Unlike the 2008 global financial crisis, which was mostly a large negative aggregate demand shock, the next recession is likely to be caused by permanent negative supply shocks from the Sino-American trade and technology war. And trying to undo the damage through never-ending monetary and fiscal stimulus will not be an option.
The Communist Party of China would like the mainland Chinese population and the rest of the world to believe that the ongoing, sometimes violent protests in Hong Kong pose a threat of "terrorism." But the truth is that China has only itself to blame for pushing the city's idealistic youth into the streets once again.
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OXFORD – I confess: I do it, too. Like most Western women, I do it regularly, and it is a guilty pleasure every time. It is hard to listen to one’s conscience when one is faced with so much incredible temptation.
I am talking, of course, about cheap trendy fashion. I'll visit a Zara – or Hampamp;M, or, now that I am in the United Kingdom for the summer, the amazing Primark – and snap up items that are “cute,” effectively disposable, and so shockingly inexpensive that one does a double take.
I need to face my addiction – and so do all women like me.
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