New research from Bloomberg says that Beijing is steering the Chinese economy away from the recent real estate boom, and into high tech manufacturing.
It’s a drive estimated to be worth 19% of GDP by 2026.
Running the numbers, not only is China Collapse Theory once again proved false, the market may even have under-priced how much gas there still is in the tank.
Meanwhile, the Francis Scott Key Bridge has collapsed, effectively blockading Baltimore Port for a long time to come.
The 80 billion dollars in cargo and 140 000 jobs tied to it is bad enough.
But the blow to US pride might turn out to be worse. Across the country, infrastructure is crumbling; while replacing it is becoming ever-more expensive.
Finally, as the US Fed debt pile moves towards 100 per cent of GDP, warnings are being sounded about an American Liz Truss Moment.
Trussification has become a byword for politicians being strung up by the bond markets. The only questions outstanding are: who exactly is the Truss who is about to be strung up? And who is organising the stringing?
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