Plutocratic Chinese billionaires activate financial “escape plans” while Beijing does everything in its power to not give the impression that it’s panicking.
“As the FT writes, today, ‘thousands of wealthy people across China are headed for the exits as President Xi Jinping secures a third term, making him and the ruling Chinese Communist party even stronger than before’.
Recall that just hours after Xi not only was declared dictator for life but unceremoniously and in full view of the entire world had his centrist, globalist and pro-reform predecessor Hu Zintao escorted out of the building, guaranteeing that the rest of his rule will be a radical departure from heretofore accepted norms, and calling for the ‘great rejuvenation of the Chinese nation’ based on revitalizing the CCP’s role as the economic, social, and cultural leader, Chinese stocks cratered to multi-decade lows and the yuan plunged to a record low as the growing realization of the horror that is coming swept across the land.
According to Bloomberg’s billionaire list, the 13 richest Chinese lost $12.7 billion in just one day after mounting fears about Xi’s consolidation of power. But of course, it wasn’t just them looking terrified at the glowing green color on their screens (as a reminder, in China stock colors are inverted as red means up and green means down): it was everyone.
In any case, as hundreds of millions of Chinese savers now scramble to move as much of their assets as far away off shore from the lunatic fringe in Beijing as possible, we have been flooded with reports that wealthy families across Hong Kong and China are at a ‘tipping point’ about triggering so-called financial ‘fire escape plans’ to avoid the wrath of Xi and CCP, according to David Lesperance, a Europe-based lawyer who works with elite Chinese businessmen and who spoke with Financial Times”. -Dinar Chronicles
The confirmation of Xi Jinping’s continuing power in the CPC and his ongoing anti-corruption campaign signifies that the neoliberal imperial aspirations for China have gone astray.
It appears that the neoliberal “rules-based” new world order, which intended to transfer its global center of power from Washington, D.C., to Beijing, has finally, at long last, abandoned its attempts to do so.
And, due to the Russians’ refusal to submit to the high-handed demands of Europe and the United States, using Ukraine as a contingency plan has been rendered futile.