Great Britain has decided to bar the People’s Republic of China’s telecom company, Huawei, from participating in the British build-out of their 5G network.
The PRC isn’t happy. Foreign Ministry Spokesperson Zhao Lijian:
Whether the UK will provide an open, fair and non-discriminatory environment for Chinese businesses offers a telling clue to how the post-Brexit British market will perform and how secure China’s investment will be in that country. So, we will be closely following the situation.
I certainly hope it’s a telling clue, given that PRC companies are extensions of that government’s intelligence gathering facility.
Some members of the rich class have formed a group and extended a demand that governments should tax all members of their clique.
Over 80 men and women worth seven figures from the US, UK, Germany, New Zealand, Canada, and the Netherlands calling themselves the “Millionaires for Humanity” have signed an open letter asking their governments to “raise taxes on people like us. Immediately. Substantially. Permanently.
The Americans in that crowd first must prove they mean it by committing—with publicly available means for verifying that they’re honoring that commitment over the succeeding years—to making donations to the US Treasury of the amounts they’d pay under this “tax us” plan.
Zimbabwe, in attempt to protect its currency—already a close neighbor of worthless—has decided to close its stock exchange.
If there is no market for the currency, then it has little value in terms of purchasing power. If there is no convertibility of the currency into other currencies, then there is both high risk in holding the currency and reduced interest in holding it. And so reduced purchasing power.
If the currency has little value and limited convertibility—or either alone—there is little interest in investing in the country or in simply buying its goods or selling foreign goods in—especially if the investments must be done in the domestic currency.
Much is being made of the cybersecurity threat, the national security threat, that the People’s Republic of China’s Huawei represents. For instance, Senator Ben Sasse (R, NE) has said it’s good for the British government to be removing Huawei from the core of the British Internet.
Senator Mark Warner (D, VA):
Huawei has been and will continue to be a national security threat….
Senator Tom Cotton (R, AR) on the Brits’ initial decision to allow Huawei into their Internet infrastructure:
[t]he Chinese Communist Party (CCP) will now have a foothold to conduct pervasive espionage on British society.
The Supreme Court has ordered a restructuring of the Consumer Financial Protection Bureau: its single director, removable only for inefficiency, neglect of duty, or malfeasance in office, among other things, was an unconstitutional abridgment of Executive Branch authority.
Chief Justice John Roberts, writing for the Court, said that the
setup meant the CFPB’s director was unaccountable to the executive branch, creating an unconstitutional diminishment of presidential power.
“The CFPB’s single-director structure contravenes this carefully calibrated system by vesting significant governmental power in the hands of a single individual accountable to no one[.]”
A writer, published in Wall Street Journal‘s Letters, responded to the idea that emphasis on education credentials over actual experience averred that the emphasis isn’t at all misplaced.
It’s more likely that there is a limited number of high-wage jobs available and that the market has efficiently set the wage based on the supply/demand curves.
This is a remarkably ill-informed claim, assuming as it does that we actually have an efficient market in labor.
Such a market cannot exist, though, in an environment where unions have monopoly power over labor in the industries in which they operate, nor can it exist in an economy with such widespread minimum wage mandates.
That’s the House Progressive-Democrats’ plan. They voted on the thing last Friday.
One of the rationalizations for the move is this, from the District of Columbia’s “shadow senator” Paul Strauss:
DC [he’s cited as saying], created in July 1790, pays more federal taxes than any other non-voting territory and does not receive proportional services for their population, which is larger than those of Wyoming and Vermont.
“We are essentially a donor state,” he said.
That’s not an argument for statehood, though. It’s an argument for ending the transfers of citizens’ and their business’ tax monies from one State/territory/District to another other than in times of regional emergency.