BEIJING, China, Oct 24 – China and 20 other countries moved forward on Friday towards setting up an Asian infrastructure lender seen as a counterweight to Western-backed international development banks.
The signatories put their names to a memorandum of understanding to establish the Asian Infrastructure Investment Bank (AIIB) at a ceremony in the Great Hall of the People in Beijing.
The institution, whose development has been driven by China and which is widely expected to have initial capital of $50 billion, it intended to address the region’s burgeoning demand for transportation, dams, ports and other facilities, officials say.
With the US in suicidal free-fall, China knows now is the time for charm diplomacy. All it has to do is point the finger in America’s direction to show that it’s not a reliable partner, that China is able to push American military out of the Asia Pacific with its missile technology. Taiwan, as well as the Koreas and Japan will shift towards an Asian bloc/union with China being the umbrella protectorate. It’s better to join the team if, without US backing, you can’t beat them.
Chinese president Xi Jinping, who is also the general secretary of the Communist Party of China’s Central Committee, said during his speech on Sept. 26 that “one country, two systems” is his country’s formula for Taiwan’s future, triggering heated debates in Taiwan.
In a speech delivered during a meeting with a Taiwanese delegation composed of the island’s pro-reunification groups, Xi spelled out China’s bottom line on the Taiwan issue before the fourth plenary session of the 18th Communist Party of China (CPC) Central Committee, slated to be held from Oct. 20 to 23.
Xi espoused the “one country, two systems” proposal for unification, mainly based on his judgments of CPC power, China’s role in foreign relations, and the situation in Taiwan. Continue reading
Congressional report warns the danger of U.S.-China conflict is rising
China’s decades-long buildup of strategic and conventional military forces is shifting the balance of power in Asia in Beijing’s favor and increasing the risk of a conflict, according to a forthcoming report by a congressional China commission.
China’s military has greatly expanded its air and naval forces and is sharply increasing its missile forces, even while adopting a more hostile posture against the United States and regional allies in Asia, states a late draft of the annual report of the bipartisan U.S.-China Economic and Security Review Commission.
As a result, “the potential for security miscalculation in the region is rising,” the report said, using the euphemism for a conflict or shootout between Chinese forces and U.S. forces or those of its regional allies.
The report paints an alarming picture of China’s growing aggressiveness and expanding power, including development of two new stealth jets, the first deployment of a naval expeditionary amphibious group to the Indian Ocean, and aerial bombing exercises held in Kazakhstan. Continue reading
Oil prices sank again on Monday, giving consumers more of a break and causing a split among OPEC leaders about what action should be taken, if any, to halt the slide.
The price drop has led to a near free fall in gasoline prices in the United States. On Monday, the national average price for regular gasoline was $3.20, 9 cents lower than it was a week ago and 14 cents below the price a year ago, according to the AAA motor club.
The price at the pump generally follows oil after a few days, leading energy experts to predict lower prices for the rest of the month at least.
“This is not your garden variety autumn price decline,” said Tom Kloza, chief oil analyst at GasBuddy.com, which reports fuel prices from filling stations across the country. “Clearly there is a rift in OPEC, and that means we are more likely to see a price war over the next six months. Crude oil is teetering on the brink of collapse.” Continue reading
After all the technology the Clintons had given the Chinese during their tenure, it shouldn’t come as a surprise. America even trained the PLAAF for combat readiness on American soil, sold them super computer technology for nuclear weapons labs that has helped them build the nuclear weapons they have today.
Erich Shih, a military expert from Taiwan, says the United States may withdraw its forces from the Pacific First Island Chain–which stretches from Alaska to the Philippines–to the Second Island Chain in the central Pacific as China’s expands its force projection capability, according to the People’s Daily. Continue reading
Japan launched two 1,500-ton cutters last month that will be deployed in late October to defend the country’s administration of the disputed Diaoyutai (Senkaku or Diaoyu) islands, at a time when Prime Minister Shinzo Abe is seeking an official meeting with Chinese president Xi Jinping during the APEC summit in Beijing next month, according to the Tokyo-based Asahi Shimbun. Continue reading
The Japanese yen goes into freefall. China’s fragile economy tips over the edge. A wave of profit-crushing deflation comes washing over the U.S. and Europe. Investors panic.
That’s the view of perennial pessimist Albert Edwards. The London-based analyst and his team at investment bank Societe Generale SA have been ranked No. 1 for global strategy in surveys by Thomson Reuters Extel every year since 2007, even with a history of saying unpleasant things that few want to hear.
“My role is to step back from the excessive enthusiasm that builds up in the market, and to just say, ‘This is wrong. This is going to go horribly wrong,’” the 53-year-old said by phone last week. Continue reading
The PLA Air Force and Navy Air Force are likely to purchase 700 new stealth fighters, said Edward Hunt, a senior defense consultant at IHS Aerospace, Defense & Security in an article written for the UK-based Jane’s Defence Weekly. Continue reading
Charles Nenner, who has claimed to have never been wrong on a market call, appeared on CNBC and warned that deflation and a stock market crash both coming.
Nenner, who developed the “Nenner cycle,” which he says can time the ups and downs of any market, said on CNBC that “for the next many years, you will not see the S&P more than 5% higher than [current levels.]“
But he warns this period of low returns will be followed years of large losses. Continue reading
Political correctness was invented by Marxists to destroy Western society from inside…. And in Russia, there is no political correctness at all! The reason is that Marxists do not need to undermine the Russian society from the inside, because it is already Marxist.
– Konstantin Preobrazhensky, “How the West Was Fooled by Vladimir Putin”
Then there is Russia’s military potential. With regard to major opponents, the West seriously underestimated its enemies twice during the last century: first in 1939 when the Allies believed they had boxed in Nazi Germany with their “guarantee” to Poland; and again, with sanctions on Japan in 1941. In the first instance Germany smashed Poland and crushed France. In the second instance, Japan destroyed the American fleet at Pearl Harbor, defeated the U.S. forces in the Philippines and captured the British forces in Singapore.
Some may argue that Russians are not as capable as Germans and Japanese. After all, Russia is a backward country; the Russian economy stinks; Russian equipment is obsolete and their people are demoralized. Even more egregious, Russian commanders are political stooges. But wait! Russia put the first man into space. Russia launched the first satellite. Russia built the first operational version of the hydrogen bomb. Let’s not make the mistake of underestimating Russia.
According to scientific modeling systems used by the European Union, the radioactive ocean plume released by the 2011 Fukushima nuclear disaster is likely to remain a massive clump of radioactivity until it slams into the West Coast of the United States in late 2017.
In 2013, the Nansen Environmental and Remote Sensing Center in Norway used computer models to project the movement and dispersion of this radioactive plume. Although the results of this study have been cited in official Chinese government documents, they have not been widely publicized. Continue reading
An unusual and massive military exercise has been going on in China, and it seems to have had purposes that are more political than military.
“Firepower-2014″ kicked off on July 15, and 10 consecutive live ammunition drills across military regions were launched by the Chinese People’ Liberation Army. In the meantime, the Navy and the Air Force also mobilized to participate in the exercises in the Beibu Gulf, Bohai Sea, Yellow Sea, and East China Sea.
With the participation of the three armed forces and the troops from the six military regions, the exercise was dubbed as an unprecedented “Massive Military Exercise of the Three Armed Forces in Four Seas.” Continue reading
President Xi Jinping of China said in April that China is capable of responding to the militarization of space by the United States and other countries. In the meantime, Xi is committed to allocating more budget so that the military has the power to counter threats posed by various space deployments.
Russia and China have signed a memorandum of understanding to work together in the area of satellite navigation. The countries plan to build the GLONASS (Global Navigation Satellite System) and Beidou Navigation Satellite System in each other’s territory. Continue reading
The People’s Liberation Army is expediting plans to set up a new “Aerospace Force” which is expected to be capable of taking on the United States military in emergency situations, according to a report from Japanese newspaper Yomiuri Shimbun.
The Aerospace Force will be the fifth service branch under the PLA along with its Ground Force, Navy, Air Force and Second Artillery Corps, the report said, adding that it will also lead to the creation of an Aerospace Office under the Central Military Commission. Continue reading