China eyes global economic leadership as U.S. turns inward

In this photo taken Wednesday, Nov. 23, 2016, Kenyan laborers and a Chinese foreman work to finish the construction of an existing bridge that goes across a corner of Nairobi National Park in Nairobi, Kenya. A controversial Chinese-built railway project involving an even larger 6km bridge that would go all the way over the beloved protected area in Kenya’s capital has divided conservationists in this East African country. (Photo: Ben Curtis, AP)

 

This year, a 300-mile railway will begin slicing through Kenya, cutting travel time between the capital, Nairobi, and one of East Africa’s largest ports, Mombasa, from 12 to four hours and breeding hopes of an economic and tourism revival in the region.

The country’s most significant transportation project since its independence in 1963 is being built courtesy of China.  China Road and Bridge, a state-owned enterprise, leads construction of the $13.8 billion project, which is financed nearly 100% by the Export-Import Bank of China.

The railroad is one of a host of infrastructure projects China spearheads around the world in an ambitious quest to reinforce its emergence as the world’s next economic superpower while President Trump turns his back on globalization. Continue reading

Diplomat says China would assume world leadership if needed

 

  • China’s response came over Trump’s pledge to put “America first”.
  • In Davos, President Xi Jinping portrayed China as leader of a globalised world.
  • China is the world’s second-largest economy after the US.

BEIJING: China does not want world leadership but could be forced to assume that role if others step back from that position, a senior Chinese diplomat said on Monday, after US President Donald Trump pledged to put “America first” in his first speech.

Zhang Jun,, director general of the Chinese foreign ministry’s international economics department, made the comments during a briefing with foreign journalists to discuss President Xi Jinping’s visit to Switzerland last week. Continue reading

Turkey, ‘Axis of Gold’ and the End of US Dollar Hegemony

 

Introduction

With a ‘Hard Brexit’ looking more likely and Trump’s inauguration this week, 2017 is well and truly under way.

What we expect the year to hold is probably not even half of what it really will. But from what we know, the upcoming French and German elections, referendums, geopolitical crises, steps towards reverse globalisation and a third of global government debt yielding negative interest rates, governments are already prompting central banks and investors to turn to the one asset that has survived millennia of financial and monetary crises.

One that is highly liquid and convertible into other currencies – gold. Continue reading

Jack Ma: America has wasted its wealth

 

Jack Ma, one of China’s most successful and richest entrepreneurs, has responded to America’s growing globalization backlash, arguing that the superpower has benefited immensely from the process – but that it has largely squandered its wealth.

“American international companies made millions and millions of dollars from globalization,” Ma – the founder of Alibaba, the world’s largest online retailer – told participants on the second day of Davos. “The past 30 years, companies like IBM, Cisco and Microsoft made tons of money.”

The question is: where did that money go? It was wasted, Ma explained. Continue reading

China’s Xi Jinping Speech Seen as Move to Fill Global Leadership Role

China’s President Xi at the World Economic Forum, in Davos. He portrayed further globalization as a historical trend and outlined China’s contributions that had benefited the rest of the world. PHOTO: LAURENT GILLIERON/AGENCE FRANCE-PRESSE/GETTY IMAGES

 

DAVOS, Switzerland—Chinese President Xi Jinping’s strong defense of globalization at a speech at the World Economic Forum was depicted here as an effort to fill a vacuum being created by the U.S. stepping back from a global leadership role.

Mr. Xi was seen as reacting to growing concerns that the incoming U.S. administration of Donald Trump would shift the world’s largest economy toward protectionism. Continue reading

Europe’s Far-Right Anger Is Moving Mainstream

(Getty)

 

Anti-immigrant, anti-Europe, anti-Muslim sentiment is resonating with more and more voters in Europe.

In the wake of the Brexit vote in Britain and the recent Italian referendum, and with national elections looming in 2017 in the Netherlands, France, and Germany, there is concern that Europe may be inundated by a populist wave, driven in large part by right-wing parties exploiting anti-globalization, anti-immigrant, and anti-Muslim sentiments. Indeed, the strategy seems to be working: Polls show that people who have a favorable view of the National Front (FN) in France, the Alternative for Germany (AfD) in Germany, and the Party for Freedom in the Netherlands tend to be more negative about immigrants, refugees, and Muslims than their fellow countrymen. In addition, they are more euro-skeptic and more wary of globalization than their compatriots. Continue reading

China eyes ‘The Art of War’ as Trump signals battle on trade

There’s a Chinese saying that stems from the philosophy in Sun Tzu’s ancient text “The Art of War”: You can kill 1,000 enemies, but you would also lose 800 soldiers.

Centuries later, the proverb is suddenly apt again, being mentioned frequently in discussions around Beijing. Now, it highlights the potential damage U.S. President-elect Donald Trump could inflict if he makes good on his threat to start a trade war with China, the world’s second-biggest economy.

Having backed off some other campaign pledges, it’s unclear if Trump will end up slapping punitive tariffs on China — and Beijing has signaled some optimism he will be more pragmatic in office. Still, the message from China is that any move to tax Chinese imports would bring retaliation: The U.S. economy would take a hit and America would damage its long-standing ties with Asia. Continue reading

The Power Struggle Unfolding Before Our Eyes

A remarkably diverse array of “explanations” of Donald Trump’s presidential election victory have been aired, representing both the conventional political spectrum and well beyond.

Let’s start with the conventional mainstream media “explanations”:

#1: Trump was elected by intolerant Americans, i.e. “deplorables” who are intolerant of immigrants, Muslims, women’s rights, gays, etc. while being overly attached to firearms and the Christian religion. Continue reading

China Could Control the Global Internet After Oct. 1

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ICANN Chairman Steve Crocker speaks during the opening of the ICANN meeting in Singapore on Feb. 9, 2015. The U.S. plan to relinquish control of ICANN opens the door for China to have greater influence over the global internet. (Roslan Rahman/AFP/Getty Images)

 

The handover of ICANN, the body that governs domain name registration, fits into a strategy by the Chinese regime to determine how the Internet is run

In November 2014, Li Yuxiao, a research fellow at the Chinese Academy of Cyberspace, stated, according to the state-run China Daily, “Now is the time for China to realize its responsibilities. If the United States is willing to give up its running of the internet sphere, the question comes as to who will take the baton and how it would be run?”

“We have to first set our goal in cyberspace, and then think about the strategy to take, before moving on to refining our laws,” he said.

Li’s comments were in response to news, also in 2014, that the United States would relinquish its remaining federal government control of the internet by ending its contract between the Commerce Department and the Internet Corporation for Assigned Names and Numbers (ICANN), which is scheduled for Oct. 1. Continue reading

Merkel says migrant influx a fallout from globalisation

Addressing a congress of the giant IG Metall metalworkers’ union in Frankfurt, Merkel said: “Your experience of globalisation has, until now, basically been: our economy goes into other countries, builds factories, sells products and the results are positive for German employment and business.”

“And now we’re witnessing an inverse movement: globalisation is coming to us,” the chancellor, who has thrown Germany’s doors open to hundreds of thousands of people fleeing the war in Syria, said. Continue reading

Moscow and the Nazi International

Alexander Dugin, the Russian geopolitical theorist and advisor to President Putin, has said that the twentieth century was “the century of ideology.” It was, as Nietzsche predicted, a century in which ideas (and ideologies) warred against one another. The three warring factions were, in order of their appearance: liberalism (of the Left and Right), communism (as well as social democracy), and fascism (including Hitler’s National Socialism). These three ideologies fought each other “to the death, creating, in essence, the entire dramatic and bloody political history of the twentieth century.” According to Dugin, liberalism came out the winner by the end of the last century. Yet victories of this kind are rarely permanent. In fact, Dugin tells us that liberalism has already disintegrated into “postmodernity.” With its focus on the individual, Dugin argues that liberalism has led to globalization, and globalization means that man is “freed from his ‘membership’ in a community and from any collective identity….” This happened because a mass of human beings, “comprised entirely of individuals, is naturally drawn toward universality and seeks to become global and unified.” Even now this impetus toward globalization coincides with the glorification of total freedom “and the independence of the individual from any kind of limits, including reason, morality, identity … discipline, and so on.” The result, says Dugin, is Francis Fukuyama’s “End of History.” But let us not be fooled, Dugin explains. History doesn’t really end. What has really happened, in fact, is the realization that liberalism’s triumph has been a disaster for humanity. It is a disaster for the individual because the individual has lost his moorings. It is a disaster for freedom, because we are now under the “tyranny of the majority.” It is a disaster for our economy, because spoliation is the emerging market principle. And those who wish to preserve their racial, national, or religious identities are set down as enemies by a political correctness as deluded as it is bloodless. Continue reading

Richard Duncan: The Real Risk Of A Coming Multi-Decade Global Depression

 

Richard Duncan, author of The Dollar Crisis and The New Depression: The Breakdown Of The Paper Money Economy, isn’t mincing words about the risks he sees ahead for the world economy.

Essentially, he sees the past 50 years of economic prosperity fueled by globalization and easy credit in serious danger of being unwound, as the doomed monetary policies currently being pursued by the word’s central banks result in a massive multi-decade depression that spans the globe. Continue reading

Are we on the brink of war? Academic sparks debate by drawing comparisons between 1914 past and 2014 present

The year was 1914. The world was experimenting with economic globalisation.

Optimists believed this new world economy would eliminate war.

But the concept proved to be in conflict with old notions of empire and fresh attitudes of expansionism. Continue reading

SCO contemplates expanding membership

By opening its doors to India, Iran and Pakistan, the Shanghai Cooperation Organization will increase its legitimacy and effectiveness among regional and international powers, and enhance its power posture in the international scene.

During the recent meeting of foreign ministers of Shanghai Cooperation Organization (SCO) at Cholpon-Ata, Kyrgyzstan, the Chinese Foreign Minister, Wang Yi emphasized how the group has “actively pushed forward the regional cooperation.” He also reiterated that China would abide by its “policy of friendship and partnership with neighbouring countries.” This spirit of cooperation or what is referred in sections of media as ‘Shanghai Sprit’ was also reiterated during the meeting of defence ministers of the group held in last week of June 2013 in the Kyrgyz capital, Bishkek. The widening of the SCO’s membership to include India, Iran and Pakistan will accrue numerous advantages to the group and strengthen its capacity to realise its goal of regional peace and stability. Continue reading