Monday, August 22, 2022

Secret power not working.

"Central bankers in China and Turkey bucked a global trend of raising interest rates, with officials easing policy amid signs of an economic slowdown in those countries. China is battling a worsening property downturn as well as sluggish retail sales and rising youth unemployment." "Turkish inflation rose to a fresh 24-year high of 79.6% in July." Reuters. "Inflation began to surge last autumn, when the lira slumped after the central bank gradually cut its policy rate by 500 basis-points to 14% in an easing cycle sought by President Tayyip Erdogan." After the interest rate was cut from 14% to 13%, the Turkish lira fell by 1% to 18.15 against the dollar, but recovered to 18.0870, Reuters, and is expected to break the record 18.40 per dollar in December 2021. This is Erdogan's variation of President Ronald Reagan's voodoo economics, Investopedia. "In China, "Nearly 30% of all bank loans are property-related," wrote Sandipan Deb. "According to one study, housing sales fell 27% in volume year-on-year between January and June." "Home prices dropped for the 11th straight month in July. S&P expects property sales to fall by a third in 2022." And "in a country where the slightest dissent is crushed, hundreds of thousands of citizens are banding together and refusing to repay their home loans on delayed housing projects. ANZ Research estimates that these boycotts could affect about $222 billion of loans." "Youth unemployment, according to official figures, has reached 20%." "The annual meeting of top Chinese Communist figures at the Beidaihe resort east of Beijing has ended." Newsweek. "Everything about the gathering is kept secret." "What we do know, however, is that the Party Congress is just around the corner." "And all indications show that Xi (Jinping) is set not only to get a third term, but to further consolidate his power." Xi Jinping has already been accorded the highest honor of being a 'Core Leader', previously given only to Mao Zedong, Deng Xiaoping and Jiang Zemin. wikipedia. If the economy goes into recession Xi will be solely to blame. Perhaps, Xi should remember former President Liu Shaoqi. wikipedia. "The euro fell below the value of the US dollar on Monday (yesterday), slipping below parity on fears over a gas shortage worsening in Europe." BI. "Six months after Russia invaded Ukraine, the consequences are posing a devastating threat to the global economy." AP News. "Inflation is soaring, and rocketing energy costs have raised the prospect of a cold, dark winter. Europe stands at the brink of recession." "Already, gas deliveries that were scheduled for Pakistan or India are being redirected to Europe, where buyers are able to afford higher prices, according to energy traders." ET. Exorbitant energy costs will cause hunger in poorer countries. The white nations of the US, Canada, Europe, Australia and New Zealand have imposed savage sanctions on Russia because of their agonising heartbreak for Ukraine, BBC, they do not care if the non-white rest of the world starves. Do they expect us to be sympathetic if they freeze in winter? Schadenfreude is natural. 

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