Het Westen redden van de instorting gaat niet ongestraft. Net als de Russen moeten de Chinezen een ferm lesje geleerd worden. 27 miljoen doden in WOII, wereldeconomie redden in 2008 en 2026. Waar denken die Russen en Chinezen wel waar ze mee bezig zijn?
x.com/RnaudBertrand/status/2…
Fascinating argument by Bloomberg's top energy analyst Javier Blas 👇: he argues that China effectively saved the world economy during the Iran war by absorbing the brunt of the global oil supply shock on its own, without visible economic damage.
According to his calculations, China "cut its average daily waterborne oil imports by the same amount as the combined oil consumption of Germany, France and the UK."
And, still according to Blas, they "did so without suffering economic harm" because they could rely on many levers: their huge strategic petroleum reserve, a massive surge in EV usage, their remaining coal-fired electricity capacity, and coal-to-chemicals replacing lost feedstocks.
Had China not been ready to absorb that blow, a good argument can be made that the economic damage to the West, and the world at large, would have spiraled far beyond what we saw.
Effectively, China's energy strategy at all levels (petroleum reserves, EVs, etc.) and its ability to withstand huge supply shocks paid off for everyone, not just for them.
It sounds awfully familiar: in 2008 too it was China's stimulus package and continuous buying of US Treasuries that averted a complete breakdown of the global financial system.
So twice in 20 years the country the West loves to present as a "threat" to the global economy effectively saved it from a US-made global economic disaster 🤷