It looks like the United States just became a third wheel. Recent economic data from the E.U.’s statistical office shows that China is now the European Union’s biggest trading partner of goods, knocking the U.S. from its prime spot. While the European Union has been China’s biggest importer for some time, the relationship only became mutual during the pandemic, likely due to the increase in demand for Chinese medical products in the E.U. In turn, demand for European goods in China also grew.
In 1971, President Richard Nixon officially proclaimed a war on drugs. Since then, the United States has spent well over $1 trillion on drug prevention and detainment. “If we cannot destroy the drug menace in America, then it will surely in time destroy us,” Nixon told Congress in 1971. “I am not prepared to accept this alternative.” The goal of the war on drugs is to reduce drug use. The specific aim is to destroy and inhibit the international drug trade — making drugs scarcer and costlier, and therefore making drug habits in the US unaffordable.
A total of 101 incidents at various banks across Lebanon from November 1 to January 13, including sit-ins, minor and violent scuffles, hostage taking, and forklifts blocking bank entrances, have only contributed to the exponential decline in consumer confidence in local banks. To regain political balance and hopefully reinvigorate foreign stimulus to abate the rising economic disaster, a new Prime Minister, Professor Hassan Diab, was installed. However, this decision—one that was backed by the US-delegated terrorist militant group Hezbollah—has not sat well with citizens, as they believe the new candidate was selected by the same political elites behind past political corruption in Lebanon.
Despite recent metrics around the globe showing severe production declines as a result of coronavirus, Chinese GDP growth continues to be one of the fastest among developed and developing nations. That’s not a new story. While the rest of the world experienced recessions and layoffs, China blew through the 2008-2012 years, reaching an all-time productivity growth peak of 11 percent in 2011. By all official accounts, China is on track to surpass aggregate U.S. output and take the mantle of economic hegemony within the next several decades.