🇨🇳🏭 Could the West be facing a far more dangerous “China Shock 2.0”?
On @ezraklein's podcast, economist @Brad_Setser argues that the first China Shock after WTO accession devastated parts of Western manufacturing—but the next could be much bigger.
China is no longer primarily competing in clothing, furniture and appliances. It is becoming a global leader in EVs, batteries, solar panels, industrial robots, machinery and increasingly AI.
China’s factories now have capacity to manufacture around 55 million vehicles annually, close to two-thirds of global demand. Its vehicle exports have reportedly surged from under one million to roughly 10 million in just five years.
Setser argues this expansion was accelerated after China’s property collapse, when Beijing redirected enormous amounts of credit into advanced manufacturing.
The danger is straightforward: China is now so large that continued expansion increasingly requires displacing production somewhere else.
Europe—particularly Germany—is highly exposed.
🚨 HOLY SMOKES: Sec. Robert F. Kennedy Jr. and Dr. Oz have just announced OVER *ONE MILLION* PEOPLE are on Obamacare with NO Social Security number…
🤯🤯
It’s one big racket! Shut it down!
“They submit applications for fake people and enroll stolen identities all to collect millions of dollars in fees from insurance companies for selling plans they never legitimately sold!”
“The Obamacare marketplace is plagued by fraud, in large part because the Biden administration dismantled basic program integrity guardrails.”
“More than a million people enrolled in Obamacare without social security numbers on file. That is a glaring warning side of fraud.”
“If even a single person was on Obamacare with no social security number, we should have found out why are we paying people who we don't know if they actually exist.”
“Shady insurance agents and other bad actors have been getting paid to enroll unsuspecting Americans in health plans they never signed up for.”
“Thanks to this aggressive enforcement strategywe've already eliminated thousands of fraudulent policies and we're just getting started.”
“We’re also working with insurers to cancel every policy that should never have been issued and recover every tax payer dollar that was fraudulently paid out.”
This is why we need to pass Trump’s plan!
No August doldrums in DC this week! It was great to join the inaugural @CFTC Innovation Advisory Committee (a group I've called "the Olympic roster of crypto.") But for a “crypto” gathering, there were a LOT of TradFi players in the room like @NASDAQ, @CMEGroup, @CBOE, @OptionsClearing, @NYSE, @The_DTCC (alphabet soup!)
Everyone was in agreement. Rules written for a different era aren’t good enough. Not for consumers. Not for business. Not for innovation.
I made this case in an open letter to Congress back in 2019. Seven years later, we STILL need clear rules…. Thanks to the Trump administration, appointees like @ChairmanSelig, and a myriad of bold leaders in Congress, we’ve never been closer.
https://t.co/PS1W516Xk5
Before I knew Xaif, I used to spend hours doing my own research. But catching important news this early is extremely difficult.
Now, I get so much valuable information through Xaif’s posts. The research, early news catches, and consistency are genuinely impressive.
Amazing work, man. 💎
Definitely a gem in the XRP community. 🫡
Caitlin Long The Fed's own systems are so outdated, that's the REAL reason they keep blocking crypto innovation it would expose how far behind they are 💀
They hyped the Kraken master account, caught blowback from banks, then just… never turned it on. No explanation. Ever.
You won’t believe what just happened LIVE…
Ripple CEO Brad Garlinghouse walked into the CFTC meeting and went NUCLEAR. 🤯
He didn’t hold back. He called out the entire four-year SEC war, admitted the regulatory chaos is still crushing American innovation, and demanded the CFTC and SEC finally get their act together.
The look on the panel’s faces? Priceless.
The game just changed.
Thank you @aubreymarcus for the best and most concise breakdown I have seen regarding Fauci, Covid and our corrupt government. This can NEVER be allowed to happen again! How many lives were lost or destroyed because of these actions?
NEVER FORGET
He Didn’t Learn Yields at a Fed Seminar
Scott Bessent learned yields, currency crosses, and sovereign risk with real capital on the line, not from a Fed seminar.
I keep saying it: Scott Bessent is the most consequential Treasury secretary since Alexander Hamilton.
He learned them with real capital on the line, as a global-macro investor navigating the world’s biggest markets.
Bessent gave everyone fair warning on yields. If you missed it, that is not his failure. It is yours.
Wall St and the Fed are full of people who can talk about markets. Bessent is one of the few who has actually traded them. Underestimate him at your peril.
Pretty happy with this composition from a pretty little storm that formed off the Santa Rita Mountains south of Tucson, AZ last night! When I saw the stars above I had to throw on the 16-35mm! #azwx
A "devil horns" solar eclipse is a rare optical illusion that occurs during a partial sunrise or sunset eclipse, making the Sun appear as two glowing, fiery arcs resembling a pair of horns rising from the horizon