Author Archive: Stephen Green

THOSE WHO DO NOT KNOW THE HISTORY OF THE F-4 ARE DOOMED TO REPEAT IT: China’s J-20 stealth fighter has no cannon.

It’s less unreasonable now to go all-in on missiles than it was in the 1960s, but you wouldn’t want to be the pilot caught in close quarters without a cannon.

HMM: “A Tectonic Shift In China’s Economy Has Largely Gone Unnoticed By Investors.”

Now it is the Wall Street’s Journal’s turn to bring attention to this topic, calling it a “tectonic shift” in China’s economy, which has largely gone unnoticed by investors, and which is “quietly beginning to upend the global financial system.”

A key driver behind China’s declining current account is that after having long been the world’s heavyweight saver and a huge buyer of foreign assets like Treasurys, the world’s most populous nation is now a big spender, and in early 2018, China got more of its growth from consumption than the U.S., the global king of consumer spending where some 70% of economic growth is due to consumer spending. And as China’s increasingly wealthy population spends more at home and abroad, its total trade surplus with the rest of the world has shriveled to a fraction of its former size.

In other words, China is rapidly becoming the next US.

If they’re us, who’s going to finance Washington’s spending addiction?

LIZ SHELD’S MORNING BRIEF: More Covington fallout…

Tyler O’Neil is filling in for Liz today, even though he might be a bit distracted by some big personal news.

BRUCE BAWER: The Disgraceful Covington Catholic Pile-On. “I spent much of my weekend following this story, because the savage assaults on the boys on Twitter and elsewhere struck me as supremely emblematic of the ugliness at the heart of our holier-than-thou, white-hating, male-hating, and Trump-hating establishment culture. Even if the boys had behaved in an unseemly manner, the spectacle of all these politicians, journalists, and celebrities piling on to them with such intense shows of moral indignation was far more unseemly. Especially reprehensible was the way in which so many of the boys’ critics reacted when the real truth came out. Many of them quietly removed their tweets. Others choked out extremely lame apologies.”

Read the whole thing.