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[Markets] Forget Iran, Maximum Pressure Has Shifted To China

Authored by Tom Luongo,

In the past week the pressure on China by the U.S. has escalated daily. Since the trade delegation came back from China with lunch barely digested the Trump Administration has gone into over drive on demonizing China here at home.

From finally declaring China a currency manipulator after years of threats on Monday the latest is now a planted story in Axios that Vice-President Mike Pence bringing forth a list of Chinese officials to sanction for Human Rights violations under the Global Magnitsky Act.

This is based on a lie, of course. A lie helped along by Bob Fu, the head of ChinaAid, an NGO working, nominally, to alleviate the horrors of the Chinese government. Or, at least, that’s what you’re supposed to believe.

Vice President Mike Pence has signaled that the Trump administration is open to using the Global Magnitsky Act to sanction top officials in Xinjiang, China, where more than 1 million Uighur Muslims are being held in internment camps, according to a Chinese religious freedom advocate who met with Pence at the White House Monday.

Notice how Axios still states this as fact, that the Chinese are running 1 million people in concentration camps, even though the story was quickly debunked as the rogue statement by U.N. committee member, Gay MacDougall, who claimed this 1 million number was real.

It’s not true, because if it was someone credible would have confirmed it. But it’s a lie that has been breathlessly repeated for the past year to create the illusion of reality so that now Pence can pile on to further inflame the ‘China is evil’ story to hapless Trump supporters giddy at their chosen savior’s tough stance on China.

That tough stance on China in economic areas will require even more farm subsidies as China now refuses to buy our soybeans, corn and other agricultural products as a result of Trump’s asinine trade war.

Because Trump cares about farmers. Yeah, right. Trump cares about getting re-elected.

But it is in Hong Kong where things are really dangerous from a geopolitical perspective.

China has had to respond to the riots in Hong Kong with a firm hand and is being backed into a dangerous situation to quell the unrest. The stink of outside influence is very strong.

And it very well could turn into a military intervention in Hong Kong, which will be denounced by the U.S. and the U.K. as a violation of the “1 country, 2 systems” agreement the British left in place until 2047.

See the pattern? This human rights abuse stuff is 1 part truth and 2 parts fiction. It’s an operation on multiple fronts to demonize China.

It’s became clear that to me a long time ago that even if Trump wanted to de-escalate tensions with China he has neither the temperament nor the control of his own administration to do so.

His response to the Fed’s shallow rate cut and policy statement was childish. Forcing down equity prices and creating chaos in the currency markets is not the work of a ‘stable genius.’ Then blaming China for what was a predictable market reaction to what he did was moronic.

If you raise tariffs and retard trade, the exchange rate between the two countries has to adjust. Period.

To then pile on three days later with the nonsensical and mostly symbolic designation of China as a currency manipulator is just sad.

And now this report about sanctions to stoke up more China hatred among Americans of all political persuasions, while honestly bad actors, both within his administration and abroad, are stoking up chaos. And this upcoming speech by Pence that Axios is talking about is a dead giveaway that they are not done yet.

The more I think about it the more Monday was some form of geopolitical coup attempt. The multiple annoyances coming from the Trump administration are one thing. But doing so at the same time the Indian government took the dramatic step to reorganize Kashmir/Jammu using the pretext of recent terrorism and the ongoing riots in Hong Kong to foment a color revolution there is irresponsible.

And that has the fingerprints of someone else.

Look around and you’ll see the level of chaos is rising rapidly but it all has one through-line. The post-WWII established order is, bluntly, freaking out about their inability to control the narratives and maintain control.

My working thesis at this point, and this is conjecture based on my intuitions, not journalism, is that the through-line here revolves around what can best be termed the British Deep State.

British oligarchy has deep roots in India, Israel, Hong Kong, Saudi Arabia and the U.S. intelligence and diplomatic corps. It has deep animosity towards Russia, China and Iran, far deeper than the U.S. does.

This is policy that goes back more than one hundred and fifty years. The City of London is the primary domestic obstacle to Brexit.

Hong Kong is a key cog in the West’s ability to control China’s growth, so destabilizing it now makes sense. The Hong Kong dollar is pegged tightly to the U.S. dollar and the arbitrage trade between offshore and onshore yuan is the source of a lot of ‘tail wagging the dog’ in financial markets.

It makes even more sense if China’s new extradition law was aimed at bankers and prop traders guilty of currency manipulation of the offshore Yuan trade than it is about ‘human rights abuses.’

The key to color revolutions is that there is a nugget of animosity towards the government being protested. But someone is always ashamed of the government they live under, as any decent man should (to quote H.L. Mencken). But that nugget is then stoked into something ugly the minute there is a catalyst by outside actors for political and economic gains.

The extradition law is perfect for that.

And it seems to me that this ratcheting up of tensions world wide began the moment President Trump refused to go to war with Iran over shooting down that Global Hawk drone in June.

Because that war was handed to Trump on a silver platter. And he was supposed to react to it just like he reacted to past British intelligence operations in Syria; with bombs and sanctions.

Iran was in some way simply a stalking horse for the real target, China.

Why are we still talking about the Skripals when their story has been debunked completely? The Brits. Why are we still dealing with the aftermath of RussiaGate, an operation that began within British intelligence and coordinated with multiple U.S. departments and NGOs on behalf of Hillary Clinton to oust Donald Trump from power?

You know the answer to that.

And that feeds into what Matthew Ehret was saying the other day at Strategic Culture Foundation about what Trump’s role is in all of this. Ehret’s thesis is that the ‘special relationship’ between the U.S. and the U.K. is faltering, and good riddance.

I’m not sure I agree with that but I do agree that Trump is a wild card here.

It is Trump, in his blundering manner, that is making that happen because he isn’t, for all of his myriad faults, a “British asset.”

According to Ehret:

He [Trump] has reversed a regime change program active since 9/11. He has fought to put America into a cooperative position with Russia. He has undone decades of WTO/City of London free trade. He has called for rebuilding productive industries following through by reviving the protective tariff. To top it off, he has been at war with the British-directed deep state for over three years and survived. Now that [John] Bolton has been outed as an ally of Sir Darroch, there is an open acknowledgement that Trump is gearing up to replace the neocon traitor as we speak.

One can only hope that he’s right about this. Since Trump’s refusal to go to war in June, he has stepped up his attacks on China in ways that tell me Bolton isn’t done just yet and that Trump may not be fully under their control, but he’s also not anywhere close to a free actor.

For now we have to realize that what is happening here is beyond left or right, it’s beyond patriotism. And we should remain extremely vigilant about who are and who are not our friends. Because if you look at events closely you’ll see that those definitions you’ve been spoon-fed are dubious at best.

*  *  *

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Published:8/6/2019 10:01:03 PM
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