Economist Neil Shearing says that the escalation of America’s trade war with China could be the death knell for globalization and “the end of the world as we know it.”
Yesterday, the U.S. Treasury Department designated China as currency manipulator, the first time that has been done in 25 years.
The People’s Bank of China responded by warning that the decision would “bring turmoil to the financial market.”
Earlier, Trump slapped a new 10 per cent tariff on $300 billion worth of Chinese imports starting 1 September.
This followed China’s decision to order its state-owned companies to completely halt purchases of US farm products.
With no trade deal to end the impasse expected before the 2020 election, Neil Shearing, group chief economist at Capital Economics, says the consequences could be massive.
“Lingering in the background is a more fundamental concern – namely that we may be witnessing the end of globalization,” Shearing said in a note to clients.
“If so, the rapid increase in cross-border movement of goods, services, capital and people that has been the defining feature of the global economy over the past two decades may be about to reverse – with macroeconomic implications that would extend well beyond the narrow impact of tit-for-tat tariffs,” he said.
Shearing is predicting the possible “disintegration of the rules-based system” that has governed commerce since World War II and a “balkanization” of the economy where the U.S. and China operate on different payment systems and tech platforms.
“It’s too soon to say exactly how events will pan out, but this casts the escalation in the US-China trade war over the past year in an altogether more ominous light. We may be witnessing the end of the world as we know it,” wrote Shearing.
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Report: Biden Presidency Would Add $11 TRILLION To National Debt
“The policies he’s proposing are going to endanger the economy over the long term”
If Joe Biden were to be elected his Presidency would cost American taxpayers $11 trillion dollars, according to a study by The Manhattan Institute for Policy Research.
The conservative 501 found that Biden’s proposals on social security, health care, climate and infrastructure could plunge the US into a debt crisis.
Speaking to the Daily Caller, author of the report Brian Riedl noted that “The policies he’s proposing are going to endanger the economy over the long term,” adding “$4 trillion in new taxes, which is the biggest tax increase since the end of World War II, as well as $11 trillion in new spending, certainly more regulation, a higher minimum wage. All of that is going to weaken the economy.”
For those interested, I've released the new 2020 version of my budget chartbook.
100 pages of charts that defy conventional wisdom on budget, spending, tax, and deficits. You can download the chartbook here – https://t.co/rKZ20fxvuk
— Brian Riedl 🧀 (@Brian_Riedl) October 27, 2020
Biden has proposed $2.4 trillion in coronavirus stimulus spending, as well as $2 trillion for climate and infrastructure, and a $1.5 trillion health care expansion. It is estimated that education spending will amount to $750 billion under Biden, which includes a free college plan.
Biden has offered little in the way of explaining how the costs will be covered, other than tax hikes, which he claims will be targeted at large corporations.
The problem is beginning with a $13 trillion baseline deficit over the decade, adding $11 trillion in new spending promises, and then hoping a $3.5 trillion tax increase on the rich will make the numbers work. Eventually, big middle-class benefits require big middle class taxes. https://t.co/G6AmsbfytG
— Brian Riedl 🧀 (@Brian_Riedl) October 5, 2020
Bets are in, and the odds look heavily in Trump’s favor and it’s because the betting tables have all the right data.
The numbers were crunched using figures from Biden’s campaign website, the Committee for a Responsible Federal Budget and the Congressional Budget Office.
“It’s absolutely unsustainable,” Riedl noted adding that “The danger is that eventually the interest costs will bury us. When you borrow that much money, all it takes is a small increase in interest rates to completely bury the federal budget.”
“Ultimately, we’re going to face a reckoning that requires either significant reforms to programs like Social Security and Medicare, or a possible doubling of middle class taxes,” Riedl warned, declaring that “There’s really no third option.”
“The worst case scenario is that politicians continue to pour gasoline on the fire by enacting even more spending, which just accelerates a debt crisis,” Riedl urged.
Under President Trump, the deficit has remained under $1 trillion each year. However, it is projected to jump to almost 4 times that this year due to coronavirus spending.
CNN Lemon Rages At “Rich” Trump Supporters Who Don’t Want To Pay More Taxes Under Biden
How dare people have enough “disposable income to spend on fun”
In an exchange with fellow CNN host
Fredo Chris Cuomo Tuesday night, Don Lemon raged at supporters of President Trump, accusing them of pretending to have financial anxieties, and not wanting to pay more taxes so they can spend more money on having “fun”.
Lemon was reacting to a segment from Cuomo’s broadcast highlighting Trump supporters participating in a dune buggy rally in Oregon.
“Boat parades, car caravans, bike parades. What attendees have in common is disposable income to spend on fun,” spewed reporter Ellie Reed, adding “While Trump’s working-class supporters have gotten a lot of attention, in 2016 a third of his voters made more than $100,000 a year.”
Lemon pounced on the footage, proclaiming that “It kind of dismantles that whole thing about economic anxiety was the reason that Trump got elected. Those people have no economic anxiety. They’re rich.”
“I want to be able to buy a $20,000 dune buggy. But I don’t want to help people who may be in need,” Lemon snarked, taking on the persona of what he believes Trump supporters are like.
“I want to be able to buy whatever which is fine, but just own up to it. And stop pretending the reason is economic anxiety,” Lemon lectured, adding “But just be honest about what your intentions and what you think and stop pretending that it is something else.”
Calling it “selfishness” that people like to spend more money having fun, the host declared “I don’t mind paying more taxes for people who are not doing well, to help other people out. This is America. I will be okay. How much do I need? I can cut back. I can pay more.”
Not all heroes wear capes.
Only in the mind of a champagne socialist like Lemon does paying more taxes to the vastly bloated and wasteful federal government ‘help other people who are not doing well’.
The man lives in a huge swank pad in Sag Harbor. Has he been paying extra taxes or has he also been spending his vast CNN income on the good life?
Nevertheless, Lemon’s sermon continued as he preached “So, as Americans, as people, especially if you believe in the Christian values that you espouse, you’re supposed to do unto others and help others.”
“So, I do that as much as I can. I don’t like it, but I don’t mind it in a way because I am blessed and fortunate enough to be in this position to make this amount of money where I am — I have the privilege, I have the privilege, to be able to do that,” Lemon exclaimed.
Lemon finished his lecture by painting all Trump supporters as super rich frat boys racing around in yachts, a notion that is blatantly ridiculous.
“So, maybe you buy one less dune buggy, maybe you buy one less fancy car. Maybe you buy one less boat, maybe you buy one less yacht. Maybe you buy one less apartment, one less mansion. But how much money do you really need? That’s all I got to say.” Lemon concluded.
Entrepreneur: New York City is Dead and It’s Not Coming Back
Streets are deserted thanks to COVID and people fleeing due to crime & riots.
Former hedge fund manager and entrepreneur James Altucher says New York City is dead and it’s not coming back.
Born and bred in New York, Altucher took his family and fled to Florida after the Black Lives Matter riots in June when someone tried to break into his apartment.
Since then, the city has continued to suffer a huge surge in shootings and violent crime as well as an anemic financial recovery from the coronavirus lockdown.
Appearing on Fox News Business, Altucher referred to images that were broadcast during the interview showing 6th avenue to be virtually empty.
“We have something like 30 to 50 per cent of the restaurants in New York City are probably already out of business and they’re not coming back,” he pointed out.
Altucher said that despite offices in midtown being allowed to be open, they’re still largely empty because companies like Citigroup, JP Morgan, Google, Twitter and Facebook are encouraging their employees to work remotely from home “for years or maybe permanently.”
“This completely damages not only the economic eco-system of New York City…but what happens to your tax base when all of your workers can now live anywhere they want to in the country?” asked the entrepreneur, noting that many were fleeing to places that are cheaper to live like Nashville, Austin, Miami and Denver.
Warning that the situation was “only going to get worse,” Altucher said that the old New York was not coming back and that creative and business opportunities would now be dispersed throughout the entire country.
“What makes this different now is bandwidth is ten times faster than it was in 2008 so people can work remotely now and have an increase in productivity,” he added.
As we document in the video below, the blame for all this lies firmly at the feet of two people, Governor Cuomo and Mayor de Blasio.
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