Aug 062019
 
 August 6, 2019  Posted by at 8:53 am Finance Tagged with: , , , , , , , , , , , ,


Piet Mondriaan Avond (Evening): The Red Tree 1908-10

 

Yuan, Futures Surge After PBOC Fix Is Stronger Than Expected (ZH)
China’s Yuan Steadies But Stocks Plunge As Trade Tensions Grow (R.)
Kyle Bass: Yuan Would Collapse 30%-40% If China Stopped Supporting It (CNBC)
US Designates China As Currency Manipulator For First Time In 25 Years (R.)
China State Media Says US ‘Destroying International Order’ (R.)
China Confirms It Is Suspending US Farm Products Purchases (CNBC)
Trump Orders Freeze On All Venezuelan Government Assets In US (AFP)
Hold the Teddy Bears and Candles (Kunstler)
Fourth Turning Economics (Jim Quinn)
Things Fall Apart (Michael Krieger)
Sinn Féin Joins the Great Disruption (Fintan O’Toole)
Nicola Sturgeon: ‘Talking To Theresa May Was Soul Destroying’ (Sky)

 

 

Anything above/below 7.10 is deemed to risky in Beijing. For now.

Yuan, Futures Surge After PBOC Fix Is Stronger Than Expected (ZH)

In the aftermath of the US shockingly designating China a currency manipulator – for the first time in over 25 years – there was a tense period of several hours in which it appeared that all bets were off, and that with both the US and China seemingly going full tilt, China would fix the Yuan not only far weaker than its Monday rate, but also weaker than expected according to an imputation of the country’s currency basket, which was 6.9736, well below the previous fixing of 6.9225, the first fixing below 6.90 in 2019 and the catalyst for the overnight plunge in risk assets. Heck, some even speculated that Beijing may fix the Yuan below 7.00 vs the USD, if not launch a couple of nukes at the US for good measure.

It wasn’t meant to be though: shortly after 9pm EST, the PBOC lifted the kimono so to speak… and the market collectively exhaled when China revealed that while it had indeed fixed the onshore yuan weaker than Monday, it did so stronger relative to both the 7.00 proverbial line in the sand, and which would have been a retaliatory declaration of outright currency war, but also relative to the expected fixing, with the number coming at 6.9683. In kneejerk reaction, a wave of relief washed over the market, sending the offshore Yuan surging, and reversing all prior session losses which had dragged it as low as 7.14 just moments ahead of the fix, to above 7.10 last…

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Presented as a strength, this is instead perhaps China’s biggest weakness: “.. this is something that we control rather than markets or whatever other pressures.”

China’s Yuan Steadies But Stocks Plunge As Trade Tensions Grow (R.)

China’s tumbling yuan steadied on Tuesday as authorities took steps to contain its slide while stocks plunged after Washington labelled Beijing a currency manipulator, marking a sharp escalation in U.S. trade tensions. The currency has slumped 2.3% over the past three days and broken past the symbolic 7-per-dollar level, pounding stocks and pushing bonds higher as investors feared the yuan’s value has become a new front in the U.S.-China trade war. On Monday, U.S. Treasury Secretary Steven Mnuchin said Washington would designate China a currency manipulator, its first such move since 1994, sending both the onshore and offshore yuan to record lows..


The People’s Bank of China’s firmer-than-expected yuan fixing on Tuesday helped pull the currency away from these lows as did an announced bond sale in the offshore market, seen as signs authorities wanted to stem the rout. “(China is) seizing the narrative on the renminbi,” said Andy Wong, multi-asset senior investment manager at Pictet Asset Management in Hong Kong. “Rather than being pressured to signal that 7 is just a psychological level, they are … saying this is something that we control rather than markets or whatever other pressures.”

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“.. they are trying to hold this whole thing together.”

they have to have dollars to sell to buy their own currency to hold it up..”

Kyle Bass: Yuan Would Collapse 30%-40% If China Stopped Supporting It (CNBC)

Hedge fund manager and Hayman Capital Management founder Kyle Bass said on Monday that without state support, China’s currency would plunge. “What’s happening in China is they have to have dollars to sell to buy their own currency to hold it up. If they were to ever free float their currency, I think it would drop 30% or 40%,” Bass told CNBC’s “Closing Bell.” “And the reason is they claim to be 15% of global GDP in dollar terms, but less than 1% of global transactions settled in their own currency,” Bass added. “And so, they prop their currency up…everyone calling them a currency manipulator – they are trying to hold this whole thing together.” Bass’s comments came after the Chinese yuan crossed a closely watched barrier against the U.S. dollar.


The onshore Chinese yuan changed hands above 7 against the dollar, the currency’s weakest levels against the greenback since 2008. The new lows for the yuan came after U.S. President Donald Trump unexpectedly announced fresh tariffs on Beijing last week that are set to take effect from Sept. 1. China on Monday said it could slap tariffs on U.S. agricultural goods that it bought recently, state-run media Xinhua reported. Bass, known across Wall Street for his prescient bets against subprime mortgages during the financial crisis in 2008, is also a noted China bear. The hedge fund manager has previously admonished American corporations for pushing Trump to strike a deal with Beijing too quickly and told CNBC as recently as June that the U.S. has leverage over China and should pressure negotiators into a better settlement.

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Which allows for much higher tariffs.

US Designates China As Currency Manipulator For First Time In 25 Years (R.)

The U.S. government has determined that China is manipulating its currency and will engage with the International Monetary Fund to eliminate unfair competition from Beijing, U.S. Treasury Secretary Steven Mnuchin said in a statement on Monday. The move brings already tense U.S.-Chinese relations to a boil and fulfills U.S. President Donald Trump’s promise to label China a currency manipulator for the first time since 1994. The U.S. action follows China allowing its yuan to weaken past the key 7-per-dollar level on Monday for the first time in more than a decade. Beijing later said it would stop buying U.S. agricultural products, inflaming a yearlong trade war with the United States.

The sharp 1.4% drop in the yuan comes days after U.S. President Donald Trump stunned financial markets by vowing to impose 10% tariffs on the remaining $300 billion of Chinese imports from Sept. 1, abruptly breaking a brief ceasefire in a bruising trade war that has disrupted global supply chains and slowed growth. The news knocked the dollar sharply lower and bolstered the price of gold . The Treasury Department said a statement from the People’s Bank of China (PBOC) on Monday made clear that Chinese authorities had ample control over the yuan exchange rate.

The PBOC said Monday it would “continue to … take necessary and targeted measures against the positive feedback behavior that may occur in the foreign exchange market.” “This is an open acknowledgement by the PBOC that it has extensive experience manipulating its currency and remains prepared to do so on an ongoing basis,” the Treasury statement said. It said China’s actions violate its commitment to refrain from competitive devaluation as part of the Group of 20 industrialized countries. Treasury said it expected China to adhere to those commitments and not target China’s exchange rate for competitive purposes.

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“..Trump’s election campaign pledge was to lift import tariffs to 45% on China.”

China State Media Says US ‘Destroying International Order’ (R.)

China’s official Communist Party newspaper said on Tuesday that the United States was “deliberately destroying international order”, a day after Washington branded Beijing a currency manipulator in a rapidly escalating trade dispute. The accusation, which followed a sharp slide in the yuan on Monday, has driven an even bigger wedge between the world’s largest economies and crushed any lingering hopes for a quick resolution to their year-long trade war. The dispute has already spread beyond tariffs to other areas such as technology, and analysts caution tit-for-tat measures could widen in scope and severity, weighing further on global economic growth.

In a strongly-worded editorial, the People’s Daily said the United States was holding its own citizens to ransom, without mentioning the latest U.S. decision. The responsibility of big countries is to provide the world with stability and certainty while creating conditions and opportunities for the common development of all countries, according to the editorial. “But some people in the United States do just the opposite,” it said. [..] The yuan has tumbled 2.3% in three days since President Donald Trump’s sudden declaration last week that he will impose 10% tariffs on $300 billion of Chinese imports from Sept. 1.

But it appeared to steady on Tuesday amid signs that China’s central bank may be looking to stem the slide, which has sparked fears of a global currency war. “Naming China a currency manipulator could open the door for U.S. tariffs to eventually increase to more than 25% on Chinese goods,” according to a note from DBS Group Research. “Apart from naming China a currency manipulator, Trump’s election campaign pledge was to lift import tariffs to 45% on China.”

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Try to buy from Brazil instead?

China Confirms It Is Suspending US Farm Products Purchases (CNBC)

China confirmed reports that it was pulling out of U.S. agriculture as a weapon in the ongoing trade war. A spokesperson for the Chinese Ministry of Commerce said Chinese companies have stopped purchasing U.S. agricultural products in response to President Trump’s new 10% tariffs on $300 billion of Chinese goods. “This is a serious violation of the meeting between the heads of state of China and the United States,” the Minister of Commerce said in a statement Monday that was translated via Google. The department also said it would “not rule out” tariffs on newly purchased agricultural goods after August 3.


China is one of the largest buyers of U.S. agriculture. Bloomberg News reported that Beijing may stop importing them completely in response to new tariffs by the United States. According to reports by Chinese State media, it would also consider slapping tariffs on U.S. agricultural products that it already bought. Those stories helped exacerbate fears on Wall Street pushing stocks to their worst day of the year. Now that China has confirmed the reports, it could add to pressure on equities. Stock futures fell Monday, implying a 480 point drop Tuesday.

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This is ridiculous. Know when you’ve lost.

Trump Orders Freeze On All Venezuelan Government Assets In US (AFP)

President Donald Trump on Monday ordered a freeze on all Venezuelan government assets in the United States and barred transactions with its authorities, in Washington’s latest move against President Nicolas Maduro. Trump took the step “in light of the continued usurpation of power by Nicolas Maduro and persons affiliated with him, as well as human rights abuses,” according to the order. The Wall Street Journal said the move was the first against a Western Hemisphere government in over 30 years, and imposes restrictions on Caracas similar to those faced by North Korea, Iran, Syria and Cuba. Asked last week if he was considering a “blockade or quarantine” of Venezuela, Trump responded: “Yes, I am.”


The order affects “all property and interests in property of the Government of Venezuela that are in the United States, that hereafter come within the United States, or that are or hereafter come within the possession or control of any United States person.” These assets “are blocked and may not be transferred, paid, exported, withdrawn, or otherwise dealt in,” the order said. The measure also bars transactions with Venezuelan authorities whose assets are blocked. It prohibits “the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any person whose property and interests in property are blocked pursuant to this order,” as well as “the receipt of any contribution or provision of funds, goods, or services from any such person.”

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“This abyss of missing social relations is made worse by the everyday physical settings for everyday lives based on nothing: the wilderness of parking lots that America has turned itself into.”

Hold the Teddy Bears and Candles (Kunstler)

In a nation afflicted by fads, crazes, manias, and rages, mass murder is the jackpot for nihilists — begging the question: why does this country produce so many of them? Answer: this is exactly what you get in a culture where anything goes and nothing matters. Extract all the meaning and purpose from being here on earth, and erase as many boundaries as you can from custom and behavior, and watch what happens, especially among young men trained on video slaughter games. For many, there is no armature left to hang a life on, no communities, no fathers, no mentors, no initiations into personal responsibility, no daily organizing principles, no instruction in useful trades, no productive activities, no opportunities for love and affection, and no way out.

This abyss of missing social relations is made worse by the everyday physical settings for everyday lives based on nothing: the wilderness of parking lots that America has turned itself into. Such is the compelling myth of the New World as a wilderness that we obliged ourselves to re-enact it, minus nature, including human nature, especially what may be noble and sacred about human nature. The old truism sticks: when nothing is sacred, everything is profane, and what could be more profane than slaughtering your fellow humans en masse, for no good reason? Just because you felt like it at the time? Another time, you might feel like scarfing some tacos, or checking in on the free porn sites, or tweaking some crushed-up oxycontin.

One message from the culture of anything-goes-and-nothing-matters comes through loud and clear: if it feels good, do it! And if you feel bad, do something to make yourself feel better. The wonder is that the way we live these days hasn’t turned more people into homicidal maniacs, considering how many are out there feeling bad in this grotesque landscape of incessant motoring, vivid purposelessness, and lost aspiration — unless these bloody skirmishes are the precursor to some more general outbreak of murderous havoc. It’s not hard these days to imagine the political animus ratcheting up to something like a new civil war. If it works out that way, it will be the most psychologically confused political event of modern history.

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Don’t make the ideas too big.

Fourth Turning Economics (Jim Quinn)

The specific details of each crisis change, but economic catalysts have initiated all previous Fourth Turnings and led ultimately to bloody conflict. There is nothing in the current dynamic of this Fourth Turning which argues against a similar outcome. The immense debt, stock and real estate bubbles, created by feckless central bankers, corrupt politicians, and spineless government apparatchiks, have set the stage for the greatest financial calamity in world history. Rather than taking the bitter medicine of purging the system of bad debt and allowing zombie banks and corporations to die, the ruling class has chosen to ramp up the debt orgy and reward themselves and their cronies with ill-gotten riches, while impoverishing the masses.

Their arrogance and hubris have grown to vast proportions and will eventually result in a bloody backlash from those they have screwed over. The election of Donald Trump over the hand-picked candidate of the oligarchy, was a reaction to the raping and pillaging of Main Street by the greedy soulless psychopaths in suits on Wall Street and in the halls of the Eccles building in Washington D.C. The average hard-working American has seen eight years of “government of the bankers, by the bankers, for the bankers”. Wall Street was bailed out and rewarded with the ability to borrow at 0% from their captured Federal Reserve. Zombie corporations were kept alive with low interest debt, with no adjustment for risk.

The cowardly politicians drove the national debt from $11.5 trillion to over $20 trillion, while accomplishing minimal GDP growth (negative growth using a real inflation rate), and enriching mega-corporations and the top .1%. Meanwhile, risk averse senior citizens, depending upon some interest income to survive, were thrown under the bus by Bernanke, Yellen and Powell. It was the deplorables in flyover country, the blue-collar workers in Pennsylvania, Michigan, Wisconsin and Ohio, and senior citizens in Florida who voted their wallets, which had been picked by establishment politicians for the previous eight years.

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Again, big ideas. You easily get lost in those.

Things Fall Apart (Michael Krieger)

The primary shift that’s occurring is the U.S. empire has lost its ability to dictate all terms to all countries at all times. This capacity to dictate has been enforced via a two-pronged approach for decades. The prongs are global military dominance and control of the financial system. The first is threatened by the fact we’ve already entered a world in which it’s easier to frustrate global empire than it is to maintain it. We’ve seen this manifest in numerous places over the course of the 21st century. The war in Afghanistan is an ongoing failure despite it being the longest conflict in U.S. history, and the Iraq war (based on fake news) resulted in the death of hundreds of thousands and merely strengthened Iran’s position in the region.

Meanwhile, U.S. regime change plans in Syria were thwarted despite the empire’s best efforts, and Trump’s deranged crew of neocons still can’t even get rid of Maduro in Venezuela. Deny it all you want, but the geopolitical map has fundamentally changed. Meanwhile, the financial system itself (a tremendous source of U.S. imperial power) is also fundamentally broken. The first major failure in this regard happened back on August 15, 1971 when Richard Nixon closed the gold window.

Whether you believe this was a primary contributor to many of the negative trends that emerged afterwards likely depends on your personal ideology, but it’s undeniable that shortly after this event we started to see a major ramp up in the financialization of everything as well as a stagnation in median wage growth. A global buildup of financialization and fraud-based financial products played a key role in bringing us to where we are today, and also culminated in the second major failure of the global financial system in 2008. That was the moment when serious reform and severe consequences for the criminal perpetrators of economic collapse could’ve reset the system and brought the world back to a sustainable path, but we all know that’s not what happened.

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“It does not deny that no-deal would be awful – it welcomes this awfulness as the Great Disruption that completes the Irish national revolution.”

Sinn Féin Joins the Great Disruption (Fintan O’Toole)

The first – and at the moment by far the most decisive – group of Great Disruptors consists of the disaster capitalists fronted by Johnson. Their Utopia is Singapore. They believe, as Priti Patel, Dominic Raab, Liz Truss and other Tory young Turks wrote in Britannia Unchained in 2012, that the British have grown lazy and useless, their buccaneering spirit sapped by a culture of dependency. They see no-deal as the Big Bang that will blow the welfare state, environmental standards and labour protections to smithereens. Out of this chaos will come a new Global Britain of very low taxes for the rich, unregulated hyper-capitalism and boundless “free” markets.

The second group is the high command of the Labour Party around Jeremy Corbyn. Their Utopia is Socialism in One Country. They believe that a no-deal Brexit will free Britain from the wishy-washy social market capitalism of the EU and thus ultimately from capitalism itself. They have their roots in the socialist distaste for the European project that was, it is easy to forget, once the mainstream of British Euroscepticism. In that mentality, the EU was seen as a last, desperate attempt to shore up a dying capitalist system. Thus, on the far side of a no-deal Brexit, lies the workers’ paradise that is the inevitable outcome of history.

The third group of Great Disruptors is Sinn Féin. Their Utopia is, of course, a United Ireland. They ostensibly oppose a no-deal Brexit, and indeed Brexit itself. But beneath this opposition lies the belief that the worse Brexit is, the quicker we will have a Border poll and the more likely it is that Protestants in Northern Ireland will swim for the green lifeboat to avoid going down with the British ship. Alongside the disaster capitalism of Johnson’s faction and the disaster socialism of Corbyn’s, there is this disaster nationalism. It does not deny that no-deal would be awful – it welcomes this awfulness as the Great Disruption that completes the Irish national revolution.

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If that isn’t scathing, what is?

“I started the meeting off by saying, ‘before we get onto Brexit, fantastic shoes’, and in that instant I could see in her eyes, that she didn’t have an answer in the script before her for this. “So it became, what should have been a light-hearted moment, really quite awkward.”

Nicola Sturgeon: ‘Talking To Theresa May Was Soul Destroying’ (Sky)

Nicola Sturgeon has delivered a brutal verdict on the current and former prime ministers, claiming Boris Johnson tried to put his arm around her back and that talking to Theresa May was “soul destroying”. In a candid and indiscreet interview, Scotland’s first minister said her conversation with Mr Johnson last week was “crazy”, while Mrs May would never depart from a script, which made conversation awkward. Ms Sturgeon’s withering disclosures came in an Edinburgh Fringe Festival event with broadcaster Iain Dale in which she claimed there was growing support for Scottish independence. Asked by Mr Dale about the difference between her meetings with Mrs May and her first encounter with Mr Johnson at her Bute House official residence, she replied: “It was a very different experience.

“I don’t want to be too derogatory or pejorative about Theresa May. She’s obviously no longer prime minister, but having conversations with Theresa May was pretty soul destroying. “She would never depart from a script, no matter where you tried to take the conversation. “I remember in one meeting, going in and trying to think about how can we get this meeting off on a sort of gentler start before we immediately got into the areas where we disagreed. “And she had, as she often did, a fantastic pair of shoes, a really stylish pair of shoes. And I quite like shoes, so I started the meeting off by saying, ‘before we get onto Brexit, fantastic shoes’, and in that instant I could see in her eyes, that she didn’t have an answer in the script before her for this. “So it became, what should have been a light-hearted moment, really quite awkward.

“So talking to Boris, at least it was like having a conversation, albeit a bit of a crazy one. [..] “Boris Johnson is a prime minister that the vast of majority of people in Scotland, had they been given any choice, would not have chosen to give the keys of Number 10 Downing Street to. “He’s a prime minister who is intent on taking us out of Europe against our will, looks intent on taking us out without a deal and the catastrophe that would bring about I think is well understood here. “So I wasn’t overly thrilled to be standing on the steps of Bute House welcoming Boris Johnson as prime minister.”

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Home Forums Debt Rattle August 6 2019

This topic contains 11 replies, has 7 voices, and was last updated by  V. Arnold 2 weeks, 3 days ago.

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  • #49010

    Piet Mondriaan Avond (Evening): The Red Tree 1908-10   • Yuan, Futures Surge After PBOC Fix Is Stronger Than Expected (ZH) • China’s Yuan Steadie
    [See the full post at: Debt Rattle August 6 2019]

    #49011

    V. Arnold
    Participant

    Piet Mondriaan Avond (Evening): The Red Tree 1908-10

    When I don’t understand the narrative; I speak to the art; which, likewise; I do not understand…

    But the red tree; a study in blue?

    #49013

    Well, Mondriaan had certainly been looking at van Gogh.

    #49014

    I just noticed that in the comments for yesterday’s article on China, I get accused of sinophobia. I don’t get that at all.

    #49016

    V. Arnold
    Participant

    I just noticed that in the comments for yesterday’s article on China, I get accused of sinophobia. I don’t get that at all.

    Sometimes there’s just no accounting…………

    #49017

    Dr. D
    Participant

    Basically this:

    Instructions

    Have you not been up to speed on how this is what one must always, always do upon encourtering “ideas”? And then ban them and the web hosting service they run on.

    #49018

    Dr. D
    Participant

    “China Confirms It Is Suspending US Farm Products Purchases (CNBC)”

    Amusing and makes good headlines, but the world only produces the food it produces. There is no surplus and is probably a deficit. If China buys Brazil’s grain, Brazil will buy Iowa’s. I’m sure China has some stockpiled for just this cause, but food is large and perishable and they can’t store anywhere near enough. Besides, the #3 is a paltry $6B? Congress wastes that kind of money before lunch. We bailed out $23,000 Billion, 3,800x more, admitted, when no one was hungry and nothing was at stake, just ‘cause we didn’t like the Dow going down.

    “as well as human rights abuses,”

    Pretty ironic considering this came out today: https://truepublica.org.uk/united-kingdom/british-complicity-exposed-in-latest-cia-torture-unredacted-report/

    ONE of these two nations is going around the world bombing without UN approval or acts of war, kidnapping, torturing, and dumping people, then subverting the totality of their judicial and oversight process to hide their war crimes, and the other nation is named “Venezuela.”

    “Extract all the meaning and purpose from being here on earth, and erase as many boundaries as you can from custom and behavior, and watch what happens, especially among young men trained on video slaughter games. For many, there is no armature left to hang a life on, no communities, no fathers, no mentors, no initiations into personal responsibility, no daily organizing principles, no instruction in useful trades, no productive activities, no opportunities for love and affection, and no way out.”

    This has been life since the day I was born. Every day it gets worse, we see the deadly results of our plans, our goals, our push towards fewer restraints, and are faced with a choice: should we keep going, or return to the #Logos? Every day, they say, NO!!! We WANT more collapsed bowling alleys, strip malls, hovering tattooed drug addicts and prostitutes, and every inch of America less safe for our children. WE MUST HAVE IT!!! So here we are, still waiting. You can go back, repent, any time you want, just like any other sinner or addict. They won’t. You can only see on T.V. the fever pitch that their rebellion against Reality, Order, and Sense has come to. Jerry Springer of the 90s now looks like Billy Graham. But not to fear: reality doesn’t get tired. It is waiting patiently for you.

    What was that prophesy about this being the last President? When a nation is psychologically incapable of governing itself, incapable of showing restraint, not attacking and robbing others, when not watched hostilly and brutally ridden, I don’t know what to say. A system “made only for a moral and religious People…wholly inadequate to the government of any other.”

    “Their arrogance and hubris have grown to vast proportions and will eventually result in a bloody backlash from those they have screwed over.”

    Yes, except they live in a gated bunker and like and have planned that sort of thing. In reality, it will be a backlash of all of us against each other, as “eat the rich” simply means, “kill and steal from anyone who has $1 more than me.” You know: the communist manifesto, the idolizing of the 10th Commandment, turning a mortal sin into God and doctrine. If you don’t want the #Logos, then you are free to do so! Then you may have the law of the warlords, no rules, where whoever is strongest does whatever he wants, and you are a slave. That is your Freedom. “Liberty” however, contains responsibility that you do not infringe on the life and property of others, as defined by a Constitutional Republic. Your choice, but there will only be one warlord in each area, he won’t be nice, and it won’t be you.

    “Things Fall Apart (Michael Krieger)”

    Yes, but the point of the whole plan going back before HW was to destroy, or as O. said, “fundamentally change the U.S. as we know it.” by erasing the Constitution, the Bill of Rights, and the Middle Class. Use your eyes: it’s not like they hide it. The plan is going off-track now, but the careful undermining and conflict sown for 50 years can’t be undone in a month or two. So when the unsensible Iraq war gutted all our working hardware and all our men so China would prevail while we paid Google to help them with the Scandia Lab patent book and Google’s Dragonfly, the whole POINT was to make China strong enough to compete with the U.S., and therefore take a swing once they felt powerful. And the U.S. would lose, but cannot be occupied, so the HW’s, the Deep State kids would be the unopposed rulers of the former United States, and build it again on the new cycle, only without all those stupid “laws” and “rights” and “caring”. Things don’t just “Fall Apart,” they have to be helped, and we have recorded all the thousands and thousands of NY Times stories of their “helping it along” for 40 years. …But no, it’s all one big accident, and when 10,000 of these “mistakes” were made, no billionaire got mad and ran that Senator out of Congress and plugged the leak. We just accidentally hit blackjack 8,500 out of 10,000 times.

    “her buccaneering spirit sapped by a culture of dependency.”

    I dunno. Seems like Britain is still stealing gold, pirating ships, and starting new false wars all the time.

    “He’s a prime minister who is intent on taking us out of Europe against our will,”

    Not to fear, Nicola! No one is leaving Europe! Scotland and England are both in Europe, and will be in 9,000 years when no man can remember your name or even that your nation existed. What they might leave is an unelected, unaccountable EU that is enslaving and even murdering you by the 10,000’s, as in Greece. …Not that other governments don’t, mind you, but one must have standards.

    #49022

    lasttwo
    Participant

    But at least Ivanka will be safe from the tariffs. The farmers will appreciate that when shopping for dresses. oh yeah our farmers now have to shop at the salvation army

    https://fortune.com/2018/07/09/donald-trumps-china-tariffs-dont-apply-to-ivanka/

    I see this is a year old I wonder if it still applies my thought is yes or there was time to move the production to some other shithole country

    #49023

    zerosum
    Participant

    “The sharp 1.4% drop in the yuan …..”

    Trump wants China to buy USA by asking USA consummers to pay more with tariffs.
    China just made it 1.4% more expensive for Chinese businesses to buy USA, or to buy from any other country. USA businesses mfg in China will stay in China and ship to Mexico and have the “Made in China” labels changed to “Made in Mexico”.

    (If I can think of a “work around” solution then I sure that the actual importers, exporters are way ahead of me in coming up with solutions.)

    China wins this round.

    #49024

    tabarnick
    Participant

    Soul-destroying because… shoes!

    #49027

    Diogenes Shrugged
    Participant

    Bill Gates and a dutiful Zionist at Harvard intend to keep your cool by eliminating blue skies and photosynthesis. Best you read this article before they censor it:

    https://www.bloomberg.com/news/features/2019-08-02/we-already-have-the-world-s-most-efficient-carbon-capture-technology

    #49035

    V. Arnold
    Participant

    No memorial remembrances of the U.S. atomic bombing of Japan.
    Not a peep about the A-Bombing of Hiroshima on August 6, 1945.
    Three days later; August 9, 1945, Nagasaki… 🙁

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