Most are familiar with the phrase "New World Order." It first came to my attention in the mid-1990s when then-President George HW Bush introduced us to the term: A New World Order, where the rule of law, not the rule of man...so on.
In the nearly thirty years since Bush first uttered the phrase, we've come to find out just what his vision is. A cradle to grave coddling of citizens, such that they become the perfect ideal of a technocratic utopia. A utopia, wherein the words of World Economic Forum Chief Klaus Schwab, "we will all own nothing and be happy." A world in which the all-seeing state shall make sure that all of our needs are met. And most important, we will no longer pollute, and the climate will be perfected.
The NWO vision has been a driving force for elites in the United States in the intervening years since Bush Sr. first put forth the vision. Since then, Presidents Clinton, Bush Jr, Obama, and Biden have advocated the New World Order as an ideal to pursue.
Most interesting, the country closest to achieving an NWO State isn't the US. It's China. The fact that China has been the country with the most significant economic lockdowns is no accident. China has the power, and they are exercising it. Their complete monitoring of the public, combined with a Social Scoring System, allows Chinese authorities to exert near total control over its citizens.
So, last week when President Joe Biden met with General Secretary Xi Jinping, we should have expected that they'd have a lot to talk about. And talk they did. For a remarkable three hours, these two world leaders discussed global events. The White House reports that Biden pressed Xi on Taiwan's independence. A tired old issue that goes back to 1972, when then-President Nixon and Chairman Mao Zedong agreed that there is only one China. At the same time, allowing Taiwan to exist as a quasi-independent state.
Taiwan has been a settled policy between China and the US for the last half-century. But apparently, Biden needs to beat that drum one more time. An indication of the vacuous state of current American foreign policy.
So the Administration tells us that Biden told XI what for regarding Taiwan. That took 15 or 20 minutes. But what of the other two and half hours of their meeting? What did they discuss then?
I suggest that it was Xi's opportunity to describe world conditions to Biden. You see, Biden represents the Old New-World Order. A world in which the United States and Europe were dominant. That world is past, there is a New, New-World Order, and Xi's China is at the heart of this new Global Order.
For those who haven't noticed, the economic numbers certainly are going in China's direction. China's economy is growing twice the rate of the US. Inflation in China is one-quarter that of the US, and China's trade balance is as positive as the US trade deficit is negative. By some standards, China's economy is now more extensive than the US.
More concerning for Americans is the current direction of these two countries. The United States and all of Europe are looking at likely the most austere Winter since World War II. The Ukraine conflict and droughts worldwide, including much of America, threaten European food supplies this winter. Energy is in short supply and has generated tremendous inflation as both sides of the Atlantic must now search for foreign oil and coal sources. All are delivered at premium prices.
China has none of these problems. A traditional energy importer, China's new strategic energy partnership with Russia promises a reliable, low-cost energy supply for the foreseeable future. China habitually faces the issue of feeding its vast population, but this year at least, food seems to be plentiful.
Current economic conditions favor China over the US and the collective west.
But it's not just economic conditions that see China ascending.
The SWIFT system has been the central transaction system that supported the US Dollar as the currency of international trade. After all, Swift transactions requiring Dollars are how the Dollar became the World's Reserve Currency. One of the significant diplomatic blunders in finance was President Biden blocking Russia from using SWIFT.
By blocking Russia from using SWIFT, he invited Russia to join China's new settlement system. An incredible financial coup for China. And a significant misstep for the United States.
And the world has noticed. No longer is the collective west the center of international trade and finance. There is another player on the World Stage. Headed by China and Russia, it is the new, growing center of economic power. Welcome to the New, New-World Order. Its foundation is the Brick's Countries, Brazil, Russia, India, and China. With Iran looking to join shortly. It is rumored that up to a dozen countries are anxious to join.
And that's what General Secretary XI discussed with President Biden—putting aside how things used to be and introducing the President to the New New-World Order.
Econ Briefs
There is some excellent news coming out of the Commodity Pits in Chicago. For the first time since last summer, Wheat is trading for less than $8/bushel. Moreover, the US Department of Agriculture is now projecting a World Wide increase in Wheat supplies. The growth is partly due to better-than-expected crops from Australia and Kazakhstan. But mainly, we can thank Russia for the increased Wheat.
Many do not realize that Russia has established a shipping corridor in the Black Sea that has allowed Wheat from Ukraine to pass safely. And this is allowing Wheat from one of the world's top producers to flow to global markets.
Here in the US, it's open season for Fed Governors, that time on the calendar when the Fed members can speak openly to the public. And not to be seen as influencing their upcoming interest rate decision. Today there will be half a dozen Fed speakers preparing us for what's to come when the fed subsequently meets on December 14.
Today Real Estate reports are front and center, with the latest numbers on building permits and housing starts. Wall Street is hoping against hope that we may see a slight improvement in the Real Estate markets.
Also, this Thursday will be the latest on Initial and Continuing claims for Unemployment Insurance. Little change is expected here.
Mixed results are coming from the retail sector this morning. Discounter BJ's Wholesale performed well as price-conscious shoppers continued to look for bargains. Also, a bit of a surprise as premium Department Store Macy's has gotten an excellent response from traders this morning.
On the other hand, troubledKohl's Department Stores is trading lower in their earnings.
