Thought for the day

"The first panacea of a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permeant ruin. But both are the refuge of political and economic opportunists." -- Ernest Hemingway

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China has opened dozens of "overseas police service stations" around the globe to monitor its citizens living abroad, including one location in New York City and three in Toronto.

China has told state-run financial institutions to prepare to sell off their dollar holdings while stocking up on offshore yuan, as Beijing tries to bolster the national currency, Reuters reported on Thursday, citing sources with knowledge of the matter.

The simultaneous dumping of the US dollar and purchasing of the yuan are expected to avoid further drops in the Chinese currency, which is currently on track for the biggest annual loss versus the greenback in nearly three decades. So far this year, the yuan has dropped over 11% against the dollar.

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The US has slapped new sanctions on Chinese firms related to Iran’s petrochemical and petroleum trade, after years of reports of Chinese tankers engaged in sanctions-busting activity, and at a moment that a finalized restored JCPOA nuclear deal has all but collapsed.

US Secretary of State Antony Blinken announced punitive measures Thursday against two China-based companies, Zhonggu Storage and Transportation Co Ltd and WS Shipping Co Ltd, which stand accused of sanctions evasion.

On September 12, Russian President Vladimir Putin stated that, given mounting economic sanctions, full “de-dollarization” of the Russian economy is only a matter of time (RBC, September 12).

 In recent years, opioids, frequently produced by the communist Chinese and trafficked by illegal aliens, have killed hundreds of thousands of Americans. Extra to promoting this tragic loss of life, a new congressional report indicates that the opioid crisis is also taking a profound economic toll.

The New START Treaty is nearing its expiration and the Nuclear Non-Proliferation Treaty is experiencing serious shocks, Russian Ambassador to the United States Anatoly Antonov said in an article published on the website of the US’ National Interest magazine on Wednesday.

Vice President Kamala Harris addressed US troops in Japan on Wednesday and said the US will continue to operate in the Taiwan Strait “undaunted and unafraid.”

Harris made the comments after attending the funeral of Shinzo Abe, the former Japanese prime minister who was assassinated in July. Her trip came at a time of soaring tensions between the US and China over the issue of Taiwan.

It has become a regular occurrence within the mainstream media these days to suggest that ties between Russia and China have been “strained” over the conflict in Ukraine and that Russia may lose the support of its ally soon.  In most cases these reports are highly exaggerated and based on official comments that are taken completely out of context.  

The Solomon Islands has told Pacific nations invited to a White House meeting with President Joe Biden it won't sign the summit declaration, according to a note seen by Reuters, prompting concern over the islands' ties to China.

Leaders from the Pacific Island Forum bloc have been invited to the two-day White House summit starting Wednesday, at which the Biden administration seeks to compete with China for influence in the strategically important South Pacific.