Well, things don’t get any better for them. This week we have received reports that Chinese exports are falling off a cliff. In an article from the South China Morning Post, we read that instead of the normal high season for Chinese exports with the approaching holiday season in the US and Europe, Chinese exporters claim that they are actually seeing a figure that looks like the ‘off season’.”
“This decline reflects declining demand for shipping, both due to excess inventory among some importers as inflation reduces spending among some consumers, and as others shift to other types of goods and services as the pandemic subsides,” said Judah Levine, head of research. at Freightos. “Many retailers pulled peak season orders earlier in the year to avoid delays.”
Not only are their exports falling, but demand for oil is also falling. I read a report that explains China’s oil demand has fallen for the first time since 2002!
“The main downward pressure on oil prices in recent days has been a report that China could see its annual oil demand shrink for the first time since 2002 due to Covid restrictions under Beijing’s zero-Covid policy.”
This is completely in line with what I have predicted, that the world has reached peak demand for oil, at least for the next couple of decades. The main driver of declining demand is deglobalization and the associated economic slowdown. The world has grown to demand about 100 million barrels of oil per day, and with the depression of deglobalization, I can see it falling to 90 million barrels per day and staying there for years.
Populism, nationalism and anti-globalists
In the last segment of the show, we give an update on the political situation in Europe. The Swedish elections are complete and the anti-globalist right has taken control of their parliament. It’s a result that seemed to come out of the blue. In the country famously left behind and seen as a bulwark of modern socialism of the European brand, Sweden has shifted rapidly towards the global Marxists.
Two other choices of brand will arrive before the end of the year. Italy, where the brothers of Italy and their anti-globalist coalition are set to take a possible super majority in their parliament, and the US mid-term elections, where the anti-globalists are expected to win control of both houses of Congress.
This is actually a massive swing towards Marxism in Davos, Washington and Brussels. It is also a very good sign for individualism, more decentralized governance and the rise of neutral money.
This is a guest post by Ansel Lindner. Opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.
