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Nothing More Dangerous
Nothing is more dangerous than a fanatic in firm possession of a half-truth. those people corrupt religions and destroy republics. They can make peace seem like war and war seem like peace. They present themselves as the only solution to all your grievances. This is a neat trick, because to fulfill their own desires they need a personal following. They crave, above all, blindly faithful…
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China bemoans supply chain 'de-risking' as foreign investment drops to historic lows
Quality assurance, iMac production, China (Image via Apple’s Supplier Responsibility 2020 Progress Report) As a growing number of sovereign nations voice concern at how much their supply chains depend on China, the Chinese Communist Party wants to strengthen supply chains with all countries, Premier Li Qiang said on Tuesday. Eduardo Baptista and Joe Cash for Reuters: Li’s comments comes amid…
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Joerg Wuttke has been one of Europe’s top businessmen in Beijing for more than two decades. He says China’s economic heyday is over.
Comment: Useful reflections on the PRC.
10 Sept 2023
Latika Bourke
Extract1: One of Europe’s top business figures in China says there is no hope that anyone can influence President Xi Jinping to retreat from his aggressive foreign policy.
Joerg Wuttke, the president emeritus of the EU Chamber in China, is in Australia to address the Asia Society on Monday about the economic trajectory of the world’s second-largest economy.
Extract 2: He said he did not believe this would lead to conflict over democratically ruled Taiwan, which China claims as its own and Xi has threatened to take control of, with military force if necessary.
Wuttke said that although Xi had to service his domestic crowd with patriotic statements, he would assess the risks and costs of starting a war as too great. Xi was “not a man in a hurry when it comes to Taiwan”.
“I really don’t see any military conflict in Taiwan, everything I hear here is too rational,” Wuttke said in an interview over Zoom from Beijing, where he has been based since 1997.
“He’s a man who doesn’t gamble. Unlike Putin, he’s a man that wants security and controllable security – and a war in Taiwan is anything but.
“I guess that he will not make the mistake of going down the road that has unintended consequences as he has seen from the US in Iraq and Afghanistan: it is easy to start a war and it’s very difficult to end it and win it.”
Extract 3: China’s economic coercion and the supply chain gaps exposed by the pandemic have led to Western countries adopting policies of de-risking and diversification, setting up potential friction between businesses that have profited from their Chinese operations and governments that want to lessen their public’s dependence on authoritarian states.
Earlier this year, EU Commission President Ursula von der Leyen said Europe would be seeking to “de-risk” from China. This language has gone on to be adopted by the White House, the G7, Wuttke’s native Germany, Japan and, most recently, Australia’s Treasurer Jim Chalmers.
Extract 4: “Now what keeps the party in office is utter, 110 per cent control.”
Wuttke said China’s tactics were deliberate and that the economic weakness invited the question of how stable the country could be in the “enhanced Xi Jinping echo chamber” that prevails in Beijing.
De-Risking or Decoupling? China- US Bilateral Trade Falls More Than 10% This Year
Analysts have criticized the new ‘de-risking’ strategy that the U.S. is currently using against China, explained by U.S. National Security Advisor Jake Sullivan in April, clarifying that national security was over economic costs. These de-risking policies might affect bilateral trade, which fell by 11.2% to $217.9 billion during the first four months of 2023. ‘De-Risking’ Is a Euphemism for…
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TT Central Bank declares digital currency “not a priority” Above: The T&T Financial Complex. Photo by Mark Lyndersay. While the Central Bank welcomes technological developments that strengthen efficiency and financial inclusion, the establishment of a Central Bank digital currency is not a priority at this time.
Privacy Is Vital to Crypto – And the Global Economy
Privacy Is Vital to Crypto – And the Global Economy
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.
Imagine if flour millers insisted on knowing the precise identity and originating farm of each grain of…
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De-risking es comparable con una “quimioterapia”
De-risking es comparable con una “quimioterapia”
[dropcap]L[/dropcap]as autoridades están en la obligación de analizar el impacto negativo que acarrea en el mercado nacional el cierre de cuentas bancarias por el nivel de percepción de lavado de activos en ciertas actividades o nacionalidades.
Esta situación puede provocar distorsión o manipulación, al tiempo de afectar los medios de pago y perjudicar económicamente a los sectores sociales más…
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De-risking pone a prueba la relación de la banca regional
De-risking pone a prueba la relación de la banca regional
[dropcap]N[/dropcap]o es un secreto que muchos bancos en el mundo están re-evaluando sus relaciones de corresponsalía bancaria. El fenómeno, conocido como De-risking, ha llevado a muchos grandes bancos internacionales a cuestionarse sobre temas relacionados al blanqueo de capitales y financiación del terrorismo, así como el costo y las presiones regulatorias, retirándose de ciertas relaciones,…
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