Brownstone Institute
China Enters the Economic Doom-Loop
From the Brownstone Institute
China is going pear-shaped as Beijing panics and wheels out the “monetary bazooka.”
Cue the Worldwide inflation.
Just a few weeks ago I did a video about how China is on the edge of recession. Weeks later, the edge of recession has now progressed to a full-blown Chinese fire drill.
So What Happened?
Last week, China’s ruling Politburo held an emergency economic meeting and decided to crank up the money printers to 11, pumping money to consumers, to banks, to property developers, basically to anybody who might spend it.
Bloomberg called it an “adrenaline shot,” as in it’ll pump assets but won’t last long.
Specifically, Beijing’s going to dump about 3.8 trillion yuan – roughly half a trillion dollars – to keep the economy running.
A trillion yuan goes to consumer subsidies, including a hundred twenty US per month child subsidy – a hundred twenty’s big in China – to bribe Chinese mothers into having more kids, which they’ve stopped doing.
Next up are the banks – as always – who get a cool hundred and forty billion US along with another 100 billion dumped into stock markets.
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Allegedly this is all to spur spending – as in the banks lend the money out and the stockholders feel rich – but it would do wonders for the gaping holes in China’s teetering financial industry.
Beyond the Money Dump
Beyond the money dump, China’s slashing interest rates across the board – which governments do to try and gin up some tissue-fire growth.
They’re slashing downpayment requirements on houses, opening a special credit facility so banks and hedge funds can gamble on stocks, and cutting the reserve requirements for banks – meaning banks can raid their vaults and go on a lending spree.
Put it together, and Beijing’s doing everything it can to get money out in the wild, down to bankrolling gamblers and pouring yet more trillions down the black hole of China’s comically over-built housing market.
You may have seen the ghost towns China’s built; here comes round two.
What Scares China
Why so desperate, you might ask?
Easy: China is panicked not only about a looming recession but that it might be falling into the Japan-style doom-loop of structural stagnation thanks to President Xi’s anti-business jihad.
The key number here is the interest rate on 30-year government bonds, which is a classic indicator of a zombie economy in the spawning.
Ominously, China’s 30-year just fell below Japan’s. Flirting with zombie territory.
What’s Next
Near-term, they’re popping the bubble in Beijing with stocks soaring.
And while 4 trillion yuan is a lot of money, this isn’t yet the Big Bang – that would be a long-rumored 10 trillion money dump by Beijing.
They’re not there yet, probably because the US and Europe haven’t hit the meat of their recessions. Debt-fueled Americans are still buying Chinese exports.
If and when that breaks down, either because Americans are out of money or Trump rolls out tariffs on China, Beijing’s up against the wall, and it will blow out into worldwide inflation.
China’s Turn for Chaos
I’ve mentioned in previous articles how if China goes down, the Chinese people won’t have a sense of humor about it. This ain’t Japan where people shake their heads and obey.
Beijing knows this, they know the kinetic history of the Chinese masses when they’re angry, and if they panic hard enough they may reach for a war to both distract the population and to clamp down on dissent.
Just this week they launched a massive military exercise in a disputed area of the South China Sea, there could be more to come.
Republished from the author’s Substack
Author
From the Brownstone Institute
The old meme of the man staying up late typing because “someone is wrong on the Internet” applies now to an entire swath of the ruling class. They want freedom out and the stakeholders in control
The censors are losing patience. They have gone from regretting the existence of free speech and gaming the system as best they can to fantasizing about ending it through criminal penalties.
You can observe this change in temperament – from frustration to fury to calling for violent solutions – over the last several weeks. And it serves as a reminder: censorship was never the end point. It was always about controlling society’s “cognitive infrastructure,” which is how we think. And to what end? A secure monopoly on political power.
This week, Fox reporter Peter Doocy was sparring with the White House spokesperson over whether FEMA is funding migrants even as it cannot help American storm survivors. She immediately shot back and called this “disinformation.” Peter wanted to know what part of his question qualified. Jean-Pierre said it was the whole context of the question and otherwise never said.
It was clear to anyone who was watching that the term “disinformation” means to her nothing other than a premise or fact that is unwelcome and needs to be shut down. This messaging has been further reinforced by a Harris/Walz ad blaming unnamed “misinformation” from Trump for exacerbating hurricane suffering following Hurricane Helene.
This exchange came only days after Hillary Clinton suggested criminal penalties for disinformation, else “they will lose total control.” It’s an odd plural pronoun because, presumably, she is not in control..unless she regards herself as a proxy for an entire class of rulers.
Meanwhile, former presidential candidate John Kerry said the existence of free speech is making government impossible. Kamala Harris herself has sworn to “hold social media accountable” for the “hate infiltrating their platforms.” And well-connected physician Peter Hotez is calling for Homeland Security and NATO to put an end to debates over vaccines
You can detect the fury in all their voices, almost as if every post on X or video on Rumble is causing them to lose their minds, to the point that they are just saying it out loud: “Make them stop.”
Hurricane Milton seems to have caused the censors to flip out in a violent rage, as people wondered whether and to what extent the government might have something to do with manipulating the weather for political reasons. A writer in the Atlantic explodes: “I’m running out of ways to explain how bad this is. What’s happening in America today is something darker than a misinformation crisis,” while decrying “outright conspiracy theorizing and utter nonsense racking up millions of views across the internet.”
Catch that? It’s the viewing itself that is the problem, as if people do not have the capacity to think for themselves.
The old meme of the man staying up late typing because “someone is wrong on the Internet” applies now to an entire swath of the ruling class. They want freedom out and the stakeholders in control, somehow forcing the whole of the digital age into a version of 1970s television with three channels and 1-800 numbers. The Biden administration even refounded the Internet, replacing the Declaration of Freedom with a new Declaration of the Future.
YouTube accounts have been demonetized and deleted. Facebook posts have been throttled and banned. LinkedIn’s algorithms punish posts that take issue with regime narratives. This has not slowed down in light of litigation but rather continued and intensified.
The goal is to close up the Internet. They would have done it by now if it were not for the First Amendment, which stands in their way. For now, they will continue to work through university cutouts, third-party providers, phony baloney fact-checkers, pressure on tech firms that provide government services at a price, and other mechanisms to achieve indirectly what they cannot do directly just yet.
Among the strategies is the political persecution of dissenters. Alex Jones is a bellwether here and his company is being bankrupted. Steve Bannon, the philosopher king of MAGA, has been in jail for the entire election season for having defied a Congressional subpoena on the advice of counsel. The protestors on January 6 have been in prison not for damages caused or trespassing but for landing on the wrong side of the regime.
Most of us had an intuition that the Covid vaccine mandates themselves were not entirely about health but rather a tactic of exclusion of those who were not fully trusting of authority. This was rather obvious when it came to the military and the medical profession but less apparent within academia where noncompliant students and professors were effectively purged for their refusal to risk their lives for pharma.
There was an element of malice, too, in the mask mandates. Even though there was zero scientific evidence that a Chinese-made synthetic cloth worn on the face can change epidemiological dynamics, they did serve well as a visible sign to separate believers from unbelievers, and also as a sadistic means of reminding individualists of who is really running the show.
The final means of censorship is violence against person and property, while the end is to control what you think in service of one-party rule. Major tech companies and major media are wholly complicit in bringing this about. Only a handful of services are stopping this and they are all being targeted by the regime through myriad forms of lawfare.
Postscript: as this article is released, the website archive.org has been fully down for the better part of a week, supposedly due to a catastrophic DDOS attack. The private owners say the data has been saved and it will be restored in time. Maybe. But consider: this the one tool we have for having a verified memory of what was posted when. It is how we found that WHO changed its definition of herd immunity. It’s how we found that the CDC was behind the mail-in ballot fiasco of 2020. It’s how we know that FTX funded anti-Ivermectin studies. And so on. The links were stable and good, never down.
Until now, two weeks before the election. We are of course supposed to believe that this shocking collapse is purely a coincidence. Maybe. Probably. And yet without this website – a central point of failure – vast amounts of the history of the last quarter century is deleted. The entire contents of the web can be re-written as vaporware, here one instant, gone the next. Even if this site does come back, what will be missing and how long will it take to figure it out? Will the Internet have been lobotomized? If not this time, could it happen in the future? Certainly.
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From the Brownstone Institute
Morens implicated Margaret (Marg) Moore, known colloquially as “The FOIA lady” in trying to hide information from the American people, particularly that related to the origins of Covid-19, which is a felony.
A relatively unknown public records officer at the National Institutes of Health (NIH) is now at the centre of a burgeoning scandal involving Freedom of Information Act (FOIA) requests.
The saga unfolded after subpoenaed emails belonging to David Morens, a former top advisor to Anthony Fauci, revealed that someone had taught him to game the system and avoid emails being captured by FOIA requests.
“i learned from our foia lady here how to make emails disappear after i am foia’d but before the search starts, so i think we are all safe,” Morens wrote in a Feb 24, 2021, email. “Plus i deleted most of those earlier emails after sending them to gmail.”
Morens implicated Margaret (Marg) Moore, known colloquially as “The FOIA lady” in trying to hide information from the American people, particularly that related to the origins of Covid-19, which is a felony.
It sparked an investigation by the House Select Subcommittee on the Coronavirus Pandemic to expose what Chairman Brad Wenstrup (R-OH) called a “cover-up.”
A letter to NIH director Monica Bertagnolli in May suggested “a conspiracy at the highest levels” of these once trusted public health institutions.
“If what appears in these documents is true, this is an apparent attack on public trust and must be met with swift enforcement and consequences for those involved,” Wenstrup wrote.
Wenstrup said there was evidence that a former chief of staff of Fauci’s might have used intentional misspellings — such as “Ec~Health” instead of “EcoHealth” — to prevent emails from being captured in keyword searches by FOIA officials.
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Today, Wenstrup announced a subpoena to compel Moore (The FOIA lady) to appear for a deposition on October 4, 2024, saying that she’d repeatedly resisted these efforts and delayed the Select Subcommittee’s investigation.
“Her alleged scheme to help NIH officials delete COVID-19 records and use their personal emails to avoid FOIA is appalling and deserves a thorough investigation,” said Wenstrup.
“Holding Ms. Moore accountable for any role she played in undermining American trust is a step towards improving the lack of accountability and absence of transparency rapidly spreading across many agencies within our federal government,” he added.
Moore, however, has indicated through her lawyers that she would invoke her Fifth Amendment right against self-incrimination.
Her lawyers wrote to Wenstrup explaining that she’d cooperated with the Select Subcommittee to find “an alternative” to sitting for an interview, including expediting her own FOIA request for her own documents.
They also explained that Morens’ emails suggesting Moore gave tips “about avoiding FOIA,” were misleading because Morens, under oath said, “That was a joke…She didn’t give me advice about how to avoid FOIA.”
Nonetheless, Moore’s decision to plead the Fifth has only fuelled concern over the lack of transparency and accountability of one of the nation’s top health research institutions.
It’s not over until the FOIA lady sings!
Further reading: The great FOIA dodge
Republished from the author’s Substack
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