1. How China plans to avert an Evergrande financial crisis: Officials believe that controlling the banking system gives Beijing the tools to stop a broader collapse. At the same time, censorship and police powers can stifle protests. Censorship of the press and social media makes it hard for the general public to know about the extent of Evergrande's troubles and for Evergrande home buyers and investors to organize.
2. China and Evergrande ascended together. Now one is about to fall. As Xu Jiayin's company, China Evergrande Group, became one of the country's largest property developers, he amassed the trappings of the elite. With trips to Paris to taste rare French wines, a million-dollar yacht, private jets, and access to some of the most influential people in Beijing.
From eating potato flour to drinking rare French wines in Paris in one's lifetime, with such a transformation of one's life, you could understand why one would be down with the CCP running China.
But, when China's economy began to cool down, the damage caused by Evergrande's voracious appetite for debt became impossible to ignore. There are nearly 800 unfinished Evergrande projects in more than 200 cities across China.
3. Gas crisis shows why we must stop demonizing fossil fuels: The engineering challenges around renewables mean we need to be realistic while waiting for the green transition. Merryn Somerset Webb writes, in 2019, 33 percent of our new power generation needs were met by renewable energy. That's a start. But 40 percent were met by natural gas.
4. Carbon taxes are the next big political battle: Carbon taxes are arguably the most cost-effective weapon of cutting emissions by 45 percent by 2030. But the moment carbon pricing raises the price of carbon, it will terrify politicians. Carbon pricing versus voters' wallets is the next political battle of our time.
5. Australia, welcome to the 2024 GOP presidential primary: Gov. Ron DeSantis (R-FL) questioned Tuesday if the United States should rethink its diplomatic relationship with Australia given its strict, military-enforced COVID-19 lockdowns.
Speaking at the International Boat Builders' Exhibition and Conference in Tampa, DeSantis said, "You know, you guys, look what's going on in Australia right now. You know, they're enforcing, after a year and a half, they're still enforcing lockdowns by the military."
"That's not a free country. It's not a free country at all. In fact, I mean, I wonder why we would still have the same diplomatic relations when they're doing that. Is Australia freer than China, communist China, right now? I don't know.
QOTD: "You can't lose four elections and not change." -- Sir Keir Starmer when asked if he is moving the Labour party away from 'the left.'
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