Samuel Gregg China’s Cash for Power A new book examines the Communist Party’s state-backed investment funds.

https://www.city-journal.org/article/chinas-cash-for-power

Sovereign Funds: How the Communist Party of China Finances Its Global Ambitions, by Zongyuan Zoe Liu (Belknap Press, 288 pp., $39.15)

Sovereign wealth funds (SWF) have long been an anomaly in market economies. In 2008, the U.S. Treasury Department defined SWFs as “government investment vehicles funded by foreign exchange assets, which manage those assets separately from official reserves.” Such funds blur the traditional distinction between the state, which serves as market regulator and guarantor of rule of law and property rights, and the marketplace, in which private actors freely compete within parameters established by law and morality.

Countries’ reasons for creating such vehicles vary. Norway established its Government Pension Fund Global to invest tax and license revenue generated by its oil sector and grow its national pension funds. Other nations have used SWFs as instruments for pursuing industrial policy at one remove from direct government control.

These funds’ intrinsically political character raises questions about their marketplace operations. As state-owned entities, they will not have the same incentives and priorities as private actors. For example, SWFs are less likely to prioritize profit-maximization, and may not even be required to do so. Some, for instance, primarily function as another macroeconomic tool for governments to try and smooth the business cycle’s ups-and-downs. SWFs are also subject to political pressures, encouraging investment based on the regnant government’s current needs, which may not be the same as pursuing long-term economic growth.

Then there are concerns about these funds being weaponized by their government owners. What happens if a SWF decides, at the behest of its controlling government, to use its stake in a publicly traded corporation in another country to pursue specifically political goals in that nation? And what if the SWF’s owner also happens to be an authoritarian regime that does not consider itself bound by Western norms of government accountability and transparency? And what if that same government uses the SWF to serve geopolitical ends that clash with other states’ national-security interests?

The Plot Thickens by Mark Steyn

https://www.steynonline.com/14399/the-plot-thickens

EXCERPT:

Was there anyone else on the stage? Not so’s you’d know from the headlines. Biden lost to himself. And considering that the object was to make the debate all about Trump that’s quite an accomplishment.

So what’s going on? Why did whoever’s running the show allow this to happen?

I’ve been of the view, ever since the 2020 primary season, that Biden is the Permanent State’s conscious response to Trump: in 2016, Trump was all candidate and no minders; Biden is all minders and no candidate. In that sense, the dead husk of a moth-eaten sock-puppet is the perfect embodiment of American politics. We can do all the cracks about “Obama’s third term” or “the Manchurian candidate”, but the truth is that, in a supposedly self-governing republic of 350 million people, we have absolutely no idea who’s actually running the show – other than the fact that, out of those 350 million, the only one we can definitively rule out of having anything to do with it is the purported head of the executive branch.

You have to figure that that’s greatly to the advantage of the Deep State, and that’s why they’d like to keep it that way. It’s quite something to teach the people the lesson that representative politics is just a meaningless joke, third-rate dinner-theatre in which all the faux-combat is an obvious sham. In the Soviet Union, the point wasn’t to persuade you to believe the lie but to force you to live with the lie. Reducing the two-year US election cycle to the same state inflicts an even more brutal humiliation on the masses.

So why weren’t they able, after a week-and-a-half of dosage experimentation, to shoot the stiff enough of the juice to pass him off as being back in his State of the Union top-of-the-game mode?

As my former GB News colleague Neil Oliver observed long ago on The Mark Steyn Show, formulating a useful rule of contemporary politics:

This is happening because they want it to happen.

In Search of an American Aristocracy By Micah Meadowcroft

https://tomklingenstein.com/in-search-of-an-american-aristocracy/

Editor’s Note: The first step in winning a war is to recognize the fact that you are in one. This means, first and foremost, to come to know your enemy and his goals. In a recent essay for this site, Glenn Ellmers and Ted Richards of the Claremont Institute make a compelling case that the present enemy—the “woke” or group quota regime—is a totalitarian threat, and that its aims are nothing short of revolutionary. While our own troubles may seem far removed from the hard totalitarianism of the twentieth century, Ellmers and Richards argue that the six traditionally accepted elements of totalitarianism are already present in woke America. What’s more, they identify three factors that are unique to the tyranny of the present day.

The American regime was founded by intellectual giants: men like John Adams and Thomas Jefferson who, even in their devotion to equality, recognized the necessity of great men for the preservation of a republic. In an important way, argues Micah Meadowcroft, the regime change underway has been defined by the replacement of this natural aristocracy with a “global elite” untied to America or its constitution. This is the seventh in a series of nine contributions by leading experts on the nine defining elements of what Ellmers and Richards dub “Totalitarianism, American Style.”

When in 1813, early in the epistolary reconciliation of their twilight years, John Adams and Thomas Jefferson shared their mutual preoccupation with the idea of a natural aristocracy, they could not set aside biography entirely. As Jefferson concluded, despite their abiding differences of opinion, “We acted in perfect harmony thro’ a long and perilous contest for our liberty and independence. A constitution has been acquired which, tho neither of us think perfect, yet both consider as competent to render our fellow-citizens the happiest and the securest on whom the sun has ever shone.” 

Regardless of whether, as Jefferson proposed, autochthonous aristoi were the source and summit of republican liberty or, as Adams worried, lions and eagles whose ambitions must be bound by the chains of a mixed regime, they had both been as younger men the best of their colonies and come together with others like them to bring forth a new nation. They were our Founding Fathers and, without hereditary title, an American aristocracy.

Today, there is no American aristocracy worth the term, and despite breathless liberal fantasies about President Trump, no lions or eagles either. We do not even have an American elite, except in the most basic social science sense. Instead our civic life is managed by a global elite, functionaries of what, as Glenn Ellmers and Ted Richards described in the opening salvo of this series, an international order “in which American sovereignty becomes insignificant.” 

This Energy Transition Thing Really Is Not Happening Francis Menton

https://www.manhattancontrarian.com/blog/2024-6-25-this-energy-transition-thing-really-is-not-happening

From reading the left-wing media, you know (or think you know) that there is an energy “transition” going on. This is something that must happen as a matter of urgent necessity. Vast government subsidies are being disbursed to assure its rapid success. Fossil fuels are rapidly on the way out, while wind and solar are quickly taking over.

For example, you may well have seen the big piece last August in the New York Times, headline “The Clean Energy Future Is Arriving Faster Than You Think.”

Across the country, a profound shift is taking place . . . . The nation that burned coal, oil and gas for more than a century to become the richest economy on the planet, as well as historically the most polluting, is rapidly shifting away from fossil fuels.

But if you read that piece, or any one of dozens of others from the Times or other “mainstream” sources, what you won’t find are meaningful statistics on the extent to which fossil fuel use is declining, if at all, or the extent to which renewables like wind and solar are actually replacing them.

That’s why the Manhattan Contrarian turns instead to dry statistical data to try to get the real story. Several years ago I discovered an annual book of energy data called the Statistical Review of World Energy. At the time, the Statistical Review was produced by the international oil company BP. I first covered one of these Reviews in this post from July 2019. A couple of years ago BP apparently decided to get out of this business, and turned the product over to something called the Energy Institute. EI then produced a Statistical Review in June 2023 (covering 2022), and now is just out on June 20, 2024 with a Statistical Review covering 2023.

How Did The Army Of Debate ‘Fact Checkers’ Miss This Biden Whopper?

https://issuesinsights.com/2024/06/29/how-did-the-army-of-debate-fact-checkers-miss-this-biden-whopper/

Not surprisingly, the self-appointed “fact checkers” in the media went to town on Donald Trump’s remarks during Thursday’s debate, picking apart every utterance and rating them false even if they were mostly true. Also not surprising, President Joe Biden got a relative free pass. (Although to be fair to fact-checkers, it was often hard to tell what Biden was trying to say.)

But what’s truly mind-boggling is that they missed the biggest lie Biden told all night. A lie that came out of his mouth as soon as he opened it. A lie that he then used to blame Trump for everything bad that has happened in the past three-and-a-half years.

Let’s roll the tape.

CNN’s Jake Tapper, to his credit, started the debate with a hardball question for Biden.

TAPPER: Let’s begin the debate. And let’s start with the issue that voters consistently say is their top concern, the economy.

President Biden, inflation has slowed, but prices remain high. Since you took office, the price of essentials has increased. For example, a basket of groceries that cost $100, then, now costs more than $120. And typical home prices have jumped more than 30%.

What do you say to voters who feel they are worse off under your presidency than they were under President Trump?

BIDEN: We’ve got to take a look at what I was left when I became president, what Mr. Trump left me.

We had an economy that was in freefall. The pandemic was so badly handled. Many people were dying. All he said was it’s not that serious, just inject a little bleach in your arm. You’ll be all right.

The economy collapsed. There were no jobs. The unemployment rate rose to 15%. It was terrible.

And so, what we had to do is try to put things back together again.

Later Biden repeated the claim:

There was no inflation when I became president. You know why? The economy was flat on its back. 15% unemployment, he decimated the economy, absolutely decimated the economy. That’s why there was no inflation at the time. There were no jobs.

And then later: “Look what I’ve done. Look how I’ve turned around the horrible situation he left me.”

The Obama and Biden Administrations: Paving the Way for a Nuclear-Armed Iran by Majid Rafizadeh

https://www.gatestoneinstitute.org/20735/obama-biden-nuclear-armed-iran

America’s “diplomatic efforts,” instead of putting a stop to Iran’s nuclear program, have only resulted in a series of concessions that have empowered the Iranian regime. The lack of stringent enforcement and verification measures, and especially lifting secondary sanctions — by which any country that does business with Iran is prohibited from doing business with America — have allowed Iran to accelerate its nuclear activities “under the radar.”

Iran’s continued development of ballistic missile technology and its persistent test firings of missiles, both in clear violation of UN resolutions, were largely overlooked. In addition, the growing bellicosity of Iran’s huge militia, the Islamic Revolutionary Guard Corps (IRGC), as well as the nuclear program itself, were apparently never addressed with the seriousness they warranted — thereby allowing Iran to expand its military capabilities and regional aggression unchecked.

The Iranian regime strategically allocated these funds to support and expand its own proxy presence throughout the region, including, among other spots, Syria, Iraq, Lebanon, Yemen, Sudan, Somalia, Mali, Burkina Faso and the Gaza Strip.

The Trump administration implemented a “maximum pressure” policy aimed at curtailing Iran’s economic capabilities by particularly focusing on reducing the country’s oil exports, and, most importantly, establishing “secondary sanctions” that banned any country doing business with Iran from doing business with the US.

The Biden administration’s passive approach of trying to use what might look like “protection money” to try to bribe Iran into compliance has simply backfired. Iran took the billions and, unsurprisingly, appears to have fungibly used them to finance several wars in the region — Hamas and Hezbollah’s war against Israel, the Houthis’ war against Israel and the US, and Iran’s own April 13 missile- and drone-attack against Israel — as well as Iran’s nuclear weapons program.

The Biden administration, sadly, seems to have been the enabling factor in Iran’s continued regional assertiveness and nuclear advancement. The administration’s series of policies favorable to Iran significantly strengthened the regime to the point where Iran and its proxies are now actively engaged in a comprehensive war against Israel, the Sunni Arab Gulf States and, since October, more than 150 attacks on US troops in the region.

The presidential debate: what you see is what you get Both candidates filled the air with hyperbole Charles Lipson

https://thespectator.com/politics/presidential-debate-see-get-trump-biden/

These weren’t the Lincoln-Douglas debates. They weren’t Kennedy-Nixon. If those were graded “A,” then this was “C-minus,” at best. The low point was who is the better golfer? I’ll go with Lincoln.

Both candidates filled the air with hyperbole. Trump led the way, as usual, calling everything he did “the best ever,” and everything Biden did “the worst.” He doesn’t favor shades of gray.

Biden responded in kind. He was right to emphasize Trump’s hours of silence during the January 6 attack on the Capitol. But he didn’t stop there. He went on to repeat what he surely knows is a lie about Trump’s comments after Charlottesville. And he kept going, trying to link Trump directly neo-Nazis.

It could have been worse. The CNN format was far better than previous debates. Keep it. Ditch the audience and allow only one mic at a time. The moderators’ questions were fair and tackled the big topics, as they should have. The debate would have been more informative if each candidate had time for a second rebuttal. That would have encouraged more debate over several major issues. Perhaps they can make that change next time.

What will stick in voters’ minds?

First, Trump is the same guy they either loved or hated the last time around. He hurt himself with inflated self-praise, bombastic language and turning his criticism of Biden up to eleven each time he spoke. Still, his performance was far better than his first debate in 2020, when he repeatedly interrupted Biden and came off as a bully. He avoided that trap this time, partly because of the format, partly because he didn’t disregard the rules. Trump’s major plus was that he drove home his main points about inflation, immigration, the economy and foreign wars.

For Biden, the message is far darker. Frankly, it must have been painful for many viewers to watch.

TGIF: The President Has a Cold Nellie Bowles

https://www.thefp.com/p/tgif-the-president-has-a-cold?utm_campaign=email-post&r=8t06w&utm_source=substack&utm_medium=email

EXCERPT

In a last-minute scramble, Biden’s team leaked to friendly media: The President has a cold. The Biden after-party featured an extraordinarily animated Jill Biden saying to her husband: “Joe, you did such a great job. You answered every question! You knew all the facts. And let me ask the crowd, what did Trump do? He lieeeed!” 

I think the question we all have to ask after tonight is simple: If this is Biden, who’s been running our country? Like, practically, who’s been doing the job job of it? Jill Biden? The White House handyman? The interns? Karl Rove? A random Houthi? I’m not mad, I just want to know. Because the people who have been pushing to keep him in office certainly know he’s this bad, and they must like it that way. Weak and confused, he can be used, kept as a pet moderate. Interns, release the old man, just tell us your demands, and we can figure something out.

→ The cheapfakes are getting really good: Now that the dam has broken on Biden’s age and mental fitness, recall what happened in recent months to those who said out loud what was obvious last night—and has been pretty clear for some time. 

Only a week ago, Biden’s people were slamming “cheapfakes” and selective editing as dangerous weapons of misinformation that might leave the American people with the idea that the president is in anything other than rude health. Okay, well, on last night’s evidence, these cheapfakes are getting really good. 

Earlier this month, The Wall Street Journal reported that a few Washington insiders who’d been in meetings with the president noticed “signs of slipping.” The story was slammed as “pointed” and “partisan.” And when Special Counsel Robert Hur called Biden an “elderly man with a poor memory,” the response from Biden and everyone around him was indignant: “How the hell dare he,” said the president. Good liberal Ezra Klein was yelled at by his cohort for suggesting back in February that Biden should step aside.

Unnamed sources were always praising Biden’s “energy” and “passion.” We’re all just thinking about memory and age in the wrong way, guys. 

Reminder: Biden Has 3,894 — or 99 Percent — of Pledged DNC Delegates By Philip Klein

https://www.nationalreview.com/corner/reminder-biden-has-3894-or-99-of-pledged-dnc-delegates/?utm_source=recirc-desktop&utm_

With full-blown panic setting in among Democrats following President Biden’s disastrous debate performance, the question of an open convention to replace him has been thrown around. But realistically, Biden won’t be replaced unless he can be convinced to withdraw.

The delegate math is this: There are 1,976 delegates required to win the Democratic nomination, and Biden has 3,894. Two other candidates have a combined seven with another 36 uncommitted. In other words, he controls about 99 percent of pledged delegates.

There are an additional 739 superdelegates, but they can only vote in a second ballot and even if every one of them wanted to oust Biden, it wouldn’t make a lick of difference.

Thus, if Biden is determined to keep running, Democrats won’t plausibly be able to replace him.

That is why, as I noted on our liveblog, First Lady Jill Biden is now the most important person in politics. If she can be convinced that her husband needs to step aside, then she is the only person who would be able to persuade him to do so. If she wants him to stay in the fight, Democrats are almost certainly stuck with him.

The Biden Debate Debacle

https://www.nationalreview.com/2024/06/the-biden-debate-debacle/

Democrats cannot say they weren’t warned. Joe Biden’s age has never been a secret. He shows it every time he appears in public. We warned them ourselves. Back in February, we wrote that Biden should have withdrawn from the race last year — and still owed it to the country to do so. That reality ought to be clear even to his admirers after a debate in which his chief opponent was not Donald Trump but his own frailty.

Biden sounded weak, wheezy, decrepit, and overwhelmed. His best moments came when he got indignant, but even then, his mantra of “the idea!” got almost as old as he sounded.

It was an unspinnably bad performance. The people who claim that Biden is consistently sharp and vigorous behind the scenes always strained credulity. They should now be ignored or mocked.

If Biden’s performance had not been so halting and weak, Trump’s own ramblings and flights from reality — on tariffs, on January 6, on deficit spending — might have cost him. But Trump was himself more disciplined than he had been during the 2020 debates, making relatively focused defenses of his record and attacks on Biden’s. He drew blood from Biden on late-term abortion and on Afghanistan.