are struggling around the globe and russia is already getting a billion dollars every few days in oil and gas revenues, why did opec slash production? everything has a price. we will explain. but first, here s my take. one of the few issues on which there is a consensus in washington, d.c. is that american policy toward china was built on an intellectual tariff. liberals and conservatives both believe that beijing s embrace of free markets and integration with the global market would fundamentally change china. but they didn t, so the consensus goes, we should recognize this was a naive belief. in fact, viewing china on the eve of the 20th party congress, i m struck by how little that line of analysis captures what has happened in china over the last decade. china has gone through profound economic and social changes. its per capita gdp has gone up almost 30 fold since the start of economic liberalization in 1978. mass education and urbanization have changed the face of
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up, and i think if saudi arabia or anybody else wanted to, you know, go ahead and hurt the u.s., they could have done it in the past, as well. i do think, however, this does confirm some of the geopolitical alliances that have been forming already in the past couple of months or years even i would argue. and i do look back at when this day s meeting as a watershed market for oil markets. when opec last met, there s always questions about, is there going to be u.s. pressure on opec to do something, right? this time i think opec plus has shown that they are acting in their own interest, and nobody else s. so what can biden do? he s been releasing oil from the strategic petroleum reserve. he could do more, but the reserve is getting emptied. what are his options, if his goal is to increase supply and
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