Tuesday, 20 September 2022

The strong dollar should not become a sharp blade to cut the world, THE NEED FOR BRETTON WOODS III

Is the Dollar the key to US hegemony?

Illustration:Chen Xia/Global Times

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.

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THE NEED FOR BRETTON WOODS III

World Affairs - Non-Partisan and Objective

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

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Monday, 19 September 2022

High cholesterol levels: Why taking your medicine diligently is more effective than changing your diet

No one likes the idea of popping pills every morning. Take cholesterol-lowering medicines or statins, for example. To get themselves off the hook, many patients with high cholesterol levels tend to believe that diet changes and other lifestyle modifications alone would work.

Interestingly, when it comes to lowering cholesterol levels, being diligent with your medicine is far more beneficial than giving up wagyu beef. A local study by SingHealth Polyclinics (SHP) has found “adherence to medication to be the most critical factor” compared to other considerations such as ethnicity, diet, exercise and smoking.

Just how much more effective? Professor Tan Huay Cheem, a senior consultant with the Department of Cardiology at National University Heart Centre, Singapore, who isn’t part of the study, provided the breakdown below:

Diet: 10 per cent to 20 per cent

Exercise: 5 per cent

Exercise and diet: 10 per cent to 20 per cent

Medicine (oral): 30 per cent to 50 per cent

Medicine (oral and injectable): Up to 85 per cent

Dr Tan Ngiap Chuan, who led the study and is the director of research at SHP, said the findings could prompt doctors to prioritise starting or adjusting medications with their patients. "We usually focus on other lifestyle factors first. We may switch the order now."

HOW DO THESE MEDICINES WORK?

In Singapore, nearly two out of 10 adults aged 18 to 69 have high cholesterol, according to the SHP study.

If you’re one of them, you’re probably put on statins (including atorvastatin and rosuvastatin), the most commonly prescribed medicine, said Prof Tan.

Statins are also known as HMG-CoA reductase inhibitors and they “work in the liver to prevent cholesterol from forming and reduce the amount of cholesterol circulating in the blood”.

“They are most effective at lowering LDL (bad) cholesterol, but also help to lower triglycerides and raise HDL (good) cholesterol,” said Prof Tan.

In addition to statins, a new class of injectables have emerged in recent years. They provide an alternative for patients “who are unable to achieve their targeted cholesterol levels, who are statin intolerant, or unable to adhere to regular therapies”, said Prof Tan.

How to lower cholesterol levels: Experts explain why your diet or exercise routine isn’t working

These include the PCSK9 inhibitors (such as evolocumab and alirocumab), which are injected once every two weeks.

There are also the small interfering RNA or siRNA, which requires subcutaneous injection only once every six months. These siRNA include inclisiran, which was recently approved by Singapore’s Health Sciences Authority and the US Food and Drug Administration, said Prof Tan. “The injectables can be used in combination with oral medicines.”

Unfortunately, the commonly prescribed statins have received bad press on social media, said Prof Tan, even though they have been “proven to be effective in preventing heart attacks, strokes and death – even among low-risk patients”. It has led patients to develop “unfounded fears” for statin-associated side effects, he said.

Here, Prof Tan tackles some of the common misconceptions patients have about statins:

MISCONCEPTION 1: Doctors prescribe statins as a catch-all

(Photo: iStock/wutwhanfoto)

Statins are widely used as they satisfy two crucial functions in disease management: Preventing the onset of disease before it begins; and reducing the severity or impact of a disease if it already has by “halting its progress and preventing recurrences”, said Prof Tan.

“Certainly, patients who are at low risk for heart attack and stroke will benefit less from taking statins,” he said. But “among medical experts, there is little debate on whether statins work in high-risk patients”.

Having said that, statins aren’t prescribed indiscriminately. According to Prof Tan, patients are usually started on a course only if they satisfy any of these criteria:

Atherosclerotic cardiovascular disease. This means the patient has pre-existing blockages in the heart, brain or any arteries in the body’s circulatory system.

Diabetes mellitus. Especially those who have been living with diabetes for more than 10 years.

High LDL cholesterol level. Higher than 190mg/dL (4.9mmol/L).

As prevention. These are patients with no established cardiovascular disease but have multiple risk factors that increase their chances of developing it in the future.

MISCONCEPTION 2: Once you start on statins, you have to be on them for life

This is true, though. The cholesterol-lowering benefits conferred by statins will only continue for as long as you take the medicine, said Prof Tan. “The cardio-protective effect is lost when the statins are stopped.” You would have considered to have discontinued your medication if you stopped for more than a year.

Perhaps the more pertinent question is: What are the effects of being on statins in the long run? “Studies have shown that statins are safe and well tolerated. They have been used for more than 30 years to lower cholesterol. In fact, statins work best when you take them for a long time,” said Prof Tan.

Look at it as insurance for a longer life and to prevent heart attacks and strokes, he added.

MISCONCEPTION 3: Statins cause diabetes

(Photo: iStock/hinnapong)

Statins have been found to slightly elevate blood sugar levels in clinical trials, said Prof Tan. And this creates the impression that statins can lead to diabetes.

“However, people experiencing this side effect are already prediabetic or have higher than normal blood sugar. For those who are borderline diabetic, this mild increase in blood sugar can lead to a diabetes diagnosis about five weeks earlier than it would be otherwise,” he said.

But if you’re not already predisposed to diabetes, that is, your blood sugar levels are normal, statins do not induce diabetes, said Prof Tan.

“Additionally, the benefits of reducing cardiac events in someone who has prediabetes or is diabetic greatly outweigh the slight increase in their blood sugar which may occur,” he said.

MISCONCEPTION 4: Statins destroy muscle tissue

(Photo: iStock/Marc Bruxelle)

The muscle-destroying conditions that you might have read about are known as myopathy and rhabdomyolysis. “Serious muscle damage such as myopathy and rhabdomyolysis are rare,” said Prof Tan.

Myopathy refers to any disease that causes the muscles to lose control, leading to muscle weakness. Rhabdomyolysis, on the other hand, results from the disintegration of the muscle fibres. Both conditions have been linked to the frequent use of statins.

Prof Tan said that statin-associated muscle symptoms have been reported in studies in varying frequencies, from 10 per cent to 15 per cent in patients. However, he claimed that the incidence rate may be overestimated due to the nocebo effect.

The cardio-protective effect is lost when the statins are stopped. In fact, statins work best when you take them for a long time.

“This is when a patient with negative expectations of a medicine would experience its potential side effects at a much higher rate than he otherwise would,” said Prof Tan.

If you suspect you have statin-associated muscle symptoms, the ache and tenderness typically involve large muscle groups such as the shoulders and the thighs, and are usually bilateral. They also tend to be more pronounced after physical exercise, said Prof Tan.

Speak to your doctor who can put you on a different statin or reduce the dose, he said.

MISCONCEPTION 5: Statins do not really prevent vascular disease

(Art: iStock/Rasi Bhadramani)

Vascular disease refers to any condition that affects the blood vessels in your body. As you’d already know, having a high cholesterol level means that you have a high amount of fat and cholesterol deposits coursing through your blood vessels that can accumulate and block the vessels. When that happens, you run a high risk for cardiovascular diseases such as heart attacks and strokes.

“Lowering cholesterol levels reduces the risk of such events,” said Prof Tan.

And what about statins’ contribution? “In the high-risk populations studied, those who took statins had 20 per cent to 40 per cent fewer heart attacks, strokes and deaths than those who did not over two to five years,” said Prof Tan.

“Statin therapy is also the standard of care for patients with peripheral artery disease (that is, blockages that occur in the lower limb arteries) in all the international guidelines.”

Source: CNA/bk Source link

Storvas C®

Kegunaan:

Menurunkan tahap kolesterol LDL
Mengurangkan risiko serangan jantung dan angin ahmar (strok)

Cara pengambilan:

1-4 biji 1 kali sehari selepas makan pada waktu malam

Kesan sampingan:

Kesan sampingan yang biasa:

Cirit-birit (sehingga 14.1%)
Sakit sendi (sehingga 11.7%)
Sakit otot (sehingga 8.4%)
Hidung tersumbat atau bersin (sehingga 8.3%)

Sila beritahu doktor jika kesan sampingan tersebut berterusan atau bertambah teruk.

Kesan sampingan yang serius tetapi jarang berlaku:

Reaksi alahan ubat (ruam, bengkak mulut atau mata, sesak nafas)
Sakit otot yang tidak dapat dijelaskan atau lemah
Peningkatan enzim hati
Pendarahan otak

Sila beritahu doktor dengan segera jika mengalami kesan sampingan yang serius.

Ini bukanlah senarai lengkap kesan-kesan sampingan yang boleh berlaku. Sila hubungi doktor atau pegawai farmasi untuk maklumat lanjut.

Penggunaan jika mengandung:

Kategori X: Elakkan penggunaan – kajian telah menunjukkan kesan mudarat dan boleh menyebabkan kecacatan kepada janin

Penggunaan jika menyusukan anak:

Elakkan penyusuan – terdapat risiko kesan mudarat kepada bayi

Kontraindikasi:

Sejarah reaksi alahan terhadap ubat ini atau bahan dalam ubat ini
Penyakit hati
Peningkatan enzim hati secara berterusan tanpa sebab yang diketahui

Sila huAtorvastatin 20 mg Film-coated Tablets – (emc) bungi doktor atau pegawai farmasi anda untuk maklumat lanjut

--------------------------------------------------------------------------

Brand:Storvas C® Usage:

    Lowers LDL cholesterol levels
    Reduces the risk of heart attack and stroke

How to take:
1-4 seeds 1 time a day after eating at night
Side effect:
Common side effects:

    Diarrhea (up to 14.1%)
    Joint pain (up to 11.7%)
    Muscle pain (up to 8.4%)
    Stuffy nose or sneezing (up to 8.3%)

Please tell your doctor if these side effects persist or worsen.
Serious but rare side effects:

    Allergic drug reaction (rash, swelling of the mouth or eyes, shortness of breath)
    Unexplained muscle pain or weakness
    Increased liver enzymes
    Brain hemorrhage

Please tell your doctor immediately if you experience any serious side effects.

This is not a complete list of possible side effects. 
Please contact your doctor or pharmacist for more information.
Use if pregnant:
Category X: Avoid use – studies have shown harmful effects and may cause birth defects
Use if breastfeeding:
Avoid breastfeeding – there is a risk of harm to the baby
Contraindications:

    History of allergic reactions to this drug or ingredients in this drug
    Liver disease
    Persistent elevation of liver enzymes for no known reason

Please contact your doctor or pharmacist for more informationJenama:

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Storvas 40 MG Tablet

Manufactured byRanbaxy Laboratories Ltd.

ContainsAtorvastatin

Description

Storvas 40 MG Tablet is a medicine consisting of Atorvastatin. It is used in the treatment of high blood cholesterol and triglycerides (fats) levels. This medicine works by blocking the production of unhealthy fats in your body and prevents the risk of heart problems and stroke (a condition that causes reduced oxygen supply to the brain).

Storvas 40 MG Tablet has some side effects like nausea, weakness, muscle pain, stomach pain, etc. These side effects are mild and may subside by themselves. Consult your doctor if these side effects last for a long time or worsen.

Storvas 40 MG Tablet may be taken with or without food. Take the dose as directed by your doctor. Take it regularly at the same time for the ease of remembering. Avoid taking more than the recommended dose. Your doctor may suggest tests to regularly monitor your lipid profiles (fat levels in the blood) to make sure the medicine is working properly.

Storvas 40 MG Tablet is not recommended for use if you are allergic to it. Avoid taking this medicine if you have liver problems. Use this medicine with caution if you have diabetes, hypothyroidism (low levels of thyroid hormone in the body), or kidney problems. Inform your doctor if you are taking any other medicine as they may interact with this medicine and cause undesired effects.

Storvas 40 MG Tablet is not recommended for use in children below 10 years of age as the safety and efficacy data is not available. Consult your doctor if you are pregnant, planning a pregnancy, or are breastfeeding.

Atorvastatin

Description

Atorvastatin is a cholesterol-lowering medicine. It works by blocking the action of an enzyme responsible for the production of cholesterol in the body. Thus, it helps in reducing blood cholesterol levels. It also prevents the risk of heart problems.

Atorvastatin may cause common side effects such as headache, nausea, diarrhoea/constipation, indigestion, muscle pain, stuffy nose, etc. Consult your doctor if these symptoms persist for a long time or if they become severe.

Atorvastatin can be taken with or without food as instructed by your doctor. Take it at the same time every day to maintain a constant level of this medicine in your body. Do not skip a dose or discontinue the treatment without consulting your doctor.

Atorvastatin is not recommended if you are allergic to it, or have liver problems. Inform your doctor if you have diabetes as this medicine may affect your blood sugar control. This medicine is not recommended for use if you are pregnant or are breastfeeding.

Understand Your Blood and Urine Test Results

https://www.webmd.com/heart-disease/ss/slideshow-lab-tests-guide

Cholesterol

1/11

This count comes from a blood test called a lipid profile. The healthy total cholesterol level for adults is below 200 mg/dL. It’s the sum of two types of fats: “bad” (LDL) and “good” (HDL) cholesterol. But even if your number falls in the desirable range, you still can have too little of the good kind and too much of the bad, which clogs your blood vessels. Aim to keep your LDL cholesterol under 100 mg/dL and your HDL above 60 mg/dL.

Triglycerides

2/11

Triglycerides can harden your arteries. High levels are linked to a higher risk of a host of heart problems, like strokes and heart attacks, as well as obesity and high blood pressure.

These readings are for healthy adults after 12 hours of fasting:

Desirable: Less than 150 mg/dL (1.7 mmol/L)
Borderline high: 150 to 199 mg/dL (1.7-2.2 mmol/L)
High: 200 to 499 mg/dL (2.3-5.6 mmol/L)

Very high: Greater than 500 mg/dL (above 5.6 mmol/L)

Who Needs a Lipid Profile?

3/11

Everyone over 20 should get a full lipid panel every 4-6 years. Kids should have a full lipid profile once ages 9-11 and again ages 17-21. That’s partly because high cholesterol and triglycerides may lead to plaque buildup in children and teens. Your doctor may want testing more often if you’re at risk for heart disease or if you’re being treated for high cholesterol. Acceptable total cholesterol for most people under 19 is 170 mg/dL.

Blood Sugar Test

4/11

It’s also called a glucose test. High levels, or hyperglycemia, could be a sign of diabetes or prediabetes. If you’re healthy, yours should be less than 100 mg/dL after fasting. A reading of 126 mg/dL or higher means you have diabetes. With two other tests -- glucose tolerance and random blood sugar -- a level of 200 mg/dL or higher indicates diabetes. And too low blood sugar may damage your brain or cause other health problems.

A1c, or Hemoglobin A1c

5/11

This is a more complex way to gauge your blood sugar than with a blood glucose test. Your A1c gives you a longer-term view of your average blood sugar over 2-3 months. That matters because your glucose level can swing a lot throughout the day if you have diabetes. A1c calculates the percentage of red blood cells coated in sugar. A healthy level is usually below 5.7%. If you have diabetes, your doctor will recommend keeping it under 7%.

Urinalysis

6/11

Your pee can show you a lot about your health. Its color, pH level, and the presence of ketones, bacteria, and other substances can reveal diseases and other problems. A urinalysis is routine if you’re pregnant or having surgery. Other reasons for it include if your doctor suspects a urinary tract infection (UTI) or kidney disease. If your urinalysis turns up too much sugar, protein, or red blood cells, your doctor may need more tests.

Red Blood Cell Count

8/11

These cells carry life-giving oxygen throughout your body. If you’re low on red blood cells, it might be a sign that you’re not eating enough nutrients, are bleeding internally, or have bone marrow problems. A high count might stem from heart disease or lung issues, among other causes. The general range for good health is 4.5 million to 5.9 million cells in a microliter of blood in men, and 4.1 million to 5.1 million cells in women.

White Blood Cell Count

9/11

These cells flood your body when they detect harmful invaders. So a high white blood cell count may be a sign that you’re fighting an infection, allergies, inflammation, or even cancer. A low count may mean bone marrow problems, a weakened immune system from conditions like HIV, or a poor diet. Stress and even too much exercise also can unleash your white blood cells. Normal levels for adults are 3.4 billion to 9.6 billion cells/L.

Thyroid-Stimulating Hormone

10/11

Your doctor might order this test if your thyroid gland is enlarged or has bumps. Other reasons include a fast pulse, unexplained weight loss, or other signs of an overactive thyroid. Low hormone levels may mean your thyroid is sluggish. Symptoms include weight gain, puffy and dry skin, and constipation. Medications, including multivitamins and supplements, can affect your test results. So tell your doctor about everything you take.

Platelet Count

11/11

These blood cells help heal wounds and stop bleeding. But too many platelets can form dangerous blood clots in your arms and legs that can cause heart attacks or strokes. Low platelet counts may make you bruise easily and to bleed from your gums, nose, and stomach. That may happen because of bone marrow illness, viral infection, or alcohol abuse, among other causes. A normal level is 150,000 to 450,000 platelets per microliter of blood.

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The crown and the colony

The Queen Mother's coffin, the wreath of white flowers and the Queen Mother's coronation crown with the priceless Koh-I-Noor diamond on April 8, 2002.

The queen's coffin, the wreath of white flowers and her coronation crown with the priceless Kohinoor diamond.Tim Graham / Corbis via Getty Images file

THE queen of the United Kingdom died almost a week ago.

News of her worsening health had been lingering for a while; she withdrew from some of the platinum jubilee celebrations to take rest, and did not participate in many public events.

Last week, however, things suddenly appeared more ominous when various members of her immediate family were seen rushing to Balmoral Castle in Scotland, where she was staying. When Prince Harry and Meghan Markle, the British monarchy’s currently controversial couple, rushed to Scotland, it appeared imminent that the long reign of Queen Elizabeth was about to be over.

The aftermath of the queen’s death, at the age of 96, has been both expected and unexpected. The pomp and fanfare of the British monarchy continues to endure, at least in the attention it gets from the international media. Even before the queen was dead, there were live broadcasts from the gates of Balmoral Castle, and everything that happened after was covered minute by minute.

The sheer length of her reign means there is no dearth of dramatic moments to memorialise and mourn, and the week of media coverage appears to have covered each one.

Not soon after the queen’s passing, Prince Charles, cooling his heels no more, was crowned King Charles III and was finally able to deliver the coronation address he must have rehearsed for over half a century. The British media and their American mimics made much of the fact that the British could once again sing “God Save the King” — you know... because there was once again a king.

Those, however, were the expected goings-on of the official narrative, one in which the British monarchy was still regaled as having brought railroads and civilisation to the rest of the world. That world is no more, transformed as it has been by the emergence of social media, whose tentacles allow even the most ordinary of opinions, that at the very least have the possibility of ruining a king’s day, to be aired.

On those digital streets belonging to the world’s plebeians, where there are no borders and the entry fee is a WiFi connection, there were immediate rumbles of discontent. It was all very well the British wished to mourn their queen and sing praises of the unifying character of their monarchy, this view held; but they could not expect similar adulation by the rest of a world that had markedly different memories of her reign.

Within hours the internet had erupted in anger that the queen, who presided over an empire built on loot, was being mourned as if she were a saint.

On Thursday, even before the queen was officially declared dead, Nigerian-American Professor Uju Anya posted: “I heard the chief monarch of a thieving raping genocidal empire is finally dying. May her pain be excruciating.” Later, Anya in a second tweet said: “If anyone expects me to express anything but disdain for the monarch who supervised a government that sponsored the genocide that massacred and displaced half my family and the consequences of which those alive today are still trying to overcome, you can keep wishing upon a star.”

Anya may have been one of the first brave survivors of colonial mayhem to speak the truth about the monarchy; despite criticism, she would not be the last.

Read: After the queen

Within hours, the internet had erupted in anger that the queen, who presided over an empire built on loot (let us not forget, even the diamond in her crown was stolen from India), was being mourned as if she were a saint. Soon, both Twitter and TikTok were full of people speaking about the atrocities of the British Empire. Many spoke of India and how Partition and its ensuing hatreds, long cultivated by the British, continue to impact the lives of people living in the subcontinent to this day.

In a day or two, the counternarrative had spread to the mainstream media. On the cable news channel MSNBC, American author Richard Stengel noted: “You played a clip of her speaking in Cape Town in 1947… That’s the year apartheid took effect… British colonialism, which she presided over… had a terrible effect on much of the world.” On British television, the noted anti-colonial intellectual Shashi Tharoor reminded the whitewashers of Empire how they never taught colonial history to their own people, noting its particular absence from the A-Level history curriculum.

The response in Pakistan remained largely meek. It was depressing to see many of Pakistan’s elite, the enduring ‘brown sahibs’, actually pretend to mourn the queen whose forbears ensured that Pakistan and India would remain at daggers drawn for the foreseeable future. The worst were graduates of Oxford and Cambridge, who posted notes of condolence to the monarch as if the monarchy would check to see if they were appropriately servile and obsequious.

It was disgusting to see this drama, whose reach is such that most Pakistanis today are unaware that it was the British who put in place many of the economic, social and legal mechanisms — for instance, the feudal system — that are the source of much dissension and depredation in contemporary Pakistan.

It is heartening to see the conversation about monarchy starting to transform. Enduring monarchies in former colonising countries such as Britain and the Netherlands only serve the purpose of revising the brutality of colonial conquest and the creation of systems that would ensure the poverty and dependence of post-colonial nations for many generations to come. In this particular instance, it was incredible to see the death of a queen who presided over a racist and unjust system being used as a moment to educate the world about what exactly she represented.

As for all the Pakistanis who clamoured to post condolences for the emblem of a system that saw them as little more than apish brutes, a person or a system does not become automatically good, or worthy of respect, by the fact of their passing.

The queen is dead; I hope the system of corruption and looting, of occupation and genocide that she represented perishes too.

The writer is an attorney teaching constitutional law and political philosophy. - DAWNN /Asia News Nework

rafia.zakaria@gmail.com

Opinion: With the Queen's death, the system of looting and genocide she represented shoud end too ...

Queen's death intensifies criticism of British empire's violent ...

Britain used to rule a quarter of the world. What happened

https://www.abc.net.au/news/2022-09-18/queen-elizabeth-ii-empire-colonialism-history/101430296

Queen's death shines spotlight on wrongs suffered indigenous people... - Reuters

Indigenous Australian parliamentarian Lidia Thorpe in the Senate chamber at Parliament House in Canberra

https://www.reuters.com/world/uk/queens-death-shines-spotlight-wrongs-suffered-by-indigenous-people-2022-09-18/

Slavery, Colonisation and the Crown

In 2022, Britain celebrated 70 years of Queen Elizabeth II’s rule with street parties and festivities. But many critics say that the British monarchy should not be celebrated because of its legacy of slavery, looting and colonialism

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With Queen Elizabeth's Death, many Indians Want Kohinoor Diamond Returned amid Britain's King Charles III proclaimed Britain's new monarch

The crown of Queen Elizabeth the Queen Mother, containing the famous Kohinoor diamond, pictured on April 19...

Saturday, 17 September 2022

Whither the ringgit? US Inflation & workforce are the bigger problems

WITH the ringgit passing the RM4.50 mark to the mighty US dollar, questions have been asked as to where the ringgit is headed, as it has dropped almost 9% year-todate and at a level last seen during the Asian Financial Crisis in 1998 – almost a quarter of a century ago.

“See you at five” – a term coined during the crisis time, is being re-played like a broken record as speculation mounts that the ringgit will hit the unthinkable five handle to the dollar in future.

However, as we are aware, the ringgit is not to be entirely blamed for its weakness, as there are other factors that are playing out.

If one were to analyse carefully, the ringgit is in actual fact firmer against the Japanese yen by about 12.5%, up 7.2% and 7.1% against the British pound and the South Korean won respectively; between 0.9% and 3.8% higher against the Chinese yuan, Thai baht, Philippine peso and the euro.

Other than the US dollar, the ringgit is only weaker against the Australian dollar, Indonesian rupiah, and the regional champion, the Singapore dollar by between 1.1% and 4.5%.

Hence, overall, for the performance year-to-date, the ringgit may look like a weak currency as we are fixated on comparing the ringgit’s performance against the US dollar as well as the Singapore dollar, but in actual fact, the ringgit has outperformed at least seven other major and regional currencies.

The strength of the US dollar cannot be denied as the Federal Reserve (Fed) is battling hard against high inflation prints and is left with no choice but to raise the benchmark Fed fund rate (FFR).

Having raised 225 basis points or bps so far this year, the Fed is now poised to increase the FFR by another 75 bps in the September Federal Open Market Committee (FOMC) meeting next week, with odds of 100 bps too not being ruled out at all.

This was after the headline and core US inflation prints came in at 8.3% and 6.3%, and ahead of the market forecast of 8.1% and 6% respectively. Should the FOMC raise the FFR by 75 bps next week, the market is pricing in another 75-bps hike in the November meeting and a 50-bps increase in the December meeting.

This will take the FFR to 4.25%4.50% and bring the 2022 rate hikes to 425 bps. With the US 10-year treasuries at 3.43%, the yield spread between the Malaysian benchmark 10-year Malaysian Government Securities has narrowed to just 72 bps from 209 bps at the start of the year.

Indeed, the divergence in the monetary policy adopted by the Fed has a significant impact on the ringgit too.

Another key factor that the ringgit seems to be suffering is the correlation between the ringgit and the yuan. Both currencies removed the dollar-peg in July 2005, with Kuala Lumpur following suit right after Beijing’s move. Since then, the ringgit seems to have a high correlation with the yuan.

Year-to-date, although the ringgit is up 0.9% against the yuan since the start of the year, the ringgit’s movement against yuan has been relatively flat over the past five years with the local currency down by 0.4% compared with a year ago, and 1.2% over the past five years.

The yuan has also been weaker against the US dollar, as the Chinese economy has not been doing well since China’s zero tolerance towards Covid-19 cases, which has resulted in major cities or regions going into short-term lockdowns. The yuan even hit a fresh two-year low, flirting with the seven handle against the US dollar.

Other factors too are playing out on the ringgit weakness, although we are fortunate that we continue to run a current account surplus, we have been running budget deficits for nearly a quarter of a century.

This has ballooned our federal government debt level to the extent that we have even moved the needle to ensure we remain within the redefined debt/gdp ratio.

Malaysia also has an over-dependence on foreign workers, which continues to weaken the ringgit with a high level of foreign remittances as well as a deficit in our services account and net outflows from primary income.

In addition, Malaysians investing abroad is another strain on the ringgit, while errors and omissions too can be a large contributor to the ringgit’s weakness as well.

As measuring a currency is all relative, it is understandable when the general public refers to the ringgit’s strength or weakness as “only” when compared with the US dollar and to a certain extent, the Singapore dollar.

Chart 1 shows the relative performance of the ringgit against the major global and regional currencies.

It can be seen that much of the weakness against the US dollar and the Singapore dollar occurred this year itself, while against the pound, euro, yen, won, baht and peso, the ringgit has been gaining ground not only year-to-date but also over the past year and five years.

Against the Australian dollar and rupiah, the ringgit has recouped its weakness against the two currencies with a stronger performance year-to-date.

While the picture looks respectable over the past five years, data going back over a 10-year and 15-year period, suggests that the ringgit has significantly underperformed.

Chart 2 shows the performance of the ringgit vis-à-vis the major global and regional currencies.

As seen in Chart 2, over a 10-year horizon, ie, from mid-september 2012 to the present, the ringgit is only firmer when compared with the yen (19.1%); Australian dollar (5.1%) and the rupiah (5%).

Against all the other currencies, the ringgit is weaker by between 6% against the pound to as much as 49.1% against the US dollar.

Over a 15-year horizon, the ringgit was also seen as weaker as it was down by between 4.5% against the yen and Australian dollar to as much as 40% against the Singapore dollar.

The ringgit is only firmer against the pound (25.6%); rupiah (18.1%); won (13.3%) and the euro (6.2%).

Another comparison is the performance of the ringgit since it was de-pegged on July 21, 2005.

Here one can observe that while the ringgit is down 41.3% since then against the yuan and 19.3% against the US dollar, it is firmer against other major currencies, rising by 1.9% against the euro, 6.4% against the yen and 21.3% against the pound.

Regionally, although the ringgit is up more than 20% against the rupiah, the ringgit is down significantly against other regional currencies.

This is sharpest against the Singapore dollar with about 42.7% depreciation, 35.7% against the baht, and 16.5% against the peso.

As currencies are valued on a relative basis by comparing one currency with another, an alternative approach is to look into the real effective exchange rate (REER) which takes into account the weighted average of a currency in relation to an index or a basket of other major currencies. The weights are based on comparing the relative trade balance of a currency against each country in the index.

REER data is provided by the Bank of International Settlement (BIS) monthly and Chart 3 summarises Malaysia’s REER performance since the de-pegging days, plotted against the US dollar.

The chart shows a highly correlated chart whereby the correlation was observed at -0.95, suggesting that REER has a significant impact on the value of the US dollar-ringgit exchange rate.

A tough question as the valuation of a currency is always seen as a relative point to another currency while the strength/weakness of one currency can also be attributed to the relative weakness/strength of another currency.

Nevertheless, if one were to gauge the REER as a reference point, the ringgit is effectively undervalued by approximately 16.8%, as a neutral REER should be at the 100.00 index point level.in

At this level, the ringgit’s fair value is approximately RM3.89 to the US dollar. However, the REER has always been trading below the 100 index point level, except for a brief occasion between April 2010 and August 2011; in February/march 2012; and between November 2012 and May 2013.

In July 2011, the ringgit traded at its post de-pegging high of RM2.9385 before succumbing to weakness due to multiple reasons.

Bank Negara’s international reserves begin to weaken from a peak of Us$141.4bil (or Rm435.5bil) as at May 2013 at a time when the ringgit was trading at RM3.08 to the dollar and the REER was at its peak of 104.11 points.

However, if one were to take the average REER of 93.34 points over the past 17 years, the ringgit has a fair value of RM4.17 to the dollar.

Hence, while the ringgit has weakened considerably against major currencies, especially since its de-pegging days, the local currency remains an undervalued currency by between 8.9% and 16.6%.

While the ringgit is seen as weak against the US dollar and Singapore dollar, it has outperformed against other major currencies like the euro, pound and yen.

Over the longer term, Malaysia needs to address the serious structural issues that have made us less competitive than our neighbours. Top of the list is education reforms which should be addressed quickly as we are losing out our young bright minds via migration.

One of Malaysia’s biggest losses is the brain drain that has benefitted many countries, especially Singapore, Australia and even as far as the United States.

The second issue that Malaysia needs to address is to attract right-minded high-skilled knowledge workers as well as the ability to attract the right investment dollars into Malaysia.

The spill-over effect from an investment-friendly country is multiple, as it can help to lift Malaysia’s competitiveness not only in traditional fields but new robust industries related to the technology and services industry.

Third, Malaysia needs to address the current low wage levels of Malaysians as we cannot be a high-income nation if 50% of Malaysians are earning less than RM2,100 per month.

There must be a concerted effort to increase wages, which will indirectly address not only the rising cost of living but increase the affordability as well as tax revenues of the government.

Fourth is our fight against corruption. It is a known fact that a low ranking in Transparency International’s Corruption Perception Index is highly correlated to the cost of doing business.

Malaysia needs to make greater efforts to weed out the corrupt practices, both in the government and in the private sector to enable Malaysia to be better position to not only attract the right global investors but to reduce the cost of public spending, which eventually leads to a lower cost to consumers.

Finally, it’s the politics and public policies that come with it. We must not only be investor friendly but must avoid flip-flopping policies that can cause serious irreparable damage to our reputation in the eyes of the world.

Public policies too must be cleverly crafted with the right inputs from all stakeholders to enable Malaysia to march forward as one.

Only then, we will see a stronger ringgit not only against the currencies that Malaysia has outperformed but also against the mighty US dollar and Singapore dollar

by StarBizPANKAJ 4. KUMAR Source link