Ian Welsh

The horizon is not so far as we can see, but as far as we can imagine

Category: The Twilight of Neoliberalism Page 1 of 17

Widespread Riots & Protests In Europe & India

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On October 20, 2026

21 Comments

France has been in a long decline. Money is constantly shifted the rich and to pay for it austerity is pushed. Most recently the French government wanted to, again, increase the pension age. This decline shows up in stats that most people ignore, for example, food consumption per capita:

As usual, France systematically understates inflation, so you can safely assume that the line hasn’t gone flat since 2004 or so, but continued to decline.

The war with Iran and Russia, meanwhile, has lead to increasing fuel shortages:

There are currently widespread riots in France. The triggering event was police brutality:

A high school student protested that the public school’s toilet was leaking and full of rats.

The protesting kid got beaten by the police until their mouth was bleeding, and even got shot right in front of their face. x.com/melenchon4ever

Several kids also ended up with their hands mutilated by the police. x.com/neruda57/statu

The peak of it was a kid getting drowned by the Police. x.com/alertesinfos/s

This police brutality awakened class consciousness among all the high school students in France.

> Intel started infiltrating. Some tried to deflect by pushing the narrative that this protest was caused by Muslim immigrants to scapegoat them for the unrest. x.com/abdoulafar7631

Rioting then spread to Spain and Belgium. Meanwhile there are massive protests in Albania, originally triggered by Kushner wanting to buy up a huge chunk of Albania’s seashore. This is so serious that when the Supreme Court ruled for Kushner, the protestors burned it down:


In India there are massive student protests. The government moved 50,000 troops and militarized police into Delhi and set up massive roadblocks. That didn’t stop the protesters, who used the roadblocks against the police and systematically slashed police vehicle tires. The roadblocks wound up actually slowing the police and military down.

The key thing to understand is that provocations happen all the time, the French police have never not been brutal bastards. Like a spark in a forest, it’s only dangerous if there’s plenty of dry tinder: people who are on the edge of rioting anyway because they’re unhappy with their lives.

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This is the start of a LOT more civil unrest unless the US and Israel end the Iran war. Fuel shortages will increase, food prices will jump this year and even more next year, and people who feel like they have little to lose will take to the streets. There isn’t a lot of trust left in the system: majorities believe that the people ruling them don’t care about them, and they’re right. If people believed in their rulers, this wouldn’t be happening, at least not yet.

So all of this will spread. In India I expect that there will be serious farmer riots in the next year, something that India is prone to anyway. In Europe, even after these protests are suppressed, there will be re-occurrences and they will become more serious and more widespread.

It’s always difficult to predict Trump, but the most likely scenario, supported by massive movement of ships, planes and troops, is that after the mid-terms the war will start up seriously again. The US and Israel WILL lose: they don’t have enough interceptors and munitions to win and the idea of invading Iran successfully is ludicrously stupid: it will not happen, and if it is tried, it will be a catastrophe.

But the Iranians have been warning that if there is an escalation, they will hit hard this time, and given how much they’ve increased attacks on tankers, their words are supported by their actions.

Meanwhile the Sauds are getting ripped up by Ansar-Allah. They are completely unable to defend anything from missiles and they’re doing badly on the ground. Egypt has said they’ll send troops, but for “defense only” and I doubt it will make a serious difference. So oil, fertilizer, helium and other resources from Saudi Arabia that aren’t already offline are at risk and there’s no reasonable possibility of fixing infrastructure, since Yemen can just blow it up again.

At the same time China keeps adding new items to its export bans. They’re particularly targeting Japan, but Europe and America are getting hit as well.

All of which is to say, this is just the start. Expect more civil unrest in more countries, possibly including your country. This entire mess has been handled very badly, with an emphasis on keeping oil prices artificially low and not in conserving inventories or making sure that affordable oil and fertilizer get to important sectors like farming. So fuel will go up, food will go up, prices in general will go up, there will be more unemployment and people will be angrier and angrier with less and less to lose.

The correct action would be to admit defeat and end the war, but until the US is under much more stress, that seems unlikely.

Brace yourselves.

The Death Of Democracy

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On October 16, 2026

17 Comments

Something I’m seeing in a lot of smart people (and stupid ones too, usually for different reasons) is a loss in faith of democracy.

In one sense this is simple: Democracy hasn’t been delivering for going on 50 years now. Things keep getting worse.

The graphic below is illustrative, but wrong:

It’s wrong because I think everyone knows now that inflation, as measured in the West, is vastly understated. Wages have been rising slower than costs. I feel it on my own life, I have more income than I did ten years ago, and I can’t afford the lifestyle I had before: we’re talking simple things, like mostly eating cheap cuts of pork for meat, and not beef or even chicken. Consumer goods are sometimes cheaper, but usually not, but even when they are they break and are so expensive to repair with all the fancy digital crap in them that it makes more sense to throw them out and by a new one.

Tuition is way up. Medical is way up. In countries where it’s free or cheap, the quality is way down due to defunding, since our elites wants for profit medicine and the first step is making the public alternative crap. Food is up. Housing and rent are way up. Cars are way more expensive (real price, not hedonically adjusted.)

People see that nothing good seems to happen in democracies: life gets worse and worse. When something good does happen, some right wing government gets in power and reverses it, but more often right wing governments make everything worse and liberal governments don’t reverse anything they do, they just accelerate at a slightly slower pace.

So people are looking for alternatives.

This isn’t strange or unusual. In the post-war period many nations wanted to be democracies. They looked at America and Europe and assumed that democracy was part of what made them well off.

Today the shoe is on the other foot: we see how well China is doing. We read how cheap healthcare, food and housing are and we think “it must be the party system.”

The obvious advantage of the party system is that you can do long term policy. When you see nations which did industrialize after WWI what stands out is that they did so in de-facto one party states, places that were run for decades by the same party like Japan, South Korea and Taiwan.

They see that oligarchs have bought democracy, that what people want doesn’t matter to outcomes, unless elites also want it and that in China the population actually feels that the Party pays attention to what the people both want and need.

So they reason that we should switch to party systems because they seem superior. A sardonic twist on how everyone was down on the Party after the fall of the USSR.

The USSR shows that Party systems aren’t a panacea: they can fail too.

But, basically, democracy is going to keep taking hits and keep becoming less popular. It has failed on multiple fronts: sent industry to china, let housing prices get out of control, knew about climate change and not only didn’t do anything, but accelerated it. Geopolitical stupidity like creating the conditions for a Russia/China/Iran de-facto coalition and multiple insane wars from which ordinary benefit benefited not one whit.

As climate change gets worse and worse it will discredit both Democracy and Capitalism. I don’t think the Chinese have done nearly as much as they should have or could have, but with their heavy electrification program, their mass planting of forests and so on they’re the only nation which has done anything significant. Not good, but better than us.

Democracy has proven unable to reign in capitalism. China executes or life imprisons billionaires who break the law, we bail them out and immunize them from their crimes by fining their companies, but not them, leaving them still rich.

It all adds up to a horrid indictment of our system, and people are not going to put up with it forever. Liberal capitalism and liberal democracy, and perhaps democracy almost entirely, will be replaced by Party systems throughout the world over the next couple generations, starting, I’d guess, in about 15 years or so.

Failure, greed and incompetence have consequences, and the democracy will one of the casualties of our elites depravity.

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Another Big Profit Opportunity For Elites Is On The Way (Bonds/Carry Trade)

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On August 19, 2026

22 Comments

Japan has, since the mid 90s, had very low interest rates. The Japanese carry trade was to borrow in Japan and invest in America. You didn’t even need to take any real risk. Borrow Japanese, buy safe bonds in the US that paid more. Or you could use the money for riskier bets.

This has been going on for more than half my life and I’m not young. It was one of those money spigots that insiders and wealthy people have access too, but most of the rest of us simply watch: free money for some.

Now it’s coming to an end. The Japanese Yen is under immense pressure and so far interventions have not done squat. So the Japanese are raising interest rates.

But more than that they’re selling large chunks of their US treasuries in interventions, and Japan is the largest holder of US government debt outside of America. (China is second.)

This happens at the same time as the US bond market is breaking. Treasury literally can’t sell all of its bonds. Rates are high, about at 2007 levels, and they’re selling short term bonds and using that to buy their own long term bonds.

Add to this issues with oil and distillates, especially diesel, the fact that the US military is basically out of a lot of weapons and has lost a war.

Then there’s the real-estate market:

America and Americans are under a lot of stress. Because interest rates are high and Biden and Trump love to spend but not tax there are also soaring interest payments on the US debt.

Now the big advantage the US has over most countries is that its debt is denominated in its own currency. The federal government cannot go bankrupt unless elites lose their will to print money, which so far they haven’t. They’ve printed literal trillions since 2008, though it’s concealed by pretending that Federal Reserve operations which create money out of mid air to keep rich people rich aren’t money printing.

The result was massive inflation in the top end, and a drying up of businesses aiming at the middle class and poor. You see this most clearly in Las Vegas, which used to have cheap rooms and food but now doesn’t, because why cater to people who have no money?

(In China prices are low, even at luxury hotels, because there is a mass market like the one the US had in the 50s and 60s.)

After all this add in the AI bubble and fertilizer and diesel shortages hitting farmers.

The entire system is cracking apart.

The smartest money isn’t the money that has been plunging into the AI bubble, it’s the people who have kept their powder dry, because as everything goes to hell, there will be significant buying opportunities. Warren Buffet, for example, built up a huge amount of cash, though his successor has spent some.

In a serious economic crisis, and one is coming, you can buy up companies and assets (and all those homes, which you then rent at profit maximizing rates which leave millions homeless) for cents on the dollar.

As for you, dear reader, well, probably you won’t be able to take advantage of this, any more than you could in the bounce after 2007.

The Federal Reserve and other central banks will have to decide whether or not to do bail outs, and whether or not to bail out the rich or ordinary people. They’ll choose the rich. But there is a problem with the whole “America’s debt is in dollars so it doesn’t matter theory.”

America’s a net importer. It has less and less to sell to the world that the world needs. There has been a slow but consistent move away from the US dollar as a reserve currency, a movement away from settling trade in US dollars and China’s now forcing companies to choose between America and China. If you enforce US sanctions, they’ll fine you and if you don’t pay, you’ll lose access to their market.

Ultimately the US dollar’s value comes from US strength: economically and militarily. Like the British Pound (which was once worth five times or more than the US dollar) it can be expected to lose value because there is simply less need for it. Everything you really need you can get somewhere else, unless like Europe, you’ve sanctioned other suppliers so much you’re destroying your own economy.

Anyway, all of these things all happening at the same time is all sorts of bad news. I’d expect some sort of financial crisis within a year and it will be a doozy. Wherever it starts it will hit everything in the US and Europe and the Anglosphere and much of the rest of the world. Central banks will have to spent trillions in another bail out.

But this will be the last major US bailout, because after this there will be nothing. The US will not have the tech lead in almost anything, is not creating the world’s future techs other than AI (which China is winning, anyway) and will have lost much of its military intimidation factor.

Welcome to the end of the American Empire. You’ll see it in food shortages, high prices and an elite determined to become an elite similar to India’s or much of South America’s: ruling over essentially poor nations, but filthy rich amongst the rubble.

 

What I write here is for the benefit of everyone, but alas, I live in capitalism and I, and the site, take money to keep running. If you value the writing here and can, please subscribe or donate.

America Almost Out Of Long Range Strike Munitions

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On August 4, 2026

21 Comments

Why did Trump call off his big attacks? Why did the US stop attacking suddenly?

he U.S. Army has used up much of its stockpile of highly accurate long-range missiles during its five-month war with Iran, according to three people familiar with the data, raising concerns about the military’s ​readiness for future conflicts.
The missiles are principally the Army’s surface-to-surface weapons, known as Army Tactical Missile Systems (ATACMS) and Precision Strike Missiles (PrSM). The U.S. has used “virtually all” of these weapons, according to two of the sources.

There are also claims that the US is running out of long range air to ground munitions as well.

Combined these two things mean that if America wants to keep bombing Iran, they have to actually fly over Iran and put themselves in much more danger from Iranian anti-air, and by all accounts the Iranians still have plenty left.

This problem comes from the same place virtually all US problems come from: rather than optimizing for results (production) everyone optimizes for profits. Selling fewer missiles for much more money is a better business deal, yes?

And that the US cannot significantly increase the production is due to de-industrializing: sending most of America’s key industries to China, because hey, it doesn’t matter where things are made.

China is now the US in WWII. They could, in a war, easily retool to produce literally millions of drones. They can produce a hundred warships per warship the US produces. Etc.

These are systematic issues. De-financialization is politically impossible. Without de-financialization re-industrializing is not possible, as it would require companies to make far lower profits. Chinese companies are MUCH bigger than American ones, and make less profit (not revenue, but profit) and have far lower valuations.

In 2025 BYD sold 2.26 million cars. Tesla sold 1.64 million. And China has many auto companies.

The mindset for scaling and the mindset for profit-maxing are very different. American elites are all looking for moats: they all want to be able to charge more for a product than it is worth because no one is competing with them on price. (This is why Chinese EVs aren’t allowed in America: they compete on price and the American car industry would cease to exist on contact.)

America lost the Iran war over fifty years as it changed from an industrial power to a financial power. Power comes from what a country can actually do. What it can buy from other countries is a minor consideration unless it has the ability to force them to sell, and that ability comes from what the country can do. Against Venezuela and Cuba, the US is still strong enough. Against a middle power which prepared for war and knows how to use geography, not so much.

In general terms, everything that is happening was predicted decades ago by objective people looking at the trends. Power comes from capability, America was systematically getting rid of that capability to optimize for the number of rich people it could generate.

Military decline, industrial decline, technological decline: all of this comes from making profits the end-goal, rather than the mean by which worthwhile goals were achieved.

“We need to make a profit do X” is very different from “we do X to make a profit.”

What I write here is for the benefit of everyone, but alas, I live in capitalism and I, and the site, take money to keep running. If you value the writing here and can, please subscribe or donate.

“Nothing Ever Happens”

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On July 27, 2026

16 Comments

Oh?

Almost everything is on track.

  • Covid?
  • The financial crisis?
  • This war? China officially leading the US in tech and industry?
  • Global warming coming on faster than expected?
  • Massive wildfires every summer?
  • Trump being President?
  • The Ukraine war?
  • That little genocide in Palestine?
  • The US being unable to build enough weapons?
  • The complete breakdown of international law and (more seriously) the WTO trade order?
  • A revolution in war making technology which has allowed middle powers to fight great powers?
  • Multiple payment systems challenging dollar privilege.
  • Serious collapses in animal and insect populations, so much so that bug splat doesn’t exist in much of the world any more and that I rarely see songbirds.
  • Constant, inexorable rises in food prices, even before the war.

Notice that food per capita line. Remember all the screaming about fertility rates and look at the births line (though I think the collapse is more severe than modeled.) Industrial output is still increasing, as the chart suggests, but China’s about to go over a demographic ledge and I expect it will peak within ten years of the chart’s prediction. Resources are very definitely being depleted, though less fast than predicted. Still, it’s happening. Just read in detail about oil production.

Collapse happens slowly, then all at once. The post-USSR order has collapsed. It’s gone. The trade order has collapsed. Military supremacy is gone. Every summer we get wildfires and smoke in major cities, which did not happen before about 2019. This is a textbook example of climate change re-ordering the environment. What will grow up afterwards will be a different mix of plants and animals.

Things are happening. Big things. If you want the official “big collapse” well, it’s not here yet for the first world, but the death by a thousand self-inflicted wounds continues. As much as I admire what China has done, and as impressed as I am by solar and so on, they are still an industrial society based on planned obsolescence and over-production and are about to hit a demographic cliff (good in the long run, but it will cause issues.) The only escape from much of the resource trap would be large scale off world mining. Musk isn’t going to manage it. The Chinese are taking a shot, we’ll see. That wouldn’t, by itself, fix ecological collapse, however and won’t supply all necessary resources. It’s also unlikely to come on line in time, if at all.

You’re living thru an epochal period, similar to the WWI thru WWII period: everything is changing, but this time including serious environmental issues. There’s also all the social issues related to AI, phones, the collapse of reading and reasoning ability in some societies, mass surveillance and the rise of authoritarianism, even as civil liberties are contracting in almost every country in the world.

The post-war and post-cold war orders are dying or dead. The negative consequences of the industrial revolution are hitting home after we got the goodies for a couple centuries.

Things are happening. More things will happen over the next couple decades. If you can’t see that, you’re blind.

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The Year of Chaos: 2027

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On May 22, 2026

24 Comments

Every society is three meals from chaos

-Vladimir Lenin

On May 4th I wrote that a year of hunger and famine is baked in for most of the world.

This was based on the effects of Six Week War and the continued blockade of the Strait of Hormuz. But, in addition, we have the strongest El Nino is a hundred and fifty years incoming:


I’ve personally seen my food prices, before any of this is baked in, rise about 20% this year. I just saw a 33% increase in the price of tomatoes, beef is up over 40%, and so on. Almost nothing isn’t more expensive and this is BEFORE the absolutely catastrophic harvests we will have this year.

It’s easy to say that America and the West won’t have a famine because they can outbid most of the world for food, but the prices will be extremely high and a lot of people are going to go hungry.

I’ve been wondering for a long time what it would take to get Americans to actually do anything about their elites. The recent defeat on Thomas Massie (a noted Israeli critic) in his Republican primary has made it very clear that the powers of reaction in America are extraordinarily strong still.

Thomas Neuburger has an excellent article asking if the election was stolen. 

I don’t know if it was stolen, and I’m not sure that it matters much. If it wasn’t, well Jews spent 30 million and bought the election. If it was, well Jews spent 30 million and bought the election. (The most expensive House primary in American history.)

“Those who make peaceful revolution impossible will make violent revolution inevitable.”

-John F. Kennedy

America has few problems it can’t, in theory, fix. It has no significant problems it can fix if current elites remain in charge, and its foreign policy can’t be improved as long as Israel controls Congress, and most State governments, which it does. (I don’t regard this as in question. Anyone arguing against it is arguing against massive evidence to the contrary.)

Opposing Israel is political suicide. That’s why AOC dances around pretending to be anti-genocide while actually covering for it. It’s why Mamdani has kissed the ring repeatedly.

They will come for you. If they fail, which is rare, they will try again. Eventually they will destroy you.

And that means that peaceful change is impossible.

Combined with the continued impoversishment of Americans, the building of AI centers in communities where the majority is opposed, mass lay offs due to AI, a very likely financial crisis next year, rising fuel prices, shortages of diesel, bunker and jet fuel, I’m going to be very interested to see how many riots there are and how many people  decide to go after politicians and CEOs.

As for the rest of the world: oh yes. There are going to be riots, revolutions, civil wars and coups in multiple countries. The question is how badly first world countries will be effected.

I remind readers to stock up now on as much as they can and I remind rioters that your job is to riot in the neighbourhoods of rich people, or industrial or office areas, not in your own neighbourhoods. Burning down your own homes is foolish.

I will also add that any competent government that cared could easily have made sure that most of the planting happened. Prices were the primary issue, and prices can be controlled and government can decide who gets how much diesel, prioritizing, y’know, tractors and trucking related to agriculture. This is something every western government could and would have easily handled in the 1950s.

Letting people go hungry and starve is entirely a result of government action (a war that was unnecessary, fought for Israel, not America), and government inaction. If people go without food next year, the people who caused it are known: they live in Washington, Tel Aviv and in every country which failed to take effective action they are your politicians the people who bribe them to not care about ordinary people.

You know who they are. They are you enemies. Their actions will kill or impoverish you, if they haven’t already.

And you know what you should do to enemies.

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The Law Of Elite Consequences Continues To Demolish America

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On May 8, 2026

23 Comments

There’s a lovely quote in the WSJ that encapsulates everything wrong with America in the last 50 odd years:

Many of the investors, bankers and corporate chieftains who took over the Waldorf and Beverly Hilton this week have become desensitised to President Donald Trump’s whims. The stock market hitting new records, even if investors are attempting to pull tens of billions of dollars from some private funds, has helped those spirits.

Financiers largely brushed off concerns that have dominated conversations on Wall Street in recent months, including the ongoing war with Iran, which has driven up petrol prices across the US and is now dividing policymakers at the Federal Reserve over whether they can eventually cut interest rates.

“Does anyone really care if the Strait of Hormuz is open?” one high-powered banker posited.

Counterpoint:

Back in 2009 I wrote a post called Essential Insanity, trying to diagnose what was causing American problems. It had three main points: here’s the last one:

The second type is worse, in a sense. When Diamond wrote his book on why societies collapse he came to the conclusion that it occurred when elites weren’t experiencing the same things as the majority of the society–when they were isolated from the problems and challenges the society was facing.

For 30 years, ordinary Americans haven’t had a raise. And despite all the lies, Americans are beginning to get that.

But, for the people in charge, the last thirty years have been absolutely wonderful. Seriously, things haven’t been this good since the 1890’s and the 1920’s. Everyone they know–their families, their mistresses and toyboys, their friends–is doing well. Wall Street paid even larger bonuses for 2007, the year they ran the ship into the shore, than they did in 2006 when their bonuses equalled the raises of 80 million Americans. Multiple CEOs walked away from companies they had bankrupted with golden parachutes in excess of 50 million. And if you can find a senator who isn’t a millionaire, (except maybe Bernie Sanders) you let me know.

Life has been great. The fact that America is physically unhealthy, falling behind technologically, hemorrhaging good jobs, and that ordinary Americans are in debt up to their eyebrows, haven’t seen a raise in 30 years, and live in mortal fear of getting ill–because even if they have insurance, it doesn’t cover the necessary care–means nothing to the decision-making part of America because it hasn’t experienced it. America’s elites are doing fine, thanks. All they can taste or remember is the caviar and champagne they swill to celebrate how wonderful they are and how much they deserve all the money federal policy has given them.

This is the second insanity of the US: The decision making apparatus in the US is disconnected from the results of their decisions. They make sure they get paid, that they’re wealthy, and let the rest of society go to hell. In the end, of course, most of them will find that the money isn’t theirs, and that what they’ve stolen is worth very little if the US has a real financial crisis.

During the Covid pandemic, Western elites got richer. A lot richer. The worse everyone else does, the better they do.

This is the fundamental disconnect in the West: the people who are making the decisions do well no matter how much ordinary people are hurt; no matter how much they weaken their own countries. In fact, it’s worse than that: the worse their countries and citizens are doing, the better they do.

Every disaster is used to allow more looting. Are there oil shortages? Raise prices even more than costs? Food? Same thing. Are some companies going bankrupt? Buying opportunity! Are citizens desperate? Great, they’ll work for less.

Life is good for our elites and the more they destroy our countries, the better life is for them.

Of course they don’t care that Trump is driving America and the West into the dirt? Why should they? They don’t think it effects them. Of course, in time, it will, but they don’t see that or they don’t care: after all India’s richest people live great lives, who cares if India is a corrupt shithole?

So sorry about high gas prices, high food prices, high health care costs and no future for you or your children. None of that matters. Trump’s getting rich being President and so are American elites and in the eternal honest words of George W. Bush “who cares what you think?”

You don’t matter. It’s been 60 years since anyone in power in America cared about America or Americans. Europe’s leaders are about the same.

Suck it up buttercup. Life’s getting worse and no one with the power to change that cares, because they’re doing more than just fine—they’re the richest rich in the history of the world, and life is good.

 

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China Thinks Ahead To Reduce Its Reliance On Petroleum

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On April 16, 2026

27 Comments

Near the start of the war I noted that the real issue with petroleum shortages wasn’t gasoline, it was diesel, bunker fuel (ships) and jet fuel.

Diesel is, despite what many say, feasible to get off of: even some of the massive machines used for mining are already being switched over, and China is moving hard on electric freight trucking.

Hitachi Electric Excavator

But large freighters and super tankers are a lot harder. Electric can work for coastal freighters, but it doesn’t work for long haul shipping because you need constant recharging.

Enter Green Ammonia. This is part of China’s push on hydrogen tech. It’s currently more expensive than bunker fuel, but projections show it might hit parity by 2030, at least for the Chinese, since they’re scaling it hard. It’s made from hydrogen extracted from water, and nitrogen extracted from air, and it has zero emissions (though that’s not what this about.)

What’s important here is that if your shipping fleet uses Green Ammonia, it doesn’t matter if the supply of hydrocarbons is cut. It can still move. China’s been buying up ports all over the world, refueling can occur at them, and it works almost as well as bunker fuel, so you can make long trips across the Atlantic or Pacific if needed. (Indeed, if it’ll reach price parity by 2030, we can assume it will be cheaper by 2035, given the Chinese record on scaling.)

That means the only major vulnerability left is jet fuel, and I’m aware of no real substitues that can scale in the immediate term, though there are efforts underway. Fundamentally, however, air shipping is far less important than ocean shipping, and air travel is a luxury good. Nice to have, but not necessary to have. Jet fuel is important, strategically, for the military.

The point here is that China thinks ahead. They look at strategic vulnerabilities and they do something. This is, in part, about de-carbonization, of course, but strategically it’s a movement towards more self-reliance and less vulnerability. It also emphasizes that hydrocarbons are a wasting asset. You cannot, long term, base your economy on them. You must find a replacement if they’re your main source of foreign exchange.

The world’s changing, and in part it is changing because China is changing it. The great tech revolution of the last 40 years was telecom/chip based, but the fundamental blocks of our society remained hydrocarbon engine based. It’s China, more than anyone else, who is moving as fast as it can to an electrified economy that is not reliant on hydrocarbons, a change in the economic engine which has run our societies since the 40s or so. (The switchover from a coal/steam based economy started much earlier but took a long time.)

China makes the future, the rest of us fight over the bones of the past.

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