@PeterLoftus44 My favorite photo of American forces in WWII China, which I think speaks to the unpretentiousness that underlies most of both American and Chinese culture.

I can’t stress enough that while yes, the US stock market is a complete shit show… the Chinese stock market is just a very different type of shit show. Both markets are profoundly disconnected from actual economic realities and market forces, albeit for very different reasons.

The 50-year mortgage proposal is the final boss of Boomerism, and serves as a reminder that the entire generation needs to be removed from political and economic power at all levels.

What people have in the U.S. is a messy, loud, and often vicious debate about how to allocate resources. What people have in China is the absence of one. https://t.co/hQTfgJDfSE

Beijing has often pushed back against European talk of “derisking” from China. But now the shock and disruption of China’s rare earths export controls have validated Europe’s concerns. From @RebeccaArcesati and @Jacob_T_Gunter at MERICS:

G7 members and the EU are considering price floors to promote rare earth production, as well as taxes on some Chinese exports to incentivise investment https://t.co/fqCBxAi9Rm

Erika Kirk forgiving her husbands assassin vs. Trump openly disagreeing with that and saying, “I hate my opponent and I don’t want what’s best for them” perfectly encapsulates the gap between the religious right vs the irreligious right

If you’ve said something about Charlie Kirk deserving it or having it coming, or if you’ve responded by declaring anything about “them” killing him or declaring war on the right, then you’ve failed the acid test of crisis and tragedy, and nobody should listen to anything you say.

Casual reminder when accused of having a western “Cold War Mentality” by the PRC: the government parading tanks and nuclear bombs through the their version of Red Square on Victory Day is the one at peak Cold War Mentality

Let’s fix that: “Even the BBC can’t deny that Chinese family structure and wealth utilization at the family level => higher levels of home ownership for millennials.” Also helped by massive savings rates necessitated by horribly weak social welfare and financial repression

Worth repeating.

Glad the courts have done this, but it would have been nice to see Congress stand up for itself and the power of the purse that the founders jealously guarded

There are 277,000 Chinese students at US universities. Their intellectual, economic, and social contributions to this country are beyond measure. If we “aggressively revoke” Chinese student visas, this will hurt us as much as it hurts them.

Of course - China would say it didn’t care that there was an embargo on Chinese goods by it’s #1 customer but a 1trn surplus country with manufacturing share of GDP key to investment and consumption & indirect sector like services would care. Why? Factories shut first (impact on

It’s good that DC and Beijing have been responsive to their rapid climbing of the escalation ladder. But, policymakers and corporates here in Europe should not anticipate reconciliation and instead consider what Europe needs to survive and thrive in the gathering storm. 6/6

Under leadership in Beijing and the bipartisan will to be ‘tough on China’ in DC, it is difficult to imagine that China or the US will be willing to make the concessions either side would need to suit the divergent economic models and the conflicting national interests 5/6

A short-term tourniquet like a tariff ceasefire or even a medium-term bandaging like a Phase-One style deal will be insufficient to resolve the underlying issues. 4/6

However, this ceasefire will have limits, as will any possible deal between the US and China. The fundamentals in the economic and technological relationship, to say nothing of the security and geopolitical situation, remain deeply imbalanced and increasingly irreconcilable. 3/6

This ceasefire is functionally a recognition that the escalation ladder was scaled too high and too quickly and that the pace of US-China decoupling needs to be adjusted to avoid a crisis undesired by both sides – like a breakdown in global value chains or a recession 2/6

Lots of fun debates about who ‘won’ this phase of the US-China trade war, but let’s not pretend that a ceasefire will endure or that a grand bargain is on the horizon. Here’s my quick take on the increasingly irreconcilable situation between the two. 1/6