Column | China's Most Money Line: The Coming of a New Era of Turbulence: Written at a Time of War

Column | China's Most Money Line: The Coming of a New Era of Turbulence: Written at a Time of War  Welcome to Radio Free Asia, this is "China's Most Money Line", I am the host Zichao. Europe's resumption of major wars after half a century of peace may be the most significant historical event we "millennials" have ever witnessed. In fact, as I said in the introduction of this program, I like to see the big from the small and analyze Chinese society from the details, and I am not very keen on chasing hot topics. However, the current world is accelerating so fast that it is dizzying, and we can't stay out of it. In this episode, we will focus on the economic context behind the Russian-Ukrainian war, the impact of multinational sanctions on Russia and China, and what may happen in China in the future.  The Finale: The Undercurrent of Globalization  Until February 23, when Putin ordered hundreds of thousands of Russian troops to attack the entire territory of Ukraine, most people in the world, including me, still did not believe that this war would really happen. Europe has not had a major war between nations for more than seven decades, and in the three decades since the Iron Curtain disappeared, the torrent of globalized capital seems to have swept away everything. Moscow and Kyiv also have Apple Stores, as well as McDonald's. The "supply chain peace theory" that we were indoctrinated in when we were studying - when two countries are in the global supply chain represented by McDonald's at the same time, there will be no war. Now it seems to be just frivolous and witty. In fact, this happened to be a war that was "live broadcast globally". Both sides of the war were uploading propaganda videos on tik-tok, and the whole world was watching the real-time conditions of warring cities on youtube - but they were really fighting brutally, every time People die every minute, like those who died in the same places in World War II 80 years ago.  The outbreak of the Ukraine war marked the climax of the global counterattack of totalitarianism in the past decade. In addition to the expansion of some irrational ambitions of strongman rulers like Putin, and the "great power revival" complex in countries such as China, Iran, and Russia that runs counter to universal values, this trend itself is also a counter-force to globalization. manifestation. In today's world, where the flow of capital, technology and information has never been easier, cities around the world are looking more and more alike. But on the other hand, because these types of things are easier to replicate than before, countries with different cultural backgrounds, social structures, and political systems can achieve economic development by introducing capital and imitating technology. Even some countries rely on one or two key resources and industries to support a seemingly powerful state apparatus and create a consumerism-led middle class similar to developed countries.  During this process, the political system does not need to be reformed. Instead, the introduction of advanced management and monitoring technology has strengthened the control capabilities of the authoritarian system. For example, China has developed a pervasive digital totalitarianism. Various pre-modern trends of thought do not need to be changed, but spread faster with the power of technology. And the development of the economy through integration into globalization is often used to demonstrate how "successful" the rule of the country's government is, or how superior the country's culture is. This phenomenon is called "late-comer disadvantage", which means in the vernacular: since plagiarism can get high marks, why should you study hard? Beginning in 2011, with the turmoil in the democratization of the Middle East, the undercurrent of the prosperous world has gradually emerged - globalization is not a unilateral triumph of the market economy and democracy and freedom, but it also strengthens the enemies of the Western world. Global consumerism is too young and too shallow, and authoritarian rulers like Putin and China's greats, who often don't even have access to the Internet, are able to use the most advanced Western technology to strengthen their rule.  Many countries, such as Russia, where Putin has been in power for two decades, have become increasingly authoritarian as domestic rule has been strengthened. And such countries often try to build their own spheres of influence by virtue of their own advantages, and even build a system parallel to the West. Russia, the heir to the superpower, has become a third-rate economy that relies on the export of primary products such as energy and minerals, although its economy has been severely stagnant. However, with a huge territory and a huge nuclear arsenal inherited, Putin, who is the new tsar, still conceived of the so-called "Eurasian Union", in an attempt to establish a political and economic union that controls the heart of the Eurasian continent. As the second largest republic of the former Soviet Union and the second largest share of the Soviet heritage, Ukraine, which is also the birthplace of the East Slavic nation, has become the object that must be included in this alliance. However, this concept is constrained by the backward production capacity brought about by Russia's rigid system, which cannot provide enough investment and employment opportunities for the countries in it.  And to the west, is the European Union, which has the largest economic aggregate in the world. In fact, the former Warsaw Pact countries that joined the EU system, such as Poland, the Czech Republic and the Baltic countries, have achieved rapid economic development, and some have reached the EU average. However, Russia's remaining huge military capabilities make it still actively control the political situation of neighboring countries, and it is unwilling to give up in any case to countries like Ukraine, which has caused long-term political instability and economic stagnation in these countries. As a "brother country" with close ties to Russia, anti-Russian anti-Russia has become the mainstream consciousness in the past 20 years, which is the result of this geopolitical and regional market split and tear.  China also has its own system: "One Belt, One Road". But the Belt and Road Initiative is still largely dependent on the globalized division of labor system dominated by the United States and the West. China's investment in the third world in Asia, Africa and Latin America comes from the foreign exchange that China obtains by exporting to developed countries by integrating into the global market. However, as the decoupling and confrontation between China and the Western world become more and more obvious, the "Belt and Road" is increasingly blocked. As more and more chief accelerators "bright swords" all over the world, they begin to continuously intervene in the political situation of the "Belt and Road" countries. Will there be Ukrainian-style tearing in these regions in the future? With the gradual ebb of globalization, the inherent flaws of these "copycat parallel systems" will be increasingly exposed. If the countries within the system stagnate, the world will become more turbulent.  Russia Demonstrates Only Once: How a Great Power Can Be Kicked Out of the Global Economy At the beginning of Russia's offensive, fanatical Chinese pinks once regarded it as a preview of the CCP's future attack on Taiwan. There is an arrogant saying that " Taiwan is optimistic, Ukraine will only demonstrate once " . However, the planned high-tech beheading battle has turned into a World War II-style armored sports battle in reality, and there is even the possibility of turning into a World War I-style trench warfare. Poor logistics, vague strategic goals, and extremely low morale made the invading Russian army face an opponent far inferior to its own, and performed a performance that shocked observers around the world.  At the time of writing this article, the Ukrainian capital Kyiv, which had been captured for a week on the Internet within the Chinese wall, is still standing, and the Ukrainian Air Force, which is said to have been wiped out in the first hour of the war, is still shooting down Russian planes. However, the Russian army was running out of supplies, and the soldiers were starving and fleeing. A lot of equipment was stuck in the mud that melted in the early spring, unable to move, and the absurd scene of a farmer's uncle driving a tractor to seize a tank was staged. And a 60 -kilometer-long convoy near Kiev that remained motionless for several days was compared to the Second Pacific Fleet expedition in the Russo-Japanese War a hundred years ago. As the famous economist Paul Krugman wrote in the New York Times, before the war everyone thought that Russia was a moderately developed country, but now, everyone thinks this statement is too exaggerated.  Perhaps because Russia has exposed its real state of poverty and illness, coupled with the combat effectiveness of the Ukrainian military and civilians fighting against the enemy, Western Europe and North America have clearly seen the background of Russia's foreign power and ability. Even though the Russian army still has an absolute advantage in firepower, Western countries still put aside their scruples and proceed to impose the most severe economic sanctions on it. This sanction is divided into three aspects: firstly, the suspension of aviation and maritime transportation to Russia; secondly, the comprehensive sanctions on the enterprises owned by Russian elites and business oligarchs close to Putin, including the suspension of projects that they cooperate with , ban it from entering the European and American markets, and freeze its property in the West. The last big killer is the unprecedented financial sanctions. Europe and the United States have agreed to kick Russia out of the SWIFT system. SWIFT , the Society for Worldwide Financial Telecommunication, is only a platform for sending messages between financial institutions around the world, but most international settlements must rely on it.  Although the euro and renminbi have their own similar systems in form, the underlying layers are still based on SWIFT . Russia was kicked out of SWIFT , of course, it does not mean that international settlement cannot be carried out, but international settlement messages can only be sent point-to-point between financial institutions, which is inefficient and high-risk, and general transactions will be actively avoided to avoid being kicked out of the SWIFT system. Countries subject to widespread sanctions do not mean that international trade has completely died out. Rather, trade volumes are greatly reduced, and often only a few sectors remain, often reverting to barter levels. For example, Iran, which has been sanctioned for a long time, trades with China in the form of " oil for commodities " , which can only be carried out through PetroChina. As a country with a population of over 100 million and highly dependent on the export of resources and the import of commodities, the impact of sanctions of this scale and degree on its national economy and people's lives can be imagined.  So far, most of the major multinational companies have stopped doing business with Russia, and even Switzerland, which has been neutral for two hundred years, has announced to freeze the assets of Russian officials and wealthy businessmen in its territory. In today's world, large-scale invasion of neighboring countries by force is too far below the bottom line. The outburst of anger in Europe and the United States has given governments the confidence to introduce severe sanctions, which far exceed the expectations of Putin's group. This is first reflected in the financial market: the Moscow Stock Exchange will be closed from the 28th , and the reopening date cannot be determined as of press time; the ruble exchange rate plummeted by more than 30% in an instant and the further depreciation trend is obvious; due to concerns about the collapse of the financial system, banks The run-on wave spread throughout Russia. In order to counteract the run on the Russian central bank, the central bank raised the benchmark interest rate to an astonishing 20% , restricted foreign exchange departures, and even prohibited foreign entities from selling Russian stocks. This act of taking foreign capital as a hostage to counter sanctions has completely cleared Russia's national credit. International rating agencies have lowered its credit rating to the lowest level. In the future, there will probably be no ordinary people in the international capital market who are willing to follow suit. Russia does business.  The life of a Muscovite this week may be like this: queuing for five hours at the bank to withdraw money, then rushing to the supermarket to stock up to prevent upcoming shortages and price hikes, and if there is still money left, he may go to the soon-to-be-closed store. Buy someone's apples or IKEA. Of course this is all based on having money in your bank account, and many Russians may have doubts about this - Russian pensions have been in arrears for months. In stark contrast to this is Kyiv, the capital of Ukraine, which was besieged and shelled by the Russian army. Prices are still stable. The Ukrainian government, which has perished in the Jane Chinese universe, still pays pensions on time while fighting the war, and even has money to raise money for the soldiers. salary.  When the war just broke out, many people were unimpressed by the sanctions in the Western world, because Putin's group seemed to be ready for the day when the Crimea crisis broke out in 2014 , carrying out various preventive operations, such as increasing foreign exchange reserves , and reduce the dollar proportion of it. At present, Russia has more than 600 billion US dollars of foreign exchange reserves, of which the euro accounts for 32% , gold accounts for about a quarter, and the dollar accounts for only 12% . Perhaps what the Putin group envisaged was that the EU would not hit Russia hard because of its dependence on Russia for energy supplies, and at the same time felt comfortable holding gold. But first of all, foreign exchange reserves are generally held in the form of overseas deposits and foreign government bonds. Now, under an unprecedented crisis and the unprecedented unity of the Western world, euro assets are frozen like U.S. dollar assets. Taking physical gold to trade in the international market, the transaction cost will be too high for most normal businesses to accept. In fact, this idea of ​​" broad accumulation of grain " can only prolong life for a short time at most, and it does not help the overall situation.  Next is China? According to Western media reports, the Chinese government may have known in advance about Putin's aggression against Ukraine and may have provided him with de facto economic support. This can also explain the Chinese government's persistent refusal to condemn the Russian government, and at the same time conduct propaganda that completely turns black and white inside the wall. Now facing the situation that Russia has been fully sanctioned by Europe and the United States and has been effectively kicked out of the global economy, China, which resolutely refuses to join the sanctions against Russia, and even signed a series of economic cooperation agreements with it, the first question to consider is: how? Raise" a former superpower with a population of over 100 million?  After Russia was hit with deep sanctions, China became almost its only major trading partner. Russia's main exports are energy and weapons, of which China can of course pay for part of it. However, Russia's annual energy exports are as high as hundreds of billions of dollars, and the largest export market is the European Union. It is difficult for China to cover all of them. If a great man falls from the sky—with Putin the Great stepping on the gas pedal madly, the title of chief accelerator can only be left to the wise—if he really eats it all with a wave of his hand, the first thing that will affect the stability of his energy supply is the stability of his energy supply. And given the CCP's urination, it is very likely that a price much higher than the international market price will be paid for 1.4 billion leeks. As a country that needs to import almost everything from daily necessities to high-tech products, Russia's main import channel in the future is undoubtedly China.  Although China claims to be the world's factory, it is actually just a processing and assembly workshop. Core components such as chips and advanced equipment such as high-precision machine tools need to be imported, and many important raw materials cannot be self-sufficient. China's trade surplus is built up from the processing fees earned from one import and one export. But now Russia is isolated by Western sanctions, and its exports to Russia cannot be exchanged for dollars, while the raw materials and parts required to produce these goods are purchased in dollars. In fact, for China, a dollar black hole is formed. Russia’s economy is not comparable to Iran and North Korea, with total merchandise imports reaching $300 billion in 2021. China's actual available foreign exchange reserves are not as large as they appear on the books, and the impact of blood transfusion to Russia is really not small.  Not to mention that China's overly pro-Russian attitude has further exacerbated the already tense relations with the West, and calls for economic sanctions against China have emerged. And we have to think that Taiwan, which has been compared with Ukraine by Chinese pinks, is also under the increasing military threat from the CCP. Taiwan's economy is much more developed and its position in the global economy is much more important. Once the CCP conducts military aggression against Taiwan, the international community will surely react more strongly. Of course, China's economy is larger and more integrated into the global economy. If sanctions like those imposed on Russia are imposed on China, they will also have very serious losses to the West itself. But also because China's economy is highly dependent on foreign trade, the Chinese people are still the most hurt.  We certainly hope that the strategic failure of the Putin clique's invasion of Ukraine and the severe sanctions it has suffered will serve as a warning to the CCP clique to give up the illusion of a military invasion of Taiwan for a period of time. But the fact that Putin launched the war itself also proves that the way dictators like Putin and Xi Jinping interpret information and understand the world are quite different from normal people. Everyone in the free world should be prepared for all kinds of serious events that may happen in the future. After all, the good times of our generation are irretrievably gone.  This is the end of the program. Zichao will continue to meet with you next week on "China's Most Money Line". Goodbye.(rfa)

Column | China's Most Money Line: The Coming of a New Era of Turbulence: Written at a Time of War


Welcome to Radio Free Asia, this is "China's Most Money Line", I am the host Zichao. Europe's resumption of major wars after half a century of peace may be the most significant historical event we "millennials" have ever witnessed. In fact, as I said in the introduction of this program, I like to see the big from the small and analyze Chinese society from the details, and I am not very keen on chasing hot topics. However, the current world is accelerating so fast that it is dizzying, and we can't stay out of it. In this episode, we will focus on the economic context behind the Russian-Ukrainian war, the impact of multinational sanctions on Russia and China, and what may happen in China in the future.

The Finale: The Undercurrent of Globalization

Until February 23, when Putin ordered hundreds of thousands of Russian troops to attack the entire territory of Ukraine, most people in the world, including me, still did not believe that this war would really happen. Europe has not had a major war between nations for more than seven decades, and in the three decades since the Iron Curtain disappeared, the torrent of globalized capital seems to have swept away everything. Moscow and Kyiv also have Apple Stores, as well as McDonald's. The "supply chain peace theory" that we were indoctrinated in when we were studying - when two countries are in the global supply chain represented by McDonald's at the same time, there will be no war. Now it seems to be just frivolous and witty. In fact, this happened to be a war that was "live broadcast globally". Both sides of the war were uploading propaganda videos on tik-tok, and the whole world was watching the real-time conditions of warring cities on youtube - but they were really fighting brutally, every time People die every minute, like those who died in the same places in World War II 80 years ago.

The outbreak of the Ukraine war marked the climax of the global counterattack of totalitarianism in the past decade. In addition to the expansion of some irrational ambitions of strongman rulers like Putin, and the "great power revival" complex in countries such as China, Iran, and Russia that runs counter to universal values, this trend itself is also a counter-force to globalization. manifestation. In today's world, where the flow of capital, technology and information has never been easier, cities around the world are looking more and more alike. But on the other hand, because these types of things are easier to replicate than before, countries with different cultural backgrounds, social structures, and political systems can achieve economic development by introducing capital and imitating technology. Even some countries rely on one or two key resources and industries to support a seemingly powerful state apparatus and create a consumerism-led middle class similar to developed countries.

During this process, the political system does not need to be reformed. Instead, the introduction of advanced management and monitoring technology has strengthened the control capabilities of the authoritarian system. For example, China has developed a pervasive digital totalitarianism. Various pre-modern trends of thought do not need to be changed, but spread faster with the power of technology. And the development of the economy through integration into globalization is often used to demonstrate how "successful" the rule of the country's government is, or how superior the country's culture is. This phenomenon is called "late-comer disadvantage", which means in the vernacular: since plagiarism can get high marks, why should you study hard? Beginning in 2011, with the turmoil in the democratization of the Middle East, the undercurrent of the prosperous world has gradually emerged - globalization is not a unilateral triumph of the market economy and democracy and freedom, but it also strengthens the enemies of the Western world. Global consumerism is too young and too shallow, and authoritarian rulers like Putin and China's greats, who often don't even have access to the Internet, are able to use the most advanced Western technology to strengthen their rule.

Many countries, such as Russia, where Putin has been in power for two decades, have become increasingly authoritarian as domestic rule has been strengthened. And such countries often try to build their own spheres of influence by virtue of their own advantages, and even build a system parallel to the West. Russia, the heir to the superpower, has become a third-rate economy that relies on the export of primary products such as energy and minerals, although its economy has been severely stagnant. However, with a huge territory and a huge nuclear arsenal inherited, Putin, who is the new tsar, still conceived of the so-called "Eurasian Union", in an attempt to establish a political and economic union that controls the heart of the Eurasian continent. As the second largest republic of the former Soviet Union and the second largest share of the Soviet heritage, Ukraine, which is also the birthplace of the East Slavic nation, has become the object that must be included in this alliance. However, this concept is constrained by the backward production capacity brought about by Russia's rigid system, which cannot provide enough investment and employment opportunities for the countries in it.

And to the west, is the European Union, which has the largest economic aggregate in the world. In fact, the former Warsaw Pact countries that joined the EU system, such as Poland, the Czech Republic and the Baltic countries, have achieved rapid economic development, and some have reached the EU average. However, Russia's remaining huge military capabilities make it still actively control the political situation of neighboring countries, and it is unwilling to give up in any case to countries like Ukraine, which has caused long-term political instability and economic stagnation in these countries. As a "brother country" with close ties to Russia, anti-Russian anti-Russia has become the mainstream consciousness in the past 20 years, which is the result of this geopolitical and regional market split and tear.

China also has its own system: "One Belt, One Road". But the Belt and Road Initiative is still largely dependent on the globalized division of labor system dominated by the United States and the West. China's investment in the third world in Asia, Africa and Latin America comes from the foreign exchange that China obtains by exporting to developed countries by integrating into the global market. However, as the decoupling and confrontation between China and the Western world become more and more obvious, the "Belt and Road" is increasingly blocked. As more and more chief accelerators "bright swords" all over the world, they begin to continuously intervene in the political situation of the "Belt and Road" countries. Will there be Ukrainian-style tearing in these regions in the future? With the gradual ebb of globalization, the inherent flaws of these "copycat parallel systems" will be increasingly exposed. If the countries within the system stagnate, the world will become more turbulent.

Russia Demonstrates Only Once: How a Great Power Can Be Kicked Out of the Global Economy
At the beginning of Russia's offensive, fanatical Chinese pinks once regarded it as a preview of the CCP's future attack on Taiwan. There is an arrogant saying that " Taiwan is optimistic, Ukraine will only demonstrate once " . However, the planned high-tech beheading battle has turned into a World War II-style armored sports battle in reality, and there is even the possibility of turning into a World War I-style trench warfare. Poor logistics, vague strategic goals, and extremely low morale made the invading Russian army face an opponent far inferior to its own, and performed a performance that shocked observers around the world.

At the time of writing this article, the Ukrainian capital Kyiv, which had been captured for a week on the Internet within the Chinese wall, is still standing, and the Ukrainian Air Force, which is said to have been wiped out in the first hour of the war, is still shooting down Russian planes. However, the Russian army was running out of supplies, and the soldiers were starving and fleeing. A lot of equipment was stuck in the mud that melted in the early spring, unable to move, and the absurd scene of a farmer's uncle driving a tractor to seize a tank was staged. And a 60 -kilometer-long convoy near Kiev that remained motionless for several days was compared to the Second Pacific Fleet expedition in the Russo-Japanese War a hundred years ago. As the famous economist Paul Krugman wrote in the New York Times, before the war everyone thought that Russia was a moderately developed country, but now, everyone thinks this statement is too exaggerated.

Perhaps because Russia has exposed its real state of poverty and illness, coupled with the combat effectiveness of the Ukrainian military and civilians fighting against the enemy, Western Europe and North America have clearly seen the background of Russia's foreign power and ability. Even though the Russian army still has an absolute advantage in firepower, Western countries still put aside their scruples and proceed to impose the most severe economic sanctions on it. This sanction is divided into three aspects: firstly, the suspension of aviation and maritime transportation to Russia; secondly, the comprehensive sanctions on the enterprises owned by Russian elites and business oligarchs close to Putin, including the suspension of projects that they cooperate with , ban it from entering the European and American markets, and freeze its property in the West. The last big killer is the unprecedented financial sanctions. Europe and the United States have agreed to kick Russia out of the SWIFT system. SWIFT , the Society for Worldwide Financial Telecommunication, is only a platform for sending messages between financial institutions around the world, but most international settlements must rely on it.

Although the euro and renminbi have their own similar systems in form, the underlying layers are still based on SWIFT . Russia was kicked out of SWIFT , of course, it does not mean that international settlement cannot be carried out, but international settlement messages can only be sent point-to-point between financial institutions, which is inefficient and high-risk, and general transactions will be actively avoided to avoid being kicked out of the SWIFT system. Countries subject to widespread sanctions do not mean that international trade has completely died out. Rather, trade volumes are greatly reduced, and often only a few sectors remain, often reverting to barter levels. For example, Iran, which has been sanctioned for a long time, trades with China in the form of " oil for commodities " , which can only be carried out through PetroChina. As a country with a population of over 100 million and highly dependent on the export of resources and the import of commodities, the impact of sanctions of this scale and degree on its national economy and people's lives can be imagined.

So far, most of the major multinational companies have stopped doing business with Russia, and even Switzerland, which has been neutral for two hundred years, has announced to freeze the assets of Russian officials and wealthy businessmen in its territory. In today's world, large-scale invasion of neighboring countries by force is too far below the bottom line. The outburst of anger in Europe and the United States has given governments the confidence to introduce severe sanctions, which far exceed the expectations of Putin's group. This is first reflected in the financial market: the Moscow Stock Exchange will be closed from the 28th , and the reopening date cannot be determined as of press time; the ruble exchange rate plummeted by more than 30% in an instant and the further depreciation trend is obvious; due to concerns about the collapse of the financial system, banks The run-on wave spread throughout Russia. In order to counteract the run on the Russian central bank, the central bank raised the benchmark interest rate to an astonishing 20% , restricted foreign exchange departures, and even prohibited foreign entities from selling Russian stocks. This act of taking foreign capital as a hostage to counter sanctions has completely cleared Russia's national credit. International rating agencies have lowered its credit rating to the lowest level. In the future, there will probably be no ordinary people in the international capital market who are willing to follow suit. Russia does business.

The life of a Muscovite this week may be like this: queuing for five hours at the bank to withdraw money, then rushing to the supermarket to stock up to prevent upcoming shortages and price hikes, and if there is still money left, he may go to the soon-to-be-closed store. Buy someone's apples or IKEA. Of course this is all based on having money in your bank account, and many Russians may have doubts about this - Russian pensions have been in arrears for months. In stark contrast to this is Kyiv, the capital of Ukraine, which was besieged and shelled by the Russian army. Prices are still stable. The Ukrainian government, which has perished in the Jane Chinese universe, still pays pensions on time while fighting the war, and even has money to raise money for the soldiers. salary.

When the war just broke out, many people were unimpressed by the sanctions in the Western world, because Putin's group seemed to be ready for the day when the Crimea crisis broke out in 2014 , carrying out various preventive operations, such as increasing foreign exchange reserves , and reduce the dollar proportion of it. At present, Russia has more than 600 billion US dollars of foreign exchange reserves, of which the euro accounts for 32% , gold accounts for about a quarter, and the dollar accounts for only 12% . Perhaps what the Putin group envisaged was that the EU would not hit Russia hard because of its dependence on Russia for energy supplies, and at the same time felt comfortable holding gold. But first of all, foreign exchange reserves are generally held in the form of overseas deposits and foreign government bonds. Now, under an unprecedented crisis and the unprecedented unity of the Western world, euro assets are frozen like U.S. dollar assets. Taking physical gold to trade in the international market, the transaction cost will be too high for most normal businesses to accept. In fact, this idea of ​​" broad accumulation of grain " can only prolong life for a short time at most, and it does not help the overall situation.

Next is China?
According to Western media reports, the Chinese government may have known in advance about Putin's aggression against Ukraine and may have provided him with de facto economic support. This can also explain the Chinese government's persistent refusal to condemn the Russian government, and at the same time conduct propaganda that completely turns black and white inside the wall. Now facing the situation that Russia has been fully sanctioned by Europe and the United States and has been effectively kicked out of the global economy, China, which resolutely refuses to join the sanctions against Russia, and even signed a series of economic cooperation agreements with it, the first question to consider is: how? Raise" a former superpower with a population of over 100 million?

After Russia was hit with deep sanctions, China became almost its only major trading partner. Russia's main exports are energy and weapons, of which China can of course pay for part of it. However, Russia's annual energy exports are as high as hundreds of billions of dollars, and the largest export market is the European Union. It is difficult for China to cover all of them. If a great man falls from the sky—with Putin the Great stepping on the gas pedal madly, the title of chief accelerator can only be left to the wise—if he really eats it all with a wave of his hand, the first thing that will affect the stability of his energy supply is the stability of his energy supply. And given the CCP's urination, it is very likely that a price much higher than the international market price will be paid for 1.4 billion leeks. As a country that needs to import almost everything from daily necessities to high-tech products, Russia's main import channel in the future is undoubtedly China.

Although China claims to be the world's factory, it is actually just a processing and assembly workshop. Core components such as chips and advanced equipment such as high-precision machine tools need to be imported, and many important raw materials cannot be self-sufficient. China's trade surplus is built up from the processing fees earned from one import and one export. But now Russia is isolated by Western sanctions, and its exports to Russia cannot be exchanged for dollars, while the raw materials and parts required to produce these goods are purchased in dollars. In fact, for China, a dollar black hole is formed. Russia’s economy is not comparable to Iran and North Korea, with total merchandise imports reaching $300 billion in 2021. China's actual available foreign exchange reserves are not as large as they appear on the books, and the impact of blood transfusion to Russia is really not small.

Not to mention that China's overly pro-Russian attitude has further exacerbated the already tense relations with the West, and calls for economic sanctions against China have emerged. And we have to think that Taiwan, which has been compared with Ukraine by Chinese pinks, is also under the increasing military threat from the CCP. Taiwan's economy is much more developed and its position in the global economy is much more important. Once the CCP conducts military aggression against Taiwan, the international community will surely react more strongly. Of course, China's economy is larger and more integrated into the global economy. If sanctions like those imposed on Russia are imposed on China, they will also have very serious losses to the West itself. But also because China's economy is highly dependent on foreign trade, the Chinese people are still the most hurt.

We certainly hope that the strategic failure of the Putin clique's invasion of Ukraine and the severe sanctions it has suffered will serve as a warning to the CCP clique to give up the illusion of a military invasion of Taiwan for a period of time. But the fact that Putin launched the war itself also proves that the way dictators like Putin and Xi Jinping interpret information and understand the world are quite different from normal people. Everyone in the free world should be prepared for all kinds of serious events that may happen in the future. After all, the good times of our generation are irretrievably gone.

This is the end of the program. Zichao will continue to meet with you next week on "China's Most Money Line". Goodbye.(rfa)

Former NSE chief Chitra Ramakrishna arrested, shared sensitive information with 'Himalayan Yogi'  NSE Scam: Former CEO of National Stock Exchange Chitra Ramakrishna arrested, shared sensitive information with 'Himalayan Yogi'  new Delhi:Chitra Ramakrishna , former CEO of NSE  has been arrested by the CBI. Before his arrest, the Central Investigation Agency had questioned him several times. Chitra Ramakrishnan had created a sensation by saying that she had been sharing information on NSE affairs with a 'Himalayan Yogi'. However, later that Yogi was identified as his former colleague, whom he had hired on a hefty salary. SEBI has accused Chitra Ramakrishna of leaking confidential information. After this disclosure about Chitra Ramakrishna, who was the CEO of National Stock Exchange for three years, there was a stir in the stock market. Questions were also raised about the delay in the investigation of this scam. The entire incident came to light from the investigation of Chitra Ramakrishna's email and the investigation was handed over to the Central Investigation Agency.   'Keep preparing to go to Seychelles...'- Yogi from Himalaya had said over email to Chitra Ramakrishna, former chief of NSE   The 'Himalaya Yogi', who allegedly influenced the decisions of former National Stock Exchange (NSE) chief Chitra Ramakrishna, has been identified as his aide Anand Subramaniam. This former NSE official was arrested in the stock market fraud case. CBI sources said last week, Anand, a former NSE officer, was the yogi who had communicated with Chitra through email on all sensitive information.  SEBI had earlier said that the controversial appointment of Anand was one of the decisions taken by Chitra Ramakrishna under the influence of the alleged Yogi. Sources said that Anand Subramaniam was revealed to be a yogi from an email id. According to the investigating agency, there is evidence that Subramaniam himself had created the email ID rigyajursama@outlook.com. Sources in the probe agency said that Chitra Ramakrishnan shared confidential information related to NSE between 2013 and 2016 at rigyajursama@outlook.com through her email id rchitra@icloud.com.   CBI interrogates former NSE chief Chitra Ramakrishna, accused of giving confidential information to 'Baba' Sources say that the matter of Anand Subramaniam being a yogi was revealed from an email id. According to the investigating agency, there is solid evidence that Subramaniam had created the email. Sources said that Chitra Ramakrishna had shared all the information on another mail during his tenure as the CEO of NSE from 2013 to 2016. Some of these mails were reportedly also marked on another email id of Anand Subramaniam. Screenshots of these mails were found from Subramaniam's mail id. Subramaniam was interrogated by CBI for 4 days and then arrested from Chennai on 26 February. Subramaniam was made Chief Strategic Advisor at NSE in 2013 and was later promoted as Group Operating Officer in 2015 . Subramaniam quit NSE in 2016 over allegations of irregularities.

Former NSE chief Chitra Ramakrishna arrested, shared sensitive information with 'Himalayan Yogi'


NSE Scam: Former CEO of National Stock Exchange Chitra Ramakrishna arrested, shared sensitive information with 'Himalayan Yogi'

new Delhi:Chitra Ramakrishna , former CEO of NSE  has been arrested by the CBI. Before his arrest, the Central Investigation Agency had questioned him several times. Chitra Ramakrishnan had created a sensation by saying that she had been sharing information on NSE affairs with a 'Himalayan Yogi'. However, later that Yogi was identified as his former colleague, whom he had hired on a hefty salary. SEBI has accused Chitra Ramakrishna of leaking confidential information. After this disclosure about Chitra Ramakrishna, who was the CEO of National Stock Exchange for three years, there was a stir in the stock market. Questions were also raised about the delay in the investigation of this scam. The entire incident came to light from the investigation of Chitra Ramakrishna's email and the investigation was handed over to the Central Investigation Agency. 

'Keep preparing to go to Seychelles...'- Yogi from Himalaya had said over email to Chitra Ramakrishna, former chief of NSE 

The 'Himalaya Yogi', who allegedly influenced the decisions of former National Stock Exchange (NSE) chief Chitra Ramakrishna, has been identified as his aide Anand Subramaniam. This former NSE official was arrested in the stock market fraud case. CBI sources said last week, Anand, a former NSE officer, was the yogi who had communicated with Chitra through email on all sensitive information.

SEBI had earlier said that the controversial appointment of Anand was one of the decisions taken by Chitra Ramakrishna under the influence of the alleged Yogi. Sources said that Anand Subramaniam was revealed to be a yogi from an email id. According to the investigating agency, there is evidence that Subramaniam himself had created the email ID rigyajursama@outlook.com. Sources in the probe agency said that Chitra Ramakrishnan shared confidential information related to NSE between 2013 and 2016 at rigyajursama@outlook.com through her email id rchitra@icloud.com. 

CBI interrogates former NSE chief Chitra Ramakrishna, accused of giving confidential information to 'Baba'
Sources say that the matter of Anand Subramaniam being a yogi was revealed from an email id. According to the investigating agency, there is solid evidence that Subramaniam had created the email. Sources said that Chitra Ramakrishna had shared all the information on another mail during his tenure as the CEO of NSE from 2013 to 2016. Some of these mails were reportedly also marked on another email id of Anand Subramaniam. Screenshots of these mails were found from Subramaniam's mail id. Subramaniam was interrogated by CBI for 4 days and then arrested from Chennai on 26 February. Subramaniam was made Chief Strategic Advisor at NSE in 2013 and was later promoted as Group Operating Officer in 2015 . Subramaniam quit NSE in 2016 over allegations of irregularities.

Are we your slaves? We will do whatever you say, Prime Minister's West.  Melsi- Are we your slaves that whatever you say, we will do it In his address to the Melsi meeting , the Prime Minister criticized the European Union and Western countries. According to the details, Prime Minister Imran Khan criticized Europe and said that he would ask the European Union if the letter you wrote to Pakistan was the same letter you wrote to India . The Prime Minister said that Pakistan helped NATO and supported them in the war against terrorists, but what about Pakistan in return? He said that 80,000 lives of Pakistan were lost in this war.  He said that instead of thanking us, he blamed Pakistan for its failure in the war against Afghanistan . The Prime Minister asked the European Union if India had terminated the status of Kashmir . Addressing the ambassadors of the European Union , Prime Minister Imran Khan said that our tribal area was deserted.  Prime Minister Imran Khan while addressing a meeting in Melsi said that this fugitive who is sitting in a foreign country, the day he is brought back to Pakistan , the price of petrol and diesel in Pakistan will be halved. According to the details. Addressing former Prime Minister Nawaz Sharif at Melsi, Prime Minister Imran Khan said that this fugitive sitting abroad, the day he is brought back to Pakistan , the price of petrol and diesel in Pakistan will be halved. Addressing the gathering, Prime Minister Imran Khan admitted that the country has witnessed the highest inflation in 40 years , but today 's inflation is less than that of the PPP era . Announced to edit. The Prime Minister said that apart from the color fencing budget of South Punjab , additional funds of Rs.500 billion would also be spent .He announced this while addressing a public meeting of PTI in Melsi. The hall has a large number of workers and fans.

Are we your slaves? We will do whatever you say, Prime Minister's West.


Melsi- Are we your slaves that whatever you say, we will do it In his address to the Melsi meeting , the Prime Minister criticized the European Union and Western countries. According to the details, Prime Minister Imran Khan criticized Europe and said that he would ask the European Union if the letter you wrote to Pakistan was the same letter you wrote to India .
The Prime Minister said that Pakistan helped NATO and supported them in the war against terrorists, but what about Pakistan in return? He said that 80,000 lives of Pakistan were lost in this war.

He said that instead of thanking us, he blamed Pakistan for its failure in the war against Afghanistan . The Prime Minister asked the European Union if India had terminated the status of Kashmir . Addressing the ambassadors of the European Union , Prime Minister Imran Khan said that our tribal area was deserted.

Prime Minister Imran Khan while addressing a meeting in Melsi said that this fugitive who is sitting in a foreign country, the day he is brought back to Pakistan , the price of petrol and diesel in Pakistan will be halved. According to the details. Addressing former Prime Minister Nawaz Sharif at Melsi, Prime Minister Imran Khan said that this fugitive sitting abroad, the day he is brought back to Pakistan , the price of petrol and diesel in Pakistan will be halved.

Addressing the gathering, Prime Minister Imran Khan admitted that the country has witnessed the highest inflation in 40 years , but today 's inflation is less than that of the PPP era . Announced to edit. The Prime Minister said that apart from the color fencing budget of South Punjab , additional funds of Rs.500 billion would also be spent .He announced this while addressing a public meeting of PTI in Melsi. The hall has a large number of workers and fans.
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