Originally published by Gatestone Institute Commentary “The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out,” said Vladimir Putin in June, at a meeting of the BRICS—Brazil, Russia, India, China, South Africa—grouping. Russia and China have launched another attempt to develop a “new global reserve currency.”…
China and Russia—With Help From Biden—Attack the Dollar
August 12, 2022
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Why Isn’t China Stimulating Its Economy and What Does This Mean?
Commentary For much of the past 10 to 15 years, the Chinese economy followed a familiar boom and bust pattern, even if the official GDP data was suspiciously straight. Central government authorities would flood the market with fiscal and monetary stimulus until activity began to run too hot and then tighten money. Authorities engaged in…
Democrats Trip Up on Climate
Commentary Sen. Brian Schatz (D-Hawaii) cried as he left the Senate chambers. He had just voted for the Inflation Reduction Act of 2022, predicted to cut U.S. emissions by 40 percent by 2030. “We’ve been fighting for this for decades,” he told The New York Times. “Now I can look my kids in the eye…
Inflation Won’t Go Away Soon
August 12, 2022
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Commentary The latest inflation news looks remarkably good, at least on the surface. The Labor Department reported that overall the consumer price index (CPI) for July showed no inflation. After months of horrific news and no small amount of fear, this seemingly happy result arrived entirely from a 4.6 percent drop in energy prices. The…
‘Resident Evil’ and the War of Memory Between Hong Kong and China
Commentary I am not a TV fan, but upon my wife’s recommendation, I watched some Netflix series. After “Stranger Things,” it was “Resident Evil,” in which I was absorbed. This is based on a Japanese video game, which has been adapted into movies and TV series over the years due to its popularity. The story…
Real Estate Woes Could Sink China’s Economy, Stability
Commentary The real estate industry accounts for 25 percent of China’s GDP, and more than one-third of local government revenues are tied to either land sales or home sales. But mounting problems—with no obvious solutions—are threatening to destabilize not just the real estate sector but China’s banks and industrial producers. It’s a “gray swan” problem…
Is Time on China’s Side?
Commentary The issue of time is critical for the evolving international system, in which regional and global powers jostle for advantage and the ability to determine the future global order. Nowhere is this more true than in contemporary U.S.-China relations, through which Washington tries to dampen Beijing’s attempts to overturn the existing Pax Americana. If…
China Caused This Crisis—the US Must Win It
Commentary U.S. House Speaker Nancy Pelosi’s Taiwan visit came and went, but the crisis created by China in the Taiwan Strait continues to develop. The Chinese Communist Party (CCP) is celebrating the great success of turning the crisis into an unprecedented opportunity to advance its coercive policies to bring Taiwan under its control. In the…
Russian and Chinese Influence in Italy Requires Investigation
Commentary Matteo Salvini, the head of a rising far-right party in Italy, has some big problems. They mirror those in many other countries, where the center-right and far-right are diverging, according to David Broder, an expert on contemporary Italian fascism. First, Salvini is soft on Russia, which is close to China. An influential Italian veto…
Inflation Reduction Act Causing Inflation
Commentary An additional $700 billion in government spending tied to the Inflation Reduction Act will make inflation worse, not better. The Inflation Reduction Act of 2022 is meant to curb inflation by laying out billions of dollars. This is contrary to economic logic, though, and even the Congressional Budget Office has said that this act…
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