Friday October 16, 2020
The technology sector remains the proxy battleground in the latest cold war between the US and China. The latest salvo comes in the rhetoric that China will pass their own laws barring “sensitive exports vital to national security.” As always, the devil remains in the details, and what exactly constitutes ‘vital’ may go with the winds depending on the circumstances. And the volley back by Washington, in this ongoing tit-for-tat diplomacy, looks to be Ant Financial- which generates just five percent of their revenues overseas. Most level headed folk will recognize that the punishment on earnings of the 5% will not make a material impact. Oh, but it is “sending a message”… yes it is, that as we head towards the circus of circuses with the POTUS election — priorities do not seem well in hand.
The comedy continued with Trump himself spurring a mini-contagion within the Administration (and his family). One by one the list of associates and advisors took a knee on COVID, but the man-in-charge on a heavy dose of God knows what bounced back in remarkable time and literally wanted to rip his shirt off upon being discharged from the hospital to reveal a Superman shirt underneath his suit. And so the mass contagion ensues as he hits the campaign trail and his disciples come out en masse and sans mask. The man clearly has HIS priorities straight… just not the country’s. Oh, dear.
It’s hardly a surprise, according to the PEW Research Center confidence in the POTUS is now at all time lows, across the world. It’s rabbit out of the hat time.
To the extent where most countries now trust Xi Jinping or Vladimir Putin more than they do the leader of the land of the free says a lot.
Nevermind the domestic disruptions stemming from pent up rage of social and racial inequalities as the top 1% continue to get bailed out, the rest of the world is busy recovering themselves. What they do care about is the treasury…