ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Dec 14 06:55

Trump Had to Walk Back Existing Tariffs for “Phase One” Deal

The 15% tariff imposed on $120 billion in Chinese goods in September will be halved to 7.5%:

In a statement issued Friday, the Office of the U.S. Trade Representative (USTR) called the deal a “historic and enforceable agreement” and said the U.S. agreed to modify its tariff actions “in a significant way.”

The U.S. will maintain the 25% tariffs on about $250 billion of annual Chinese imports it imposed during the 18-month trade war, the USTR said. But it will halve the tariffs on an additional $120 billion of Chinese imports to 7.5%, the USTR said. China retaliated with similar measures.

Trump is bigging the deal as “very large” securing “massive purchases” and “many structural” changes by the Chinese.

Dec 14 06:35

No Rate Cuts In 2020: Same Mistake As 2018?

Dec 14 05:50

Teacher Unions Destroy School Accountability

Authored by Robert Fellner via The Mises Institute,

Just months after successfully threatening an illegal strike to obtain a modest salary raise, members of the Clark County, Nevada, teachers union, the Clark County Education Association (CCEA), are going to have to give a big chunk of that back, thanks to a pair of recent rate hikes that will cost the average teacher nearly $1,000 a year.

The union claims that higher taxes and increased spending are the only way to improve Nevada’s public schools but neglects to explain why the near tripling in spending that has already occurred since 1960 has failed to improve student performance.

Dec 14 05:06

Clashes erupt in Delhi over citizenship law; Japan PM cancels visit

Violent clashes erupted in Delhi between police and hundreds of university students on Friday over the enactment of a new citizenship law that critics say undermines India’s secular foundations.

Police fired tear gas and used baton charges to disperse scores of students demonstrating at Jamia Millia Islamia university in the heart of Delhi over the law.

Protesters attacked cars in the capital, and several people were injured and taken to hospital.

Zakir Riyaz, a PhD student in social work, said the new law made a mockery of India’s religious openness.

Webmaster's Commentary: 

So, now it's "open season" on India's Muslims, in terms of denying citizenship to them?!?

What else will be denied them, beside the right to vote, under this law; will they not be able to attend the finest schools in India because of this?!? Will they have to present a pass, every time they work?!? Are there going to now be some jobs forbidden to them?!? And will housing become completely segregated by faith, driving Muslim families out of the marketplace?!?

I would politely suggest to the Indian government, that going the way of Israel's apartheid, is not going to help empower India in a positive, and moral direction.

That huge Thumpa-thumpa we are all hearing right now... is the sound of Mahatma Gandhi, whirling in his grave, at warp-drive speed.

Dec 14 03:50

China Quietly Ramps Up Oil Production In Iran

Authored by Simon Watkins via OilPrice.com,

The supergiant Azadegan oil field, comprising major north and south sites, is as important to Iran’s overall strategic plan to survive the current sanctions environment and to prosper when they are lifted as the flagship South Pars supergiant gas field and the added-value products of its petrochemicals sector. Last week Iran’s Petroleum Engineering and Development Company (PEDEC) announced that five new development wells and an appraisal well are to be spudded in North Azadegan to maintain current production levels. OilPrice.com understands from various senior energy sources in Iran that this is only part of the picture, with much bigger plans having been agreed for rollout in the coming six months with the help of China and Russia.

Webmaster's Commentary: 

And what, pray, does the US and NATO have in store for the world, in about 4- 6 months' time?!?

rReforger Redux-Defender 2020 to be the 3rd larges exercise in Europe since the Conld War

And from Google.com, we learn the following: Schedule: NATO's Defender 2020

The story goes on to state: "The joint, multinational training exercise is scheduled to take place from April to May 2020, with personnel and equipment movements occurring from February through July 2020. The exercise supports objectives defined by NATO to build readiness within the alliance and deter potential adversaries".

Unfortunately, geopolitically "awakened" (I won't say "woke", because it is just lousy English, sorry) people could see this coming from a mile away. in an early November edition of the blog, FtRuss.com, comes the following article: HERE WE GO AGAIN: Russian ‘Threat’ Back On NATO’s Agenda

But read just a little further from www.defensenews, and you will, in a very very clear and uncompromised manner, understand who the "enemies" are, in this; Russia, and China of course.

And of course, right at the very end of this, the author of this article, one Jen Judson, "steps in it", mightily, regarding why NATO and the US are ticked at Russia, where the following assertion is made: "After Russia annexed Crimea in 2014, the U.S. began to invest in a buildup in Europe to deter Russia from acting similarly in another country."

Jen, for God's sake, "denial", is not a River in Egypt; wake up, and smell the Selective Memory Disorder Syndrome, from which you are obviously suffering, horrifically, in order to make such a claim.

Fact # 1: President Obama admitted, in an interview on CNN with George Stephanopoulos, that he had been part of a European effort to "regime change" Kiev" in 2014:? Washington Was Behind Ukraine Coup: Obama admits that US “Brokered a Deal” in Support of “Regime Change”

Fact 2: Victoria Nuland, Assistant Secretary for European and Eurasian affairs, bragged about what the US spent to regime change in Ukraine: The United States spent $5 billion on Ukraine anti-government riots

Fact 3: Post-Poroshenko coup, the people of Crimea did two things; they held a referendum, asking the Crimeans if they wanted to remain with Ukraine, or petition Russia to become a part of the Russian Federation. Crimea referendum: Voters 'back Russia union'

Fact 4: When the Crimean people petitioned Russia, to be accepted as part of the Russian Federation, the Russian Federation did accept the country.

Jen, there was no annexation; this was simply a people, the Crimeans, who were exercising one of the most important human rights cherished under the NU Universal Declaration of the Rights of Man, to which Russia, Ukraine, and the US, are all signatories: peaceful self-determination.

You have, obviously, made the choice to keep shilling US government propaganda, in order to empower any narrative which cannot actually stand on its own, and here, it was that Russia "allegedly annexed" Crimea, an action which never really happened, in fact.

Dec 13 19:04

The Booming US Furniture Industry Has Sparked A Desperate Scramble To Find Workers

The U.S. furniture industry is humming right along, with names like Crate & Barrel and Williams-Sonoma the beneficiaries of expanding manufacturing domestically. The tailwind has been sustained growth since the financial crisis and a trade policy that is encouraging more production in the U.S.

But the one problem the industry has now is a lack of skilled workers, according to the Wall Street Journal.

Furniture manufacturers across the United States are having trouble filling open slots with the job market as tight as it has ever been in the U.S.

Meanwhile, a generation of sewers and upholsterers have simply avoided the industry, leaving it reliant on an aging workforce.

Dec 13 12:02

The global slow motion train wreck continues

Dec 13 11:47

China Says US, China Won't Impose Dec 15 Tariffs, But Existing Tariffs Remain

Update: after much confusion, China is now confirming some of the details revealed overnight, whiled denying others despite the country's stern silence overnight. Here are the highlights from the press conference

Dec 13 08:15

Evicted at gun point: How poor people survive in the USA

Homelessness, hunger and shame: poverty is rampant in the richest country in the world. Over 40 million people in the United States live below the poverty line, twice as many as it was fifty years ago. It can happen very quickly.

Many people in the United States fall through the social safety net. In the structurally weak mining region of the Appalachians, it has become almost normal for people to go shopping with food stamps. And those who lose their home often have no choice but to live in a car. There are so many homeless people in Los Angeles that relief organizations have started to build small wooden huts to provide them with a roof over their heads. The number of homeless children has also risen dramatically, reaching 1.5 million, three times more than during the Great Depression the 1930s.

Dec 13 08:14

Trump Okays Phase One Of US-China Trade Deal To Avert Tariffs

President Donald Trump has signed off on a phase-one trade deal with China which would avert imminent U.S. tariffs and reduce sanctions in exchange for a promise from China to purchase U.S. agricultural produce, reports said.

The agreement would delay the Dec. 15 introduction of a new wave of tariffs on $160 billion in Chinese-made consumer electronics and toys. It would also reduce some of the existing tariffs on the Asian country by half.

Trade officials had met with Trump Thursday afternoon at White House, to brief the President about the agreement. The terms in the agreement have been agreed and negotiators are working to finalize the legal text, CNN reported citing officials familiar with the agreement.

Dec 13 08:01

The Fed Has 'Absorbed' 90% Of Treasury Issuance Since September

Let’s look at a few of Chairman Powel’s words at yesterday’s press conference. Please read them and tell me whether this sounds to you like a man who doesn’t understand what he’s doing. Or if you think he’s deliberately pulling words out of his ass, stringing them together, and spewing them from his mouth in an effort to gaslight the investing public.

I’ll take the latter. The Fed is in the propaganda business. It knows what it is doing. Double talk, lies, and utter bullshit are its stock-in-trade.

Dec 13 07:36

Blowing Bubbles for Fun and Profit

Dec 13 07:35

The Criminalization of Masculinity

For half a century, conservatives have been putting their readers to sleep with denunciations of the sexual revolution as a kind of anarchic free-for-all where men’s sexual impulses are gratified at the expense of women’s long-term well-being. But, as I have explained at length elsewhere, the current hook-up scene is no chaos of random coupling; it is a Darwinian competition between women for the attentions of a relatively small number of men. This mating system’s predictable output—possibly its intended output—is a large number of disappointed young women ripe for a message of resentment and revenge upon the opposite sex.

Dec 13 07:33

Soros-Linked Group Gets Six GOP Governors to Resettle More Refugees

A pro-mass immigration organization with links to billionaire George Soros has successfully lobbied six Republican governors to resettle more refugees in their states.

Dec 13 07:29

Conservative Media Blackout on Amnesty Bill Keeps GOP Voters in the Dark

More than 99% of Americans have no idea that Congress voted to pass an unpopular Amnesty bill yesterday (HR 5038: The Farm Workforce Modernization Act), which would grant Amnesty, jobs, and voting rights to more illegal immigrants than Reagan's 1986 Amnesty, because conservative and alternative media sources joined with the mainstream press to keep Americans in the dark about the bill.

Pro-Amnesty and open-borders elites are making massive gains in Washington while Americans are being distracted and neutralized by censorship, media blackouts, the impeachment spectacle, and the haze of the holidays.

Dec 13 07:27

Trump Folds: Will Cancel New China Tariffs, Offers To Cut Existing Tariffs By 50% In Exchange For Pledges: Report

And just like that, confirming weeks of media speculation, Trump has folded with the Dow Jones/WSJ reporting that not only will Trump not impose the new tariffs set to come into effect on Dec 15, but will cut existing tariffs by up to 50%.

U.S. Negotiators Offer to Cut Existing Tariff Rates by up to 50% on $360 Billion of Chinese Imports - Sources
U.S. Negotiators Also Offer to Cancel New China Tariffs Set to Take Effect on Dec. 15 - sources
President Trump will Hold Meeting Thursday to Discuss China Trade - Sources

Moments before the WSJ report, Trump wrote in a Tweet: “Getting VERY close to a BIG DEAL with China. They want it and so do we!”

Getting VERY close to a BIG DEAL with China. They want it, and so do we!
— Donald J. Trump (@realDonaldTrump) December 12, 2019

China's Global Times twitter troll was delighted:

Dec 13 06:30

Germany Tells US to ‘Mind Its Own Business’ as Congress Votes in Sanctions on Nord Stream Companies

I keep hearing how Russia and China are not allies because they aren’t as close and don’t have a formal treaty like the US and its European NATO “allies”. Well at least Russia and China don’t sanction each other’s economies. In fact it is the US and Germany which are not allies, that’s because the Empire does not have allies, only clients. The difference between the two being precisely that allies are entitled to their own separate interests where client states are not.

Dec 13 06:06

FAA Calculated Boeing 737 MAX Could Crash 15 Times and Kill 3,000 People — But Allowed It to Keep Flying

In selling passenger jets Boeing has to market to vigilant for-profit airline companies (private and foreign state-owned ones alike). Yet this is the level of wool it tried to pull over their eyes, and for a time, with the help of a compliant government department (the FAA), succeeded.

We can then only imagine the level of fraud that goes on behind doors when it’s selling, not to commercial entities, but to the US government, where it is accountable only to generals who are spending someone else’s money and have eyes set on cushy retirement bonuses that Boeing can provide. (The flying coffin that is the Bell Boeing V-22 certainly comes to mind.)

Dec 13 06:04

China Refuses To Confirm Trade Deal As Local Media Stays Dead Silent

Markets are closed in Beijing, the workday is over, and there no official reports in local media of an actual trade deal, that is because, as we explained on Thursday night, the language of the deal will never be made public and there would be no signing event between President Trump and President Xi. One may ask if there is even a "deal"?

As the WSJ writes this morning, China indicated that a near-term trade agreement with the U.S. has yet to be completed despite President Trump’s signoff, highlighting the unpredictability of a negotiation process that has rattled global markets and businesses.

Dec 12 14:14

Prediction: QE4 Will Begin By Year-End

Dec 12 13:51

Autoflower Cannabis – How To Grow And Grow Guide

People are getting increasingly excited, interested, and curious about it. There is a good reason for all this excitement. This isn’t a typical marijuana trend; it could be a total game-changer.

So, why all this clamor about autoflowering marijuana plants? There is a good reason for all this excitement, let’s look at some of the 3 best attributes of the plant:

1. They are smaller. This means they are easier to hide, harder to spot, and are, therefore, a safer choice with a greater variety of grow location options

Dec 12 13:46

Federal Marijuana Legalization Is A Lock – But How, When?

If you listen carefully, you will hear the sound of a crooked foundation known as marijuana prohibition starting to crumble in the United States. It has been more than eight decades since the federal government outlawed the cannabis plant nationwide, and yet, here we are finally standing on its lawn with torches in hand waiting for a day of reckoning.

Because no matter how much the suits on the Hill have schemed to enslave a population through backasswards drug laws, the nation has risen up in true knock-down-drag-out fashion and fought for its freedom back. Admittedly, this battle for legal bud took a lot longer than it should have, but considering that everyone in the trenches was stoned beyond belief, the marijuana movement seems to be arriving right on time.

Dec 12 13:40

Why "This Sucker Is Going Down"

Once the contagion starts spreading, loose money won't put the fires out.

As the nation's political and economic leaders struggled to contain the 2008 financial meltdown, President George W. Bush famously summed the situation up: "If money doesn't loosen up, this sucker will go down."

Eleven years into the loose money recovery, this sucker is finally going down for reasons that have little to do with tight money and everything to do with the inconvenient fact that none of the structural problems have been addressed, much less actually fixed.

Dec 12 12:46

Stop the Deep State’s “Free Trade” Agenda for Global Government

Stop the USMCA!
So you might be saying to yourself, how does the United States-Mexico-Canada Agreement (USMCA) fit into this picture?

The short answer is that the 1994 North American Free Trade Agreement (NAFTA) and its proposed successor, the 2018 USMCA, were both designed to provide steppingstones to regional (North American Union), then world (United Nations) government, exactly in accordance with the Deep State globalists’ strategy for establishing a global government as explained above by Newman.

Dec 12 12:44

Fool Me Once, Fool Me Twice: What’s Wrong With The USMCA?

President Trump said he was going to get out of NAFTA; then, he said he was going to renegotiate it. More recently he said that “we need to rebrand NAFTA”. He signed the rebranded, repainted and refurbished agreement, called the USMCA, at the G20 Summit in Argentina on Sunday, December 2, 2018. This new agreement actually expands the globalist NAFTA agreement and installs the United Nations 2030 Agenda for Sustainable Development as a core – the same agenda that Trump claims to pulling the U.S. out of. It’s called regionalism: Globalists want this 1800 page, sovereignty killing, unconstitutional document for a governance ruled by unelected commissions forming a European style union in this hemisphere. Each country must ratify the document before it can take effect. Now is the time to contact your Congressman and tell them to say no to the USMCA and to tell them to get us out of NAFTA.

Dec 12 12:42

What’s Really in the USMCA?

This is treason and Trump supports it.

The new United States-Mexico-Canada Agreement (USMCA) is intended to replace the 1994 North American Free Trade Agreement, known as NAFTA. As The New American has previously covered (here, here, and here), there are many problems with the USMCA that outweigh any potential economic benefits — mainly how it would erode America’s national sovereignty in favor of regional integration.Economic Integration

Dec 12 08:56

Morality of Free Markets

Dec 12 08:04

Vatican Caught Using Charity Donations To Cover Budget Shortfalls

While Pope Francis has long preached about the ills of economic inequality and sins of capitalism, the Catholic church has been robbing Peter's Pence to the tune of over $50 million annually to plug holes in their out-of-control budget - after paying over $3 billion in pedophile priest settlements around the world over several decades.

According to the Wall Street Journal, most of the roughly $55 million the church takes in annually goes towards "plugging the hole in the Vatican’s own administrative budget, while as little as 10% is spent on charitable works."

The little-publicized breakdown of how the Holy See spends Peter’s Pence, known only among senior Vatican officials, is raising concern among some Catholic Church leaders that the faithful are being misled about the use of their donations, which could further hurt the credibility of the Vatican’s financial management under Pope Francis. -Wall Street Journal

Webmaster's Commentary: 

WOW!! I knew the numbers were awful, but this is horrific.

So Pope Francis, a thought; it doesn't come from the mountain, but it is something you might want to at least consider.

Rather than celibate men, to become priests, why not reach out to married men and women with healthy, flourishing families?!? The greatest advert ever, for being both a happy Christian, is having a morally responsible, loving Christian family, which is flourishing.

You are welcome, Your Holiness!! :-)

Dec 12 07:39

SoCal Church Displays Holy Family As "Caged Refugees" At The Border

A Nativity scene in the southern California city of Claremont depicting the Holy Family as a separated family held in cages at the U.S. border is sparking controversy and conversations over President Donald Trump’s immigration policies.

“If this isn’t your church’s politics, you’ve got the wrong faith,” tweeted music journalist Zel McCarthy.

Vanity Fair writer Anthony Breznican said that the Claremont United Methodist Church tableau, depicting Joseph and Mary in cages on either side of a caged baby Jesus Christ, was an accurate representation of the meaning of the Bible story.

“I love the Nativity story,” said Breznican.

“I love it not because it is warm and fuzzy, but because it is about perseverance against cruelty.”

Webmaster's Commentary: 

There are great problems, both theologically and geopolitically, with conflating the Nativity with Illegal Immigration.

If my memory of the Nativity story is correct, Mary and Joseph were going back to Bethlehem, due to a tax census by the Roman Government; they were following the law of the land, when Mary went into labor, and delivered Jesus in Bethlehem.

Illegal immigrants are not a race, or a "shade" of humankind; they start out having broken the law, by crossing the US border illegally.

States are becoming economically swamped, by trying to fill unfunded mandates for housing and education; and even religious entities cannot keep up, due to their increasing numbers, and demands for services.

Unvetted immigration translates to squalor in our streets, a huge rise in homelessness.

Is there something this country could do to forestall this?!? The short answer is, yes, if they place all the money going to these endless wars without end, to immigration support, legal, or otherwise, education, and housing, this could happen.

But I frankly wouldn't hold my breath; this will only occur... when pigs discover that they are aerodynamic.

Dec 12 07:39

Small Businesses & CEOs Differ On The Economy

Dec 12 07:15

NATO Secretary General Targets "Rising China": Why Cold War Newspeak Never Went Away

Authored by Cynthia Chung via The Strategic Culture Foundation,

On December 3rd, NATO Secretary General Jens Stoltenberg announced that NATO must address the “security implications” of China’s rise as a “military power”, and in true Orwellian doublespeak, insisted that he did not want to make an adversary out of Beijing but rather was interested in analysing how best to respond to the challenges China poses in a balanced way…by announcing it a ‘security threat’.

But we know this is not the whole story.

Of course no bully likes it when their victim suddenly learns the art of self-defense, and who would be more paranoid of aggression than those who have been practising it for years on others only to increasingly find the tables turned.

This western paranoia of the communist boogeyman has its roots in Churchill’s Iron Curtain speech which ushered in the Cold War.

Webmaster's Commentary: 

In the identification of China as a "security threat", NATO Secretary General Jens Stoltenberg has created this state between NATO and China, which was one of the most ham-fistedly, pig-headedly profoundly stupid things he could have said.

And forgive me, but isn't the acronym for NATO, supposed to be NORTH ATLANTIC TREATY ORGANISATION?!?

I know that NATO has been keen to re-invent itself, post world-war II, but ...THIS?!?

There is one thing you can still observe about the Chinese people today; the love of trade, and competition is still in their DNA, and I say that as a very positive, complementary observation.

The Chinese do not want a world war; they want world trade, and there is no better testimony to that, than President Xi's "Belt and Road" concept, which streamlines getting goods back and forth from Asia to Europe, in record time, cutting costs, and cutting red tape.

I just wish that Stoltenberg would have not identified China as a threat, but as a great potential business and economic partner; I firmly believe that the road to peace, is economic empowerment; excellent education; and healthy competition.

So Jans (and BTW, we never talk any more!! :-(), in this characterization of China as a threat, you have thrown the country back into the orbits of Russia; the Middle East; and South America; PLEASE don't tell me that this was the "design intent" of your statement here?!?

Because, unfortunately, you 've just "stepped in it", big time, sir.

Dec 12 06:57

North Korea Says US Has Nothing To Offer If Nuke Talks Resumed

A week after North Korea resumed its "dotard" insults at President Trump and their ambassador to the United Nations said further denuclearization talks are no longer needed, Reuters reported Thursday via Korean Central News Agency (KCNA) that, even if denuclearization talks resumed between both countries, the Trump administration has nothing to offer:

North Korea's foreign ministry criticized the Trump administration for meeting with officials at the UN Security Council and suggested that it would be ready to respond to any corresponding measures that Washington imposes.

"The United States said about corresponding measure at the meeting, as we have said we have nothing to lose and we are ready to respond to any corresponding measure that the US chooses," said KCNA citing a North Korean Foreign Ministry spokesperson.

Webmaster's Commentary: 

The real problem, to which President Trump appears to be utterly tone-deaf, is that issue of "quid pro quo", meaning, "If YOU do something, I will reciprocate by doing something."

But the American posture appears to be, to both Kim Jung Un, and North Korea; the following; "You ... do everything we have asked; then we will consider doing something for you."

This is the absolute antithesis of true negotiations ; and what President Trump may reap from this, is more nuclear North Korean tests, greater North Korean Nuclear capabilities, and more protection from China.

Dec 12 06:18

What happened to all of the tiny houses for the homeless in Dallas? Curious Texas investigates

The cottages’ residents are chosen from the “most expensive” among the chronically homeless — people who have been on the street for years and who may have been repeatedly hospitalized for addicition and mental health problems.

In 2016, the Morning News reported that it cost taxpayers an estimated $40,000 every year to incarcerate a chronically homeless person in the Dallas County Jail or treat him or her at Parkland Memorial Hospital.

For residents housed at the cottages, that figure drops to $15,000 year, Siburt said.

“Housing is a form of health care,” he said.

Dec 12 06:15

VW storing around 300,000 diesels at 37 facilities around U.S.

Volkswagen AG (VOWG_p.DE) has paid more than $7.4 billion to buy back about 350,000 U.S. diesel vehicles through mid-February, a recent court filing shows. The German automaker has been storing hundreds of thousands of vehicles around the United States for months.

Volkswagen has 37 secure storage facilities around the United States housing nearly 300,000 vehicles, the filing from the program’s independent administrator said. The lots include a shuttered suburban Detroit football stadium, a former Minnesota paper mill and a sun-bleached desert graveyard near Victorville, California.

Dec 12 05:59

Is Zoltan's Market Doomsday Imminent? Here Are The Two Things To Watch

But what are the signs that Pozsar is looking at, to determine that a liquidity crunch is imminent? There are two key leading indicators that serve as an advance warning that all hell may be about to break loose.

The first thing to watch to determine if the repocalypse 2.0 is about to hit, is the repo rate itself.

While the overnight general collateral repo rate remains dormant, the same can not be said about its forward cousin, the "turn" repo rate which covers the year end period of Dec 31-Jan 2, and which as we pointed out last night, has jumped to 4.10% as of Tuesday, and which on Wednesday moved wider by another 5bps to 4.15%, according to Curvature securities.

Dec 12 05:29

Mexico Leaks USMCA True Purpose

Dec 11 06:35

These Secretive Oil Companies Control $3 Trillion In Wealth

They control the vast majority of the world’s oil and gas assets, yet the average person has never even heard of them, outside of those that are famous for things like getting attacked by missiles or becoming embroiled in a high-profile corruption scandal.

State-owned oil and gas companies (aka, the national oil companies, or NOCs) control at least US$3 trillion in oil and gas assets, compared to around $2.5 trillion as of 2017, and hold an estimated 90% of all known reserves--considerably more than publicly listed companies such as BP, ExxonMobil and Shell. Meanwhile, Saudi Aramco leads the pack as the world’s most profitable company.

That means that NOCs control about as much wealth as all U.S. billionaires or roughly twice the assets of global multilateral development banks.

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