school year
Last June, when asked why Europe should stick up for India if China were to present a challenge, if New Delhi didn’t take a tough stance on Russia now, India’s external affairs minister S. Jaishankar provided a harsh retort: “That’s not how the world works.”
He stressed that India’s problems with China had nothing to do with Russia and Ukraine. And he told Europe to grow out of the mindset that its problems were the world’s problems, but the world’s problems were not Europe’s problems.
The West is unused to hearing such forceful, disagreeing non-Western voices. China is much criticised for what the Western media calls “Wolf Warrior” diplomacy. It is a convenient label for China’s more assertive and combative style in recent years.
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The pace of the reset is being framed today in simplistic terms – that democracies must fight autocracies, with the US leading the charge together with its Group of 7 allies, and that the “rule-based international order” must be maintained.
That narrative may resonate in the West and North – but not necessarily in the East and South. This can be seen with the G20 meeting scheduled for mid-November – host country Indonesia has insisted that Russia and its leader, Vladimir Putin, should not be excluded from the gathering.
Hong Kong used to be a spot of the West in the East before 1997 when it was a British colony. The city is used to taking note of the mainly Western voices. Hearing different and opposing voices can be uncomfortable because it forces reflection. Hong Kong will benefit by more deeply understanding Asian perspectives.
The reset also has much to do with the US seeing China as the biggest “threat” to “democracy and the international order”. It is corralling allies to fight together, and Taiwan has become a stalking horse to goad Beijing.
The reset will continue and it can be unsettling, especially for Hong Kong, if fighting should break out in the neighbourhood. The world needs better angels to cool geopolitical tensions.
Christine Loh, a former undersecretary for the environment, is an adjunct professor at Hong Kong University of Science and Technology
Christine Loh is chief development strategist and adjunct professor at the Hong Kong University of Science and Technology’s Institute of the Environment and Division of Environment and ustainability. She was the former undersecretary for the environment (2012-17), and a former lawmaker. She is also the former CEO of Civic Exchange, a non-profit public policy think tank. She is a lawyer by training, a commodities trader by profession, and an author of many publications.
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