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of the group of seven g7 countries including the u s u k canada france germany italy and japan banded together and froze all of the 300 billion dollars of russian foreign currency reserves held in banks in those countries most of the money in europe the russians were surprised when right after the war started the europeans took the exact same measures as the united states freezing all of the reserves that were there and the japanese did the same which is why most of russia s reserves today are frozen in western banks said chris miller a professor at the fletcher school at tufts university now there are two main takes on the implications of giving ukraine the confiscated reserves of russia critics say that other countries will lose faith in investing in american sovereign debt since the us does not have apparent qualms about taking away other countries investments for instance here is christopher caldwell if russia china and other diplomatic rivals were to decide that their dollar assets were vulnerable and that they could no longer trust the dollar as a means of exchange we would feel the pain of that 34 trillion in debt in a way that we don t now retaining the advantages of a reserve currency depends on our behaving as a trustworthy and neutral custodian of others assets if we start stealing people s money that could change for decades now the united states has been deferring hard decisions at home and abroad and papering over partisan divisions with the tens of trillions of dollars that our advantageous international position has allowed us to borrow our options though are narrowing if speaker mike johnson thinks the united states is projecting weakness now wait till he sees it without its reserve currency meanwhile the repo act s champions high mindedly echo michael mcfaul in the nbc news article in the initial link mcfaul whose been lobbying for the repo act for months clapped back at caldwell s assertion and said the use of russian assets for ukraine would send an important message to autocratic nations around the world there are those that say well this will hurt the dollar it s bad for our reputation i have a pushback to that i don t want criminals investing in american treasury bonds mcfaul said actually i side more with the repo act skeptics in the sense that beggars can t be choosers the us is able to fund its chronically huge budget deficits by not being too picky about its creditors there are any number of regimes with questionable good governance records you can easily identify them yourselves from a list that lend tens of billions of dollars to the united states will they take fright if the us proceeds with legislation meant to strip russia of billions you know we may find out real soon and the consequences of an answer in the affirmative could literally reshape the postwar global infrastructure an aside regarding the eu with the bulk of russian foreign exchange reserves in the eu the latter are understandably resistant to us president joe biden s pleas to also donate frozen russian assets to ukraine with the relatively new euro single currency in a precarious state ever since global financial crisis its users are not exactly excited about the yanks pressuring them to also use seized russian monies to fund ukraine having the bulk of the frozen russian reserves and being right next door the eu is collectively nowhere near as gung ho about the matter at most eu suggestions are half hearted like just using interest on frozen russian reserves to fund ukraine people act in their interests and the europeans are understandably reticent despite or because of their enormous distrust of russia read more young worker exodus from low pay japan posted by emmanuel in japan labor at 4 13 2024 04 33 00 pm outbound r us china is famously in dire economic straits but how s japan really doing to solve its longstanding problems like a dearth of working age citizens here s a wrinkle in what is effectively japan s attempt to devalue its way to prosperity just as the yen has fallen to a 34 year low of 153 something to the dollar the resulting peanuts wages in japan vis a vis those in other developed countries are making younger folks depart in search of higher pay with similar visa programs to australia s in the u k canada and new zealand recovering post pandemic the outflow of talent risks exacerbating japan s acute labor shortage it s also a sign that many younger japanese aren t buying into the nation s economic optimism as it exits from decades of deflation youth are questioning japan s economic outlook said yuya kikkawa an economist at meiji yasuda research institute living conditions are far tougher than the headline inflation figure suggests the bank of japan finally scrapped the world s last negative interest rate last month amid signs a virtuous cycle of wage gains is feeding demand led inflation but even after japanese labor unions won their biggest wage hike in more than 30 years last month there remains a notable gap in real wages with other advanced economies in 2022 average annual wages in japan were 41 509 compared with australia s 59 408 and 77 463 in the u s according to the latest data from the organisation for economic cooperation and development you see the old pre inflation deal was for japanese workers to accept lower wages in exchange for job security during uncertain economic times however that deal no longer works as the cost of living has risen a long running trade off that put job security ahead of higher pay made more sense when prices were barely moving now with inflation at its strongest in decades japanese are starting to realize that years of static wages leave many of them budgeting each month before their next pay check japan s wages hadn t risen at all for 20 years while other countries were increasing theirs said atsushi takeda chief economist at itochu research institute with the yen getting weaker the gap has become even bigger some 14 398 japanese were granted working holiday visas in australia in fiscal 2022 23 the highest number in australian government data going back to 2001 it allows 18 to 30 year olds or 35 for some countries to have a 12 month holiday and work in roles ranging from farming to hospitality nursing construction or office work to fund their trip there s also an option to extend as long as three years so not only is japan lacking working age people to take up the nation s workload but they are also leaving in ever larger numbers since the pay at home is comparatively low by oecd standards even in japan as its stock market hits record highs the main street reality is rather grimmer read more adios to the chinese dream xi s theme song posted by emmanuel in china at 4 07 2024 03 17 00 pm with apologies to rodney crowell excuse me mister but what did you say my hard earned money s all gone away xi ain t into capitalism you see the stock market is just no place to be voila an american dream is a catchy ditty that i ve turned into a lament for the loss of the so called pacific century that academics so love d to talk about supposedly china s economic ascent would power the entire asia pacific into a period of global dominance let s just say that hasn t been how things have turned out in the interests of national security the national interest or whatever the communist party claims is best in a patriarchal sense it s gone after industry after industry digital payments after school tutoring residential real estate the list goes on and on given the level of state intervention in economic matters it s ironic that the prc keeps wanting to shed its designation as a non market economy by the united states and others it s derogatory vietnam wants to shed the label asap but accurate so far the prc goes insofar as winners and losers are not determined by the market but rather by government fiat given limited space to air discontent over state policies disgruntled chinese investors have taken to using the us embassy social media account to bash the communist party of all channels presumably the yanks are less likely to censor criticism of the authoritarians many chinese are venting their frustration at the slowing economy and the weak stock market in an unconventional place the social media account of the u s embassy in beijing a post on friday on protecting wild giraffes by the u s embassy on weibo a chinese platform similar to x has attracted 130 000 comments and 15 000 reposts as of sunday many of them unrelated to wildlife conservation could you spare us some missiles to bomb away the shanghai stock exchange one user wrote in an repost of the article the weibo account of the u s embassy in china has become the wailing wall of chinese retail equity investors another user wrote the u s embassy did not immediately respond to a reuters request for comment the pacific century has been crushed underfoot by chinese authorities who are obviously more interested in maintaining their grip on power than the financial well being of their citizens i ve even penned a song about it sort of read more fleeing china ii foreign divestment edition posted by emmanuel in china fdi at 11 06 2023 02 04 00 pm bing prompt draw a businessman leaving china hot on the heels of the previous post about how chinese are showing at the united states southern border seeking asylum from increasingly dire economic conditions in the prc we get more news of this sort just as people are leaving china so is capital for the first time its records the prc has seen a net outflow of foreign direct investment fdi on balance more fdi is leaving than entering china once the world s most notable destination for investment from the nikkei asia review outflows of foreign direct investment in china have exceeded inflows for the first time as tensions with the u s over semiconductor technology and concerns about increased anti spying activity heighten risks the shift was reflected in balance of payments data for the july september quarter released friday by the state administration of foreign exchange fdi came to minus 11 8 billion with more withdrawals and downsizing than new investments for factory construction and other purposes this marked the first negative figure in data going back to 1998 to be sure there are overseas precursors for this shift the us is keen on banning cutting edge knowledge on semiconductors and artificial intelligence from leaking to china escalating tensions with the u s are one reason for the decline in foreign investment in a survey taken last fall by the american chamber of commerce in the people s republic of china 66 of member respondents cited rising bilateral tensions as a business challenge in china in august the u s announced tighter restrictions on chip and artificial intelligence investment in china washington is coordinating with beijing ahead of a summit meeting between presidents joe biden and xi jinping in november but the u s remains committed to technology restrictions in the name of economic security looking at foreign investment in the semiconductor field by destination china s share has already shrunk from 48 in 2018 to 1 in 2022 according to u s research firm rhodium group in contrast the u s share rose from zero to 37 the combined share of india singapore and malaysia grew from 10 to 38 however american chip and ai concerns obviously do not make up all potential sources of fdi to china it is here where a decidedly unfriendly foreign investment policy climate factors in you name it from corporate espionage to various forms of harassment of overseas businesses under dubious pretenses today s prc leadership does not think much of how others perceive these actions meant to promote domestic industry at the expense of foreign concerns europeans for instance cite only cosmetic efforts to improve prospects for fdi beijing has been seeking to reverse capital outflows in the face of mounting economic challenges but such efforts appear to have failed to assure investors the china international import expo ciie an annual event launched by president xi jinping in 2018 to portray china as an open market and improve its trade ties kicked off on sunday but the european union chamber of commerce in china criticized the event last week as a showcase european businesses are becoming disillusioned as symbolic gestures take the place of tangible results needed to restore business confidence the chamber said in a friday statement the ciie was originally intended as a showcase of china s opening up and reform agenda but it has proven to be largely smoke and mirrors so far carlo d andrea vice president of the chamber said in the statement having done nearly everything possible to discourage fdi is it any wonder it s leaving china read more chinese migrants at us border prc s dire straits posted by emmanuel in china migration at 10 30 2023 02 00 00 pm the blog s first ai image c o bing draw a chinese person walking through a panamanian jungle a usually good indicator of an underwhelming economy is of a country s citizens departing it for greener pastures the year is 2023 not 1882 when the us passed the chinese exclusion act to stop a massive influx of chinese immigrants moreover isn t the 21st century supposed to have been the asian century according to some prognosticators my belief is that policy missteps by xi jinping have greatly dented the forward momentum of china in recent decades recently exacerbated by endless lockdowns during the covid 19 pandemic at any rate you may be surprised that the prc not some latin american country now ranks fourth in sending folks across the darién gap linking south and central america with hopes of entering the united states from the associated press chinese people were the fourth highest nationality after venezuelans ecuadorians and haitians crossing the darién gap during the first nine months of this year according to panamanian immigration authorities chinese asylum seekers who spoke to the associated press as well as observers say they are seeking to escape an increasingly repressive political climate and bleak economic prospects they also reflect a broader presence of migrants at the u s mexico border asians south americans and africans who made september the second highest month of illegal crossings and the u s government s 2023 budget year the second highest on record as bad as things may be stateside let s say they are decidedly worse in china where you certainly aren t free in a conventional sense the pandemic and china s covid 19 policies which included tight border controls temporarily stemmed the exodus that rose dramatically in 2018 when president xi jinping amended the constitution to scrap the presidential term limit now emigration has resumed with china s economy struggling to rebound and youth unemployment high the united nations has projected china will lose 310 000 people through emigration this year compared with 120 000 in 2012 this wave of emigr...