March 2, 2016
One thing we are exceptionally good at in the West is to blame China for pretty much anything that goes haywire. If you believe various commentators, it is all China’s fault that global equity markets have caught a serious cold more recently and, before that, China was blamed for the extraordinary weakness in industrial commodity prices. They have weakened - or so the argument goes - because China’s growth is not quite what it used to be, and commodity producing countries are over-producing as a result. ... Whilst entirely correct that China’s GDP growth rate has indeed slowed substantially, perhaps someone should consider whether China is as much the consequence as the cause; whether China is in fact a victim rather than a villain? Let me explain. ... I see no reason why the present combination of low oil prices and attractive foreign exchange rates shouldn’t invigorate economic growth across emerging markets ... EM equities could quite plausibly end up being the bargain of the year, although I am concerned about corporate leverage in many EM countries. One would therefore have to step carefully ... Finally a general observation: This is not a repeat of 2008, as many have suggested. An EM crisis is not likely to do nearly as much damage to the financial system in our part of the world, as the GFC did. Why? Because the banking system in DM countries have only limited exposure to corporates in EM countries.
- Also: Foreign Policy - China’s Coming Ideological Wars < 5min
- Also: Quartz - The most egregious examples from the Chinese government’s long, sordid history of data-doctoring 5-15min
- Also: Financial Times - M&A: China’s world of debt < 5min
- Also: Wall Street Journal - Chinese Developers Build in America, but Look for Buyers at Home < 5min
- Also: Financial Times - China’s great game: Road to a new empire < 5min
Think of it as the nuclear option: deploying the most powerful and dangerous weapon available, the one you use when conventional warfare has failed. Just as with real nuclear weapons, that option carries clear risks, starting with losing the presidency in November, and ultimately threatening the party itself. But If a critical mass of Republicans and their conservative allies believe—as many have argued publicly, and more have privately whispered—that Trump could irrevocably undermine what the party says it stands for, and would pose a clear and present danger to the country if he ever attained the White House, it may now be their only chance. ... Trump has one glaring Achilles Heel: He can’t admit any failing, any mistake, any weakness of any kind. He tells us he has the world’s greatest memory; the “The Art of the Deal” is the second best book ever written (the Bible comes first). Without plunging into dime-store psychology, there seems to be a profound sense of insecurity, most of all about being mocked, laughed at.
Hikmatullah Shadman, an Afghan trucking-company owner, earned more than a hundred and sixty million dollars while contracting for the United States military; for the past three years, he has been battling to save much of his fortune in a federal court in Washington, D.C. In United States of America v. Sum of $70,990,605, et al., the Justice Department has accused Hikmat, as he’s known, of bribing contractors and soldiers to award him contracts. Hikmat has maintained his innocence, even as eight soldiers have pleaded guilty in related criminal cases. Several members of the Special Forces who have not been accused of wrongdoing have defended him. In a deposition, Major Jerry (Rusty) Bradley, a veteran Special Forces officer, said, “The only way to right a wrong of this magnitude is to be willing to draw your sword and defend everything that you believe in.” ... Hikmat, who is in his late twenties, looks disarmingly young and gentle. Slim, with a high brow that he often furrows, he countered the charges against him in grave, deliberate English. “The people who did this investigation were sitting in air-conditioned rooms,” he told me. “They don’t know what was happening in the field.” He offered to explain how he had made his fortune. “I was part of the Special Forces family,” he said. “I was trained by them.” ... Before the Americans came, Hikmat lived with his father, a schoolteacher; his mother; and five siblings in a four-room mud-walled house in one of the oldest parts of Kandahar City, in southern Afghanistan. In the summer of 2001, Hikmat was fourteen years old, and he and his friends chafed at the narrowness of life under the Taliban. No one had a telephone, televisions were banned, and there was rarely any electricity. ... He had started a side business selling fruit and soft drinks to the base, and that winter he quit his job as an interpreter in order to work on the business full time. Hikmat told me that a sergeant major at the Special Forces headquarters helped him register it at the main U.S. base, known as Kandahar Airfield, or KAF. On February 25, 2007, Hikmat signed a “blanket purchase agreement” with the U.S. military, an open-ended contract for trucking services. He started with a single rented truck.
To get to ReSTART you can either ruin your life by playing video games 20 hours a day or you can take Route 202 15 minutes south from downtown Redmond. The road runs between stands of pine trees so tall that they register as dark green canyon walls. The whole landscape, once you get clear of the strip malls and self-storage facilities, feels damp, forested, vaguely Jurassic. ... has treated something like 200 people. A typical stay lasts between 45 and 90 days, and costs $26,000 (expensive-sounding, but typical for live-in rehab of any type). Upon arrival patients must surrender all digital devices. Nearly every ReSTART patient is a male between the ages of 18 and 28. ... video games are the meth of the digitally addicted world: wildly popular and horribly destructive. It isn't that video games are so different from other online fixations, the founders of ReSTART believe, it's just that they're more extreme. The devout social-media user might worry what people think of the witty “character” he plays on Twitter; Callum cared so much about the fate of his World of Warcraft alter ego—a tall blue-haired elf he named Voga—that he adopted the schedule of a Navy SEAL.