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Peak China?

Unleash Prosperity Hotline
Issue #384
1) Peak China?

With each passing week, it looks like World War III – between America and China – is coming sooner than we think. It’s not going to be fought with bullets or aircraft carriers. This will likely be an all-out economic war for global supremacy. The Yuan versus the Dollar. The Nasdaq versus the Shanghai Exchange.

This wasn’t a great time to exchange a president who put America first and recognized China as a predator economy for a half-witted president who thinks that climate change is a bigger threat to the world than the Maoists in Beijing. While Washington under Biden is embracing economically illiterate big government socialism policies, China is sprinting back to command and control faster than the U.S. That’s a big reason why our stock market is outperforming there’s.

The Chinese stock market jitters reflect global investor irritation with iron-fisted political interferences in business affairs. As Foreign Affairs magazine recently put it in a story on the risks of investing in China: “President Xi has placed China on a risky trajectory that threatens the [free market] achievements of his predecessors.”  

Sadly, Maoists are firmly entrenched in Beijing and capitalism is losing. Xi’s administration simply doesn’t get what George H.W. Bush once so eloquently describes as “that freedom thing.” Militant social controls and restraints on individual liberty are now being matched with economic controls on Chinese mega-corporations that are trying to vie for industry supremacy in technology, biology, manufacturing and transportation. Is all of this reminiscent of Japan circa 1939? 

He’s Back In Charge
2) Is Bad Manchin Back Already?

Joe Manchin is once again all over the map. In his contract with Chuck Schumer, he said emphatically he wouldn’t go over the $1.5 trillion price tag. Well, never mind. 

The West Virginia senator told CNN on Tuesday that he was open to a $1.9 to $2.2 trillion version of Biden’s Budget Busting bill, a number much bigger than the $1.5 trillion top line he’d previously said was his limit. The White House is now redrafting its plan to fit into a $2 trillion box. By our reckoning that’s about $2 trillion too much.

He previously had joined with other Democrats to endorse a bill that would have the federal government seize control of elections from the states. That bill likely comes up for a Senate vote this week.

He also told activists who surrounded his boat this past weekend that he is in favor of “tax the rich.” That’s some ally we’ve got there.  

Manchin is up for re-election in 2024 and rumors are he may try to recapture the governorship he once held. 

A new poll finds only 36% of West Virginia voters approve of his performance, while 55% disapprove. Two of three West Virginians voted for Trump.

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