Archive for: August 2016

China Might Reset The Global Economy

According to CBC news’ Economic Analyst Don Pittis, China’s own internal crisis may spark a change in the Global Economy. He believes the results are not as positive as anyone would think.

Mr Pittis said that analysts see climbing stock markets have shown an “ominous feeling of escalating pressure” that may need a crisis to bring things back to balance. He stressed that if China would take one for the team, they can be the biggest catalyst.

Billionaire investor George Soros said that China might be getting itself into or is priming itself for a possible storm.

“I think there’s an eerie resemblance of what’s happening in China to what happened here leading up to the financial crisis, 2007-2008,” Soros said during an Asia Society event in New York earlier this year. “It’s similarly fuelled by credit growth and an eventually unsustainable expansion of credit.”

The International Monetary fund had expressed its own concern about China’s “unsustainably high growth targets” which endanger companies that may default on loans and create a “difficult landing” when the bubble bursts.

Chinese media had reacted negatively to Mr Soros and the IMF’s analysis with provocative editorials reading about the west declaring war on China’s currency.

The country is also convinced that the Sept 4 and 5 summits would tackle not its unscrupulous activities in the South China Sea but rather its economic travels that affect many markets the world over.

China’s market is seeing difficulty but it does not mean that its factions are not open to experimentation. However, Mr Pittis said the various methods used are still dependent on the personal power of individuals and it can yet allow the country to reach equilibrium.

UN To Condemn North Korean Missile Launches

According to the United States Ambassador Samantha Power, the United Nations is to condemn the latest North Korean missile launches towards Japanese soil.

US Ambassador Samantha Power said during an emergency meeting that across the board “strong condemnations” from 15 council members had encouraged her that the missile launches would be condemned.

A few hours ago, South Korean and Japanese officials noted a signature of medium-range ballistic missiles fired on Wednesday. The missiles flew about 620 miles and had landed near Japan’s territorial waters.

It was the first time a missile had landed in Japan’s Exclusive Economic Zone (EEZ), extending about 200 nautical miles from the shore.

US Strategic Command confirmed that a second missile exploded immediately after it launched.

Britain’s deputy UN ambassador Peter Wilson said as he headed into the emergency council meeting they were concerned that it was the first time a North Korean missile had landed in Japan’s EEZ.

“Our objective in this meeting is to draw attention to that fact, but also to come together to very, very clearly condemn it,” he said.

After the meeting, Japan’s UN Ambassador Koro Bessho was heartened by the “many messages of solidarity” after his appeal to the council to be united and send a strong message to the world and especially to North Korea that its actions are “totally unacceptable”.