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Starting today, the yuan is officially a member of the International Monetary Fund’s basket of global reserve currencies.

this group of currencies, known as Special Drawing Rights (SDR), forms a kind of pseudo-currency—used only by the IMF—to supplement countries’ official reserves. The value of the SDR is determined by the set of currencies in the basket, each of which is given a weighting toward the final calculation

The yuan is the first to be added to SDR since the euro in 1999, though that was only to replace the phased-out Deutsche mark and French franc

Rather than usher in a new era of Chinese influence, Beijing's missteps have shown why it is unlikely to become the world's leading power. Even if it overtakes the United States to have the biggest economy in the world, which many economists believe could happen over the next decade, China will not dislodge Washington from its central position in global affairs for decades to come.

China's assertiveness is generating intense suspicion, if not outright enmity, among its neighbors. Its "peaceful rise" is not taking place in isolation. There may be echoes in today's Asia of the late-nineteenth century in Europe and North America, but this is the one critical difference. The United States came into its own as a great power without any major challenge from its neighbors, while Germany's ascent was aided by the collapsing Austro-Hungarian and Ottoman empires and Russian monarchy on its frontiers. China, on the other hand, is surrounded by vibrant countries with fast-growing economies, from South Korea to India to Vietnam, who all believe that this is their time, as well. Even Japan, after two decades of stagnation, still has one of the most formidable navies in the world, as well as the world's third largest economy. China's strategic misfortune is to be bordered by robust and proud nation-states which expect their own stake in the modern world.

On the economic front, Beijing is taking aim at another pillar of U.S. power: the dominance of the dollar. China is putting in place an ambitious long-term plan to turn the renminbi into one of the main international currencies. Chinese leaders often discuss the project in technical terms, about reducing currency risk for their companies, but they also do little to hide their frustration with the dollar's privileged status. One Chinese academic even likens the importance of the project to turn the renminbi into a major reserve currency to China's acquisition of a nuclear weapon in the 1960s. The politics of the currency plan are themselves an interesting sidebar to the over-hyping of Chinese influence. While American politicians have been worrying loudly about the risk of China owning so many Treasury bonds ("How do you deal toughly with your banker?" Hillary Clinton asked at a private lunch with then Australian Prime Minister Kevin Rudd in March 2009) China has been fretting about how little leverage its U.S. bond holdings give it. The desire to dethrone the dollar is partly rooted in China's frustration that it has absolutely no influence over the Federal Reserve. And yet it has few options other than buying American debt, because the U.S. Treasury bond market is the largest and most liquid in the world.

a growing number of countries are retreating from some free-market rules that have guided international trade in recent decades and have started playing by Chinese rules

President Nicolas Sarkozy of France, who will take over leadership of the Group of 20 biggest economies, said over the weekend that he was pushing for a new system of coordinating global currencies as wealthy nations did in the 1970s, before a free market orthodoxy took hold.

Some economists argue that the standoff over China’s currency could herald a new era of protectionism reminiscent of the 1920s and ’30s, which they say they fear could undermine trade and make a weak recovery even weaker. But others argue that it was the free-market consensus of the 1980s and ’90s that weakened American competitiveness and was exploited by rising powers like China, calling for a more assertive policy to protect jobs, increase exports and keep industry at home.

Dorsey is also a doom-monger about fiat currencies – those issued by governments. “Hyperinflation,” he oracularly warns, “is going to change everything. It’s happening.” This is baseless. Recent inflationary pressures due to the increased costs of production and transit caused by Covid and extreme weather patterns are real. But there is no hyperinflation in the global economy. Given Dorsey’s profile and potential impact on investors, it could be considered a reckless thing to say; but it also reflects the strange ideology of all bitcoin enthusiasts.

Currently, one bitcoin will trade for £42,973. But it wouldn’t be worth a dime if enough investors hadn’t decided to treat it as though it were gold. It is a “hyperstition”: a fiction that makes itself true because enough people believe in it.

typical of the “California ideology”, which blends the values of the libertarian right with the countercultural ethos of some of the internet’s pioneers

The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years.

a risk of deepening divisions between China and the US over influence and oil in the Middle East. "Bilateral quarrels and clashes are unavoidable," he told the Asia and Africa Review. "We cannot lower vigilance against hostility in the Middle East over energy interests and security."

World Bank president Robert Zoellick. "One of the legacies of this crisis may be a recognition of changed economic power relations,"

“Putting pressure is just half of the equation; [US and European officials] have succeeded with that, undoubtedly the pain on Iran is immense,” says Mr. Parsi. “But to channel the pain is a very, very different task.”

measures have begun to bite, causing economic isolation and a precipitous fall in both oil revenues and the value of the Iranian currency. But Iran has still added thousands of centrifuges to enrich uranium, and deployed a more efficient, second-generation centrifuge model; stepped up uranium enrichment levels from 5 percent to 20 percent, which is technically not too far from weapons-grade; and moved its most sensitive work to a deeply buried site impregnable to air attack.

“it is highly unlikely that the regime will succumb to sanctions pressure … [when] no proportionate sanctions relief is put on the table by the P5+1, and capitulation is seen as a greater threat to the regime’s survival than even a military confrontation with the United States.”

The cost of environmental degradation in China1 was about $230 billion in 2010, or 3.5 percent of the nation’s gross domestic product — three times that in 2004, in local currency terms, an official Chinese news report said this week.

“Digging a hole and filling it back in again gives you G.D.P. growth. It doesn’t give you economic value. A lot of the activity in China over the last few years has been digging holes to fill them back in again — anything from bailing out failing solar companies to ignoring the ‘externalities’ of economic growth.”

The ministry has issued statistics only intermittently, though its original goal was to do the calculation — what it called “green G.D.P.” — annually.

China's exports hit an all-time high in December, 2015 and (ignoring season fluctuations) have been declining ever since. China is increasingly turning inward for growth - and having trouble finding it

Most other countries export intermediate goods that are just parts and components of the finished goods that consumers actually buy. China more often exports the finished goods

both Chinese and global exports are falling

further cement an alliance between Moscow and Tehran that is likely to prove a major stumbling block for any rapprochement between Vladimir Putin and Donald Trump, who has vowed to rip up a nuclear agreement with Iran that the Kremlin supports.

until 2020 deliveries of conventional weapons must be approved by the United Nations Security Council

Sergey Ryabkov, a deputy foreign minister, said on Monday that Russia’s support for the Iran deal “has not changed,” indicating that it would oppose any attempt to re-negotiate it. Russia has increased arms sales in recent years as it seeks to earn foreign currency and support potential allies in its confrontation with the West. 

numerous books and studies have sought to explore the complex connections between the environment and social friction. But the need to do so has gained increased currency -- and urgency -- not least because many climate scientists believe that the cyclical climate patterns driving weather in many of the world's less developed regions will become more frequent and more intense as average global temperatures rise. That notion helped inspire a new study conducted by a team of researchers at Columbia University's Earth Institute. Indeed, what Parenti hypothesized anecdotally through Loruman's story and profiles of myriad other conflicts brewing across the globe, the researchers attempt to quantify statistically -- perhaps for the first time. The analysis, to be published Wednesday in the journal Nature, reveals a striking connection between global climate and civil conflict -- though the underlying mechanism driving that connection remains something of a mystery.

effected

not everyone is convinced. Halvard Buhaug, a senior researcher at the Center for the Study of Civil War in Norway said he was intrigued by the study's findings, but he said far more research was needed. "All of us agree that climate is not going to be the sole driver of conflicts, and at best, it may contribute to some or even many," Buhaug said in an interview. "But I remain skeptical about the causal effect of climate on many conflicts." He pointed in particular to the near instantaneous impact of El Niño on conflicts suggested in the new research. Disruptions in trade or agricultural under-performance -- and associated changes in state income -- Buhaug said, would likely take far longer to manifest than the findings suggest. He also said he was puzzled by the fact that the authors appeared to carefully, and correctly, eliminate the possibility that local changes in temperature and rainfall could fully account for any upticks in violence. "What could it be that could have such an immediate effect but does not work through local changes in climate?" Buhaug wondered.

The Bush-Cheney approach produced a string of failures, but the same unilateral arrogance lives on in the Trump administration

It is the basis of the administration’s “take it or leave it” approach to diplomacy with North Korea and Iran, wherein Washington announces unrealistic demands and then ratchets up sanctions in the hope that the targets will capitulate and give the United States everything it wants, even though this approach to both countries has repeatedly failed in the past

A similar faith in America’s vast ability to control outcomes can also be seen in the premature recognition of Juan Guaidó as interim president of Venezuela and the strident U.S. demands that “Maduro must go.” However desirable that outcome would be, it would be nice if we had some idea how to bring it about

My family and I live in Lagos, Nigeria, a tightly packed city with a land mass of only 1,171 sq kilometre and a population anywhere between 15 and 22 million, depending on who you ask. If New York never sleeps because the lights are always on and there’s always somewhere to be, Lagos never sleeps because there’s no power, it’s much too hot indoors and you might as well have a good time while you’re out trying to catch a breeze. Going by the dictionary definition of the word "slum" - "a squalid and overcrowded urban street or district inhabited by very poor people" - my home city is the largest one in the world. And across my continent, more than 200 million people live in one.

Sourcing water is arduous and expensive, so people are unlikely to prioritise frequent hand-washing. Public transportation consists mostly of privately owned vehicles in which intense proximity is inevitable.

Street trading and open-air markets are such a fundamental part of the fabric of Lagos that we joke that you could leave home in just your underwear and arrive at your destination fully dressed

Protectionist measures by national governments during the coronavirus crisis could provoke food shortages around the world, the UN’s food body has warned.

a shortage of field workers brought on by the virus crisis and a move towards protectionism – tariffs and export bans – mean problems could quickly appear in the coming weeks, Maximo Torero, chief economist of the UN Food and Agriculture Organisation, told the Guardian

Kazakhstan, for instance, according to a report from Bloomberg, has banned exports of wheat flour, of which it is one of the world’s biggest sources, as well as restrictions on buckwheat and vegetables including onions, carrots and potatoes. Vietnam, the world’s third biggest rice exporter, has temporarily suspended rice export contracts. Russia, the world’s biggest wheat exporter, may also threaten to restrict exports, as it has done before, and the position of the US is in doubt given Donald Trump’s eagerness for a trade war in other commodities.

The vast majority of the company’s content is apolitical—and that is certainly the way the company portrays itself.

But here’s the thing: TheSoul Publishing also posts history videos with a strong political tinge. Many of these videos are overtly pro-Russian. One video posted on Feb. 17, 2019, on the channel Smart Banana, which typically posts listicles and history videos, claims that Ukraine is part of Russia

the video gives a heavily sanitized version of Josef Stalin’s time in power and, bizarrely, suggests that Alaska was given to the United States by Soviet leader Nikita Khruschev

While most attention that port security gains is focused on the importation of illegal goods, contraband, and narcotics, U.S. Customs and Border Protection (CBP) also conducts outbound cargo examinations at the nation’s ports. One of the items that they are seeking are stolen vehicles being shipped overseas. CBP reports that among the methods criminal organizations are using is car theft looking to sell them in overseas markets. To do this they need to quickly export the stolen vehicle to get it away from US law enforcement.

The number of stolen car interceptions is on the increase, according to CBP. For example, the Baltimore field office cited a significant rise in the past three years. They recovered 100 stolen cars in 2018, a record 246 in 2019, and 157 this last year. That compares with just 41 stolen cars recovered in 2015, 14 in 2016, and 43 in 2017.

“Transnational criminal organizations use stolen vehicles as a form of currency to fund their illicit enterprise and it is incumbent upon us to disrupt their trade in stolen vehicles through rigorous outbound cargo examinations,”

In place of stability, what we have today is a ramshackle, largely deregulated system, widely known as “globalisation”. Effectively lobbied for by economic cowboys with no interest in economic justice or environmental sustainability, the result of this system where “the world is governed by market forces”

the international financial and monetary system is both hard to know of and understand, as it is so intangible and detached from regulatory democracy.

It is this very idea of self-sufficiency in steady state economies that I argue for in my book, The Case for the Green New Deal,