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The Future of Global Power (Project Syndicate, 6 min read) Within the Sino-American rivalry, the US is focused on short-termism by trying to focus inwards. In contrast, China is using this opportunity to fill this power vacuum to establish itself as a global power. Even within a Chinese-led global order, Europe will still have to side with the US due to the alignment of strategic interest. For this reason, it should avoid becoming dependent on China.
Terence Corcoran: BlackRock and the rise of corporatism (Financial Post, 6 min read) Corporate influence within the US political sphere is growing. One example is the recent overwhelming influence of BlackRock: from an adviser to the Fed for the $750bn intervention in the credit market to Fink (CEO of BlackRock) now being viewed as a strong contender for Treasury Secretary in Joe Biden’s administration.
Franco-German fund move amid ECB manoeuvring (OMFIF, 4 min read) ‘Profiting from a crisis-induced surge in her popularity and a sharp fall in support for the extremist anti-euro Alternative for Germany, Merkel – planning to step down next autumn – is seizing the chance to secure her legacy as a European integrationist. But this brings a potential drawback. Even if the plan gets off the ground, it will be her successor who has to achieve the monumental task, with the rest of the EU, of making it a success.’