GOOD MORNING FROM LONDON #235
Biden announces a new investigation into the origins of Covid-19 + China responds angrily. But Business in the US wants more, not less, of China. Goldman S published details of a new Wealth Partnership with China’s big bank – ICBC – that will allow Goldman S “to draw on savings of hundreds of millions of the bank’s Chinese Customers”. This is the very opposite of the Biden policy of De-Coupling.
Wall Street embeds itself more deeply in China. Black Rock, JP Morgan, Schroders and Amundi are doing the same. Washington does one thing – Wall Street does the opposite.
China is eager to draw on the expertise of foreign banks to build a savings infrastructure that can help manage a future driven by an ageing population. China is where the growth is.
Biden/Blinken want to isolate, diminish, reduce, restrain China. Wall St + Business wants the absolute opposite – integrate, expand, develop + grow China. The stage is set for a big battle within the US.
War is a possibility. The US will soon be overtaken by China. It is a given – unless hostilities occur. Is War the only way to stop China from becoming the #1 World Power? Is the World stable or unstable?