Thursday, October 24, 2024

Lying flat in garbage time.

"India and China have agreed on patrolling arrangements to de-escalate tensions along a disputed Himalayan border which has seen deadly hand-to-hand clashes in recent years, India's top diplomat has said." "Mr Misri, however, did not give any details about the disengagement process and whether it would cover all points of conflict along the disputed border." BBC. In June 2020, 20 Indian soldiers were killed in a sudden attack by Chinese barbarians armed with clubs with nails and other weapons at the border at Galwan Valley in Ladakh. BBC. "Prime Minister Shri Narendra Modi met with Mr Xi Jinping, President of the People's Republic of China, on the sidelines of the 16th BRICS summit at Kazan (Russia) on 23 October 2024." mea.gov.in. Why the thaw? It's not as if the Chinese have suddenly become civilized and given up on their delusional desire of conquering the whole world. "The big question is whether Xi needs support from Modi to initiate measures that would weaken the US-led economic sanctions regime on China." "In his BRICS speech Modi made it clear that he was in favor of an alternative payments system covering countries in the grouping. That must have sounded like music to Xi's ears." ET. It would be suicidal for India to accept the Chinese yuan for trading, to reduce dependence on the US dollar. To keep his people subdued Xi has to revive the economy and create jobs. "China's sputtering economy has prompted a dire, new shorthand online for pessimism about the prospects for any turnaround for jobs, incomes and opportunity: 'the garbage time of history'." "It follows another buzzword China's censors have targeted as a threat to stability since it broke into the mainstream three years ago: 'lying flat,' a call to a slacker life of limited ambition and quiet protest." Reuters. While Mr Modi and Xi are keen to find an alternative to the dollar, Chinese citizens are finding ways to convert their savings to the dollar. "Chinese residents have been illicitly moving billions of dollars out of the country," even though "The country imposes strict capital controls that caps individual purchases of foreign exchange at $50,000 a year." In the 12 months through June 2017 around $228 billion leaked out illicitly. $370 billion leaked out in the 12 months through September 2022 and more than $200 billion in the four quarters through June 2024. Mint. Even presumed friends are unable to tolerate Chinese presence. Last week, "China's consulate in Myanmar's Mandalay city was attacked with an explosive device, local media said." ET. While no one was injured or killed in that attack, on 7 October, "Two Chinese nationals have been killed and at least 10 people injured in a suspected suicide attack near Karachi airport in Pakistan." BBC. China wants help to break the shackles. We must make every effort to reduce our dependence on imports from China (ET) before trying to find an alternative to the dollar. Tighten the noose. Verily. 

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