©Source: Flickr/European Parliament
A Collapse Isn’t Coming, It’s Even Worse: The Decline of the European Union
In the aftermath of Brexit, the influence and relevance of the European Union appears to be waning. As evidenced by the declining familiarity with EU political figures and limited awareness of current events, the British public no longer closely monitors EU affairs.
President of the European Parliament Roberta Metsola said that the recently revealed disability benefit fraud scheme is far more than simply benefit fraud, but a scandal which is vast and organized. “It is corruption designed to defraud the most vulnerable,” Metsola said in a Facebook post on Sunday.
The latest revelations on the benefits fraud scheme show how aside from former Labour MP Silvio Grixti, there were various middlemen who would forge doctors’ signatures and rubber stamps, as well as false Transport Malta documents.
The Sunday Times today also revealed that beneficiaries who received illicit disability money, said that a Labour Party canvasser and a former minister’s aid lured them into the benefits fraud scheme, in return for a vote and a kickback amounting to a year’s worth of benefits.
Metsola said that today’s story exposes more of the scandal “that will not stop.” She said that it is “as rotten as we thought.” “It’s corruption that is organized systematically to enrich the few at the expense of the many. It’s corruption at the highest levels of Government. It’s corruption in exchange for votes. It’s corruption that this Government has allowed to seep into every aspect of their operations,” Metsola said.
She said that the scheme steals from the poor to give to those who were ready to sell their vote. “A vote that the corrupt were willing and ready to buy. A vote wholesale they actively encouraged,” she continued.
Metsola said that once again, there has been zero political responsibility, but rather more attempts to “sweep it under the carpet” and cover up to protect those at the top.
“It’s the same playbook Malta and Gozo have endured for the last decade,” she continued.
Metsola said that this is what happens when corruption is allowed to continue unabated, when the crooks are protected, when politics is seen as a get-out-of-jail-free card.
“Enough. We need zero-tolerance for corruption. We need politicians who protect the public interest. Those who don’t, must be held accountable. We need to clean up the system. And we will,” Metsola said.
Last week, it was revealed that some 800 people were receiving benefits for which they were not entitled. Former MP Silvio Grixti has been implicated in the scandal, having allegedly provided documents for people to receive these benefits.
The UK’s Departure From the EU
The United Kingdom’s withdrawal from the European Union has had significant implications for both entities. Since the Brexit referendum in 2016 and the UK’s formal exit from the EU in 2020, the relationship between the two powers has evolved in complex ways.
Politically, the EU no longer has any direct authority over the UK. British voters and politicians are no longer obligated to consider the demands of EU governing bodies like the European Parliament. However, some in the EU appear reluctant to fully accept the UK’s independence, as evidenced by Brussels’ criticism of Britain’s new minimum service levels for labor strikes. This policy does not affect trade between the UK and the EU.
Economic Struggles in the Eurozone
The Eurozone continues to face significant economic challenges. According to the Organisation for Economic Co-operation and Development (OECD), the Eurozone economies have experienced lackluster growth since the United Kingdom departed
from the European Union.
The OECD reports that the UK economy has outpaced major Eurozone
economies like France, Germany, Italy, and Poland in the post-Brexit period.
Germany, which benefited substantially from the euro for many years, is now in a recession. Business confidence is positive in Britain but negative in the Eurozone, indicating the UK economy is performing better. The euro currency zone remains vulnerable, with some analysts predicting another crisis could emerge.
Germany’s Recession and Business Confidence
Germany’s economy has fallen into recession, shrinking for two consecutive quarters. Economists say Germany’s gross domestic product declined significantly in the third quarter of 2019. This follows a low contraction in the previous three months.
Germany is heavily dependent on exports, particularly from the automotive industry.
Politically, Germany faces challenges from the right-wing Alternative for Germany
(AfD) party. The AfD is critical of the EU and opposes immigration.
The AfD has gained votes in recent state elections, particularly in eastern Germany. Comparative Economic Growth Rates Post-Brexit
The economic performance of the UK has surpassed that of major EU economies since Brexit. According to the OECD, Britain’s GDP has expanded faster than France, Germany, Italy, and Poland since leaving the EU. While the UK economy has steadily grown, the Eurozone has struggled and faces the impending threat of the euro’s collapse.
Germany, which benefited greatly from the euro for many years, has descended into recession. Business confidence is decidedly positive in Britain but notably negative across the Eurozone. The anemic growth of European economies as a whole stands in stark contrast to the relative success of the British economy.
The Rise of Extremism in EU Politics
The European Union is facing rising political turmoil as extremist parties on both the
far-right and far-left gain momentum across member states. Voters in France, Germany, Poland and Spain are increasingly drawn to fringe political movements that promise radical changes to the status quo.
The rise of extremist parties poses an existential threat to the EU. As more member
states come under the control of radical groups with little commitment to European unity, cooperation and shared values, the EU will struggle to function effectively. If this trend continues across Western Europe, the EU may face an unraveling from within.
Keine Alternarive (German) = No Alternative
The Decline of Centrist Parties
The European Union faces significant political challenges as centrist parties across member states decline in popularity and influence. The rise of populist and extremist political movements on both the far right and far left threatens the stability of national governments and the EU.
There is a risk of increased political gridlock at the national level and conflict between member states. The EU must work to address the root causes driving voters to extremist parties and make the case for centrist, pro-EU policies if it hopes to turn the tide.
Ongoing Tensions Between the UK and EU
The EU appears intent on complicating border crossings between the UK and EU.
New regulations have made transporting goods across borders more demanding, in what some analysts see as an attempt at punishment. The EU has also objected to some of the UK’s domestic policy changes, such as establishing minimum service levels for strikes, even though these do not directly impact trade.
However, because the UK is no longer closely monitoring the EU, unrealistic positive perceptions of the organization have emerged. In reality, the EU faces significant challenges, especially economically. The euro currency continues struggling, and major economies like Germany face recessions. Business confidence is higher in the UK than in the Eurozone.
Ursula von der Leyen – Wikipedia
What Does the Future Hold for the EU?
The future of the European Union appears precarious. While imminent collapse seems unlikely, the EU faces significant challenges threatening its stability and global influence. Politically, fringe parties on both the far-right and far-left are gaining popularity across Europe.
These parties tend to be Euroskeptic and oppose further European integration. Their rise indicates a growing dissatisfaction with the political establishment and a desire for radical change. Leaders of mainstream parties will need to address voters’ concerns to curb the advance of extremist groups.
External Challenges
The EU also faces external challenges like an increasingly assertive China and Russia.
As the geopolitical influence of the United States wanes, the EU will need to strengthen cooperation on foreign policy and defense to counter threats to its interests. However, divisions among member states may hamper efforts to project power on the global stage.
While the EU is unlikely to disintegrate completely, its status as a major political and economic force in the world depends on overcoming the many issues currently straining the bloc. More decisive leadership and a willingness to reform are desperately needed to ensure the EU’s long-term survival.
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The Slow but Steady Decline of the EU
The slow decline of the European Union is evident as economic and political turmoil continues to plague the alliance. Germany faces recession, France contends with a disappearing center-right party, and Italy struggles for growth. The EU’s complex border policies and lingering punitive measures against the UK highlight lingering tensions.
Yet the UK’s departure has allowed it to focus inward, with business confidence and economic forecasts more positive than those of its former partners. As issues mount on the continent, detachment allows the UK to avoid getting entangled.
Chinese torchbearers Dinigeer Yilamujian (L) and Zhao Jiawen
Wave with the Olympic flame in the middle of a giant snowflake during the Opening Ceremony of the Beijing 2022 Winter Olympic Games. (Manan Vatsyayana/AFP/Getty Images)
One of the athletes lighting the Olympic cauldron was a Uyghur.
Here’s why that matters from journalist Joshua Berlinger in Paris
#Beijing2022 Opening Ceremony! | Full Replay (youtube.com)
To light the Olympic cauldron, China chose two athletes: skiers Dinigeer Yilamujiang and Zhao Jiawen.
Like the rest of the highly choreographed ceremony, the choice of Dinigeer and Zhao appears symbolic and deliberate. Dinigeer is a Uyghur, an ethnic minority in China’s far west region of Xinjiang — where China has been accused of massive human rights violations. The United States and United Kingdom have gone so far as to accuse the Chinese government of genocide against the Uyghurs and other ethnic minorities.
The US State Department estimates that up to two million people have been detained in internment camps in Xinjiang since 2017. China says the camps are vocational training centers, aimed at combating terrorism and separatism, and has repeatedly denied accusations of human rights abuses in the region.
Many Western countries refused to send official delegations to Beijing for the Games due to the allegations of widespread rights violations in Xinjiang.
The decision to pair Dinigeer and Zhao — who is of Han descent, the dominant ethnicity in China — could be a propaganda display, as the ceremony was big on displays of ethnic unity. In addition to the pairing of Zhao and Dinigeer, members of China’s 56 official ethnic groups joined to display the flag of the People’s Republic.
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Shipping containers in China’s Jiangsu Province. Bloomberg
All You Need to Know About China’s Economic Slowdown
The economic slowdown in recent months is sounding alarm bells across the world.
Hi, this is John Liu in Beijing with a special edition of the Next China newsletter. You may be receiving this because you subscribe to one of our other newsletters, including Economics Daily, Five Things: Asia and Balance of Power.
China’s Socio Eco Collapse – Search Videos (bing.com)
Today, I’ll tell you all you need to know about the slowdown in the world’s second-biggest economy.
If I had to use one word to describe the current situation, it would be fragile. The economic data we’ve gotten over the past few months have largely painted a gloomy picture. Chinese households are spending less than expected and saving more instead. Businesses are borrowing and investing at a reduced pace. And while the overall jobs situation has been stable, unemployment among the country’s youth has jumped so much that Beijing decided to stop releasing the data.
As downbeat as all that is, it is important to note the economy is not crashing. Economists are still expecting Chinese gross domestic product to grow 5.1% this year, 4.5% next year and 4.6% in 2025. By comparison, the US is forecast to grow 2% this year, 0.9% next year and 1.9% in 2025.
China’s Slowing Growth Trend
Economy faces sub-5% expansion for three straight years if forecasts pan out
Sources: Bloomberg, National Bureau of Statistics, JPMorgan Chase & Co.
So, what’s the big deal?
Let’s take the longer view. In the first 19 years of this century — up to right before the pandemic hit — the American economy grew on average about 2% each year. That means expected growth for the US is still where it’s been for the past two decades.
China’s trajectory tells a different story. The economy expanded on average 9% a year from 2000 to 2019. Now China’s growth seems to be slowing to about half that pace. With a medley of challenges on the horizon ranging from enormous levels of debt to a rapidly aging population, that rate could drop off even more.
A major slowdown in China raises a lot of questions for the global economy and would have consequences for everyone who benefits from Chinese consumer and manufacturing demand. Will Boeing need to make so many jets? Should French wineries plant so many acres? Do Australian miners need that much equipment?
Watch: China’s Great Slowdown
The Real Reason China’s Economy Is In Crisis (youtube.com)
696,015 views Jan 29, 2024
China is facing a spiraling debt crisis and a period of deflation which could very well end their 45 years of economic growth and reform. And there isn’t a simple reason why this is happening, but rather a compounding of policy decisions, unexpected spread of disease, market euphoria, lies and mistakes. This video includes a history of China’s economy, their recent economic problems including the real estate collapse, stock market stagnation and pandemic aftermath, and a deep dive into the current and ongoing debt and deflation crisis in 2024. TIMESTAMPS INTRO 0:00 45 YEARS OF GROWTH 1:16 STATE OWNED ENTERPRISE 4:17 CRISIS AFTER CRISIS 5:05 HIDDEN DEBT CRISIS 10:29 DEFLATION SPIRAL 13:47
There are also going to be implications on the geopolitical front. An economy that grows more slowly also produces more modest increases in tax revenue. That means President Xi Jinping’s government may have some tough choices when it comes to subsidizing technological development, spreading largesse around the developing world and buying weapons that shift the balance of power in the Pacific.
Things could change. Beijing could have the perfect policy response for the problems that ail China’s economy and stabilize growth at a relatively robust pace. Or the government could end up making some ill-advised decisions that make things worse.
To get the best sense of where China’s economy is headed, and what it might mean for the rest of the world, here are the five things you should be paying attention to and the stories that will help you understand them.
Property Market
The biggest drag on China’s economy right now is the country’s depressed real estate market. Home prices are falling, developers are defaulting and people are angry. Beijing has been trying to steady the sector by cutting interest rates and making sure builders can get access to financing, but nothing has been able to turn the tide just yet.
New Home Prices in China
Month-over-month change in new residential real estate prices
Source: National Bureau of Statistics 70-city averages compiled by Bloomberg Intelligence
Excludes state-subsidized housing.
The debt-fueled housing market is having another meltdown
Here’s what’s at stake as China cleans up its property mess: QuickTake
Official data shows a housing slump, but it’s worse than you think
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The nation is easing home purchasing rules to boost the economy
Big-city homeowners are cashing out as the wealth dream fades
Policy Support
Financial markets have been hoping Xi will pull out the policy “bazooka” to combat the slowdown. What they’ve gotten instead is a steady stream of incremental measures that have largely disappointed. That reticence may reflect a confidence among policymakers that the economy is strong enough to persist through the current headwinds. It might also betray a worry that today’s cure will sow the start of tomorrow’s disease.
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Global funds are abandoning China’s blue chips
China stock investors are pinning their hopes on a revival
The country has a new central bank chief to see things through
Local Debt
In the aftermath of the Lehman Brothers collapse in 2008, China opened the stimulus floodgates to keep its economy afloat. It worked. Not only did China make it through the financial crisis relatively unscathed, it also became the main engine for global growth. But it came at a cost: Local governments that began borrowing during the crisis to build infrastructure kept doing so until they’d racked up some $9 trillion of off-balance-sheet debt. As slower economic growth and a miserable property market sap tax revenues now, it’s not clear how that money will be paid back.
Rising Financial Stress For China LGFVs
More vehicles are missing payments on short-term debt
Source: Huaan Securities Co.
That $9 trillion debt problem is getting worse, insiders say
Xi doesn’t have an easy fix to these multiplying economic problems
The big local debt mess is about to get even messier
All you need to know about the LGFVs dealing with debt: QuickTake
Investors are slashing LGFV bond tenors
Another debt risk warning? China’s $400 billion pension
Economic Targets
Every March in Beijing, China’s premier stands in front of the National People’s Congress and gives the government an annual target for economic growth. It’s as public a benchmark of official performance as you get in the country. The only time they missed the target by a substantial margin was last year, when Covid lockdowns dragged on growth. If we see a slip this year below the expansion target of about about 5%, there will be a lot of motivation for policymakers to do more.
Economists Trim China Forecasts
Outlook darkens as data for second-largest economy flashes warning signs
Source: Bloomberg survey
Economists are trimming their forecasts and expecting more support
Some good news: The factory slump may be bottoming out
But there are other problems, like deflation: QuickTake
Is China in a “balance sheet recession” or not?
The reluctance on stimulus will cap growth this year
Fitch laid out one factor that may cause it to rethink China’s rating
Global Response
There is wide range of opinion on whether China’s economic ascendance has been positive or negative for the world. But just about everyone would agree that the world has been indelibly changed as a result. China is now a cornerstone of the global economy and one so big that its wobbles elicit concern in capitals around the globe.
Need proof? Here’s how the slowdown is rippling worldwide
US President Joe Biden called China a “ticking time bomb”
The Vladimir Putin Interview | Tucker Carlson (rumble.com)
The US, though, can still grow even with a China drag
But Brazil bet big on China and that could be costly.
What Are Some Signs of the End Times According to Revelations?
Opening ceremony of the London 2012 Olympics – The Globe and Mail
Go check it out .. Everything was planned and announced
REMINDER
The opening ceremony of the London 2012 Olympics, with the giant figure of death holding a needle, nurses and doctors dancing zombies and all the children in hospital beds. I remember that Russel Brand led the kids.. the pied piper. disturbing … that date changed everything 💯 it seems from then on what was life stop. 🛑 The Complete London 2012 Opening Ceremony | London 2012 Olympic Games (youtube.com)
Signs Of the End Times According to Revelations Are Nations Rising Against Each Other And Wars Between Peoples and Nations. A Series of Natural Disasters Offer Additional Signs of The End Times, Including Earthquakes and Violent Hailstorms. God Also Appoints Messengers to Preach the Gospel During the End Times.
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Prophecy
According to the book of Revelation, in the end times, an anti-Christ figure heads the government. Other false gods appear and claim Christ’s authority. There is an increase in false prophecy, and these authorities seek to persecute Christians. Additional signs of the end times are nations warring with other nations. In general, hate between individuals increases during the end times, while betrayal increases and true love decreases.
An additional sign of the end times is a violent earthquake.
Seismic Monitor – Recent earthquakes on a world map and much more. (iris.edu)
God intends to grab the world’s attention with this disruptive, worldwide earthquake and possibly a series of smaller earthquakes. Travel and communication infrastructures collapse during the earthquakes.
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A violent hailstorm follows the earthquakes. The hailstorm brings fires that destroy crops and leave millions homeless throughout the world. Asteroids follow the hailstorm, and the asteroids trigger giant waves that decimate coastal communities. Contaminated water supplies cause a number of deaths from bacteria.
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End Times Revelation movie – Search Videos (bing.com)
During these end times, God appoints 144,000 messengers to tell the world of God and His plan and conditions for salvation. Most people reject God’s message. An additional sign of the end times is the devil’s appearance on Earth acting as Christ in disguise. God allows the devil and his angels to kill one-third of the world’s population. They set out to kill anyone who chooses not to follow the devil. There’s no bigger hypocrite than a Left-wing ‘anti-racist’ (msn.com)
This video is about the SIGNS of the end.
Signs of the End Times: According to the Bible – Are We Living in the End? (youtube.com)
Reading about The End Time Signs in the Bible we can ask ourselves if We are Living In That Time Right Now? Notice that many more end time prophecies will be featured in future videos. Revelation 1:7 is the Bible verse used when it says Joel 2:31.* What Antichrist will do in Israel is shocking (Bible Prophecy) – Dr David Jeremiah – YouTube
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The debt ceiling is the maximum amount of money the government can borrow. On January 19, the US hit its borrowing limit of $31.4 trillion. Since then, the Treasury has implemented a number of measuresto avoid failing to pay back its legal obligations, known as a default. A US default would likely push the country into a major recession,
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