Government
Escobar: RCEP Hops On The New Silk Roads
Escobar: RCEP Hops On The New Silk Roads
Share this:
Authored by Pepe Escobar via The Asia Times,
Ho Chi Minh, in his eternal abode, will be savoring it with a heavenly smirk. Vietnam was the – virtual – host as the 10 Asean nations, plus China, Japan, South Korea, Australia and New Zealand, signed the Regional Comprehensive Economic Partnership, or RCEP, on the final day of the 37th Asean Summit.
RCEP, eight years in the making, binds together 30% of the global economy and 2.2 billion people. It’s the first auspicious landmark of the Raging Twenties, which started with an assassination (of Iran’s Gen. Soleimani) followed by a global pandemic and now ominous intimations of a dodgy Great Reset.
RCEP seals East Asia as the undisputed prime hub of geoeconomics. The Asian Century in fact was already in the making way back in the 1990s. Among those Asians as well as Western expats who identified it, in 1997 I published my book 21st: The Asian Century (excerpts here.)
RCEP may force the West to do some homework, and understand that the main story here is not that RCEP “excludes the US” or that it’s “designed by China”. RCEP is an East Asia-wide agreement, initiated by Asean, and debated among equals since 2012, including Japan, which for all practical purposes positions itself as part of the industrialized Global North. It’s the first-ever trade deal that unites Asian powerhouses China, Japan and South Korea.
By now it’s clear, at last in vast swathes of East Asia, that RCEP’s 20 chapters will reduce tariffs across the board; simplify customs, with at least 65% of service sectors fully open, with increased foreign shareholding limits; solidify supply chains by privileging common rules of origin; and codify new e-commerce regulations.
When it comes to the nitty gritty, companies will be saving and be able to export anywhere within the 15-nation spectrum without bothering with extra, separate requirements from each nation. That’s what an integrated market is all about.
When RCEP meets BRI
The same scratched CD will be playing non-stop on how RCEP facilitates China’s “geopolitical ambitions”. That’s not the point. The point is RCEP evolved as a natural companion to China’s role as the main trade partner of virtually every East Asian player.
Which brings us to the key geopolitical and geoeconomic angle: RCEP is a natural companion to the Belt and Road Initiative (BRI), which as a trade/sustainable development strategy spans not only East Asia but delves deeper into Central and West Asia.
The Global Times analysis is correct: the West has not ceased to distort BRI, without acknowledging how “the initiative they have been slandering is actually so popular in the vast majority of countries along the BRI route.”
RCEP will refocus BRI – whose “implementation” stage, according to the official timetable, starts only in 2021. The low-cost financing and special foreign exchange loans offered by the China Development Bank will become much more selective.
There will be a lot of emphasis on the Health Silk Road – especially across Southeast Asia. Strategic projects will be the priority: they revolve around the development of a network of economic corridors, logistic zones, financial centers, 5G networks, key sea ports and, especially short and mid-term, public health-related high-tech.
The discussions that led to the final RCEP draft were focused on a mechanism of integration that can easily bypass the WTO in case Washington persists on sabotaging it, as was the case during the Trump administration.
The next step could be the constitution of an economic bloc even stronger than the EU – not a far-fetched possibility when we have China, Japan, South Korea and the Asean 10 working together. Geopolitically, the top incentive, beyond an array of imperative financial compromises, would be to solidify something like Make Trade, Not War.
RCEP marks the irredeemable failure of the Obama era TPP, which was the “NATO on trade” arm of the “pivot to Asia” dreamed up at the State Department. Trump squashed TPP in 2017. TPP was not about a “counterbalance” to China’s trade primacy in Asia: it was about a free for all encompassing the 600 multinational companies which were involved in its draft. Japan and Malaysia, especially, saw thought it from the start.
RCEP also inevitably marks the irredeemable failure of the decoupling fallacy, as well as all attempts to drive a wedge between China and its East Asian trade partners. All these Asian players will now privilege trade among themselves. Trade with non-Asian nations will be an afterthought. And every Asean economy will give full priority to China.
Still, American multinationals won’t be isolated, as they will be able to profit from RCEP via their subsidiaries within the 15-nation members.
What about Greater Eurasia?
And then there’s the proverbial Indian mess. The official spin from New Delhi is that RCEP would “affect the livelihoods” of vulnerable Indians. That’s code for an extra invasion of cheap and efficient Chinese products.
India was part of the RCEP negotiations from the start. Pulling out – with a “we may join later” conditional – is once again a spectacular case of stabbing themselves in the back. The fact is the Hindutva fanatics behind Modi-ism bet on the wrong horse: the US-fostered Quad partnership cum Indo-Pacific strategy, which spells out as containment of China and thus preclude closer trade ties.
No “Make in India” will compensate for the geoeconomic, and diplomatic, blunder – which crucially implies India distancing itself from the Asean 10. RCEP solidifies China, not India, as the undisputed engine of East Asian growth amid the re-positioning of supply chains post-Covid.
A very interesting geoeconomic follow-up is what will Russia do. For the moment, Moscow’s priority involves a Sisyphean struggle: manage the turbulent relationship with Germany, Russia’s largest import partner.
But then there’s the Russia-China strategic partnership –which should be enhanced economically. Moscow’s concept of Greater Eurasia involves deeper involvement both East and West, including the expansion of the Eurasia Economic Union (EAEU), which, for instance, has free trade deals with Asean nations such as Vietnam.
The Shanghai Cooperation Organization (SCO) is not a geoeconomics mechanism. But it’s intriguing to see what President Xi Jinping said at his keynote speech at the Council of Heads of State of the SCO last week.
This is Xi’s key quote:
“We must firmly support relevant countries in smoothly advancing major domestic political agendas in accordance with law; maintaining political security & social stability, and resolutely oppose external forces interfering in internal affairs of member states under any pretext.”
Apparently this has nothing to do with RCEP. But there are quite a few intersections. No interference of “external forces”. Beijing taking into consideration the Covid-19 vaccine needs of SCO members – and this could be extended to RCEP. The SCO – as well as RCEP – as a multilateral platform for member states to mediate disputes.
All of the above points to the inter-sectionality of BRI, EAEU, SCO, RCEP, BRICS+ and AIIB, which translates as closer Asia – and Eurasia – integration, geoeconomically and geopolitically. While the dogs of dystopia bark, the Asian – and Eurasian – caravan – keeps marching on.
Government
Low Iron Levels In Blood Could Trigger Long COVID: Study
Low Iron Levels In Blood Could Trigger Long COVID: Study
Authored by Amie Dahnke via The Epoch Times (emphasis ours),
People with inadequate…
Share this:
Authored by Amie Dahnke via The Epoch Times (emphasis ours),
People with inadequate iron levels in their blood due to a COVID-19 infection could be at greater risk of long COVID.
A new study indicates that problems with iron levels in the bloodstream likely trigger chronic inflammation and other conditions associated with the post-COVID phenomenon. The findings, published on March 1 in Nature Immunology, could offer new ways to treat or prevent the condition.
Long COVID Patients Have Low Iron Levels
Researchers at the University of Cambridge pinpointed low iron as a potential link to long-COVID symptoms thanks to a study they initiated shortly after the start of the pandemic. They recruited people who tested positive for the virus to provide blood samples for analysis over a year, which allowed the researchers to look for post-infection changes in the blood. The researchers looked at 214 samples and found that 45 percent of patients reported symptoms of long COVID that lasted between three and 10 months.
In analyzing the blood samples, the research team noticed that people experiencing long COVID had low iron levels, contributing to anemia and low red blood cell production, just two weeks after they were diagnosed with COVID-19. This was true for patients regardless of age, sex, or the initial severity of their infection.
According to one of the study co-authors, the removal of iron from the bloodstream is a natural process and defense mechanism of the body.
But it can jeopardize a person’s recovery.
“When the body has an infection, it responds by removing iron from the bloodstream. This protects us from potentially lethal bacteria that capture the iron in the bloodstream and grow rapidly. It’s an evolutionary response that redistributes iron in the body, and the blood plasma becomes an iron desert,” University of Oxford professor Hal Drakesmith said in a press release. “However, if this goes on for a long time, there is less iron for red blood cells, so oxygen is transported less efficiently affecting metabolism and energy production, and for white blood cells, which need iron to work properly. The protective mechanism ends up becoming a problem.”
The research team believes that consistently low iron levels could explain why individuals with long COVID continue to experience fatigue and difficulty exercising. As such, the researchers suggested iron supplementation to help regulate and prevent the often debilitating symptoms associated with long COVID.
“It isn’t necessarily the case that individuals don’t have enough iron in their body, it’s just that it’s trapped in the wrong place,” Aimee Hanson, a postdoctoral researcher at the University of Cambridge who worked on the study, said in the press release. “What we need is a way to remobilize the iron and pull it back into the bloodstream, where it becomes more useful to the red blood cells.”
The research team pointed out that iron supplementation isn’t always straightforward. Achieving the right level of iron varies from person to person. Too much iron can cause stomach issues, ranging from constipation, nausea, and abdominal pain to gastritis and gastric lesions.
1 in 5 Still Affected by Long COVID
COVID-19 has affected nearly 40 percent of Americans, with one in five of those still suffering from symptoms of long COVID, according to the U.S. Centers for Disease Control and Prevention (CDC). Long COVID is marked by health issues that continue at least four weeks after an individual was initially diagnosed with COVID-19. Symptoms can last for days, weeks, months, or years and may include fatigue, cough or chest pain, headache, brain fog, depression or anxiety, digestive issues, and joint or muscle pain.
Government
Walmart joins Costco in sharing key pricing news
The massive retailers have both shared information that some retailers keep very close to the vest.
Share this:
As we head toward a presidential election, the presumed candidates for both parties will look for issues that rally undecided voters.
The economy will be a key issue, with Democrats pointing to job creation and lowering prices while Republicans will cite the layoffs at Big Tech companies, high housing prices, and of course, sticky inflation.
The covid pandemic created a perfect storm for inflation and higher prices. It became harder to get many items because people getting sick slowed down, or even stopped, production at some factories.
Related: Popular mall retailer shuts down abruptly after bankruptcy filing
It was also a period where demand increased while shipping, trucking and delivery systems were all strained or thrown out of whack. The combination led to product shortages and higher prices.
You might have gone to the grocery store and not been able to buy your favorite paper towel brand or find toilet paper at all. That happened partly because of the supply chain and partly due to increased demand, but at the end of the day, it led to higher prices, which some consumers blamed on President Joe Biden's administration.
Biden, of course, was blamed for the price increases, but as inflation has dropped and grocery prices have fallen, few companies have been up front about it. That's probably not a political choice in most cases. Instead, some companies have chosen to lower prices more slowly than they raised them.
However, two major retailers, Walmart (WMT) and Costco, have been very honest about inflation. Walmart Chief Executive Doug McMillon's most recent comments validate what Biden's administration has been saying about the state of the economy. And they contrast with the economic picture being painted by Republicans who support their presumptive nominee, Donald Trump.
Image source: Joe Raedle/Getty Images
Walmart sees lower prices
McMillon does not talk about lower prices to make a political statement. He's communicating with customers and potential customers through the analysts who cover the company's quarterly-earnings calls.
During Walmart's fiscal-fourth-quarter-earnings call, McMillon was clear that prices are going down.
"I'm excited about the omnichannel net promoter score trends the team is driving. Across countries, we continue to see a customer that's resilient but looking for value. As always, we're working hard to deliver that for them, including through our rollbacks on food pricing in Walmart U.S. Those were up significantly in Q4 versus last year, following a big increase in Q3," he said.
He was specific about where the chain has seen prices go down.
"Our general merchandise prices are lower than a year ago and even two years ago in some categories, which means our customers are finding value in areas like apparel and hard lines," he said. "In food, prices are lower than a year ago in places like eggs, apples, and deli snacks, but higher in other places like asparagus and blackberries."
McMillon said that in other areas prices were still up but have been falling.
"Dry grocery and consumables categories like paper goods and cleaning supplies are up mid-single digits versus last year and high teens versus two years ago. Private-brand penetration is up in many of the countries where we operate, including the United States," he said.
Costco sees almost no inflation impact
McMillon avoided the word inflation in his comments. Costco (COST) Chief Financial Officer Richard Galanti, who steps down on March 15, has been very transparent on the topic.
The CFO commented on inflation during his company's fiscal-first-quarter-earnings call.
"Most recently, in the last fourth-quarter discussion, we had estimated that year-over-year inflation was in the 1% to 2% range. Our estimate for the quarter just ended, that inflation was in the 0% to 1% range," he said.
Galanti made clear that inflation (and even deflation) varied by category.
"A bigger deflation in some big and bulky items like furniture sets due to lower freight costs year over year, as well as on things like domestics, bulky lower-priced items, again, where the freight cost is significant. Some deflationary items were as much as 20% to 30% and, again, mostly freight-related," he added.
bankruptcy pandemic trumpGovernment
Walmart has really good news for shoppers (and Joe Biden)
The giant retailer joins Costco in making a statement that has political overtones, even if that’s not the intent.
Share this:
As we head toward a presidential election, the presumed candidates for both parties will look for issues that rally undecided voters.
The economy will be a key issue, with Democrats pointing to job creation and lowering prices while Republicans will cite the layoffs at Big Tech companies, high housing prices, and of course, sticky inflation.
The covid pandemic created a perfect storm for inflation and higher prices. It became harder to get many items because people getting sick slowed down, or even stopped, production at some factories.
Related: Popular mall retailer shuts down abruptly after bankruptcy filing
It was also a period where demand increased while shipping, trucking and delivery systems were all strained or thrown out of whack. The combination led to product shortages and higher prices.
You might have gone to the grocery store and not been able to buy your favorite paper towel brand or find toilet paper at all. That happened partly because of the supply chain and partly due to increased demand, but at the end of the day, it led to higher prices, which some consumers blamed on President Joe Biden's administration.
Biden, of course, was blamed for the price increases, but as inflation has dropped and grocery prices have fallen, few companies have been up front about it. That's probably not a political choice in most cases. Instead, some companies have chosen to lower prices more slowly than they raised them.
However, two major retailers, Walmart (WMT) and Costco, have been very honest about inflation. Walmart Chief Executive Doug McMillon's most recent comments validate what Biden's administration has been saying about the state of the economy. And they contrast with the economic picture being painted by Republicans who support their presumptive nominee, Donald Trump.
Image source: Joe Raedle/Getty Images
Walmart sees lower prices
McMillon does not talk about lower prices to make a political statement. He's communicating with customers and potential customers through the analysts who cover the company's quarterly-earnings calls.
During Walmart's fiscal-fourth-quarter-earnings call, McMillon was clear that prices are going down.
"I'm excited about the omnichannel net promoter score trends the team is driving. Across countries, we continue to see a customer that's resilient but looking for value. As always, we're working hard to deliver that for them, including through our rollbacks on food pricing in Walmart U.S. Those were up significantly in Q4 versus last year, following a big increase in Q3," he said.
He was specific about where the chain has seen prices go down.
"Our general merchandise prices are lower than a year ago and even two years ago in some categories, which means our customers are finding value in areas like apparel and hard lines," he said. "In food, prices are lower than a year ago in places like eggs, apples, and deli snacks, but higher in other places like asparagus and blackberries."
McMillon said that in other areas prices were still up but have been falling.
"Dry grocery and consumables categories like paper goods and cleaning supplies are up mid-single digits versus last year and high teens versus two years ago. Private-brand penetration is up in many of the countries where we operate, including the United States," he said.
Costco sees almost no inflation impact
McMillon avoided the word inflation in his comments. Costco (COST) Chief Financial Officer Richard Galanti, who steps down on March 15, has been very transparent on the topic.
The CFO commented on inflation during his company's fiscal-first-quarter-earnings call.
"Most recently, in the last fourth-quarter discussion, we had estimated that year-over-year inflation was in the 1% to 2% range. Our estimate for the quarter just ended, that inflation was in the 0% to 1% range," he said.
Galanti made clear that inflation (and even deflation) varied by category.
"A bigger deflation in some big and bulky items like furniture sets due to lower freight costs year over year, as well as on things like domestics, bulky lower-priced items, again, where the freight cost is significant. Some deflationary items were as much as 20% to 30% and, again, mostly freight-related," he added.
bankruptcy pandemic trump
Walmart launches clever answer to Target’s new membership program
EyePoint poaches medical chief from Apellis; Sandoz CFO, longtime BioNTech exec to retire
When Military Rule Supplants Democracy
Catastrophic Risk: Investing and Business Implications
Dropping Like a Stone: ON RRP Take‑up in the Second Half of 2023
Where Is R‑Star and the End of the Refi Boom: The Top 5 Posts of 2023
The Digest #187
Redefining Poverty: Towards a Transpartisan Approach
Gather ’round the crystal ball: A multi-commodity outlook from PDAC 2024
The Coming Of The Police State In America
-
Uncategorized2 weeks agoAll Of The Elements Are In Place For An Economic Crisis Of Staggering Proportions
-
Uncategorized1 month agoCathie Wood sells a major tech stock (again)
-
Uncategorized3 weeks agoCalifornia Counties Could Be Forced To Pay $300 Million To Cover COVID-Era Program
-
Uncategorized2 weeks agoApparel Retailer Express Moving Toward Bankruptcy
-
Uncategorized3 weeks agoIndustrial Production Decreased 0.1% in January
-
International1 day ago
Walmart launches clever answer to Target’s new membership program
-
Uncategorized3 weeks agoRFK Jr: The Wuhan Cover-Up & The Rise Of The Biowarfare-Industrial Complex
-
Uncategorized3 weeks agoGOP Efforts To Shore Up Election Security In Swing States Face Challenges