by Andrew Moran
The global economy is laughing at President Joe Biden. Why else would so many of the nation’s adversaries take advantage of the current situation by employing measures that poke Uncle Sam’s shoulder and leave the United States more vulnerable and less powerful on the world stage? From China to Russia, a plethora of foreign actors is using this opportunity to accelerate particular causes that they had only dreamed of implementing. By the time the current administration is finished – be it in 2024 or 2028 – will a new world order have formed? If so, who will be at the head of the table? One thing is for sure, it will no longer be Washington dictating the terms and conditions of how the globe functions.
Global Economy Abandons America’s Bond Market
For the seventh consecutive month, China reduced its holdings of US debt, falling below $1 trillion for the first time in 12 years, according to new Treasury Department data. With the United States raising interest rates that make Treasurys less attractive and the Chinese government looking to diversify its investments, Beijing dropped its portfolio of US government debt to $980.8 billion in May. This is down approximately $100 billion, or roughly 9%, from the same time a year ago…