Yellen Visit to China BACKFIRES. Exposes US Trade Weakness | Lena Petrova
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- เผยแพร่เมื่อ 9 มิ.ย. 2024
- Check out Lena's Channel (second part of discussion will be posted here): / @lenapetrova
Second part of this discussion: • 🔴 New Allies: How CLOS...
Well, just when you thought the US has already done everything it could to hurt its own standing in world affairs, there comes another trip of another official that has pretty much the opposite effect of what the White House would have wanted it to be.
Janet Yellen's visit to China and her complaints about Chinese "overproduction" expose first and foremost that the tables have turned and it is China holding all the good cards in the great game.
In this discussion, I talk to Lena Petrova, an expert on finance and trade who explains how she interprets this trip of the Treasury Secretary that was anything but a show of force.
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% of the cars produced are exported.
Germany: 75%
South Korea: 70%
Japan: 50%
China: 15%
Yellen: China has overcapacity.😂
But Germany, South Korea and Japan are US colonies. China is not.
twisted logic - of Yellen the politician, not Yellen the scholar.
Germany is 75% because we can’t afford our own cars anymore thanks to the money printers. We buy foreign.
Just ridiculous rubbish % lol 😂
Its called double standard.
Excuses. US does not mind cheap low tech Chinese products but gets panicked when China is able to produce cheap high tech products.
YES,The US needs a China that only produces clothes, shoes, and toys
Good point
Well said , good quality , cost effective, high performance made in China products , such as , high speed rail , electric cars , bus, 5G cell phones , etc
where and who is really for free trade?? who is really for the benefit of every consumers ?
China's efficient manufacturing industry was slandered as overcapacity by Yellen.
Trade protection will only make US companies lazier and fatter.
China produces cheap goods through the CCP subsidizing its industry, which is a violation of WTO rules.
We all knew...
Current world biggest overcapacity problem --> U$D.
unlimited printing...
How about the overcapacity of building military bases? Over 800 all over the world.
Bingo!
"currency manipulation"
also weapons
Europe is too dumb and corrupt to get out of the dollar before the house crashes down 😢
The US is unable to compete in all fields with China and is increasingly frustrated to see China's rise
US vassal India too is frustrated and scared
@@user-cc8cz2fx1v nah. Maybe only a few of the smart ones. The rest of the population truly believes they're catching up to China soon.
They are experiencing what happened to Britain in the lead up to ww1 as the US crippled us and turned us into a weak, pathetic vassal that we remain to this day
@@user-cc8cz2fx1vIndia does not need US at all …..India , alone. & China shud have a Direct Military confrontation……India Foot soldiers capturing back China Forcefully- Occupied “Other’s” land
Let China “face” the hard, Battle Trained Indian Military face-to-face (Indians are not ‘Only-Child’ clowns )
No no no, the US is far ahead of China in prapoganda. And the amazing thing is that they convinced people that China is the one that producing prapoganda. That's also why they are so mad about Tiktok.
If only the US had concentrated more on progress within the US manufacturing companies instead of the military industrial complex.
MIC profit, not advancement. The American taxpayers are getting robbed.
MIC can be a tool for politicians to launder money, but manufacturing can't.
@@jogana6909 Both can be used for laundering, but one used to improve life quality, wealth, the other is destruction, hegemony, and bullying.
If it's not for Greed.
Then today China and no one in this world is not a match to them.
In which universe U.S diplomatic isn't trying to bully, threat and gaslighting? None
But I'm accused of reality twisting 🤔❤️
There are no diplomats anymore at least from the West. They push our countries into decline because their skillset is to push sanctions and regional wars while hoping to profit from death and destruction.
Yellen is an economist, but she behaves like a fraudster trying to sell you a used car without an engine.
@@katong1953Yellen is a magician 👻
I can't imagine a universe russia isnt invade its neighbors either
IMO....Yellen's visit had nothing to do with overproduction. That was fodder for the media. The real reason for her visit was to encourage China to continue buying US debt. But I guess China has seen what the US did to Russia and want no part of it.
She went to China to enjoy the over capacity delicious foods.
The over production is directly connected to the debt narrative. At this point it's about asking China not to cash in any more of it's debt. So Yellen is trying to get to that through the over production which impacts the value of the dollar. Much as Pascal indicated about what they did with Japan...which tanked Japan's semi conductor industry
China has excellent economists, and they've slowly decreased their holdings of Treasuries. Instead, China is lending dollars to their BRI partners in developing world to finance infrastructure development.
Chinese people are pragmatic, not financial idiots.
Never play chess with the Chinese. One would lose. The Chinese've been playing long chess game for the last 5,000 years.
It is a pitiful sight to see grand mother Yellen with her great knowledge of economy to visit China as a guest and daringly telling the host China's so called over production is causing her headache. But she did not show any statistic and facts to show China's overproduction has already caused the US suffering from economic debacle, If she means the Chinese over-capacity of EV has caused American EV industry trouble, then she is talking nonsense as there is no Chinese EV exported to the US,. If she tells China to stop trading Russia, then China can tell the US stop trading with UK or Canada.
The hubris in Washington is simply amazing. They believe that the USA is still the world hegemon that it was 30 years ago and can tell everyone else what to do. The UK suffers from the same attitude. They still believe the British Empire is still all powerful despite the fact it disappeared a long time ago.
So sad to see American empire idecaying with self inflicted wounds. Yellen please stay home and fix your domestic troubles like pot holes on highway, dilapidated hospitals broken bridges homeless people drug addicts etc.
She don't care about us citizens.
She talked without any evidence against China.. Just like her screwing up the Treasury too.
@@Dennis0824nope. Trust me we know we are a vassal. The UK does exactly as we are told.
it would be hilarious for Xi to tell Yellen that he thinks US is overproducing dollars 😂
and he will be correct to the point , overproducing dollars and letting every body in the world share the inflation
and Sanctions Overcapacity🤡
Yellen and the U.S. are "overproducing" DEBT, DOLLARS and WARS. 😂 And exporting inflation as well....
Hahahaha damn you hit the nail on the head..😅😅. The greatest coment ❤
The IMF said the same thing !
There are no such things as over production in terms of the Chinese 🇨🇳 EVs, lithium-ion batteries and solar cells especially when carbon emissions is the single most important environmental issue of the globe 🌍
😅commitment ?
29-3-2024, Biden’s $7.5 billion investment in EV charging has only produced 7 stations in two years.
After two years, that program has only delivered seven open charging stations with a total of 38 spots where drivers can charge their vehicles, according to a spokesperson for the Federal Highway Administration. (The funding should be enough to build up to 20,000 charging spots or around 5,000 stations, according to analysis from the EV policy analyst group Atlas Public Policy.)
The US might not have much manufacturing industry. But why do they belive they need one now?
China will lose their low cost labor advantage in a decade. Not only by their increasing salaries.
But humanoid robots will make manufacturing viable in the US.
It will be interesting to see how China will handle that problem. I think they will manage that by being formidable engineers, and having a superior manufacturing infrastructure. And that the US won't be able to take advantage of this paradigm shift.
China bought a soon to go belly up US Solyndra, a solar panel producer. then they improved on every process and increase efficiency to make it affordable for consumers. that's what a business supposed to do.
@@larsnystrom6698 Lmao. The advantage of low-cost labor? You can check the information that the labor cost in China is not low. Why don't large Western companies choose to go to cheaper South and Southeast Asia? Because they can't provide world-class infrastructure. Upstream and downstream industrial chain. At present, the world's most advanced robot production plants and ports are in China.
@@larsnystrom6698 China has already changed many of its production facilities to automation and robotics while moving many of its factories to lower wage countries like Vietnam and even Mexico. They foresaw the need some years ago and have plans actioned for this eventuality (rising wages, etc). At the same time, automation and robotics have provided for a higher degree of quality consistency and assurance as well as increase in productivity which accounts for the Yellen charge that China is over-producing products. In fact, China today, has the most robots producing stuff than any other country.
yellen message to china, "you out compete us with your affordable, good quality goods, now stop making them" ...
yellen message to the world, "you are not allowed to buy cheap stuffs from china, you must buy over-priced, low quality goods from the US" ...
This is what is called dictatorship.
Exactly - that is what Europe is doing now - buy over-priced LNG instead of cheap Russia gas.
Exactly!! "Over-production!!??".. us' highest level of hypocracy!!
You mean overproduction or over printing the dollar..
Smile
L'heure est arrivé pour les états unis de remodeler son système politique et économique envers le Sud global et toute nouvelle approche pour sa survie dans le actuel 😂
It's a Marxist term actually, "crisis of overproduction".
AS AN AMERICAN PATRIOT AND BUSINESSES MAN, I HAVE BEEN SAYING THIS OVER AND OVER AND OVER THAT WE NEED TO STOP SPENDING TRILLIONS ON GLOBAL WARS A AND MILITARISM. WE NEED TO FOCUS ON TRADE AND ECONOMIC DEVELOPMENT. REBUILD OUR MIDDLE CLASS AND FOCUS ON MANUFACTURING AND TRADE. MEXICO BEEN THE U.S LARGEST TRADING PARTNER IS FALSE. IMPORTS FROM MEXICO AND CHINA HAVE AN ALL TIME HIGH TRADE RELATIONSHIP. CHINESE COMPANIES ARE NOW IN MEXICO SHIPPING THESE SAME MADE IN CHINA GOODS WITH MADE MEXICAN LABELS.
Too late I think.
imports from mexico shipped from china, are these not national security threat by you Americans? even garlic FFS..
100%. Why is yr government screwing u??
lol do u really think USA is a democracy country ? those elites control the contry, and they dont really give an f about what you think. as an american patriot, u should just support the elites' decision.
Exactly
The yankee grandma must be extremely free to go to china just for what she did. She came empty handed and left empty handed.
She's Jewish.
western diplomacy (if that's not already an oxymoron) is failing everywhere, even among the west's closest allies.
A few days ago, Trump gave David Cameron a very frosty reception.
Some could have predicted that publicly calling someone “divisive, stupid, wrong" on one occasion, and "protectionist, xenophobic, and misogynistic” on another, would be a _faux pas_ - yet the Brits are so often ready to suggest that it is Trump that is uncultivated. Even worse, the State Dept. refused to talk to Cameron at all!
This is the state of the US/UK "special relationship" in 2024.
And with a stomach full of dimsum and roasted duck
she came empty headed and left empty headed.
Maybe Janet felt good as she can command media attention in USA and also in China.
China may have an "Overproduction". America has an "OverDebt" problem. If I could choose my problems I would elect an "Overproduction" problem.
Aemrica has a problem of over-printing the green notes.
A foolish China, like US has also PRINTED currency notes
Yes, especially when you have both domestic and foreign markets you're cultivating to be off takers for your products
Lol as if china doesn't print money?
@Rocky-eb2ug their printing is backed by their production. US printing is against manipulated future earnings that they hope to muscle out if causing chaos and kickbacks from the MIC
Buy Chinese, Boycott American Products, problem Solved!!!
I'm doing it with 100% Chinese solar system and two Chinese EVs. All top quality and working well.
@@ralphzoombeenie2330 Where are you, what country are you living in?
@@timetraveller885 I'm an international currently in the Eastern hemisphere.
@@ralphzoombeenie2330 So you are a Chinese Born and Bred Individual?
Some Germans corporations haven't decoupled. They moved out of Germany into China. Energy costs too much in the DE and China still retains a market of 0.90 billion.
Germany have been an engineering stronghold. But since they lost their cheap energy it's less viable.
That gives China an opportunity to import some new engineering skills.
The US too, of course. But for them it's not about engineering, just economy!
they've gone mad. In US, a day cannot pass without talking and whining about China.
Every US politicians mention about China got cold feet. The word CHINA is a dreadful word it strikes fear in them.
The U.S. has ALWAYS been sort of INSANE. They are paranoic with a touch of schizophrenia, always suspicious of any tree or bush that may hide a "threat" and even where there is none, they will make one up.
Which other country has 900 military bases around the world, 12 super carrier task forces in which any one alone can take out a small to medium sized country, spends trillions in its military every year and still feels unsafe that it has to get itself inserted into every country that it regards as "unfriendly" - and where its own people are armed to the teeth with more firearms than the size of its entire population - and fear an invasion (as though anyone in their right mind would want to)?
US primary export is sanctions and trade restrictions.
That means they can't live on without China.
When China was producing cheap goods, the world was laughing.
Now China is producing Cheap high end/quality goods, the US are claiming China is over production 😂😂😂😂😂
Any visiting individual from the USA to China and does not get to see BOTH President Xi and Wang yi, we can consider such trip cow chips. Such trip is not of any important to China, China only going through the motion of being a good host.
Overcapacity means over-affordable. That’s “no-no” for the US market. Protectionism and sanctions are the only way to protect donors that can’t make affordable products.
You can sanction Urim but you can not sanction China, my invention is in their hands.
The USA should reverse course on its foreign wars and interventions and focus on trade and business development if it wants to MAGA.
By MAGA means bringing back KKK, apartheid, geno on non-white
I think it was more about BRICS and China leading the charge of the Global south and oil producing countries to move away from the dollar as the reserve currency. The US is terrified of the long term financial consequences of the move away from the dollar.
there is no change in dollar market share. but that is misleading because China does quite a bit of trades outside of SWIFT.
They should have thought about that when they turn the $$ into a weapon. Now enjoy the consequence.
@@sola4393 swift ( still ) is making $ lying down 24/7
The direct consequence of the US government’s suppression of China.
China views a competitor as someone they can work with and also as a way of improving each other, and finding win-win situations. USA views a competitor as an enemy and someone to either make submissive or destroy. My way or the highway. That's the American mindset.
Listening to Yellen one could not help of think of the Marxian critique of capitalism specifically “ the inherent contradiction of capitalism “ . It is rather ironic that the country that claims to be Marxist Leninist is being accused by a so called capitalist and free market country of over capacity .
One of many extraordinary contradictions!
The more the multinationals dominate, the more they are required to behave as centralised command economies, with all the attendant inefficiencies, inflexibilities and and strategy limitations. Meanwhile a zillion Chinese SMEs eat their lunch. Interesting times.
European countries were accusing each other in same manner that led to the 2 WW's. It is said that, based on history j.yell's mission is actually a declaration of W
Jenet Yellen went to ask china not to be so successful 😂
indicating US has lost the economic war.
All countries in the world should make products and services much more expensive so that citizens can hardly afford them so that it would be fair to the us just like it's happening here in the US.
Neutrality Studies seems to be merging all my favourite youtubers into its channel. Lena , Pepe, the Duran, Scott Ritter and other competent commentators. Keep up the good work!
Jimmy dore, redacted
new atlas would be incredible
Craig Murray three days ago. Another class act.
AGREE WITH THAT !!
The goods coming from Mexico are made by Chinese companies in Mexico. Decoupling from China is impossible for the U.S.
The Chinese were smart to set up shop in Mexico to bypass the high tariffs imposed on China by the USA.
😂From Made "in" China --> Made "by" China.
AND create more country depend on China.
Mexico has a free-trade deal with the US and Canada, if either these countries reject the flow of products coming from Mexico then the North American free-trade deal will be in trouble !
@@etow8034 they already declare 100% tax on Mexican products using
Chinese parts or made by factories (even partly?) owned by Chinese companies. n.a.trade agreement?
@@user-pg5rt7ju4f The Mexican Government needs to grow a pair !
Her programs is one of my favorite channels.
and Sean Foo
Who is she? Is she based in Russia?
Agree! Both Lena and Pascal are two intelligent analytics.
@@haad2246 I had passages deleted in her channel by hidden hands !
I love China!
China being able to give USA the middle finger is a BIG bonus.
@@pbworld7858 Love that too!
Janet Yellen's proclamation of China "overcapacity" is indeed an admission of the incompetence of the United States. Whether or not there is a real overcapacity (which I seriously doubt so), the world, including the United States, is greatly benefitting from cheap and good quality Chinese goods. As strong and advanced a country as the US, it is pathetic that it can't produce enough goods for the consumption of its own people.
The US can't produce enough small screws for apple to build ipad in the US
@@michaelloong964 What a joke! 🤣😂😀
U.S. says -- "Let them eat bombs!" 😐
THERE ARE AROUND OR OVER 2000 AMERICAN COMPANIES OPERATING IN CHINA GROSSING AROUND 500 BILLION A YEAR. AMERICAN COMPANIES OPERATING IN CHINA CAN NOT AFFORD TO LOSE THE CHINESE MARKET.
But the 1nd!ans media companies are reporting that foreign companies are leaving China and going to 1nd!a.
But the USA wants to decouple , let's decouple ! Send all those us companies home ...
much higher
@@therealdeal2163OPEN YOUR EYES , AMERICA IS DONE LIKE A DINNER ,
Many of the executives of these American companies have obtained Chinese green cards and even have dual citizenship. they don’t make money in the United States, they will not return to the United States to build factories.
The western business no longer can compete with China so they all focus on higher end so called "value added" expensive product ...which will eventually be their downfall. South Korean brand LG went that route by ceasing entry and mid level TVs and focusing on their high end OLED TVs. Two years in and their TV division is in financial trouble and are now selling their OLED panel to Chinese flat screen TV companies like TCL.
can u still buy quality LG phones? why? not chinese, not korean !! what ?
@@user-pg5rt7ju4f 100% of smartphones are now made in China regardless what brands they are !
@@user-pg5rt7ju4f All LG and Samsung smartphones are made in China !
Solar panels, Lithium batteries, and BEV, are parts of China's strategy to manage their air pollution problem.
We haven't heard much about that problem lately, though. But I doubt that it has gone away.
They are also working on more clean energy production.
China is systematically working on their own problem areas. In this they are somewhat different from other countries.
The US, though, sees everything as aimed at them! And they are systematically dismantling free markets with sanctions and subsidies to their own few remaining industries. They are not the liberal, or free market country they still clame to adhere to, if they ever was.
I remember their constantly avoidance of competition for their steel industry, long ago. That led to their "rust belt", perhaps showing the long-term effect of not allowing competition on an open free market. And that competition weren't even from China at that time!
If China can produce cheap and better quality EV, it should be good for Us consumers rather than to ban as the world need to zer carbon
ya, but not good for gas-powered car producers, which are far behind
Good to listen to 2 young brilliant minds
grom the west talking about American hypocrisy n bullying!
China overproduction was no problem for the US as long as it was overproduction of goods with US license patents. The problem now is chinese overproduction of goods with Chinese patents on which the US ihigh-tech investors have no return on investments.
That's a good point as well.
China's problem for the US is not its overcapacity per se but its advance high volume high quality high tech export to the West that is alarming and threatens to erode and diminish the west's competitive edge.
The west’s competitive advantage is fast diminishing if not already rode off into the sunset…. 🤔
this amply explains the US anti-huawei propaganda
Usa military Is over capacity period
Separate from the important analysis in this interview, Lena and Pascal give me great hope. What a wonderful contrast between the generation of Biden, Yellen, Trump, Blair & Scholz and these fine examples of a bright, articulate, younger generation.
great pocast wonderful guest .TY Pascal and Lena for the insights
Great job!
USA is leading the world with gender innovation and care... chk how many policies are debated and approved in each state and at fed levels...we are busy folks ..
Actually, it shouldn't fail if they were sincere , but she went to China. She imposed the condition on chinese trading with russia, She threatened china with serious conditioning if they continued to trade with russia.
Lena: Finally the Chinese can now make jokes with American names. President Xi: “Will you stop Yellen.” Foreign Minister Wang Ye: “I didn’t say a word!” ❤Diane, Vancouver, Canada. MnAL15/24. 11:00 pm
2:10 but thats the point, thats racism, "duh its chinese thus its cheap thus its bad" look at japanese brands eg daiso, look at the back of products, it says "made in china" iphones are made in china, china no longer makes low end stuff and as per "cyrus janssen" has stated america asks chinese manufacturers to make "X" thing but you must meet "X" cost, if its low cost of course the quality is low, don't blame china you being cheap. Also all these cia meddling/colour revolution it took china time to catch up, and in less then 5yrs has done so. They making high end things from Evs to AI/robotics. America has tesla for the rich, china communism is about EVERYONE (hence the term communism = community) EVERYONE should have the ability to drive an EV. China is growing rapidly hence the accusation of "over capacity"
There are documentaries about how China PURPOSELY makes cheap products so that they break eventually and need to be replaced. This isn't by accident, it's a genius, CAPITALIST plan.
They don't care about narratives that white people make up about them. They're too busy getting rich and having strong, healthy families.
Interesting discussion.. Talking about Mexico the new powerful Trade Partner is a joke..
Firstly it is NOT a SAFE COUNTRY. it does NOT have the manpower and infrastructure to do so.. It's political situation unstable because they CANNOT control the many vicious murderous Cartels plus it's one of the TOP CORRUPT countries in the world.. If it is really so great Apple would have moved long ago, instead they tried India Vietnam but all failed and voila they crawling back to China...😂😂😂😂
Surely Yellen should concern herself with the overproduction of U.S. treasury debt which finds little foreign buying interest.
STOP overproduction of USDollars !!
President XI was shaking hands with FM Lavrov while Secretary Yellen was still in China. Also I recommend the YT channel "Inside China Business" for a deep dive into the Chinese economy. Also, China's GDP grew 5.3% in Q1 2024; much higher than expected.
much higher than _The Economist_ and _The Financial Times_ expected
And the whole country just spent almostthe whole February stopping working and celebrating the Chinese New Year holiday... 😮
kevin is great
Yellen went to China bringing with her a popcorn cup . When China ignored her , she issued a threat …..
Consumers always welcome effordable goods, but the white house looks at another direction, both laughable and deemed absurb. What happen to white house.
Chomsky quipped that the last liberal POTUS was RIchard Nixon
What white house? It's a cuckoo's nest. 😂
@@brianliew5901 a retirement home for old folks who have No control over
their own body parts
america boeing certainly isnt decoupling from China as it is e setting up a bigger manufacturing plant in China . It is no secret Boeing has problems building their planes in america w/o defects , thats why the company is shifting manufacturing base to China where it can have access to the highly qualified n talented workforce available there to do a good job.
Kick Boeing out of China ! 😂😂😂. Boeing should be sanctioned for making arms for is railhell.
Appreciate all the efforts of both Lena and Pascal (if I may use their first names) to keep us informed and even create a little bit of optimism during very difficult times.
Lena obviously focuses primarily on economic issues while Pascal Lottaz addresses the geopolitics of war and peace. Combining it all together in these discussions gives us an expansive perspective on the world.
As to Yellen, her visit seemed almost absurd as she claimed to be there to improve economic relations but most of her comments were either scolding -- "stop making stuff, we can't compete!"-- or threatening ... "follow our orders on Russia or we might have to hurt your banks" ...
I'm sure the Chinese were polite to Yellen but also happy to see her plane leaving the airport.
No country will ever more listen to what the USA say. Why would other countries obey to America?
Is it not a little bit naiv? I find that this behavior from the USA is so arrogant. It is a lack of feeling. And a sign of fear and helpless.
A lot of countries do obey the USA/West because of the economic, political, diplomatic (strong arming) and military size of the US/West. They cannot afford to not to, because, face it, how many countries are as heavily populated, or bigger in size (read, natural resources), technological capability as the US? But that the US also tries to treat China as one of those countries will be a big mistake. But arrogance win over reality (so far). The US will learn only when it is too late. Unfortunately, they will then resort to real blackmail and hot war, to the detriment of everybody. So let's brace ourselves because the US will not back down out of free will.
Yes, when it is too late instead of profiting from a win win trade
Great China 🇨🇳 ever great 👍 in the world 🌎 ❤
jamaica love miss lena dhe inform the world
Are you from Jamaica? Good to see how people from all over the world get together.
Almost 100k, Let's go! Neutrality Studies!
In the 90s, American corporations exported their production capacity to China. A decision that has not aged well.
That's because they were intoxicated by economic ideology that claimed there were no possible repercussions from this.
Economics is mainly ideology -- certainly NOT a science. And of course they made money doing this and were encouraged by politicians who also made money ... but now whining that China "stole" the jobs. No. You gave them the jobs. 😂
Very interesting and intelligent conversation! Thank you.
China is acting like a capitalistic nation while us is acting like communism.
Times are strange
In this era, there is no ideology between countries, only national interests
1990 capitalism though it destroyed the communism, but now the situation has reversed.
By the way I dont like communist ideology.
US increases trade with Mexico while China increases trade with Mexico. The US isn't really decoupling at all. Chinese companies ship partially assembled products from China to Mexico for final assembly and re-labeling of country of origin to Made in Mexico. While avoiding major trade tariffs, this still adds cost to the end customer.
And those new factories in México are funded by Chinese capital. They keep forgetting China can play with their same tactics now.
US cannot help lecturing when visiting countries even if that country happens to be their largest trading partner. Peace
Maybe there is a overcapacity and overproduction problem in China, but why is that a problem for US politicians? Do the US not have its own problems to worry about now? like overprinting of money, overspending of budget, overproductuon of homeless people and overcapacity of violence and crimes.
Interminable wars.
When Kissinger asked Chou En LI what he thought of democracy Chou En LI paused and replied. It's too early to tell.
You may think that China has a long term plan but most people know that China has a long term plan.
Ms Lena is so totally a sensible a person. Its so gratifying to have someone like her to listen to.
German, Japanese and Korean auto makers export huge percentages overseas. Do they have over capacity ?
Yellen’s visit was an act of desperation.
With china holding over three trillion dollars in USD reserves its hard for Yellen to come from a position of strength.
Lena is fantastic!
Very good analysis. Congratulations!
It’s not that hard to win when other countries are doing such a terrible job. Like if everyone was bringing their A game and China was at the top fair enough.
It wouldn't be too long before the US regime will also express its concern about China's over capacity for advance computer chips.
Tks Pascal for this great interview. I've just found your channel, looked into it the content is great, just subscribed. I looked into Lena's channel, I didn't know her, just subscribed too.
It's so refreshing to see U.S. Americans talking about Geoeconomics and Geopolitics with a neutral approach, without the boring ¨agenda" --> "U.S. good, Russia/China bad¨.
Excellent discussion, thank you. It bears out my gut feelings on the politics of international trade between China & the US & the hegemonic projection of US policy preferences.
Yellen didn't expose it as the world had known it already.
My Indian friends say beggars have no choice, that is get what is given to them. And the Chinese never have the experience of a debtor lecturing his creditor. Yellen is like a beggar and debtor to China. And worst of all, the US talks rubbish about debt traps and overcapacity about China. But, that is exactly what the US want China to do - lending the US more money, and providing the US with cheaper goods. BTW, the US has huge overcapacity in manufacturing cigarettes and arms, for exporting deaths to the world.
Great stuff from both of you.more of these conversations needed thanks.
We were squealing about cheap Chinese steel 20 years ago and failed to do anything about it
I drive a truck in the US and am constantly baffled at the absurd waste in our supply chain, and transport is even the worst of it
I bet we haul a million tons of beer cans out of Dallas TX every year all the way to Russellville KY;
I just hauled brown paper stock (for cardboard) from Counce TN to Marshallville IA, then drove 70mi to another paper plant to haul the same thing from IA to Wooster OH…wtf
Congratulations 🎉
Within the last 5-6 months, I saw a video of Yellen BOWING MULTIPLE TIMES in a subservient manner so some top international figures, but I can't remember the who or where. Can anyone fill me in???
I think it was a visit to Japan. Bowing in that way was commented on and also inappropiate
At least once it was a visit to China. I remember laughing my arse off at it but can't remember exactly when that visit happened.
thank you for having Lena . I like her analysis and her channel
The real overcapacity is US$ 😂
Intelligent and beautiful. Lena was great too
I find it quite interesting to see international politicians not understand history.
Just as an example Japan was known for low cost poor quality products in the early 1960s. Today that produce high quality state of art products.
China is following the same pattern.
Its the western people's who seem to be intellectually challenged
South Korean industries also went through the same pattern of early development towards higher end manufacturing - as did the United States itself. Everyone started off at a low base, making low-cost, 'cheap" products before moving up the ladder. However, most have forgotten their roots and think that their industries went straight into high quality from the word "Go". They didn't. No one did.
Thank you Lena you hit the nail on the head 😀 much love to you from Holland ❤️❤️
Pascal “ it is not only a sign of weakness “ what Yellen was doing in China ,it was a sign of silliness , immaturity………..As an American I feel sorry of what our the government is doing . SAD!!
China was at the receiving end of the full brunt of the Western combined forces, led by the U.K., France and U.S. during the First Opium War (1839-1842), the Second Opium War (1857-1858) and the Eight-Nations Alliance (1900-1901).
The Opium Wars were triggered off by China’s resistance to the sale of opium to its citizens by the foreign powers. The addictive opium was the main source of exports pushed by the West in order to alter the balance of trade with China in their favour.
China was forced, at gunpoint literally, to sign unfair treaties. These unequal treaties (signed during the 19th and early 20th centuries) between China and the U.S., the U.K., France, Germany, Russia and Japan, were one-sided requiring China to legalise opium import, cede land, pay reparations, open treaty ports, give up tariff autonomy, and grant extraterritorial privileges to foreign citizens.
Fast forward today, the demand for Chinese products again outstripped China’s appetite for products that the West would sell to China. Underpinned by China’s substantial comparative advantage, the Chinese manufacturing products of comparable or superior quality are a lot cheaper - all made possible by China’s huge domestic market, comprehensive industry chain, well educated and highly skilled labor force, and their relentless pursuit for scientific and technological innovation.
What China has achieved had ostensibly rattled the ingrained colonial psyche of the U.S., the E.U. and Japan, who see themselves as the industrial kingpins, especially in the automotive industry and other high tech sectors. Not only had China emerged as the world largest producer and exporter of automobiles, it has also fortified its position as the new kingpin in the new energy and communication technology.
Truth be told, the delicate economic relationship between the so-called Liberal West and China is still very much trapped in the imperialist psyche of the former. The West wants the cheap goods produced in China. They also want to dominate the huge Chinese market. But at the same time, they are fearful of China’s ability to innovate and ultimately leave them in the dust. It is a convoluted love-hate feeling so to speak.
But caught up with the West China did. It is now the new industrial and economic superpower. It is already the world’s largest economy by purchasing power parity. “China’s post-pandemic surplus in manufacturing - which has now reached about two percent of world GDP - far exceeds the peak surpluses run by export powerhouses like Japan and Germany. More importantly, China’s surplus shows no signs of shrinking. While there was a pause in the expansion of the surplus in 2023, that only came after a huge jump between 2018 and 2022. And now, Chinese policy continues to emphasize upgrading China’s capacity in advanced manufacturing as a major driver of future growth,”said Michael Weilandt, and Volkmar Bauer of Union Investment, and Brad Setser.
Clearly, to Washington the greatest leverage against its new found peer competitor will have to come from a collective approach involving its allies - accompanied by a collective, coordinated, and sustained effort - to isolate and to deny China the access to advanced and cutting-edge technology. However, such belligerent denial strategy not only had failed to work, but it had actually speeded up China’s push towards innovation and technological self-reliance.
A case in point is Washington’s ongoing efforts to strangle China’s semiconductor industry thinking that the latter still lags behind the global semiconductor industry by approximately ten years, as Intel CEO Pat Gelsinger had posited. In 2019, the US requires Huawei, and other manufacturers to apply for permission to buy technology from the Commerce Department. In October 2022, the U.S. went further by banning foreign manufacturers, such as Dutch ASML, by far the largest manufacturer of photolithography equipment, from supplying to Chinese customers. A belligerent behaviour much to the chagrin of the like of Microsoft’s co-founder Bill Gates, who had said that the US would not be able to achieve the desired result and limit Beijing’s ambitions through procurement restrictions or sanctions.
Washington thought that such sanctions would effectively left the Chinese without 5G chips. But by August 2023, Huawei had launched its new Mate 60 and other devices with its in-house 5G chips.
Such belligerent behaviour was a clear case of underestimating China’s highly skilled labor force and its capacity for innovation and adaptation. Fast forward to 2024, China had successfully produced the 7nm and 5 nm chips.
The U.S. orchestrated hostility towards China is reminiscent of the “Gunboat Policy”. But, this time, only to be disguised in ideological rhetorics, national security concerns, geopolitics, and threat of wars in both East and South China Sea; as well as the now infamous Janet Yellen’s so-called China’s “over capacity”.
Great summary of the events through time! Hope that many will read through it and come to understand the order of things of the world today.
They done that to japan before
I remember when back in the 80's the "experts" we're telling us Japan Inc was going to clean our clocks, and that what the US needed was centralized industrial policy. In the end, free or at least semi-free markets triumphed again. You can't grow your economy and improve standard of living by losing money.
Hear, hear… well done. Thank you. Best wishes. Carry on…
Not impressed. The reason that China is so competitive in renewable energy, EVs and Lithium (and sodium) batteries is not simply because of access to raw materials and labour capacity. That shows a distinct lack of knowledge. These were concerted efforts by both Chinese government and Chinese industry to develop the underlying technologies in both development of products but also the development of how to produce at scale. China's advantage in these industries is technological and will not easily be replaced if others simply gain access to materials. China has a significant and growing head start on every country in the world in all 3 of these fields. The other advantage China has that cannot easily be replaced is that it operates at a different speed than others, so-called "China speed". We see this, as one example, in the mass production of Sodium Ion batteries by CATL and others. No other country is even remotely close, even though they can produce sodium batteries, they can't do it at scale and cost effectively.
Jellen in China representing the businesses interests of Elon Musk is dangerous and misguided.
China has successfully developed a booming industry in EV's for domestic and export markets. The US hasn't been able to compete because of over reliance on Tesla.
Great perspectives from Lena and Pascal.
The problem is that the USA is over regulated and over taxed. China has implemented policies that encourage growth while US policies are doing the opposite. Europe suffers from the same problem. The sanctions against Russia is a very clear example. They have done much more harm to the collective West's economies.
Thats called gunboat diplomacy...😢
America also has a lot of overcapacity: Debt, guns, meth, lawyers, politicians.
It's probably a draw on tik-tokers, tho
When first came on board as Biden's key Cabinet member, Yellen said, "Let's do something BIG." Since she was "yelling," the Chinese heard her, and strived to do something big. Now the Chinese did it, and Yellen calls it "overcapacity."
Lena's disguise isn't fooling me, I know its her 😋 A friend of Lena is a friend of mine. Thumbs up to you sir 👍
Lena Petrova looks great with her glasses on. Thank you for another great talk.
She looks better in them actually
I have the same glasses.
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Some ladies might find offense in that. But, having just gone to her channel to sub, I entirely agree ^^ Uber cute with glasses ^^
China Hardworking payoff.
When the US can not decoupling and de-risking, now they try over-capacity. What US forgot are their own overcapacity of printing cheap money