The Digital Yuan And China’s Plan to Topple The U.S. Dollar
There are many qualified candidates for the title of second most consequential event of 2020, right after coronavirus and its associated worldwide economic implosion. The global reach of the George Floyd protests comes to mind, as does the still-unfolding China–India clash in the Himalayas. Perhaps North Korea or Iran will deliver another crisis unto the world. Possibly more deserving than any of these, however, is China’s planned rollout of its digital yuan, through which the Communist Party intends to upend the U.S.-led financial world order.
A statement from North Korea’s embassy in Moscow observing the 70th anniversary of the still-ongoing Korean War this weekend threatened a “sensational event” leading to the destruction of the United States.
⏩ Next: OFFICIAL SATURDAY OPEN THREAD @ 05:00 PDT ?
Hong Kong Economy Collapses Under Chinese Communist Political Takeover
The Hong Kong stock market was rocked by a massive sell-off on Friday after the Chinese Communist government in Beijing declared its intention to bypass the Hong Kong legislature and impose a draconian security law to shut down the protest movement. That single act effectively ended the island’s limited autonomy in the eyes of many residents and concerned international observers...
Former US Ambassador to China Max Baucus has given at least four different interviews to Chinese propaganda outlets in the last two weeks, repeatedly comparing the U.S. rhetoric about China to both the McCarthy era and Nazi Germany.
“Here, I want to reiterate the words ‘peace, parity, democracy, and dialogue.’ We will not accept the Beijing authorities’ use of ‘one country, two systems’ to downgrade Taiwan and undermine the cross-strait status quo. We stand fast by this principle,” Tsai said in her inaugural speech.
Trump Halts All Federal Retirement Investments In Chinese Funds
President Donald Trump will cut the federal government’s retirement fund investments in Chinese equities, according to a Monday letter obtained by Fox Business. The White House does not want federal employee retirement funds to have money invested in Chinese equities, national Security Adviser Robert O’Brien and National Economic Council Chair Larry Kudlow said in a letter to U.S. Labor Secretary Eugene Scalia Monday.
One of the more apparent consequences of the coronavirus is that it looks likely to become a catalyst for deglobalization. At the centre of this will be the decoupling of the Chinese economy with developed economies and the US in particular. The world’s three largest free economies – the European Union, the United States and Japan – are all drawing up separate plans to lure their companies out of China.
Feds Move To block China-Owned Telecom Service From Operating In The US
☆ Now Do The Same For CNN & MSNBC
The U.S. Department of Justice (DOJ) and other federal agencies on April 9 urged the Federal Communications Commission (FCC) to revoke Chinese state-owned company China Telecom’s authorization to provide international telecommunication services in the United States.
☆ Chinese Economy Paralysed By Outbreak, Sharp Contraction Seen In Q1
China’s factories were dealt a devastating blow in February as the coronavirus epidemic triggered the sharpest contraction in activity on record, a private survey showed on Monday, with the health crisis paralysing large parts of the economy. The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) tumbled to 40.3 last month, the lowest level since the survey began in 2004, and down sharply from the 51.1 reading in January as well as the 50-mark that separates growth from contraction.