This is my closing thought early for I must visit my doctor and this afternoon will be a bit busy…..so enjoy and be well and be safe…..
First…TS Cristobal dumped lots of rain and wind with a bit of flooding but damage was minimal in my area…..but the heat and humidity is stifling…..
Now the count for the Covid-19…..
Pandemic….Cases–2.0 million Deaths–110,000+
Onward to the rest of the world…..
We hear all the time from some economic wannabes about the money we owe to China….well they are the same low IQ weasels that use to bitch about the same thing only it was Japan in the 1980s.
Have you ever wanted to ask….just how much money is owed to China anyway?
China has been rapidly rolling out its Belt and Road Initiative to build new roads, ports and rail lines in mostly developing nations, extending the country’s reach across continents.
China says the infrastructure will benefit countries while critics say China is extending unfair influence over others.
Many nations have been rethinking their involvement amid accusations that China has overpriced projects.
Between 2000 and 2017, the world’s debt obligations to China rose from $500bn to a staggering $5 trillion – about six percent of the world’s economic output – according to the Kiel Institute for the World Economy.
Researchers also found that China and its subsidiaries have lent $1.5 trillion directly to 150 nations – making China the world’s biggest creditor, overtaking the IMF and World Bank. It has also made unreported loans worth $200bn.
We talk to Professor Christoph Trebesch from the Kiel Institute, who explains how China’s opaque lending practices make it difficult for investors and international lenders to make accurate investment decisions.
But I guess you might not know what the Belt and Road Initiative (BRI) is all about and why is it a big deal….
The BRI comprises a Silk Road Economic Belt – a trans-continental passage that links China with south east Asia, south Asia, Central Asia, Russia and Europe by land – and a 21st century Maritime Silk Road, a sea route connecting China’s coastal regions with south east and south Asia, the South Pacific, the Middle East and Eastern Africa, all the way to Europe.
The initiative defines five major priorities:
- policy coordination;
- infrastructure connectivity;
- unimpeded trade;
- financial integration;
- and connecting people.
The programme is expected to involve over US$1 trillion in investments, largely in infrastructure development for ports, roads, railways and airports, as well as power plants and telecommunications networks.
Read that last paragraph closely……$1 trillion US….we had better get our heads out of the sand and soon.
I Read, I Write, You Know
“Lego ergo scribo”