Category Archives: China
Wall Street out on a Ledge over China
Wall Street took a deep dive yesterday on news from China. Investors are afraid China’s biggest property developer, Evergrande Group, won’t be able to make payments on its debt. If that happens the company could collapse like Lehman Brothers in 2008 and take the economy down with it.
To make matters worse the Wall Street Journal (paywall) reports that Communist Party leader Xi Jinping isn’t a capitalist! He thinks private capital is running “amok.” And he wants to force China back to “the vision of Mao Zedong, who saw capitalism as a transitory phase on the road to socialism.” He even showed up in a Mao suit.
Maybe my guy on the ledge is afraid he’s on the road to serfdom.
Corporate CEOs Woke to State Voter Laws
Elite corporate CEOs held a zoom conference over the weekend. Their mission was to show they are woke to state laws that suppress minority voters. Or, in other words, to stay a step ahead of the mob. Ed Bastian, CEO of Atlanta based Delta is very concerned about the Georgia voter law which requires ID, just like the company he runs. In 2015 Delta paid $450 million for a 3.5 percent stake in its Chinese partner China Eastern Airline.
Asian Discrimination Anti-Racism Issue of the Week
Joe Biden accused Trump of Asian discrimination when he banned flights from China due to the corona virus. More recently, eight innocent people were murdered in Atlanta. Six of them were Asians. And now hate against Asians is the cause of the month. It’s real alright – check out this thug in mid-day Manhattan.
But Asians are also one of the most successful minorities in America. And if we’re looking for non-violent Asian discrimination Harvard is a good place to start.
But did the Atlanta victims die because they were Asian? So far there’s not proof of it. The shooter says he’s a sex pervert with issues. Sometimes a perv is just a perv.
Davos Man Takes Flight with Speech
The Davos set swooned over China President Xi’s virtual keynote speech. He called for international cooperation and warned against a new cold war. He also said, “the strong should not bully the weak.” Meanwhile Chinese fighter planes and bombers invaded Taiwanese airspace.
It’s Time for Unity at Home and Abroad
It’s time for unity. And Joe Biden wants to let bygones be bygones. No hard feelings about President Trump being a Russian agent and all.
President Xi in China has even stronger feelings for unity. He’s bringing Hong Kong closer to mainland China. Much closer.
The WSJ reports Hong Kong authorities booted four pro-democracy legislators last week. And then the remaining pro-democracy contingent resigned.
Hong Kong’s fate is especially important because it shows China can’t be trusted to keep its international promises. Its treaty with the U.K. promised autonomy to Hong Kong for 50 years through 2047. It was extinguished in 2020.
The Wall Street Journal / Review & Outlook 11/12/2020
