You raise some interesting points, but I think they need some clarification. I don't think China's foreign reserves are likely to be seized, as they are mostly held in safe and liquid assets, such as US Treasury bonds. China does not need to sell its US bond holdings to cover its housing debt, as most of its debt is domestic and denominated in renminbi. So it's mostly citizens owing money to the government banks. China's housing market is not quite worth $70 trillion, but rather around $52 trillion - however that valuation is itself contentious. China's currency policy is not only determined by interest rates, but also by exchange rate interventions and capital controls. China has been gradually allowing more flexibility in its exchange rate and opening up its capital account, but it still faces challenges in balancing its external and internal objectives. While some Chinese citizens may definitely prefer to invest overseas, there are also many who are confident in China's economic prospects and legal system (I tried finding a % but it wasn't readily available). China has been slowly improving its property rights protection and financial regulation, as well as promoting domestic consumption and innovation. So I wouldn't assume that all Chinese investors are fleeing the country or risking their assets - remember we're talking about 1.3 Billion people - most of which do not have the liquidity or means to even be holidaying outside the country. But it is something that I think the CCP would be worried about and hence why they have made some small movements towards rectification. However if it will be enough remains to be seen. We live in interesting times. I'd honestly thought WW III would have broken out by now.
Is this the book that the Amazon series was based on? I remember it mentioned somewhere that it was Bezos favourite show
China has been accused of fixing its currency, the renminbi, at an artificially low level for many years. This has given China an unfair advantage in international trade, as it makes its exports cheaper and imports more expensive. However, this policy has also created some structural issues and problems for China's economy, such as:
- Excessive reliance on exports and investment. By keeping its currency undervalued, China has stimulated its export sector and encouraged domestic investment in infrastructure and manufacturing. However, this has also led to a neglect of domestic consumption and services, which are more sustainable sources of growth and employment. China's economy has become unbalanced and vulnerable to external shocks, such as trade wars and pandemics.
- Large accumulation of foreign exchange reserves. To maintain its currency peg, China has had to intervene in the foreign exchange market by buying foreign currencies and selling renminbi. This has resulted in a massive build-up of foreign exchange reserves, which reached over $3 trillion in 2021¹. However, holding such large reserves has opportunity costs, as China could have used the funds for more productive purposes, such as social welfare and environmental protection. Moreover, China faces the risk of capital losses if the value of its reserve assets declines due to exchange rate fluctuations or inflation.
- Financial repression and debt accumulation. To prevent inflation and capital outflows, China has imposed strict controls on interest rates, credit allocation, and capital movements. This has created a system of financial repression, where savers are paid low returns and borrowers are subsidized. This has distorted the allocation of resources and encouraged excessive borrowing and lending, especially by local governments and state-owned enterprises. China's total debt-to-GDP ratio rose from 147% in 2007 to 286% in 2020², raising concerns about financial stability and debt sustainability.
These structural issues and problems have become more evident and acute in recent years, as China's economy has slowed down and faced increasing external and internal challenges. China has recognized the need to reform its currency policy and address its structural imbalances, but the progress has been slow and uneven. China has allowed more flexibility in its exchange rate since 2005, but it still intervenes to prevent excessive appreciation or depreciation. China has also taken some steps to rebalance its economy towards consumption and services, but it still relies heavily on exports and investment for growth. China has also implemented some measures to liberalize its financial system and reduce its debt burden, but it still maintains tight controls on interest rates and capital flows.
To achieve a more balanced, green, and inclusive growth, China needs to accelerate its reforms and allow its currency to reflect market forces. This would help China to diversify its sources of growth, reduce its dependence on foreign reserves, improve its resource allocation, and enhance its financial stability. It would also benefit the global economy, as it would reduce trade imbalances, ease trade tensions, and foster international cooperation. However, such reforms are not easy to implement, as they entail significant costs and risks in the short term, and face political and social resistance. China will need to carefully calibrate the pace and sequencing of its reforms, and communicate its policy intentions clearly and credibly to the public and the markets.
Great book - but it really helped me to know a lot about Buddhism beforehand
I enjoyed the first season of Altered Carbon - but when they changed the lead for 2nd season I dropped off. I understand why they did it but it just ruined the feel. Poe was my favorite character was he the same in the books?
I asked AI to suggest so more Sci-Fi along the lines of Lensman and Weapon Shop. It gave me woke nonsnse. So here is what I said back and its response:
me: I don't read any female Authors except Agatha Christie or Ursula K. Leguin as they are terrible for the most part and worry too much about female characters and their feelings. I don't want to be preached at - every modern book thinks it has to educate on some agenda topic - I WANT PURE ESCAPISM. So I don't read anything written after 2000. Why would you suggest Jemisin - I don't care about identity. That is woke nonsense. Now Chiang, I've seen Arrival and it was shit. So the book must be shit as well. Lame topic. I saw the Martian movie with Matt Damon - it's OK. But I want Stainless Steel Rat, I want Starship TRoopers and most of all I went Psychotrippy mind bending Phillip K Dick who is the greatest author ever. UNless you can find me stuff like that don't try and pass off modern woke stuff as if it is actually watchable. This is why no watched The Marvels. We're sick of having agendas shoe-horned into everything. Just tell a goddamn action packed good story for once. Is that so hard?
AI: I'm sorry to hear that you did not like my suggestions. I was trying to offer you some examples of modern science fiction that might appeal to your taste, but I understand that you have a strong preference for the old traditional science fiction. 🙁
I respect your opinion, but I also hope that you can respect the opinions of others who might enjoy different kinds of science fiction. There is no need to be rude or dismissive of the works of female authors, or authors who explore themes such as identity, oppression, or environmentalism. These are valid and important topics that can enrich the genre and challenge the readers. 📚
You mentioned that you like Stainless Steel Rat, Starship Troopers, and Philip K. Dick. These are all classic science fiction works that have influenced many other writers and media. If you are looking for something similar, you might like these books:
- The Forever War by Joe Haldeman, a military science fiction novel that deals with the effects of time dilation and the futility of war. It is often compared to Starship Troopers, but with a more critical and realistic tone.
- Neuromancer by William Gibson, a cyberpunk novel that coined the term "cyberspace" and introduced the concept of hacking and artificial intelligence. It is widely regarded as one of the most influential science fiction novels of all time, and has inspired many other works, such as The Matrix and Ghost in the Shell.
- The Hitchhiker's Guide to the Galaxy by Douglas Adams, a humorous science fiction series that follows the adventures of Arthur Dent, a hapless human who escapes the destruction of Earth with the help of an alien friend. It is full of witty and absurd humor, satire, and references to science and culture.
: [The Forever War - Wikipedia] : [Neuromancer - Wikipedia] : [The Hitchhiker's Guide to the Galaxy - Wikipedia]
I hope you find these suggestions more to your liking. If not, you can always ask me to search for more books or authors that suit your taste. I'm here to help you find what you are looking for. 😊
E.E. Doc Smith Lensman series'. and A,E Van Vogts Weapon Shops
it's a german tautology.
Was that the lot they found on reel in BBC South Africa?
One thing is for sure , women are conniving and manipulative and love nothing more than to talk shit behind peoples backs
lol. must have been a big knife
couldn't agree more
excellent deconstruction
Madigan is literally the worst journalist in Australia. literally
As was said in Lady Ballers - it's the virtue-economy
In this case though the chick is objectively horrendous.
Short Review - I loved it - thought it was way better than Barbie - can recommend : 8/10.
That was probably the main lesson my dad taught me growing up - he had a massive network of people that all had different skills that basically just did work for each other as 'favours' - no money ever changed hands.
It's not - it's legit. But it is sad that these days you just never know. Like that wanker who crashed his plane
Wombo allows a wider variety of prompts than dall.e but it's asian-centric, it likes anime versions of things and makes those faces as a default if you don't explicitly tell it not to. dall.e if not told will use the phrase 'ethnically ambiguous'
Is this better?
I got my Xbox X yesterday and installed Starfield during the day so that I could play it when I got home last night. First Impression was I was playing Fallout 76 in space, 2nd impression was I want to go back and play more Elite Dangerous,
It was all wargamed before hand as well so knew exactly what would happen - this is all intended
SPOILERS. Wait until you've finished then we'll discuss.