U.S. President Joe Biden speaks as he holds a press conference with Finland's President Sauli Niinisto in Helsinki, Finland, July 13, 2023. REUTERS/Kevin Lamarque/File Photo
Bloomberg: Biden fears China's economic problems are ‘ticking time bomb' posing danger to world
Throws barbs at Xi Jinping in fundraising speech President Joe Biden blasted China’s economic problems as a “ticking time bomb” and referred to Communist Party leaders as “bad folks,” his latest barb against President Xi Jinping’s government even as his administration seeks to improve overall ties with Beijing.
In comments that included several major inaccuracies about the world’s second-largest economy, Biden said at a political fundraiser Aug. 11 that China was in “trouble” because its growth has slowed and it had the “highest unemployment rate going.”
He also blasted Xi’s signature Belt and Road Initiative as the “debt and noose,” because of the high levels of lending to developing economies associated with the global investment program.
Read more ....
WNU Editor: The US President quoted some inaccurate numbers .... Biden misstates China's GDP growth, calls its economy a 'ticking time bomb' (Reuters).
As to what is my take on the President's concerns. I am more concerned on where the US economy is going than the Chinese economy.
Update: This is not the best way to approach China if you want better ties .... China is run by ‘bad folks’ – Biden (RT).
U.S. President Biden Says The Chinese Economy Is A “Ticking Time Bomb”
China a ‘ticking time bomb’ because of economic woes, Joe Biden warns -- The Guardian
President Biden says China's economy is a 'ticking time bomb' amid growth and demographic issues -- Business Insider
Biden says China is 'ticking time bomb' due to economic woes -- FOX News
Biden calls China ‘ticking time bomb,’ citing economic challenges -- The Hill
Biden’s ‘ticking time bomb’ remark referred to China’s economy: White House -- Al Jazeera
15 comments:
And the US economy is a mine field
The Chinese economy maybe bad, but why did Resident Joe Biden say this?
Simple it was to deflect from his domestic problems in general and Bidenomics in particular.
Does Biden know he is pissing off the Chinese? Probably? does he care? Not so much. He is more worried about re-election and the next two years than if he purposefully offended the Chinese.
put yur bias aside. I have seen this about China before Biden mentioned it. What he said was said because the Anerican economy is in great shape and so no fear about China.
Dementia Joe have been reading too many Gordon Chang articles.
Hunter Biden.
Washington CNN —
An Atlanta-area prosecutor has notified at least one witness to appear before a grand jury early next week, the most significant indication of her intention to seek indictments in the investigation of how Donald Trump and others tried to overturn the 2020 election in Georgia.
Former Georgia Lt. Gov Geoff Duncan, a Republican, said Saturday on CNN that he has been told to appear Tuesday before a Fulton County grand jury to testify about the efforts by Trump and his allies.
The upcoming appearance signals that Fulton County District Attorney Fani Willis is moving forward with a grand jury presentation where she’s expected to seek charges against more than a dozen people stemming from her investigation into the efforts to overturn the 2020 election.
"put yur[sic] bias aside."
I have seen articles about some ghost cites. I have also seen a documentary about how china learned what makes a city thrive and what doesn't. They compared a city in outer Mongolia to one in south central China. I have not seen anymore reports of ghost cities. sure the old ones mentioned before might still be empty, but after 10 years that is baked into the pie. If there are no new ghost cites, then harping on the same one form a decade ago is a loser proposition.
What is concerning is that China has a much greater ship building capacity than the US. That right there shows China to be better off than the US.
If Russian equipment can give the US a problem, then Chinese weapons definitely can. China has taken Russian weapons and copied them, Subsequently they improved upon them. China also has more engineers than the Us and many of them are trained in the US.
Also prick, i prefaced my comment with the statement that China's economy might be bad.
That statement does not preclude the US's economy form being bad.
So I was not running down America's economy and giving China a pass.
Your lexile score has a lot in common with a turd. It is in the toilet.
correction
Fred ***goes** postal with copy and paste (2:20).
If Biden says something then it must be a cover for something else. If Biden says it, be suspicious. But if someone you like says it, it is important?
China’s Economic Miracle Is Turning Into a Long Slog
perhaps you need to put biases aside if you want to get a better view of reality
Biden admits ‘I wish I hadn’t called’ spending bill Inflation Reduction Act
The press caught Biden with his pants down, meds low and no chaperone.
It is amazing what the man says or mumbles when it about time to take pills again.
"Cynics often know the price of everything but the value of nothing. Remember how, just months ago, leading economic voices were predicting a catastrophic “Category 5 economic hurricane” this year? The astounding 2.4% GDP growth revealed this week with plunging inflation, historically low unemployment, and corporate profit reports soaring past expectations have knocked the wind out of the fact-free cynics."
So how did JEFFREY SONNENFELD AND STEVEN TIAN lie?
1) Notice how Jeffey and Stevie give a numerical percentage for GDP growth but not inflation?
Lie #1
2) Notice how Stevie and Jeffey do not give a baseline for normal GDP growth or inflation.
Inflation remained elevated in July at 3.2% — and prices are unlikely to return to pre-pandemic levels anytime soon
https://www.investopedia.com/inflation-rate-by-year-7253832
https://www.usatoday.com/story/money/2023/08/10/cpi-report-live-updates-july/70544196007/
The average inflation rate form 1929 through 2022 is 3.16%. The current inflation rate is 3.2% from July 2022 to July 2023.
So inflation has been brought down to average after Herculean effort that has damaged many, many people over a year's time and they call that a victory. The Fed chairman is likely to overshoot his target, because he is reacting.
What Stevie and Jeffey need to do was give a base line on what the normal inflation and GDP growth rates are.
Lie #2
3) Jeffey and Stevie talk of a low unemployment rate. Giving an unemployment rate without also giving the U6 and labor force participation rates is disingenuous. Put another way, it is lying.
Lie #3
4) Walls Street can do well when mainstreet is distressed. You can find articles to that effect. When the government prints money many big banks do well because they get the money 1st. When money is "created" it matters, who gets it first. you ight also do well when money is printed, but banks will do better. That increased margin allows them to buy you and everyone else out.
Some business have structured themselves to do well in good times and bad times. One such business has a division the remanufactures stuff. People buy remanufactured goods more, when times are tough. Sure people can recession proof themselves, but there is a learning curve in life. So you won't usually or immediately be prepared. The big corporations that have been around for century will do well any which way unless the government decides to put them out of business, which does seem to be the case more and more.
Some of the good news on wall street is due to higher energy prices (Thx Biden) and the war. When oil prices are higher the company that remanufactures equipment does well in other divisions.
As to war spending helping companies. Long wear or short war, Austin and others are as happy as pigs in slop. They are not concerned with ending the war sooner so that mainstreet is not hurt. I believe America has to win the wat. I also believe that there should not have been a war in the 1st place and that biden, Blinken, Sullivan, Milley, Austin and others are dragging it out do to timidity, incompetence and stupidity.
Again, Wall street doing well does not mean main street does well.
I think Jeffey and Stevie are looking to be fill in hosts whenever Cramer goes on vacation. they have the chops for it.
Oh and 4:38, Fred does not have the stamina. Nor does he write as well as you. but you are playing a bit like him.
If Biden badmouths his friends the Chinese so, imagine how he must talk about his enemies?
6.26
Tracking what you say. Small addition, under the clinton administration, they changed the way CPI /inflation is calculated.
Want to see the "real" inflation rate?
Go to shadow stats .com. The guy there keeps track using the original non bullshit criteria for inflation.
Another indicator, but more of an educated guess..,. If you bank at a Credit
Union and their Cc is charging you 16%, then the real rate of inflation is about 10%
a simple Google search for the Chinese economy at present and the American economy now gives clear evidence of the contrast that Biden emphasizes. Put aside your silly bias and try reality.
There you (11:17) go again lying. If it was so easy, you would produce ana rticle and be able to defend the supporting elements.
elements being
1) GDP & GDP growth
2) unemployment (U3, U6 & labor force participation rate
3) inflation
4) Wall street and Mainstreet
5) Average family income versus cost of living.
Until you want to discuss 1 thru 5 in detail, you are gaslighting trolling or just plain dumb.
If you be the infamous Fred, you would fall under the just plain dumb or ignoramus category.
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