一 | "Remember what happened in 1983? Two days after 241 Marines were blown up in Lebanon, the USA invaded tiny Grenada. Overnight, the previous headlines disappeared. I think we are seeing the same today. NATO is losing badly in Ukraine and it’s going to be a long winter for the West. Pounding its imperial chest with Taiwan is now what the MSM is reporting, much less so Ukraine," suggests Jeff J. Brown, author of "The China Trilogy," editor at China Rising Radio Sinoland, and curator of the Bioweapon Truth Commission.,If Pelosi travels to Taiwan, this would be the first time a high-ranking US politician visits the place in 25 years. Last time it was Newt Gingrich, then-speaker of the US House of Representatives, who arrived on the island in 1997, ignoring the Chinese leadership's discontent.,"I said firmly, 'We want you to understand, we will defend Taiwan. Period,'" Gingrich told the press at the time, as quoted by The New York Times. However, Clinton administration officials made it clear that Gingrich "was speaking for himself.",Likewise, it appears that Pelosi's apparent visit to Taiwan is not in line with the Biden administration's China policy, argues Francesco Sisci, a Beijing-based China expert, author, and columnist.,"American politics is not set like an omniscient Leviathan," the China expert says. "The Congress, the Senate, the executive all move according to different agendas which do not often coincide and are in conflict with one another. The issue is that there is a growing anti-Beijing sentiment in America and this has sometimes bursts which aren’t fully sorted out. I believe the visit is an expression of a sentiment, rather than of a clear cut plan.",According to CNN, Pelosi's initiative has triggered concerns both in the Biden administration and the Pentagon, with US national security officials "quietly working to convince House Speaker Nancy Pelosi of the risks of her potential trip to Taiwan." While in 1997 Beijing and Washington managed to solve the dilemma, this time the PRC leadership might opt for a harsher response, CNN and The Guardian have warned.,US Military Expansion in Asia-Pacific is Part of Plan to Take on Russo-China Tandem, Scholar Says28 July, 16:15 GMT,Washington has been fanning US-Sino tensions for quite a while, starting with Donald Trump's tariff war against Beijing, which has yet to be halted by Joe Biden. In a candid phone conversation, Chinese President Xi Jinping warned his American counterpart against "playing with fire" over Taiwan and explained that any involvement would ultimately backfire on the US.,"A Chinese general has publicly declared that Pelosi’s visit could entail a military response from Beijing," Brown says. "China’s Ministry of Foreign Affairs has repeated this. Now, with Xi’s 'You get burned playing with fire' metaphor, I think there would be a military response.",Senior Colonel Tan Kefei, a spokesperson for China's Ministry of Defense, stated on July 26: "If the US insists on taking its own course, the Chinese military will never sit idly by, and it will definitely take strong actions to thwart any external force's interference.",Tan highlighted that Pelosi's visit to Taiwan would "seriously violate the one-China principle" and "seriously harm China's sovereignty and territorial integrity, and seriously damage the political foundation of China-US relations.",Meanwhile, Brown surmises that China's hypothetical response "might include a declared no-fly zone." However, there is a "much more elegant option," according to the author:,"[China could] take over Taiwan’s Kinmen Island, which is only two kilometers from Xiamen, off China’s Fujian Province coast. It would take only a few hours. I do not think Beijing will strike any US targets, unless attacked first.",North Korea Ready to Mobilize Nuclear Deterrence Forces at Any Moment - Kim Jong Un28 July, 01:13 GMT,The scholar also does not rule out that the Democratic People's Republic of Korea's (DPRK) remark, made earlier this week, that Pyongyang is “fully prepared” for any military conflict with the United States is no coincidence.,"Does Biden know that China and nuclear-armed North Korea have had a mutual defense treaty since 1961?" Brown asks rhetorically. "NATO is being bled dry in Ukraine and it is imperial folly, hubris or geopolitical brinkmanship to think it can fight East Asia’s biggest and most powerful military, which is only 200 km from Taiwan.",For his part, Sisci believes that the PRC could opt for an asymmetrical non-military response. Still, the unfolding crisis is complicated by the fact that Washington is already involved in a confrontation with Russia, raising questions as to whether the US is capable of taking on Moscow and Beijing at once.,"I don’t think that either China or the US wants an escalation," says Sisci. "The talk between Biden and Xi Jinping was to avoid an escalation.",Brown also believes that Beijing's warnings have been heard by Washington.,"Pelosi’s visit to Taiwan has been bandied about by Washington for months now," he says. "A supposed Covid-19 infection scuttled the first trial balloon. After Biden’s phone call yesterday with Xi, I suspect another American 'postponement' is likely to occur. If not, then 'Katy, bar the door!'"。 Stockholm, Oct 10 (UNI) The Royal Swedish Academy of Sciences announced Monday that three US-based economists won the 2022 Nobel Memorial Prize in Economic Sciences “for research on banks and financial crises”.
The winners are Ben Bernanke, former head of the US Federal Reserve and currently with the Brookings Institution in Washington DC, Douglas Diamond of the University of Chicago and Philip Dybvig of Washington University in St. Louis, Missouri. The winners share a prize of about $900,000.
The nobelprize.org put out a release saying:
"Their discoveries improved how society deals with financial crises
"This year’s laureates in the Economic Sciences, Ben Bernanke, Douglas Diamond and Philip Dybvig, have significantly improved our understanding of the role of banks in the economy, particularly during financial crises. An important finding in their research is why avoiding bank collapses is vital.
"Modern banking research clarifies why we have banks, how to make them less vulnerable in crises and how bank collapses exacerbate financial crises. The foundations of this research were laid by Ben Bernanke, Douglas Diamond and Philip Dybvig in the early 1980s. Their analyses have been of great practical importance in regulating financial markets and dealing with financial crises.
"For the economy to function, savings must be channelled to investments. However, there is a conflict here: savers want instant access to their money in case of unexpected outlays, while businesses and homeowners need to know they will not be forced to repay their loans prematurely. In their theory, Diamond and Dybvig show how banks offer an optimal solution to this problem. By acting as intermediaries that accept deposits from many savers, banks can allow depositors to access their money when they wish, while also offering long-term loans to borrowers.
"However, their analysis also showed how the combination of these two activities makes banks vulnerable to rumours about their imminent collapse. If a large number of savers simultaneously run to the bank to withdraw their money, the rumour may become a self-fulfilling prophecy – a bank run occurs and the bank collapses. These dangerous dynamics can be prevented through the government providing deposit insurance and acting as a lender of last resort to banks.
"Diamond demonstrated how banks perform another societally important function. As intermediaries between many savers and borrowers, banks are better suited to assessing borrowers’ creditworthiness and ensuring that loans are used for good investments.
"Ben Bernanke analysed the Great Depression of the 1930s, the worst economic crisis in modern history. Among other things, he showed how bank runs were a decisive factor in the crisis becoming so deep and prolonged. When the banks collapsed, valuable information about borrowers was lost and could not be recreated quickly. Society’s ability to channel savings to productive investments was thus severely diminished.
"The laureates’ insights have improved our ability to avoid both serious crises and expensive bailouts,” says Tore Ellingsen, Chair of the Committee for the Prize in Economic Sciences.
The Nobel Memorial Prize in Economic Sciences was not included in Alfred Nobel's will, voanews.com reported.
It was established by the Swedish central bank in 1968 — and is officially the "Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel" to mark the bank’s 300th anniversary. It was first awarded in 1969 and has been funded by the bank since then.
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