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2022.09.08 中国的问题不是通胀

发表于 2022-9-9 19:16:18 | 显示全部楼层 |阅读模式

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Britons awoke to the first day of national mourning following the death of Queen Elizabeth II, while tributes poured in from foreign leaders. The queen died on Thursday, aged 96, at Balmoral Castle in Scotland. Britain’s oldest and longest-reigning monarch acceded to the throne in 1952 and led Britain, and the Commonwealth, through a period of intense change. Prince Philip, her husband of 73 years, died in April 2021. Her funeral is likely to take place on September 19th.

The queen’s eldest son, Charles, has succeeded her as monarch. King Charles III is expected to address the country on Friday evening, having met with Liz Truss, the new prime minister, whom his mother appointed just three days ago. In a statement the king said that the royal family would be “comforted and sustained” by its “knowledge of the respect and deep affection” in which the queen was held.

Volodymyr Zelensky, the president of Ukraine, celebrated the counter-offensive launched by his country’s armed forces, saying that 1,000 square kilometres of Ukrainian territory and “dozens of settlements” had been reclaimed from Russian forces since September 1st. Meanwhile Antony Blinken, the American secretary of state, promised a further $2.2bn in military financing for Ukraine and other countries deemed at risk of Russian aggression.

The euro rose back above parity with the dollar, following the European Central Bank’s decision to sharply increase rates to temper euro-zone inflation. The dollar, which has served as a safe harbour for investors fleeing the euro and pound, fell in value by 0.95% against a basket of major currencies.

North Korea passed a law enshrining its right to have nuclear weapons and to protect itself “automatically” by using them in pre-emptive strikes. Kim Jong Un, the country’s leader, said that the law means the country will never denuclearise. International observers suspect that North Korea is preparing to resume nuclear testing, for the first time since 2017. Sanctions have failed to discourage it.

India, the world’s biggest exporter of rice, restricted its international sale in an effort to safeguard domestic supply. From Friday a 20% duty will be applied to most grades (though not basmati). Shipments of “broken rice”, eaten in some parts of Africa but otherwise feedstock, were banned outright. The tax will squeeze global food prices, already inflated by the war in Ukraine, and drive demand towards Thailand and Vietnam.

America’s Department of Justice said it would appeal against a judge’s order to appoint an independent arbiter to review documents seized from Donald Trump’s estate in Florida. The former president had requested the review, claiming the material was covered by executive privilege and should therefore be withheld from investigators looking into his handling of classified material.

Fact of the day: 20%, the amount by which the dollar has climbed over the past year. Read the full story.

The queen’s death: what happens now

For years the days following the death of Queen Elizabeth II have been subject to meticulous planning, under the codename “London Bridge”. According to the plan there will be ten days of mourning between the queen’s death and funeral, during which most official business will be suspended.

The queen’s successor, King Charles III, will broadcast to the nation today. He will be formally proclaimed by the Accession Council tomorrow. After that the plan calls for a tour of the kingdom. His mother will lie in state in Westminster Hall for four days, during which time thousands are expected to file past her coffin. Her funeral is expected on September 19th. The new king will be crowned ceremonially months later.

Elizabeth’s impossible act to follow

Crowned on June 2nd 1953, Queen Elizabeth was Britain’s longest-serving monarch. The first of her 15 prime ministers was Winston Churchill; the last, Liz Truss, was sworn in just a few days ago. Elizabeth presided over an era of dramatic change in her country’s fortunes. Having acceded to the throne of a fading empire, she leaves behind a fissiparous, barely united kingdom. Yet she maintained a dignified silence through it all, as the constitution demanded. Only rarely did she hint at her own views; over the referendum in 2014 on Scottish independence, for instance, warning her subjects to “think very carefully” before voting.

The troughs of her reign were often caused by familial impropriety: the miserable marriage of Charles and Diana; the involvement of Prince Andrew in a transatlantic sex scandal. That the monarchy as an institution remained so popular was mostly down to Elizabeth’s personal example of duty and self-discipline, qualities less obvious in many family members. Queen Elizabeth II will be an almost impossible act to follow. Nonetheless, according to the line of succession, Charles has now become king.

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Musk v Twitter

Elon Musk’s bid for Twitter smacked of recklessness and mercuriality from the off. Witness his baiting of the social-media firm’s board to his U-turn in July, when he sued Twitter to exit the purchase agreement. His argument that the company had misrepresented the extent of its spam accounts seemed, to many, a flimsy excuse to abandon a deal on which he had simply soured. In May Mr Musk texted one of his bankers that the bid “wouldn’t make sense…if we’re heading into world war three”, referring to Russia’s invasion of Ukraine.

But August brought a fillip to Mr Musk’s case. Twitter’s former security chief, Peiter Zatko, filed a whistleblower complaint alleging lax data privacy at the company, as well as bots aplenty. On Friday Mr Musk’s lawyers will question Mr Zatko under oath. Twitter, however, alleges that Mr Musk wanted out because he feared overpaying. Mr Musk will have to prove that bots amounted to a “material adverse effect” on the business—a high legal bar. The trial proper starts on October 17th.

China’s problem is not inflation

Ask an investor to name the world’s most pressing economic problem, and many would say inflation. But that worry is largely absent from the world’s second-biggest economy. Figures released on Friday showed that China’s consumer-price inflation fell to 2.5% in August, compared with a year earlier, still comfortably below the government’s ceiling of 3%.

The price of pork, a key economic indicator in China, has begun to level off and fuel costs have peaked. Price pressure elsewhere in the economy remains subdued. The unremitting threat of lockdowns in response to covid-19 outbreaks is depressing confidence and spending. The debt distress of China’s property developers is undermining home sales, which is only deepening the distress. Even exports, which have propped up China’s growth this year, have slowed sharply. China does not have the world’s inflation problem, but it has a world of problems all of its own.

Tackling Europe’s energy crisis

Another crisis, another emergency European Union meeting. On Friday it is the turn of national energy ministers. Europe is grappling with mind-boggling fuel prices. Economy-wide spending on gas and electricity could balloon from €200bn ($199bn) before the crisis to €1,400bn, or almost 10% of EU-wide GDP, over the next 12 months. Policymakers need to find ways to help households and businesses through an expensive winter, and to do so in a co-ordinated fashion, since gas and electricity markets across the continent are linked.

The ministers will discuss proposals by the European Commission, the EU’s executive arm, to try to reduce peak electricity demand during morning and evening hours. The hope is to bring prices down, and to redistribute to consumers excess profits made by power, oil, and gas businesses. But ministers face a dilemma. The less they meddle with prices, the stronger the incentives for households and firms to cut back on energy use. But clawing back profits to help hard-hit consumers is justified, too.

Daily quiz

Our baristas will serve you a new question each day this week. On Friday your challenge is to give us all five answers and, as important, tell us the connecting theme. Email your responses (and include mention of your home city and country) by 1700 BST on Friday to We’ll pick randomly from those with the right answers and crown one winner per continent on Saturday.

Friday: Which vehicle, first introduced at the New York World’s Fair in 1964, is Ford’s longest-produced car brand?

Thursday: What is the term for the smallest unit of information in a computer?

The winners of last week’s crossword

Thank you to everyone who took part in our new weekly crossword, published in the weekend edition of Espresso. The winners, chosen at random from each continent, were:

Asia: Yumi Arim, Tokyo, Japan
North America: Corien Kershey, Ottawa, Canada
Central and South America: Sebastian Agudelo-Restrepo, Santo Domingo, Dominican Republic
Europe: Sven Nilsson, Copenhagen, Denmark
Africa: Paul Leigh, Pretoria, South Africa
Oceania: Roberta MacDonald, Runaway Bay, Australia

They all gave the correct answers of Rosetta Stone, Rwanda, toxic and empire. Check back tomorrow for this week’s crossword.


女王的长子查尔斯接替她成为君主。国王查尔斯三世预计将在周五晚上向全国发表讲话,他已经与他母亲三天前刚刚任命的新总理莉兹-特拉斯会面。国王在一份声明中说,王室将因其 "了解女王所受到的尊重和深情 "而得到 "安慰和支持"。

乌克兰总统沃洛基米尔-泽伦斯基(Volodymyr Zelensky)庆祝该国武装部队发起的反攻,称自9月1日以来已从俄罗斯军队手中夺回1000平方公里的乌克兰领土和 "数十个定居点"。同时,美国国务卿安东尼-布林肯(Antony Blinken)承诺为乌克兰和其他被认为面临俄罗斯侵略风险的国家再提供22亿美元的军事资助。


朝鲜通过了一项法律,规定其有权拥有核武器,并通过在先发制人的打击中使用核武器来 "自动 "保护自己。朝鲜领导人金正恩说,这项法律意味着朝鲜将永远不会无核化。国际观察员怀疑朝鲜正准备恢复核试验,这是2017年以来的第一次。制裁未能阻止它。

世界上最大的大米出口国印度限制其国际销售,以努力保障国内供应。从周五开始,将对大多数等级的大米(尽管不包括巴斯马蒂)征收20%的关税。在非洲一些地方吃的 "碎米",否则就是原料,被完全禁止运输。这项税收将挤压已经因乌克兰战争而膨胀的全球粮食价格,并将需求推向泰国和越南。




多年来,女王伊丽莎白二世去世后的日子一直受到精心策划,其代号为 "伦敦桥"。根据计划,在女王去世和葬礼之间将有10天的哀悼期,在此期间,大多数官方事务将暂停。



伊丽莎白女王于1953年6月2日登基,是英国在位时间最长的君主。她的15位首相中的第一位是温斯顿-丘吉尔;最后一位是几天前刚刚宣誓就职的莉斯-特拉斯。伊丽莎白主持了她的国家命运的一个戏剧性变化的时代。在登上一个正在消亡的帝国的王位后,她留下了一个分裂的、几乎没有统一的王国。然而,正如宪法要求的那样,她在这一切中保持了有尊严的沉默。她很少暗示自己的观点;例如,在2014年苏格兰独立公投中,她警告她的臣民在投票前要 "仔细考虑"。





但8月给马斯克先生的案子带来了新的希望。Twitter的前安全主管Peiter Zatko提交了一份举报信,声称该公司的数据隐私保护不严,而且还有大量的机器人。周五,马斯克的律师将在宣誓后询问扎特科先生。然而,Twitter声称,马斯克先生想退出,因为他担心支付过高的费用。马斯克先生必须证明,机器人对企业构成了 "重大不利影响"--这是一个很高的法律门槛。审判将于10月17日正式开始。













亚洲。Yumi Arim,日本东京
北美洲。Corien Kershey,加拿大渥太华

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