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No News Is Bad News
How prepared is the rest of the world to face the most obnoxious US president in world history?
Trump's return is bad news for the rest of the world
https://www.youtube.com/watch?v=_YFmVSkZIXg (China’s Secret & Unique New Submarine is So Powerful That US is Shocked)
5,775 views Premiered 17 hours ago #china #chinanews #submarine Picture a submarine moving so swiftly, so silently, that it appears to vanish into the water itself—only to reemerge miles away in mere moments. While this sounds like something out of a movie, this could be a reality very, very soon with how China’s naval developments are going. On the back of the largest navy in the world with the biggest and fastest shipbuilding industry, the dragon is primed and ready to achieve the impossible in the realm of naval warfare. Today’s episode will uncover how some Chinese scientists have found the secret to building the worlds fastest submarines.
https://www.youtube.com/watch?v=kDLBbfHrzz8 (Chinese Jet That Downed 9 Typhoons Debuts at Zhuhai Airshow)
Why Kamala Harris lost? To Malaysians, her name Kamala spelt backwards is Alamak (My God)! So, she is now known as Alamak Habis (My God Finish)!
Ukraine president Volodymyr Zelenskyy is bad omen for world leaders!
KUALA LUMPUR, Nov 7, 2024: The return of the US’ most obnoxious president Donald Trump is certainly bad news for the rest of the world.
Bad news for global political stability and international businesses - especially China!
For the next four years, all are expected to adapt and ride out (if that is possible in an ever growing tension global realty) the Trump-charged war-loving economic bullying of the US - called “America first” - meaning the rest of the world is damned.
“The likelihood of a Republican sweep is quite large and that means more expansionary fiscal policy,” said Kirstine Kundby-Nielsen, FX analyst at Danske Bank.
“A more expansionary fiscal policy and ‘America first’ approach will support US assets, including the dollar,” Kundby-Nielsen added.
The US-dominated media has started its “economic and military bullying” propaganda for the Trump-US.
They have featured the “extremely” good relations between Russian president Vladimir Putin and Trump.
It will not be surprising if Trump uses his relationship with Putin in an attempt to drive a wedge in Russia-China relations for global economic and military control.
It will be a futile attempt as Russia is not expected to dump its Chinese ally which is more trustworthy.
As the rest of the world haplessly and helplessly watch from the sidelines, the US is expected to heap unfair, selfish and ill-intended sanctions and tariffs on those who defy it - and China is Trump and US’ No.1 target as it is fast losing out to China in terms of global economy and hi-technology.
This was Trump’s legacy for the rest of the world in his previous first term as president.
And, scarily, this may degenerate into a situation where the rest of the world may be forced to choose between the US and China, economically and militarily. Not only will this be a global misery, the Americans are expected to suffer more economically in the the long-term.
One thing is almost certain - China is ready (see video clips above) for the war-loving war-waging US.
No News Is Bad News reproduces news reports featuring the pro-Trump and US propaganda:
Under Trump, a unified Congress could push through tax, spending cuts
-07 Nov 2024, 06:12 AM
Analysis shows that greater leeway to govern could add US$7.5 trillion to the nation’s debt in the next decade.
Donald Trump speaks at the Palm Beach County Convention Center during the election night watch party in Florida. (AP pic)
WASHINGTON: Donald Trump’s Republicans looked set on Wednesday to possibly win control of both chambers of Congress, giving them sweeping powers for the first time in eight years to ram through a broad agenda of tax and spending cuts, energy deregulation and border security controls.
But it would also force them to confront the dilemma of pursuing a Trump policy plan that could undermine the party’s long-proclaimed goal of reining in the government’s US$35 trillion in debt.
Republicans secured a 52-48 US Senate majority and were on track to expand their narrow House of Representatives majority, although 51 of the House of Representatives’ 435 races remained uncalled.
Early priorities are expected to include extending Trump’s 2017 tax cuts, funding the wall along the US-Mexico border, cutting unspent funds allocated by Democrats, eliminating the Department of Education and curbing the powers of agencies including the Consumer Financial Protection Bureau, according to Republican lawmakers and aides.
The tax cut proposals Trump made on the campaign trail – from extending the 2017 tax cuts to abolishing tax on tips, overtime and Social Security benefits – could add US$7.5 trillion to the nation’s debt over the next decade, according to the nonpartisan Committee for a Responsible Federal Budget.
The federal deficit ballooned to US$1.833 trillion in fiscal 2024, as interest on the debt exceeded US$1 trillion for the first time.
“We are ready to get to work for the American people,” House Speaker Mike Johnson said in an early morning social media post.
Trump repeatedly proved himself able to steer the party’s agenda during his four years out of power – notably by telling lawmakers to kill a bipartisan immigration bill early this year. Once returned to the Oval Office, his influence within the caucus will only be stronger.
No 2 House Republican Majority Leader Steve Scalise told Reuters that lawmakers have been working with Trump for months to ensure that they can hit the ground running with “a real aggressive, bold, conservative first 100-day agenda.”
He said they aim to recreate the economic growth experienced early in Trump’s first term, before the Covid-19 pandemic struck in 2020 and sent the economy into a steep decline.
Republicans point to buoyant gains in federal tax receipts since 2017 as proof that Trump’s tax cuts raised revenues and say his current agenda will bring more of the same.
“History has shown when you reduce the overall tax burden on families, not only do their paychecks go up, but the amount of money coming into the federal government actually increases,” said Scalise. “As long as you’re controlling spending, that economic growth will actually get you more money to help pay down the deficit.”
But the revenue increase they cite is in nominal receipts driven by inflation and an expanding economy. That turns into a decline when the size of the economy is taken into account.
“The Trump tax cuts really did cut tax revenue, and what the Republicans are pointing to as phenomenal growth in tax receipts doesn’t actually exist,” said Marc Goldwein, CRFB senior policy director.
Legislative hurdles
For the past two years, members of the House Republicans’ unruly and narrow majority have repeatedly gotten in their own way, voting against bills backed by their leaders and leaving them to rely on Democratic support to approve must-pass bills.
Even a more disciplined Republican majority will face barriers, including the Senate rule known as the filibuster, which requires 60 of its 100 members to agree to pass most legislation, a threshold the new Senate will not clear with Republican votes alone.
A workaround, known as “budget reconciliation,” allows the Senate to pass budget-related matters with a simple majority. Republicans used this in the first two years of Trump’s first term, as did Democrats during the first two years of President Joe Biden’s term, when they had control of Congress.
Yet budget reconciliation is a limited power. Measures passed with this maneuver must be at least plausibly linked to revenues and spending.
In late 2021, the Senate’s parliamentarian rejected a bid by Democrats to use reconciliation to grant work permits to millions of immigrants living in the US illegally.
Should the 60-vote filibuster rule block a Trump priority next year, he could call on Senate leaders to do away with it, as he repeatedly pressured them to do early in his first term, and as some Democrats urged early in Biden’s term.
Senate Republican leader Mitch McConnell upheld the filibuster against repeated Trump demands to ditch it during the president-elect’s first term.
McConnell will now step down as leader. While the top two candidates to replace him – John Thune and John Cornyn – have said the rule will stay, they and others who might seek the role have yet to face Trump’s direct pressure.
And McConnell predicted on Wednesday that the filibuster will remain.
“I think the filibuster is very secure,” the Kentucky Republican told reporters
Stocks surge to record highs as Trump returns to presidency
-07 Nov 2024, 05:46 AM
Bitcoin breaks above US$75,000, while the dollar posts its biggest one-day gain since September 2022.
The Republican victory sparked a strong rally in ‘Trump trades,’ which led to a sharp rise in US Treasury yields. (AP pic)
NEW YORK: US stocks soared to record highs on Wednesday after Republican Donald Trump won the 2024 US presidential election in a stunning comeback four years after he was voted out of the White House.
The Dow Industrials, S&P 500 and Nasdaq Composite all hit record highs with investors expecting lower taxes, deregulation and a US president who is not shy to weigh in on everything from the stock market to the dollar, although fresh tariffs could bring challenges in the form of a higher deficit and inflation.
The Republican’s win powered a rally in so-called “Trump trades,” sending US Treasury yields sharply higher. Bitcoin hit a record high of over US$75,000 and the dollar was on track for its biggest one-day percentage gain since September 2022.
Polls indicated a very tight race, with some concern the process could be drawn out before a victor was declared.
“The fact that we got a clean result, there’s not going to be any messy contesting or court cases or whatever it might have been, is a relief to markets,” said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky.
“So that’s kind of like super-charging the classic Trump trade that we saw in 2016 as well.”
The Dow Jones Industrial Average rose 1,450.11 points, or 3.43%, to 43,671.12, the S&P 500 advanced 138.27 points, or 2.39%, to 5,920.87 and the Nasdaq Composite gained 514.26 points, or 2.78%, at 18,953.43.
Both the Dow and S&P 500 were on track for their biggest one-day percentage gains since November 2022, with the Nasdaq poised for its biggest daily climb since August.
Financials, up nearly 6%, were the best performing of the 11 major S&P 500 sectors. Banks, expected to benefit from loosening regulations under Trump, powered the gains, with the S&P 500 bank index up about 10%, its biggest daily jump in two years.
The small-cap Russell 2000 rallied more than 5% to a three-year high, with the domestically concentrated stocks seen as likely to benefit from easier regulations, lower taxes and less exposure to import tariffs. However, rising Treasury yields could hurt smaller companies, which tend to rely heavily on borrowing and are more sensitive to higher interest rates.
The CBOE Volatility Index, also known as Wall Street’s “Fear Gauge,” dropped more than 4 points to 16.37 after touching a six-week low of 15.44.
The rate-sensitive real estate and utilities sectors were among the day’s few decliners as investors assessed the chances of Trump’s policies boosting inflation and altering the Federal Reserve’s path of interest rates, which has been a key component of Wall Street’s recent rally.
The central bank is widely expected to ease the benchmark interest rate by 25 basis points at its policy-setting meeting ending on Thursday. However, traders have begun to trim bets for a cut in December and the number of reductions expected next year, according to CME’s FedWatch Tool.
Stocks viewed as likely to perform well under a second Trump term also advanced, with Trump Media & Technology Group up about 3% while Tesla leapt about 14% as CEO Elon Musk has supported Trump in his electoral campaign.
Strong gains were also made by shares of cryptocurrency companies, energy firms and prison operators, while renewable energy shares fell.
Markets were also eyeing whether the Republican Party could maintain a majority in the House of Representatives after gaining control of the US Senate, which would lead to less opposition to a Trump agenda.
Low taxes, high tariffs, what a Trump victory means for the US economy
-06 Nov 2024, 09:26 PM
While they may raise some revenues, they will also hit US businesses and consumers hard, says a Tax Foundation paper.
Donald Trump’s victory came as voters expressed dissatisfaction with the cost of living and rising post-pandemic inflation. (AP pic)
WASHINGTON: Donald Trump’s victory in the 2024 US presidential election is likely to usher in a raft of economic changes at home and abroad, touching everything from foreign trade to the independence of the US central bank.
He will reap the benefits of an economy that is in good shape, with strong growth, low unemployment, and inflation that is rapidly approaching the Federal Reserve’s long-term 2% target after years of higher interest rates.
Yet his victory came as voters have expressed dissatisfaction with the cost of living as a result of a post-pandemic surge in inflation that pushed consumer prices up by more than 20%.
While many of the incoming Republican president’s proposals will ultimately live or die in Congress — which controls the purse strings of the world’s largest economy — there is still a significant amount he can do to shape economic policy.
– Tariffs and trade –
On the campaign trail, Trump said he would put in place across-the-board import tariffs of between 10% and 20% in a bid to raise revenues, protect domestic industries, and bring jobs back to the US.
He has also threatened to impose a 60% tariff on Chinese goods and even floated a 200%-plus levy on cars made in Mexico.
“To me ‘tariff’ is a very beautiful word,” he said in a recent Fox News interview. “It’s a word that’s going to make our country rich again.”
Trump “has made no mystery of the fact that he’s deeply enamored with tariffs as a policy tool,” Kimberly Clausing, a nonresident senior fellow at the Peterson Institute for International Economics (PIIE) told AFP yesterday, adding she thought he would put in place large tariffs if elected.
If enacted, these policies will undoubtedly have a significant impact on US and international trade, rerouting the flow of goods and reshaping international economic ties.
However, while they may raise some revenues, they will also hit US businesses and consumers hard, according to a recent paper by the Tax Foundation nonprofit.
If imposed, Trump’s proposed tariff increases would raise taxes on businesses by another US$524 billion annually, shrink GDP by at least 0.8%, and reduce employment by close to 700,000 full-time equivalent jobs, the researchers estimated.
“I think it’s just sort of a very quick way to shoot the US economy in the foot, if not the leg,” said Clausing, a former deputy assistant secretary for Tax Analysis in the US Treasury Department during the Biden Administration.
– Inflation and the Fed –
Alongside his tariff plans, Trump has also indicated that he would like “at least” a say over interest rates — which are currently set by the independent US central bank — and suggested he would look to deport millions of undocumented workers.
Economists at PIIE recently estimated that the combined effect of Trump’s plans for higher tariffs, mass deportation of undocumented workers, and greater control over Fed policy would slash US economic output by between 2.8% and 9.7% in real terms by the end of his term in 2028.
Employment would also be hit, according to PIIE’s analysis, and inflation could reignite, peaking at 9.3% in 2026 in a worst-case scenario — above the four-decade high it reached in 2022.
– Taxes –
The nonpartisan Committee for a Responsible Federal Budget (CRFB) estimates that Trump’s economic agenda could increase the national debt by as much as US$15 trillion over a decade — almost twice as much as Kamala Harris’s plans would have done in a worst-case scenario.
A significant chunk of the additional costs come from Trump’s proposals to extend his tax cuts from 2017, which are set to expire next year.
However, extending the Trump tax cuts would rely on Congressional support, where overall control of the House remains uncertain.
Democrats have indicated that there are many parts of these plans they would not want to renew if they win back the House.
“Overall, many of Trump’s policies could end up hurting some of the poorest in society,” Margot Crandall-Hollick, principal research associate at the Urban-Brookings Tax Policy Center told AFP.
“I think a Trump presidency would probably provide pretty limited, if any, benefits for low-income folks,” she said.
“And if you add the tariffs, which are going to increase the cost of goods that everyday people use, it would be a net negative for most low and moderate income folks,” she added.
Dollar set for biggest one-day jump since 2020 as Trump wins White House
-06 Nov 2024, 08:44 PM
Bitcoin climbs as much as 8.6% to reach a record US$75,389.
The dollar index=USD – which measures the currency against six major peers – advanced 1.7% to 105.16, a four-month peak. (Freepik pic)
LONDON: The dollar was set for its biggest one-day rise since March 2020 against major peers today and bitcoin jumped to an all-time high after Donald Trump was re-elected president, with the Republicans also winning the Senate and making gains in the House.
The US currency’s climb began after very early indications of a Republican win in Georgia and gains have held throughout the European morning.
The dollar index=USD – which measures the currency against six major peers – advanced 1.7% to 105.16, a four-month peak.
That put it on course for its best day since March 2020.
Trump’s fiscal, tariff and immigration policies are seen as inflationary by analysts, buoying treasury yields and in turn the dollar.
“It has already been a very strong reaction, a sharp increase in the dollar,” said Niels Christensen, chief analyst at Nordea.
“Expectations of looser fiscal policy and a tight labour market point to higher inflation and higher yields.”
The benchmark 10-year US treasury yield US10YT=RR rose 17 basis points to 4.44571%, a four-month high.
The US currency jumped over 3% to 20.8038 Mexican pesos MXN=, a more than two-year high.
It rose as much as 1.3% to 7.1967 yuan in offshore trading CNH=D3 for the first time in almost three months.
The onshore yuan CNY=CFXS finished the domestic session down 0.8% at 7.1649 per dollar, on track for its biggest daily loss since June 2023.
Mexico and China are among the countries that stand to be hardest hit by possible Trump tariffs.
The euro EUR=EBS fell as much as 1.9% to US$1.0702, its lowest since June 28. Sterling GBP=D3 slipped 1.3% to US$1.2873.
The dollar rose to 154.38 yen JPY=EBS, the highest since July 30. It was last at 153.92.
Japan’s chief cabinet secretary Yoshimasa Hayashi said today that the government intended to closely watch moves on the foreign exchange market, including speculative moves, with a higher sense of urgency.
Bitcoin climbed as much as 8.6% to reach a record US$75,389.
It was last up around 7.5% at US$74,361. Trump is seen as more actively supportive of cryptocurrencies than Harris.
Republicans also won control of the Senate, and made gains in the House of Representatives as the party battled to retain control there, raising the potential for a so-called “Red Sweep”.
“The likelihood of a Republican sweep is quite large and that means more expansionary fiscal policy,” said Kirstine Kundby-Nielsen, FX analyst at Danske Bank.
“A more expansionary fiscal policy and ‘America first’ approach will support US assets, including the dollar,” Kundby-Nielsen added.
