On Friday, one day after Russia and China pledged to reduce their reliance on the dollar by increasing the amount of bilateral trade conducted in rubles and yuan (a goal toward which much progress has already been made over the past three years), Russia’s Central Bank provided the latest update on Moscow’s alternative to US-dominated international payments network SWIFT.
China is in the midst of a crackdown. Perhaps this explains the importance of freedom of speech, freedom of association and Religious Freedom. In spite of all our faults, the US is still the best damn country on the planet.
China cracks down on religion, crosses burned at Christian churches, Xi Jinping photos installed Updated September 25, 2018 17:25:51 China has intensified its crackdown on religion, with images emerging of crosses being burned and destroyed at Christian churches.
When, suddenly and without explanation, Fan Bingbing, China’s most famous actress and its highest-paid celebrity, vanished, in July, conspiracy theories abounded. Had she been abducted? Was she in exile? Or had “the No. 1 beauty under the heavens,” as she is known, been having an affair with the Vice-President, and been forced into hiding? In China, where the movie industry favors fantasies and mysteries, the story of Fan’s disappearance suggested the kind of thriller in which she herself might star. But, last week, after an absence of more than three months, she resurfaced to issue a statement that could have earned her a part in a well-known TV drama series: the coerced public apology.
China’s Shadow-banking system is collapsing (and with its China’s economic-fuel – the credit impulse), it’s equity market has become a slow-motion train-wreck, its economic data has been serially disappointing for two years, and its bond market is starting to show signs of serious systemic risk as corporate defaults in 2018 hit a record high.
Make no mistake, this “loan” is not being made to assist Venezuela. It is with the intent to economically enslave the country so China can exert control over it. The US is guilty of doing this as well, but it should be alarming this is happening from China in the Americas.
For a brief period earlier this year, it appeared that Beijing had finally had enough of supporting its “ideological allies” in Caracas when it decided to limit its “exposure” to Venezuela after the country struggled to make interest payments on a $19 billion loan.
I think it’s a questions worth asking and trying to answer – what happens to the world economic system if China crashes?
Recently we discussed how in addition to the widely manipulated Chinese GDP data, new concerns had emerged about official data involving Chinese industrial profits, because while China’s National Bureau of Statistics has traditionally reported positive year-on-year growth rates in percentage terms, growth in absolute yuan terms has been negative .
One million ethnic Uigurs are being held in a “massive internment camp that is shrouded in secrecy” by the Chinese government, says a United Nations Human Rights panel that has received multiple credible reports to back up their claim.