iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
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CHINA: THE US IS ON THE WRONG SIDE OF HISTORY

Ahead of Biden’s phone call with Xi at 9am Friday, the Sino-American tensions have heightened considerably, at least on Twitter.

It started early on with these statements out of the White House:

OFFICIALS IN THE US BELIEVE BEIJING IS MOVING CLOSER TO SUPPORTING THE KREMLIN.

THE US’S STANCE ON CHINA HAS SHIFTED AHEAD OF FRIDAY’S PHONE CALL BETWEEN BIDEN AND CHINA’S PRESIDENT XI.

U.S. Will Punish China if It Gives Military Aid to Russia, Blinken Says

“We’re concerned that they’re considering directly assisting Russia with military equipment to use in Ukraine,” Mr. Blinken said at a news conference in Washington. “President Biden will be speaking to President Xi tomorrow and will make clear that China will bear responsibility for any actions it takes to support Russia’s aggression, and we will not hesitate to impose costs.”

But “it appears that China is moving in the opposite direction by refusing to condemn this aggression, while seeking to portray itself as a neutral arbiter,” Mr. Blinken said.

Then a Chinese spokeswoman, Hua Chunying, took to Twitter with some choice comments tonight:

If the #US had truly abided by the purposes and principles of the #UNCharter, how could it have staged wars without remorse for the people of Yugoslavia, Afghanistan, Iraq & Syria …?

On the #Ukraine issue, between the #US and #Russia, there are scores of countries besides #China that are drawing independent conclusions, trying to deescalate the situation, encouraging peace talks in deeds as well as words, and protecting their legitimate rights and interests.

#Ukrainian people need peace & security instead of weapons & ammunition.

If relations with China continue to deteriorate due to Russia, this would have a most profound effect on US supply chains and GDP — casting widespread damage to a number of industries. Let’s not even think about what Chinese tech stocks would do. Needless to say, YANG would surge.

I cannot help myself but to editorialize here and say this is a profound diplomatic misstep, one that pushes China into the arms of Russia — creating an alliance between two Asian nations that are perfectly fit for one another — with Russia providing natural resources and materials and China manpower and technology. The hubris of American diplomacy to demand China to heel before US policy in Ukraine could end up being a total disaster.

In other news, our boy from Belarus is at it again:

LUKASHENKO: IF ZELENSKY DOESN’T SIGN A PEACE ACCORD SOON, HE WILL BE SIGNING A CAPITULATION ACCORD. RUSSIA WILL NOT LOSE

NASDAQ futs are -130, commodities bid higher.

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8 comments

  1. ezthere

    China is correct.

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    • cll

      China and Russia are helping to re-elect Biden and Harris more than anyone else.

      Look at the dead cat bounce Boris is getting.

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  2. purdy

    Yeah, maybe a “misstep”. But could they possibly be as dumb as this? Maybe our deepstaters want to wreck our great country.

    We systematically bankrupted ourselves by printing prosperity, transferred manufacturing and knowhow to China …and only then …after so weakening ourselves …we provoke a war and drive China and Russia together by talking like we still have all the chips.

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    • metalleg

      You hit the nail on the head.

      Once you accept the fact that the deep staters want to wreck our country and you view everything through that lens, it all makes perfect sense.

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  3. roguewave

    LUKASHENKO is stating the obvious. No one in their right mind predicts Ukraine could ever win.

    In other news: EU wants to have a climate change superfund. They cannot raise taxes to get it so they will confiscate pension funds / workers funds to fund it. In other words, steal money from the people by way of their pensions.

    No doubt, they will try the same here. IRA’s, 401k’s,… will be fair game.
    You’ve been warned. Take action. The last ones out will leave with nothing.

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  4. roguewave

    That didn’t take long
    El Presidente just declared BTC currency and now Ukraine’s largest banks are stopping customers from buying Bitcoin with the national currency, The Hyrnia?
    They just figured out buying BTC = bank run.:-)

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    • roguewave

      @woonomic
      Crypto markets are now at full reset, the last time was October 2020

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      • metalleg

        When everyone realizes that Bitcoin is traceable, there will be a rush into privacy coins.

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