In 2022, the US kicked Russia out of the SWIFT system, causing significant losses for Russian businesses and ordinary citizens. Even Switzerland’s traditionally neutral banks joined this looting. The monopoly over the financial system and global currency once gave the U.S. and EU such capability, but at the 2024 BRICS summit, Western countries permanently lost this advantage.
Previously:
Russia outlines proposal for BRICS DLT cross border payment system
China’s hybrid “state capitalist” system, driven by centralized planning and fierce competition, has led to dominance in critical technological fields and emerging markets. Western multinational corporations are advised to adopt a pragmatic approach to capitalize on four key strengths of China’s economy: its innovation ecosystem, its investment in the Global South, its ultra-competitive markets, and its vast consumer base. Those who fail to engage risk losing global revenue and strategic opportunities.
The 4 Key Strengths of China’s Economy — and What They Mean for Multinational Companies
GDP data for China, the U.S., and the other G7 countries for the year 2023 has now been published. This makes possible an accurate assessment of China’s, the U.S., and major economies performance—both in terms of China’s domestic goals and international comparisons. There are two key reasons this is important.
China’s economy is still far out growing the U.S. – contrary to Western media “fake news”
During a state visit to the People’s Republic of China in September 2023, Venezuelan president, Nicolas Maduro met president Xi Jinping and both agreed to strengthen the relationship of their countries by establishing seven sub commissions to elevate it to the level of ‘all-weather strategic partnership’. This is the culmination of a relationship that began with president Hugo Chavez’s first visit to Beijing in 1999, the very first year of his presidency.
On the strategic relationship between Venezuela and China
Country’s GDP set to fall as it struggles with the energy crisis supply chain disruption
German economic slump will be worse than feared, warn economists
The US economy isn’t in the clear just yet because of the triple threat posed by rising oil prices, the dollar, and the Federal Reserve, according to Bank of America.
Oil, the dollar, and the Fed still pose a triple threat to the US economy, Bank of America says
CHIUL, Guatemala − Life in Bartolo Báten’s village has been defined by corruption: A teacher who can’t get a job at the school until she pays a bribe. A water project that runs out of money before the pipes reached town. Sick residents who can’t afford the medicine that’s available elsewhere.
Insurgent candidate tells Guatemalans: Stay, don’t go to the U.S. This time, they’re listening. (archived)
Related:
Seven Decades After Guatemala Coup, Bernardo Arévalo Sees a Dramatic Rise (Will Freeman, CFR)
Arévalo and Semilla are centrists—but in a country where politics habitually skews right, they are often described as center-left. “Semilla has a social democratic element, but its program is centrist, and it also has some center-right followers,” said Lucas Perelló, a political scientist who has spent time studying the party’s formation. Arévalo says he wants to gradually universalize existing social assistance programs to include a greater share of poor Guatemalans, reduce the cost of medicines and healthcare, and link isolated parts of the country through new infrastructure—doable tasks, given Guatemala’s exceptionally low share of debt as GDP, and necessary ones, given the country’s soaring poverty and malnutrition rates.
On security issues, another major concern for Guatemalans, Arévalo promises to increase state presence in crime hotspots, reclaim jails from gangs, and use intelligence-gathering to dismantle mafias. He says Bukele’s anti-gang strategy is not applicable to Guatemala. He is also critical of human rights abuses in Venezuela and Nicaragua and Putin’s war on Ukraine and has no stated plans to recognize China over Taiwan. Asked for a leader he admires, he named the ex-president, José Pepe Mujica, of Uruguay, where he was born during his father’s exile.
On Aug. 22, about 2
The Coming Shock to the Global Monetary System½months from today, the most significant development in international finance since 1971 will be unveiled.
Ms. Cat’s Chronicles 
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