President Biden, Boris Johnson Push Green Alternative to the Chinese Belt and Road

The Biden administration has announced plans to borrow billions of dollars, presumably from China, to finance a green rival to the Chinese Belt and Road initiative, to counter China’s global debt trap diplomacy.

Biden says he suggested to UK’s Johnson a plan to rival China’s Belt and Road

By Jarrett Renshaw


NEW CASTLE, Del. (Reuters) – U.S. President Joe Biden said he suggested to British Prime Minister Boris Johnson in a phone call on Friday that democratic countries should have an infrastructure plan to rival China’s Belt and Road initiative.

“I suggested we should have, essentially, a similar initiative, pulling from the democratic states, helping those communities around the world that, in fact, need help,” Biden told reporters.

The project would significantly expand China’s economic and political influence, raising concerns in the United States and elsewhere.

Biden’s remarks came after he said on Thursday he would prevent China from passing the United States to become the most powerful country in the world, vowing to invest heavily to ensure America prevails in the ever-growing rivalry between the world’s two largest economies.

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Why am I suggesting this is a green initiative? Apart from the fact Biden and Boris are both hardline greens, the following is from 2 weeks ago;

Biden’s focus on climate change could turn up the pressure on China’s mega infrastructure program


  • China’s massive Belt and Road Initiative has been criticized for financing and building infrastructure projects that harm the environment.
  • Beijing has said it would focus more on cleaner projects under the Belt and Road Initiative — but it has little concrete results to show so far, said analysts.
  • U.S. President-elect Joe Biden’s focus on fighting climate change could make it harder for China to “greenwash” its mega program, said Jonathan Hillman, a senior fellow at American think tank Center for Strategic and International Studies.

While campaigning for the U.S. presidency, Biden criticized China for financing dirty fossil fuel projects around the world through the Belt and Road Initiative — and essentially “outsourcing” Chinese carbon pollution to other countries.

Since winning the election, Biden has not announced specific plans to tackle environmental concerns surrounding the BRI. But analysts said the Biden administration could work with partners and allies to offer countries participating in BRI an alternative source of financing for cleaner projects.

“The US approach is likely to continue involve a combination of sticks and carrots,” said Jonathan Wood, director and lead U.S. analyst at consultancy Control Risks.

He told CNBC in an email that the U.S. would use its own financing program — the U.S. International Development Finance Corporation — to focus on green investments to rival China’s initiative. The U.S. could also pressure partners participating in the BRI to raise environmental standards for their projects, added Wood.

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The interesting thing is China’s Belt and Road could be about to implode without US or UK help.

Credit stress hurts new money going into China’s massive infrastructure project, says Moody’s


  • In the first half of 2020, the value of Chinese-led new contracts and investments into countries participating in the Belt and Road Initiative totaled $23.5 billion, Moody’s said in a report.
  • That suggests that full-year volumes will fall “well short” of last year’s $104.7 billion, the agency added.
  • The coronavirus pandemic has caused financial strains in many small economies participating in China’s Belt and Road Initiative, it explained.

SINGAPORE — Investments in China’s massive infrastructure project in 2020could fall “well short” of last year’s level as the coronavirus pandemic caused financial strains in participating countries, according to Moody’s Investors Service.

In the first half of 2020, the value of Chinese-led new contracts and investments in BRI countries totaled $23.5 billion, the credit ratings agency said in a Monday report. That suggests that full-year volumes will fall short of last year’s $104.7 billion, it added.

Such a decline is attributed to greater economic and financial pressure faced by participating countries, many of which are small economies with diminished abilities to take on new debt financing, said Michael Taylor, managing director and chief credit officer for Asia-Pacific at Moody’s.

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Australia has also done its bit to weaken Belt and Road, by helping Papua New Guinea walk away from their debt to China.

Debt-trap policy of China in Papua New Guinea backfires gloriously. Looks like Morrison has played his cards well

The Australian hand in China’s fresh loss

Timothy Masiu, who handles the Communications as well as the Information Technology ministry in the island country, accused China of deliberately building a faulty data centre. “If you buy something from a shop and it does not work, you return it and get your money back,” Mr Masiu told The Australian Financial Review, the premier Business daily of Australia. “We are struggling to repay our other debts, why should we repay this loan?” he added.

Previously, in an investigation ordered by the Papua New Guinea government in 2019, it was revealed that the data centre built by Huawei has major cybersecurity flaws. “It is assessed with high confidence that data flows could be easily intercepted,” the 2019 report said. “Remote access would not be detected by security settings.”

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The fatal flaw in China’s debt diplomacy is China went beyond simply lending the money, they insisted on using their own people to build the belt and road infrastructure projects. So if there are any problems, like the security back door in Chinese built communications infrastructure allegedly discovered by Papua New Guinea, countries have an excuse to do what Papua New Guinea did, and claim that China did not deliver on their promises.

There are other examples of Chinese debts countries could refuse to repay because of the flawed process, such as the disgustingly corrupt Revantador volcano dam in Ecuador. Everyone right up to a former deputy Prime Minister in Ecuador is in jail over the corrupt signing of that deal, and the crumbling, silt filled dam, sited on the geologically unstable foothills of the Revantador Volcano, was clearly never going to be a success.

Even countries which are trying to play China’s game are struggling. For example, the Pacific island nation Vanuatu borrowed big from China to finance shipping port upgrades and a new conference centre which nobody wants. After Vanuatu struggled to repay the debt, China took control of some of Vanuatu’s tourism assets. Given the ongoing Covid tourism slump, I wonder how that is working out for China?

If everyone walks out on their Belt and Road debts, or China cannot recover their outlay, even if they seize control of the Belt and Road infrastructure, what happens next? That really depends on how China financed Belt and Road.

In late 2020 the Chinese Government announced they would be taking control of private sector savings, so they could use people’s savings to finance infrastructure projects. In my opinion they have likely been exercising defacto control for years, but they finally decided to make that defacto control a formal article of Chinese law.

Why would Chinese authorities need such control over private savings? My guess is the CCP needed the cash, to conceal their financial problems; I believe it is possible the CCP simply seized money from private savings banks, to plug holes in their failing Belt and Road programme, and to prop up failing state enterprises, whose treasuries were likely emptied years ago to pay for President Xi Jinping’s vanity projects like Belt and Road.

The evidence :- in 2020 major Chinese state companies also started defaulting on their debts. But now they seem able to meet their obligations. Where did the money come from, if not from looted private savings? What will the CCP do, when they run out of other people’s money?

If I am right, and that is a big if, all the USA and Britain have to do is stand back and wait for the house of cards to collapse. No need to dive in and copy China’s geopolitical mistakes, by launching a Western version of Belt and Road.

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Ed Hanley
March 28, 2021 6:15 pm

” In late 2020 the Chinese Government announced they would be taking control of private sector savings, so they could use people’s savings to finance infrastructure projects.”

This sentence made me shudder. Is there a word that combines the meaning of “deja vu” with “fearful premonition”?

Steve Case
Reply to  Ed Hanley
March 28, 2021 6:27 pm

Yes, and it starts with the letter “F”

Reply to  Ed Hanley
March 28, 2021 7:45 pm

Trudeau’s government has already talked about ‘mobilizing’ people’s savings to fix the economic disaster he created.

I’m sure Biden will be along soon to suggest the same in the US.

Carlo, Monte
Reply to  MarkG
March 28, 2021 9:54 pm

“Haircut” is another apt descriptor for these ideas.

Reply to  Ed Hanley
March 28, 2021 11:29 pm

Its called theft! Communists and their sympathisers are good at this.

Reply to  mikee
March 29, 2021 3:10 am

correction: BANKERS are good at doing this
no ones accounts anywhere are safe from the supposed trustworthy holders of the finances

Reply to  ozspeaksup
March 30, 2021 2:35 am

You’ve never lived under communism.

Reply to  mikee
March 29, 2021 7:56 am

The capitalist system takes peoples savings, invests them in the economy, and sends people an IOU every month called a bank statement, telling them that their money is in the bank, when in fact it was lent out. The communist system takes what would be peoples savings, and sends them an IOU for $0. In both cases the rich people’s money is actually gone, but the expectation that one could get it back is much higher in capitalism.

March 28, 2021 6:36 pm

President Trump realized that China has become a problem.

It’s good that Biden seems to have reached the same conclusion. In fact, it’s one thing where Democrats and Republicans agree.

The world is ganging up on China. example A group of countries has slapped sanctions on some Chinese officials over the human rights abuses. link China is going to learn that its bully boy tactics are backfiring.

Reply to  commieBob
March 28, 2021 7:47 pm

The only conclusion Biden has reached is that Xi isn’t paying him enough.

Reply to  MarkG
March 28, 2021 8:05 pm

Yeah. I wonder who’s actually calling the shots. A prominent theory is that Biden is only a place holder and won’t last long before he has to hand over the reins to Harris.

Rory Forbes
Reply to  commieBob
March 28, 2021 9:08 pm

before he has to hand over the reins to Harris.

Then the US is really fncked. Kamala isn’t all that bright either and has reached her present heady position of power through guile, deceit and that age old (unmentionable) female skill combined with her ability to change horses several times mid stream without getting wet. You’ll notice how popular she was in the primaries.

Reply to  Rory Forbes
March 29, 2021 3:11 am

worse than kamel would be pelosi stepping in and I gather she Can do so

Reply to  ozspeaksup
March 29, 2021 4:49 am

She thinks she can do so, which in this day and age may amount to ability. If they really control the media and tech, who’d be able to argue the point if she went for it?

Rory Forbes
Reply to  Spetzer86
March 29, 2021 10:07 am

She thinks she can do so, which in this day and age may amount to ability.

Sort of makes you wonder who’s minding the shop, doesn’t it?

Rory Forbes
Reply to  ozspeaksup
March 29, 2021 10:06 am

Dear gawd … that’s a sickening thought.

Tom Abbott
Reply to  ozspeaksup
March 30, 2021 10:59 am

Pelosi is third in line to the presidency. It’s Biden, Harris, then Pelosi. The bottom of the barrel has been scrapped.

Chris Hanley
Reply to  commieBob
March 28, 2021 11:04 pm

As Tucker Carlson dryly commented: ‘I wonder if he employs a food taster’.

Tom Abbott
Reply to  commieBob
March 30, 2021 10:58 am

Harris is a place-holder, too. She is completely unqualifed to be president. She *is* qualifed to be a dictator. All that takes is a certain personality combined with acquition of power.

Harris is the choice of Obama and Soros. I suggest Harris is not leading the charge.

David A
Reply to  MarkG
March 29, 2021 8:17 pm

When the globalist are on the verge of destroying soverighn national power, particularly the US, when the “one world” talkers are very close to succeeding, that is when all perverbial hell breaks out, as the battle for who really has power begins in earnest.
Are we seeing the beginning of that struggle, or is this just a faint, to answer the political charge of Biden being a puppet to China.

At any rate if China was going broke over building real energy infrastructure in challenged nations, I have serious reservations about wasting billions on green energy projects around the world.

Vincent Causey
Reply to  commieBob
March 28, 2021 11:45 pm

The worlds leading nation in imposing sanctions gets sanctioned. What an outrage!

Reply to  commieBob
March 29, 2021 5:00 pm

The newest Dem/Media hysteria is Asian bashing. Why, to make China a victim. You know, China Virus is HATE speech.

Tom Abbott
Reply to  Drake
March 30, 2021 11:25 am

The sane nations of the world shoud condemn the Chicoms in the strongest terms for the Chicoms deliberate release of the Wuhan virus into the wide world.

This action by the Chicoms was mass murder and a crime against humanity. By all rights, war should have been declared on the Chicoms over this.

So short of war, the sane nations of the Earth should insist that the Olympic games due to be held in China be moved to some other location in order to send a message to the Chicoms that mass murder is not acceptable and those who practice it must pay a steep price.

The Chicoms losing face over the Olympic games being moved would be a very serious domestic problem for the Chinese leadership. We should make it as difficult as possible for them because of what they have done.

It’s unacceptable for any nation to pretend that it should be business as usual with the Chicoms after their murderous attack.

Where’s the outcry from the EU? Where’t the outcry from the UK? Where’s the outcry from the USA?

There is a huge elephant in the room that some of our leaders are studiously ignoring.

Knowing what we know, China’s leaders must be publicly condemned for their murderous actions. Those who know the score, and do not condemn the Chicom actions, are complicit in the atrocity.

Last edited 1 year ago by Tom Abbott
March 28, 2021 7:29 pm

You can tell how thoroughly Biden and others believe in markets when their solution to any other governments mercantilist initiatives is mercantilism of their own.

Reagan did the same, thinking that he had to spend spend spend and raise the national debt in order to bankrupt the Soviet Union. If he had truly believed that Communism was a broken philosophy, instead of merely fearing the practioners, he could have done the same thing by rolling back the red tape that binds markets, and unleashed the American economy.

Pffft. All politicians are liars.

Reply to  Felix
March 28, 2021 7:42 pm

If he had truly believed that Communism was a broken philosophy, instead of merely fearing the practioners, …

That’s assuming it’s possible to have a viable Marxist system, which is wrong. By its very nature, a Marxist state will always become a totalitarian basket case.

Abolition Man
Reply to  commieBob
March 28, 2021 9:38 pm

Now you’ve made me really curious as to the origin of your nom de plume!
Marxism works great for the right species! The social insects like ants and termites practice something akin to communism; perhaps the lack of a large, functioning brain is a plus. That would help explain the function of our “modern” school system in Western societies; students used to be trained HOW to think, nowadays they learn WHAT to think; and heretics will be shunned and/or punished!

Reply to  commieBob
March 28, 2021 9:38 pm

That was my point, which I apparently didn’t make very clearly. Almost everybody I’ve know throughout my life was against Communism because they feared it, as if they thought it could actually out-compete free markets. I don’t mean there was no reason to fear Stalin or any of his successors; but they always spoke against the dangers of Communism, not the dangers of the leaders, Reagan included.

Reply to  Felix
March 29, 2021 2:25 am

Nobody ever feared that communism would win by out competing us in free markets. The fear was always that the communists would take over by force of arms, what is pretty much exactly what they tried to do whenever they thought they could get away with it.

Reply to  commieBob
March 29, 2021 5:36 am

Yes, and Taiwan may be the grand prize.

Reply to  commieBob
March 29, 2021 8:38 am

By their words, you are right; but by their actions, tying up free enterprise in red tape and increasing the national debt in dubious mercantilist schemes, they showed they had no understanding of their best weapon, free markets and a booming economy.

Reply to  Felix
March 29, 2021 10:44 am

Now you have me completely confused. Who are you talking about with the red tape and dubious mercantilist schemes?

Kevin kilty
Reply to  Felix
March 28, 2021 9:21 pm

I won’t comment on much of your missive, but Reagan didn’t actually spend. Back in his day spending actually originated in the House as the law requires, and the house was run by Democrats who pronounced Reagan budgets DOA and then proceeded to spend as they saw fit. Reagan did at one time go straight to the American public with the spending bill he planned to veto piled on camera just to show its size. Nowadays we don’t know how the money gets spent. Maybe Biden can actually “spend.”

The American economy grew smartly for seven years, 1983 to 1990, as chronicled in Bob Bartley’s book “Seven Fat Years.” The economy was unleashed for a time. I don’t know where your history comes from.

Last edited 1 year ago by Kevin Kilty
Reply to  Kevin kilty
March 28, 2021 9:40 pm

Please stop exercising that tired trope. By that measure, Reagan didn’t do squat, Congress did everything. By that reasoning, anyone lauding Reagan should be lauding Congress instead.

If Reagan gets the credit for spending the USSR into bankruptcy, he can take the blame too.

Kevin kilty
Reply to  Felix
March 28, 2021 9:50 pm

You have no idea what you are talking about.

Ed Zuiderwijk
Reply to  Kevin kilty
March 29, 2021 2:11 am

Indeed he hasn’t.

Reply to  Kevin kilty
March 29, 2021 9:11 am

If you had any actual specific complaints, you would mention them. I can’t rebut what you don’t mention. Please be more specific; as Willis says, quote something so I can tell what you mean.

Joel O'Bryan
Reply to  Felix
March 29, 2021 9:53 am

politics is the Art of the Possible, as some call it.
It was NOT politically possible for Ronald Reagan to do what you suggest, i.e. “by rolling back the red tape that binds markets.”

You have to do what is politcally possible to be a successful politician. Ronald Reagan was certainly a successful politician by any measure.

Michael Jankowski
Reply to  Felix
March 29, 2021 9:55 am

The Soviet Union was a threat for decades. Waiting for it to implode due to communism is like waiting for a dictator to be removed from power due to declining health. Should we have just sat back and not been involved in WWII knowing Hitler would eventually run his course and be gone? Or was there a benefit to making that happen ASAP and a risk to not taking an active role?

And Reagan did “unleash the America economy.” What planet were you on?

Last edited 1 year ago by Michael Jankowski
Reply to  Michael Jankowski
March 29, 2021 5:14 pm

As to WII, Star Trek had an episode where the US stays out of WWII and Germany gets the Nuclear bomb first and with the V2 rocket concurs the world.

That original series had everything.

BTW: Democrats and the MSM have been saying the USSR would have failed “soon” without anything Regan did. You know, like Cuba?

Reply to  Felix
March 29, 2021 5:08 pm

What Reagan did worked. He articulated what he was going to do, implemented the plan (600 ship Navy) and drove the USSR to bankruptcy. So the “thinking” part of your statement??. I understand the debt issue, but he never had the house and had the senate for only 2 years. Democrats ALWAYS get most of what they want when they give the Republicans anything. Remember, it was the Regan peace dividend and an upcoming presidential election for Clinton that led to an actual balanced budget under Newt Gingrich as speaker of the House.

March 28, 2021 7:46 pm

Billions aren’t going to go very far when the Chinese are apparently spending several trillion on their plan.

Besides, the US can’t even get its own infrastructure to work. What chance do they have building infrastructure elsewhere?

Reply to  MarkG
March 29, 2021 3:13 am

ov er at zerohedge theres some items suggesting chinas financials are looking rather rocky..and ongoing also as their birth rates arent rising but dropping

Reply to  MarkG
March 29, 2021 5:23 pm

Besides, the US can’t even get its own infrastructure to work.

Please provide examples?

Infrastructure in RED states works just fine. It is the communist BLUE states where infrastructure has problems. 8,000 miles around the country and got the hell beat out of me in the NE and upper midwest. Even the Jersey Turnpike where I (and millions of others)pay extra for the honor of having my vehicle beat up. The run through Connecticut was miserable but free.

Any road with an I in the name should be required to allow OUT OF STATE drivers to travel without charge at least once a year. No, communists take federal money from us all, but still charge.

March 28, 2021 7:54 pm

“While campaigning for the U.S. presidency, Biden criticized China for financing dirty fossil fuel projects around the world through the Belt and Road Initiative — and essentially “outsourcing” Chinese carbon pollution to other countries.”

That is *all* Europe and US politicans actually did to reduce CO2 levels.
And of course it only resulted in higher global CO2 emission. And created massive pollution in China. And resulted in using a less energy effective means of making products.
Or they forced companies to invest in China because US and Europe was increasing their costs if they chose to continued operating domestically.
Or everything all the politicans did, was increased global CO2 emission and cause more air pollution and other types of pollution.
And in US it was said constantly that it was ‘all about’ China cheap labor. And at same time supported illegal immigration in order to get cheap domestic servants and keeping down wages of Americans {ie “jobs American wouldn’t do”}- and in addition, increasing the illegal human and drug smuggling Cartel business.
That’s our glorious DC Swamp, which constantly says that they hate Americans. And put a fence around the people’s house.
Jan 13, 2021 — After the Capitol riot of January 2021, a critic asks whether the People’s House can maintain openness while being locked down like a fortress.”
So, obvious, not. Biden is a swamp creature.

Bryan A
Reply to  gbaikie
March 28, 2021 10:31 pm

And then there’s this…

Previously, in an investigation ordered by the Papua New Guinea government in 2019, it was revealed that the data centre built by Huawei has major cybersecurity flaws. “It is assessed with high confidence that data flows could be easily intercepted,” the 2019 report said. “Remote access would not be detected by security settings.”

This is most likely Not a Flaw but an “Action By Design” to enable unfettered espionage
Data is the new Gold Bullion and China knows it.

March 28, 2021 8:06 pm

Well, no article is complete without mentioning what spawned the “debt trap” Belt & Road Initiative. And that would be the current “Western Alternative“, the latest of which has manifested itself in Argentina.

In 2018 the IMF agreed to lend Argentina 55 billion dollars which made up 60% of it’s lending portfolio at the time and just last week Argentina said it would be defaulting on that loan. However, what is interesting about the loan is that there is not a single public project that can be named that the loan funded. Instead, the loan went into “supporting” the Argentine Peso. And so what that allowed was for wealthy individuals, who held large amounts of dubious Argentinian Pesos, to “dollarize” their holdings… and presumably, move them out of the country. Now this debt has become due and must be paid by the Argentinian people. And as there were no projects available to foreclose on, to make good on the debt, the IMF will then insert itself into the Argentinian economy by demanding austerity measures, which will devastate the nation’s poor (who had nothing to do with the loan or money).

And if the Argentine example is not good enough, we can examine Joe Biden’s dealings with the Ukraine before he “became” president: involving kick-backs, oil company board positions and getting prosecutors fired, etc… as a precondition to releasing IMF funds.

And the experience of being booted out of the UN was enlightening for Boutros-Ghali: “It would be some time before I fully realized that the United States sees little need for diplomacy; power is enough,” he wrote. “Diplomacy is perceived by an imperial power as a waste of time and prestige and a sign of weakness.”

So, observing all of the above, one could argue that there is an advantage to having a Belt & Road Initiative project to collateralize the debt, should the debt become unpayable. In that way there is no need for China to involve itself in the fiscal policies of the borrower nation, as does the IMF. And it also avoids the green encumbrances and stipulations that the IMF is currently insisting on. Furthermore, the West is not morally averse to insisting on state owned assets as collateral for the assistance it provides (eg, Pfizer in Brazil).

So, before we come to a final judgement about China’s “house of cards” collapsing we might want to take some of the above into consideration, as well as the trillions of dollars the United States is currently printing from thin air.

Last edited 1 year ago by Anon
Rory Forbes
Reply to  Eric Worrall
March 28, 2021 9:22 pm

China may have effectively turned their private savings banking system into a ponzi scheme.

Combine China’s inevitable banking troubles with its shortage of eligible young women for their mostly Confucian young men to marry and you have a potential social calamity of epic proportions. The goal of all sons is to marry and have a family to keep the ancestors at rest and happy. With so few young women available, only money will provide the eligible young men with the success to complete the Confucian ethos. If Xi has already spent the people’s “nest egg” to build family wealth … there’ll be a revolution worse than the Boxers.

Reply to  Eric Worrall
March 28, 2021 9:53 pm

Well, if you meant that the Belt & Road Initiative was a self inflicted “debt trap” for China, I can understand that, given they may have robbed their own citizen’s savings.

However, pertaining to what I outlined above, how the debtor nation perceives the BRI may be entirely different, especially if they have experienced the IMF route. And having spent much of my life living in the Third World, I have never seen the reputation of the United States in such tatters, to the point when I now see RT – Spanish being broadcast in people’s houses instead of CNN International, which was the norm.

And that has to do with America’s corporations and financiers, more than anything else. If you have not seen this film already, it will completely illustrate the problem much of the world has with the United States:

The Magnitsky Act: Behind the Scenes (film at bottom of page)

It is an tour de force of investigative journalism…

A Blacklisted Film and the New Cold War

Why is the U.S. mainstream media so frightened of a documentary that debunks the beloved story of how “lawyer” Sergei Magnitsky uncovered massive Russian government corruption and died as a result? If the documentary is as flawed as its critics claim, why won’t they let it be shown to the American public, then lay out its supposed errors, and use it as a case study of how such fakery works? Instead we – in the land of the free, home of the brave – are protected from seeing this documentary produced by filmmaker Andrei Nekrasov who was known as a fierce critic of Russian President Vladimir Putin but who in this instance found the West’s widely accepted Magnitsky storyline to be a fraud.

So, I can’t have a discussion with any intellectual in South America, about the situation between the United States and Russia without that film being at the center of it. (as down here, all have seen it) And as a result, when they read a NYT, WaPo piece or listen to CNN, they are aghast at the fiction these “news” sources are purveying, as these are the two nations capable of destroying the Earth should a nuclear exchange happen.

So, as long as the United States chooses to adhere to fictional narratives (eg: Russia, climate change, political and scientific censorship, fortified elections, etc, etc) there is a good possibility that the “house of cards” the United States exists in will collapse long before China’s collapses. IMHO

Last edited 1 year ago by Anon
Reply to  Eric Worrall
March 29, 2021 6:35 am

Hi Eric,

You might find this interesting as a part of your analysis:

In Quest of a Multi-Polar World

The dollars have come in and foreign countries couldn’t cash them in for gold. They had nothing to cash them into. And all they could do is finance the U.S. budget deficit by buying Treasury bills.—–That’s the irony now, what has happened in the last few years in the fight against Russia and China is America has killed the free lunch because it said, okay, now we’re going to have sanctions against Russia and China. We’re going to all of a sudden grab whatever money you have in foreign banks like we grabbed Venezuela’s money. Let’s go, we’re going to excommunicate you from the bank clearing system. So, you can’t use banking. We’re going to put sanctions against banks that deal with you.

That interview brings together three things. The thought behind the Chinese government taking over the savings accounts, so they don’t end up being converted to US treasuries, the manufactured Magnitsky Act to coerce Russia’s .01% to join America’s global financial structure, and the BRI initiative as an alternative means of industrialization.

And the role of Climate Change becomes completely transparent as well, although the interview does not get into it: to give United State’s financiers control over how the world Industrializes (or doesn’t).

Last edited 1 year ago by Anon
Reply to  Eric Worrall
March 29, 2021 5:50 pm

Last 100 years is about right, since the creation of the Federal Reserve system in the US in 1913.

Then US will soon begin to inflate away the National Debt.

Reply to  Anon
March 28, 2021 9:32 pm

Some would doubt that the IMF is in fact a “Western Alternative“.

Reply to  Anon
March 29, 2021 5:47 pm

In the 1980s I banked with First Interstate Bank and applied for a small personal loan. I had been with them for 10 years. They would not do the loan because they were all tied up in Argentina, they had no liquidity.

I left that bank and went to Valley Bank of Nevada and was immediately given a, remember these, check cashing card and credit card. No need for the “personal” loan.

A quick search brought up an 2019 article about 9 Argentina defaults, blaming it on Argentina’s inability to get their act together.

Not so, if idiots keep loaning them money and they get to keep living beyond their means, THEY are not to blame, the idiots are. Oh yeah, that is ME as US citizen funder of the IMF.

March 28, 2021 8:31 pm

Climate Change meets Belt And Road …. what could go wrong?

Reply to  markl
March 28, 2021 11:37 pm

A recipe for a slow motion train wreck.

Reply to  mikee
March 30, 2021 5:53 am

Belt and road, not track..

Kevin kilty
March 28, 2021 9:09 pm

Irrespective of how well China’s B&R initiative plays out, Biden is just talking nonsense with this

he would prevent China from passing the United States to become the most powerful country in the world, vowing to invest heavily to ensure America prevails in the ever-growing rivalry between the world’s two largest economies.

I recognize he has an ego that has grown in lockstep with his decline in mental acquity, but if he thinks he can just command such a thing, he’s beyond demented. He needs the cooperation of the one-half of the country he is intent on insulting as well as the commercial and industrial segments. If he plans to keep the U.S. a powerful country, that is one with a healthy economy and not just a powerful military, he is going about it all wrong.

Reply to  Kevin kilty
March 29, 2021 5:13 am

You should take a look at the film link I posted above, about the origin of all of the US-Russian sanctions – and why we seem to be sanctioning everyone these days. If you thought Climate Change was fooked, our foreign relations are just as fraudulent and opaque.

It is as if the US Government is conducting a 24/7 psy-ops campaign on its own people. And then things like Hillary Clinton saying, “you need to have a public and private position on the issues” make complete sense: as working for the government you need to be able to separate what is true from what is false, so that you don’t accidentally make a mistake by believing our own propaganda.

I suspect, that after 40 years of service in the DC environment, Biden has nothing but contempt for the American people, and that we are a duped, captive audience that will believe whatever the NYT and WaPo tells us to believe. IMHO

Reply to  Anon
March 29, 2021 5:59 pm

As to your last paragraph, about 51% are.

Reply to  Kevin kilty
March 29, 2021 5:57 pm

He has an ego? They all do.

In 2008, then President-elect Barack Obama said his victory marked “the moment when the rise of the oceans began to slow and our planet began to heal.”

Geoff Sherrington
March 28, 2021 9:48 pm

Belt and Road agreement between Vitoria’s Andrews government and PRC China can be found at the link at the start of this report.
It is notable for the detail that is absent, more than what is written. Geoff S

Reply to  Geoff Sherrington
March 28, 2021 11:42 pm

Chairman Dan has never had a proper job his entire life. He is a union hack who went through the ranks and ended up as Victoria’s premier. What can possibly go wrong!

Joel O'Bryan
March 28, 2021 9:58 pm

I watched Dementia Joe’s press conference last week where he took 10 softball questions from only prescreened journalists. From that with my own eyes, it is clearly evident to anyone who wishes to look that Ole Joe is suffering serious cognitive issues and has no business being President of the US.
What Biden and Boris are contemplating, it is strictly by Joe’s handlers doing the talking and policy thinking. There’s no one home in Joe’s head except a handful of hackneyed, canned phrases he can spew out like a doll getting its “talking string” pulled.

Some real world crisis is going to hit, and his handlers andhius Depend changers are not going to be able to be arrange such a protective bubble around Ole Joe and his senility. Like the Emperor with no clothes, Joe’s dementia is going to be on full-on display in the midst of that crisis requiring leadership that can give lawful orders to the US Sec Def.
(Note: the VP has no such authority)

William Haas
March 28, 2021 10:45 pm

The USA federal government is now more than 28 trillion dollars in debt and is spending roughly twice what they have been taking in. The USA needs to pay off their debts before they can even consider any new spending.

Tom Abbott
Reply to  William Haas
March 30, 2021 11:39 am

The Democrats see they have a narrow avenue of opportunity, so they are going to spend as much money as they can between now and early 2023, when a new Congress is sworn in.

I think they, like a lot of us, think they are going to lose control of Congress after the 2022 elections, so they are getting everything they can now.

They are making hay while the sun shines.

Vincent Causey
March 28, 2021 11:43 pm

Seizing peoples savings – is that the same as bank “bail ins”?

Craig from Oz
March 28, 2021 11:56 pm


Biden is keen to help the communities around the the world who are less developed?

cough * White Man’s Burden * cough

This should make Jim Eagle look like Jim Condor!

(Yes I know the concept of White Man’s Burden and how it differs ethically and morally from shameless ‘White Imperialism’, but it is the Woke you need to argue with, not me.)

March 29, 2021 2:58 am

China is laughing at all the useful idiots in the West-
China generated over half world’s coal-fired power in 2020: study (

Dave Andrews
Reply to  observa
March 29, 2021 8:50 am

China has 1037 active coal power plants, the heaviest concentration of coal plants in the world.Coal fired capacity is approximately1050GW or half of total global capacity.It currently has another 250GW under development.

A typical coal plant has c.40 year life but only a little over 1% of the plants have operated for more than 30 years. On average most have operated for about 12 years. So China will be burning coal for many more years to come.

March 29, 2021 3:08 am

we aussies remember the last and ongoing” friendly help” from the poms
were still being fd over by the deals done and the power held
laws and sovreignty still meddled with by good old blighty
no thanks no more!
funny story
one of the 5 eyes mobs(guess UK) has snooped usa comms and goog found it and pondered a while then told your govt..funny goog has/d the power to do the snooping?
funnier yet is the fact they DO snoop and tattle on each other
its an uneasy alliance

March 29, 2021 6:59 am

This is where the back-to-back (double) funding of IMF with US dollars comes in from Biden and Yellen. You’re welcome Iran.

March 29, 2021 8:27 am

If China builds it, it will fall apart in short order. And they can put a few of their own in prison for shoddy work. Wait they do that for many reasons anyway. Mainly when the big guy is dissatisfied.

March 29, 2021 1:39 pm

Don’t forget more money for Ivanpah and Crescent Dunes solar CSP projects.

Sunrise brief: DOE sets a goal to cut solar costs by 60% in 10 years – pv magazine USA (


Pat from Kerbob
March 29, 2021 3:27 pm

As long as the west tries to force 3rd world countries to accept useless renewable power projects, they will continue to be receptive to china

March 29, 2021 6:43 pm

Report: China To Overtake U.S. As World’s Biggest Asshole

Michael S. Kelly
March 29, 2021 6:57 pm

Biden had actually been on the phone with Wok and Roll Asian Bistro, at 2400 18th St. NW, ordering some Kung Pao Chicken and Cantonese Roast Duck for delivery that evening. But his handlers assured him that he had been strategizing with Boris Johnson about fending off the threat from China’s Belt and Suspenders (as Joe thinks it’s called) initiative.

His order for two cost $3 trillion.

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