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kesarijournal · 6 months

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Money, Myths, and the Modern World: Unraveling the Economic Tapestry from a Modern Monetary Theory Lens

**Welcome to the Grand Economic Theater!**Picture the global economy as a grand stage, where the U.S., Australia, and China play the leading roles, each grappling with their own economic scripts. But what if the script they’re reading from is due for a rewrite? Enter Modern Monetary Theory (MMT) – the understudy that’s been waiting in the wings, ready to challenge the status quo. Let’s embark on…

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gameofthrones2020 · 6 months

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Economic Trends: China’s Crumbling Economy

Economic Trends: China’s Crumbling Economy which has its origins in the 1980s and the Industrialisation of all nations

China’s crumbling economy originated in the 1980s when China was opening up its economy to the rest of the world by creating special economic zones and implementing the one-child policy, which crippled China’s birthrate with social engineering. The Chinese did this due to the communist philosophy, which enabled the state to interfere in individual’s lives due to the belief that the collective…

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#China #China one-child policy #China&039;s crumbling economy #China&039;s Economy #Economic Trends #Global warming #Peter Zeihan

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ps14latinamerica · 2 years

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Nearly All U.N. Members Condemn U.S. Embargo on Cuba

Summary:

In a meeting of the United Nations General Assembly last week, delegates overwhelmingly voted to condemn the United States' continued trade embargo on Cuba, with one holdout being the representative from Israel. The resolution to condemn America's sanctions against Cuba has been brought to the U.N. every year for the past thirty years, gaining more support this year than it ever has. Cuban foreign minister Bruno Rodriguez spoke of the "cruel" toll the embargo has taken on Cuba's economy: over $6 billion since President Biden assumed office, and insurmountably more since it was first instituted in 1960. While President Obama attempted to ease tensions between the U.S. and Cuba, predecessors Trump and Biden have reversed those efforts by enforcing further sanctions. Biden has justified the latest sanctions as a condemnation of Cuba's police response to protests last year, which evolved into violent anti-government protests. But Cuba's UN ambassador Yuri Gala believes, as do most UN members, that "if the United States government really did care for [...] human rights and self-determination of the Cuban people, it could lift the embargo," (Gala, "Only one country backs US in UN Cuba vote").

Analysis:

America's embargo on Cuba is a relic of the Cold War and its efforts to prop up governments around the world that favor capitalism and liberalism – many of which have failed. Most notably, the U.S. provided financial and military support to the regime of dictator Fulgencio Batista in the post-World War II era. Batista was severely authoritarian, but his economic policies allowed the U.S. to benefit from trade with Cuba, and he led a prominent campaign against "Communist activities." America's support for Batista despite his corrupt leadership, and its subsequent hostility towards a Castro-led Cuba, demonstrates the realist theory that states will ultimately abandon principles in favor of self-interest. U.S. foreign policy regarding Cuba prioritized the relative gains of its own power over the idealist approach of cultural consistency. If America truly were a staunch proponent of democracy, it would have condemned Batista's authoritarian abuses and use of secret police forces. But to American officials, creating a capitalist global economy was more advantageous than opposing Batista's anti-democratic dictatorship. Put in terms of the prisoner's dilemma, America chose to confess, not cooperate.

Fidel Castro as a popular leader championing socialist ideals posed an ideological threat to the U.S. in its efforts to emerge as the capitalist global hegemon. It lended legitimacy to the ideals of the Soviet Union, America's opponent in the Cold War and the other end of the bipolar global power structure. While the U.S. enjoyed hegemon status after the Soviet Union fell, growing opposition to the U.S. trade sanctions against Cuba reflect a shift towards a more multipolar power distribution. As nations like China, India, and Russia gain influence, so too do ideologies counter to American and western ideals; socialism and anti-capitalist sentiments are increasingly popular around the world. The U.N.'s near-unanimous vote against America's actions symbolizes a new balance of power that challenges U.S. supremacy on the global stage.

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techmaqofficial · 4 years

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China to Expand Testing of a Digital Currency

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HONG KONG—China’s Commerce Ministry said it would expand a pilot program for its digital currency to include a number of large cities, advancing a pioneering initiative by a major central bank to launch an electronic payment system.

The digital currency pilot program will cover much of China’s most prosperous regions, the Commerce Ministry said Friday: the capital Beijing and nearby…

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forexbeginnersworld · 4 years

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China's Service Sector Grows Most Since ...

China’s Service Sector Grows Most Since …

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China’s service sector expanded at the fastest pace in more than a decade in June, driven by strong orders as measures related to the coronavirus pandemic were relaxed, survey data from IHS Markit showed Friday.

The Caixin services Purchasing Managers’ Index rose to 58.4 in June from 55.0 in May. The rate of expansion was the fastest since April…

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#Caixin Perception Group #China #Economic history of the People&039;s Republic of China #Economy #Economy of China #IHS Markit #macro insurance policies #manufacturing #senior economist #Wang Zhe

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newsizz-blog · 4 years

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Phased withdrawal of U.S. troops from Afghanistan sharpens focus on CPEC

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The impending withdrawal of U.S. troops from Afghanistan is sharpening the focus on the second phase of the China Pakistan Economic Corridor (CPEC), which appears to have been fused with a larger regional plan involving Afghanistan and Central Asia.

Analysts point out that while working together on the second phase, China and Pakistan are engaged in more firmly pegging Afghanistan — the…

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#China Pakistan Economic Corridor #China-Pakistan ties #CPEC #India&039;s afghanistan policy #silk corridor #Taliban-US deal #Taxkorgan. Shaksgam valley #US troops with drawal #withdrawal of U.S. troops from Afghanistan

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goraidebasish7-blog · 5 years

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Trade Talks Spotlight Role of China's State-Owned Firms

[ad_1] When the U.S. and Chinese trade negotiators start a new round of talks on Wednesday, one often-overlooked issue is bound to get a lot of US attention: the role of China's state-owned companies in its economy.

China started overhauling its state-centric economic model 40 years ago under Deng Xiaoping. After joining the World Trade Organization in 2001, Beijing pushed forward to wean the…

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thesunbest · 6 years

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Chinese Government Advisers Expect Limited Economic Hit From Us Trade Rift BOAO, China - Chinese state researchers and media have talked down the likely impact of U.S. trade measures on the world's second largest economy and described the Trump administration's posturing on trade as the product of an "anxiety disorder".

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cryptoquicknews-blog · 6 years

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New Post has been published here https://is.gd/4nb1cA

What China's Cashless Revolution Can Teach the West About Crypto

This post was originally published here

Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative.

The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers.

Cash appears to be disappearing from China’s teeming cities.

Foreign tourists talk of struggling to buy things because they don’t have Alipay or WeChat Pay installed on their smartphones and because merchants no longer bother to accept the banknotes they get from ATMs.

These stories elicit fascination among Americans, but not much more. Here in the U.S., many can’t grasp what the big deal is about digital payments. After all, pulling a credit card from your wallet isn’t much more inconvenient than pulling a smartphone out of your pocket and it costs you – if not the merchant – no more than if you used cash. To the average American, China’s system seems no different from Venmo or Paypal, just more pervasive.

But as Andreessen Horowitz partner Connie Chan told me during a fireside chat at the HYTSA conference at Stanford a week ago, the real benefits of China’s cashless revolution lie in how this new, software-based system of value exchange has become a platform on which new business models can be built.

Digitizing payments in this way, at very low cost, enables micropayments and seamless integration across different service providers, which in turn means merchants can provide a variety of new services to customers over an app. This helps to enhance the user’ experience, boost loyalty and engagement, and build network value.

Consider how Kuguo, the most popular of a number of Chinese music apps, provides “song coins” to fans, based on their level of engagement, which they can exchange into renminbi, the local currency.

Essentially, by removing intermediation costs from the payments system, Alibaba affiliate Ant Financial’s Alipay and Tencent’s WeChat Pay – which together now boast a billion users, according to Aite Group – have created a seamless foundation for a whole new digital economy. Chan says this is where U.S. app developers are being left behind, because their products can’t integrate with this new model.

The relevance in this for CoinDesk readers, with their interest in cryptocurrency and blockchain technology, starts with the fact that this dream of a seamless, micropayments-enabled system of hitherto impossible new services is one that’s often cited by crypto enthusiasts.

So, does China prove that you don’t need a blockchain to build a new Internet of Value, powered by device-to-device exchanges in an Internet of Things economy?

Well, yes, and, no.

Crypto dream, Chinese characteristics

There is a very real and illuminating limit to China’s system: It can’t easily go outside its borders.

Although some U.S.-based providers are now creating services for Chinese tourists so they can buy things in America with their WeChat Pay or Alipay accounts, most of the activity on these networks happens in China. Most importantly, while Alipay and WeChat Pay are trying to crack other markets, there is no cross-currency facility. For all intents and purposes, this “cashless revolution” is happening within the boundaries of a renminbi universe.

The reason for that is that unlike cryptocurrency systems, the Chinese digital payments system is entirely built on the rails of the Chinese banking system, which deals almost exclusively in the Chinese currency. In that sense, it does share a foundation more like Venmo’s and Paypal’s, whose accounts also settle back into the banking system, than that of bitcoin or other cryptocurrencies.

The big difference is that for a host of reasons, the banks don’t charge the same kind of exorbitant interchange fees to Chinese merchants that U.S. banks do to U.S. businesses, allowing the digital payments providers to build a much more fluid micropayments model on top.

But here’s the thing: the Chinese banking system is essentially an instrument of Chinese policymaking. The four biggest banks make up the bulk of the financial system and are all majority government-owned. Their capacity to make profits, essentially on the spread they charge for loans over what they pay for deposits, is enabled by a carefully managed monetary policy. The People’s Bank of China sets a ceiling for deposit rates – often below inflation – and can get away with that because it imposes capital controls on savers to prevent them fleeing low rates for higher-earning currencies.

To be sure, Ant Financial and Tencent both have a variety of financial and banking licenses of their own. But their own financial profits are very much enabled by the same interest rate policy framework that a wider state-run Chinese banking system is compelled to accept.

For now, that policy framework has sustained a quid pro quo arrangement with Chinese savers, who more or less support a banking system that otherwise eats into their savings because the benefits are manifest in continued economic growth and in services like those of Tencent and Alibaba.

But for some time, there has been an expectation that China, in its desire to “internationalize” the renminbi, will relax both its interest rate and capital controls, which could seriously undermine banks’ profit margins. If China were also to allow more private and foreign investment into the banks, would those institutions continue to subsidize the digital payments economy? Maybe, maybe not.

Since we can’t be like China, maybe embrace crypto?

The bigger point is that China’s circumstances are unique. There aren’t many governments, if any, that could get away with this kind of control over the banking system. Others have tried – such as Venezuela and Argentina – and have destroyed confidence in their currencies in the process.

So, if the rest of the world can’t use compliant banks to subsidize a fluid, digital payments system, what instead will it use as the platform?

The answer may well lie in cryptocurrency and blockchain-based protocols. And as the race to build a stablecoin proceeds, a foundation for something that could viably compete with China’s model may emerge. It might even go one step better, as it would allow for cross-border payments.

As U.S. government officials look nervously across the Pacific at China’s growing economic clout, rather than launching destructive trade wars that do nothing but prop up outdated, 20th-century industries, they should instead be figuring out how to emulate and compete with China’s new Internet of Value model for business development and innovation.

It’s in that context that they should be looking at cryptocurrencies and blockchain technology less as a threat and more as an opportunity.

Cashless payments in China image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

#crypto #cryptocurrency #btc #xrp #litecoin #altcoin #money #currency #finance #news #alts #hodl #coindesk #cointelegraph #dollar #bitcoin View the website

New Post has been published here https://is.gd/4nb1cA

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kesarijournal · 6 months

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Unraveling India’s BRICS and BRI Conundrum

In a world where geopolitics often resembles a complex game of 3D chess, India finds itself pondering its next move on a board set by two ambitious projects – the expansion of BRICS and China’s Belt and Road Initiative (BRI). Imagine a chessboard, not with mere black and white squares, but a vibrant mosaic of global interests, strategic rivalries, and the occasional pawn aspiring to be a queen.…

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newssplashy · 6 years

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Politics: Leaked documents show China's game plan to drive a wedge into Trump's base using targeted tariffs

China is using tariffs to split "apart different domestic groups" in the US, according to a leaked propaganda notice. The notice, which outlined a range of censored content for Chinese media, included a brief overview of Beijing's trade strategy.

China is using tariffs to split "apart different domestic groups" in the US, according to a leaked propaganda notice.

The notice, which outlined a range of censored content for Chinese media, included a brief overview of Beijing's trade strategy.

Experts believe China was trying to target Trump's political base with its tariffs, but this appears to be the first time the official strategy has become public.

China is explicitly using tariffs as a wedge issue to split "apart different domestic groups in the US," according to leaked plans.

As a trade war looms between the two countries, Beijing issued a propaganda notice to Chinese media, explaining the official game plan for handling the issue.

It was then leaked online and published by censorship-monitoring site China Digital Times. Among instructions avoid quoting Trump or US officials, and to focus instead on "economic brightspots," the government gave outlets a description of its current trade strategy.

"[Vice Premier] Liu He has indicated that this stage of the U.S.-China trade conflict requires calm and rationality," read the notice.

"We stop negotiation for now, acting tit for tat, roll out corresponding policies, hold public opinion at a good level without escalating it, limit scope, and strike accurately and carefully, splitting apart different domestic groups in US."

The US-China trade conflict has seen a series of actual tariffs and tariff threats made by the two countries. It has been widely speculated that China's tariffs were specifically targeting Trump's support base. This notice appears to be the first time the official government strategy has become public.

In April, China placed restrictions on imports of US soybeans, the bulk of which are produced in the Midwest — a region which came out for Trump in the 2016 election. The president won eight of the top 10 soybean-producing states.

Shortly afterwards, China placed a 179% tariff on US sorghum imports. The crop is grown in the Southern states — an area that also voted heavily for Trump. Kansas, which Trump won by more than 20 percentage points, is the top producer of sorghum and trade media reported at the time it would be "substantially hurt" by the mesaure.

According to the Brookings Institute, 82% of counties that were "exposed" to tariffs earlier this year supported Trump in 2016. This had the ability to affect more than 1 million jobs.

"The Chinese tariff lists seem optimally designed to especially agitate President Trump’s red-state base," the Brookings Institute report said.

But it is also appears China may have been using the states as a bargaining chip. In May, the sorghum penalties were axed the same week Trump received a visit from a Chinese trade delegation led by Liu, who said the countries had a agreed to "not fight a trade war."

China isn't the only one hitting Trump where it hurts.

In response to tariffs on steel and aluminum, the EU introduced levies on iconic American items, including Levi's, bourbon, and Harley-Davidson. As a result, Harley-Davidson, which manufactures many of its motorcycles in Wisconsin, announced it would shift some production overseas.

The move is essentially a slap in the face for Trump, who only won Wisconsin by less than 1% and has repeatedly praised the company for building its bikes in the US.

When it comes to China though, the country made its approach clear in the rest of the leaked censorship notice.

"The trade conflict is really a war against China’s rise, to see who has the greater stamina. This is absolutely no time for irresolution or reticence," it said.

source https://www.newssplashy.com/2018/07/politics-leaked-documents-show-chinas.html

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its-veso · 7 years

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AUD: Warning Signs From Iron Ore & China's Real Estate Slowdown - Barclays

Barclays Capital FX Strategy Research continues to see a broadly flat to mild downward trajectory for the AUDUSD beyond the short-term gyrations mainly on the back of pricing an increasing downside risk for the iron ore price in the immediate term along with the negative impact from China’s real estate slowdown.

"The drag on the AUD will, in part, be driven by China’s economic rebalancing away from investment and curbs on property speculation.

With regards to China and commodities, our Commodities research team expect increasing downside risk for the iron ore price in the immediate term as the bulk metal is the most vulnerable to the poor results in China’s real estate and macroeconomic data .

We see tighter housing measures in H2, given that the PBoC has, in its latest Q2 Monetary Policy Report (released 11 August 2017), said that it will limit credit flows to speculative housing purchases. We see China’s real estate slowdown weighing on Australia’s terms of trade and the AUD," Barclays argues.

Source: Barclays Research

The article is published by one of the foremost sources of Forex trading information. Link to the original article above.

from eFXNews http://feedproxy.google.com/~r/Efxnews/~3/mM0PerN96dE/aud-warning-signs-iron-ore-chinas-real-estate-slowdown-barclays

#eFXNews AUD: Warning Signs From Iron Ore & China&039;s Real Estate Slowdown - Barclays

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techmaqofficial · 4 years

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China’s Ride-Hailing Giant Didi to Test Beijing’s New Digital Currency

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BEIJING—Chinese ride-hailing giant Didi Chuxing Technology Co. said it is working with the People’s Bank of China to test the central bank’s fledgling digital currency on its transportation platform, advancing Beijing’s effort to digitize the yuan.

Didi said Wednesday that it had entered into a strategic partnership with the central bank’s Digital Currency Research Institute to carry out…

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cryptoquicknews-blog · 6 years

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New Post has been published here https://is.gd/l6cXmN

Wealth List Reveals China's 13 Biggest Crypto Billionaires

This post was originally published here

Chinese entrepreneurs behind some of the biggest cryptocurrency startups in the world have made the country’s billionaire list for the first time.

Hurun, the organization that tracks high net-worth individuals in China and worldwide, on Wednesday released its latest list of the wealthiest executives in China – all being worth at least 2 billion yuan, or $288 million.

Based on the report, six people from major bitcoin mining firms and cryptocurrency exchanges now hold a net worth of more than $1 billion each, while, in total, 13 executives from the industry made it to the list.

Notably, Zhan Ketuan, chairman and co-founder of the five year-old, Beijing-based mining firm Bitmain, is the only person to be listed among the top 100 richest in China (ranked 95th), with 29.5 billion yuan (or $4.25 billion), the report shows.

Zhan is followed by Wu Jihan, also a co-founder of Bitmain, who has 16.5 billion yuan, or $2.38 billion, in net worth.

Founders of the world’s largest cryptocurrency exchanges have also become newly made billionaires, despite the recent downturn in the cryptocurrency market. Binance’s Zhao Changpeng, Huobi’s Li Lin and OKCoin’s Star Xu, are the next on the list among the richest cryptocurrency entrepreneurs, with $2.1 billion, $1.4 billion, and $1 billion in net worth, respectively.

The report also estimated the wealth of Li Xiaolai, the English teacher-turned crypto investor, at around 7 billion yuan, or $1 billion.

Also notably, six out of the total 13 crypto executives who made it to the list are from Bitmain, while three come from the firm’s rival chip maker Canaan Creative. Another hails from the network hardware-turned bitcoin miner maker Ebang.

So far, all of the three mining firms have filed applications to the Hong Kong Stock Exchange, seeking to go public in the Chinese autonomous territory and economic hub. Huobi, on the other hand, recently announced it had purchased over 60 percent of a Hong Kong-listed company – a move that could help the exchange go public via a reverse takeover.

Overall, Alibaba’s Jack Ma tops the Hurun list, being worth an estimated 270 billion yuan, or $39 billion.

Yuan image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

#crypto #cryptocurrency #btc #xrp #litecoin #altcoin #money #currency #finance #news #alts #hodl #coindesk #cointelegraph #dollar #bitcoin View the website

New Post has been published here https://is.gd/l6cXmN

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newssplashy · 6 years

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