Basically every dystopia you’ve seen or read about in the last 20 years is happening in China right now. Here’s a roundup of Coronavirus news:
Total confirmed cases: 75,751
Total deaths: 2,130
Total recovered: 16,847
There are some MSM outlets saying that, based on those official numbers, the worst of the outbreak has passed. I wouldn’t wager much money on that proposition…
Epidemics also lead us to think about geopolitical and economic hypotheticals. We have seen financial markets shudder and commodity prices fall in the face of what hopefully will be a short-lived disturbance in China’s economic growth. What would happen if—perhaps in response to an epidemic, but more likely following a massive financial collapse—China’s economy were to suffer a long period of even slower growth? What would be the impact of such developments on China’s political stability, on its attitude toward the rest of the world, and to the global balance of power?
China’s financial markets are probably more dangerous in the long run than China’s wildlife markets. Given the accumulated costs of decades of state-driven lending, massive malfeasance by local officials in cahoots with local banks, a towering property bubble, and vast industrial overcapacity, China is as ripe as a country can be for a massive economic correction. Even a small initial shock could lead to a massive bonfire of the vanities as all the false values, inflated expectations and misallocated assets implode. If that comes, it is far from clear that China’s regulators and decision makers have the technical skills or the political authority to minimize the damage—especially since that would involve enormous losses to the wealth of the politically connected.
We cannot know when or even if a catastrophe of this scale will take place, but students of geopolitics and international affairs—not to mention business leaders and investors—need to bear in mind that China’s power, impressive as it is, remains brittle. A deadlier virus or a financial-market contagion could transform China’s economic and political outlook at any time.
Many now fear the coronavirus will become a global pandemic. The consequences of a Chinese economic meltdown would travel with the same sweeping inexorability. Commodity prices around the world would slump, supply chains would break down, and few financial institutions anywhere could escape the knock-on consequences. Recovery in China and elsewhere could be slow, and the social and political effects could be dramatic.
Beijing’s propaganda campaign to paper over the depredations of its heavy handed quarantines and other outbreak-suppression efforts was launched into hyperspeed earlier this month as the international community – including the WHO – started questioning everything – from whether Beijing deliberately hid information about the outbreak in the early days (looks like it did), to whether the virus was originally developed in a bioweapons lab in Wuhan before being unleashed on the public (…), to whether Beijing was actually capable of resolving this issue without some kind of intervention.
These doubts likely played some role in Beijing’s decision to refuse to allow foreign experts into the country – though it gladly accepted shipments of facemasks and medicine – as the most important thing is that the Communist Party project an image of strength upon the global stage.
Which is probably why this editorial annoyed them so much.
From time to time, China expels foreign journalists. In recent years, reporters from Bloomberg, WSJ and the New York Times have been booted from the country. But early Wednesday morning, the Wall Street Journal reported that three of its reporters – Deputy Beijing Bureau Chief Josh Chin and reporter Chao Deng, as well as reporter Philip Wen have been ordered to leave China in five days, according to Jonathan Cheng, WSJ’s Beijing bureau chief and a formidable foreign correspondent in his own right.
They are burning 1,200 bodies a Day😱 #Coronavirus pic.twitter.com/VOUKmSReQq
— Tracy Morrow (@MsTracyMorrow) February 19, 2020
😱😱😱😱😱😱😱😱😱
Somebody is telling us an important message😲😷#coronavirus #CoronavirusOutbreak #coronavirusjapan #coronaviruschina #Coronavirusmexico #coronaviruswuhan #coronavirusthailand #coronavirusitalia #coronavirususa #coronaviruscanada #coronavirusfrance #COVID19 pic.twitter.com/W9N4fDzsqk— The Mask is needed to protect👍 (@The_World_Is_Y) February 15, 2020
New way of checking out groceries in China during the #coronavirus outbreak. #COVID19 #WuhanCoronavirus pic.twitter.com/DrGKw9H1Bs
— 24/7 Crisis News LIVE ☢ (@livecrisisnews) February 19, 2020