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S3 Episode 9: US/China power struggle, the global political balance, and your finances

Listen: “China's ability to grow in unprecedented fashion came because they had really cheap labor, and wealthy countries around the world were very happy to take advantage of that labor. Those two things are no longer true,” said Ian Bremmer, president of Eurasia Group and GZERO Media.

From the state of the great technological decoupling to China's zero-COVID policy, the relationship between the US and China remains both critically important and deeply fraught.

In this episode of “Living Beyond Borders,” a special podcast produced in partnership between GZERO and Citi Private Bank, we’re assessing where the two nations stand today, and what some recent developments like a Chinese banking crisis, knock on effects of Russia's war in Ukraine, and a renewed debate over tariffs mean for the world and for your money.

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Boris Johnson Is Going to Be Out, One Way or the Other | World In :60 | GZERO Media

Boris Johnson is going to be out, one way or the other

Ian Bremmer shares his insights on global politics this week on World In :60:

First, will Boris Johnson step down?

I certainly think it is getting likely. He's going to be out, one way or the other. The question is, is it as a result of a second in one month no-confidence vote that he loses this time around, or he reads the writing on the wall, knows he's going to get voted out and so decides to resign himself. If you made me bet, I think he's going to resign, but he might well just force them to do it. He's lost… a majority of conservative voters in the United Kingdom now want Boris Johnson to step down. He's had scandal after scandal after scandal, lied, been caught lying about so many of those scandals, and it's just a disaster, frankly. While the economy's doing badly, while Brexit has not played out the way he said it would, this is a man that has well passed his sell-by date and I don't expect he will be there as prime minister for much longer.

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NATO Summit: Most Important Summit Since the Wall Came Down | World In :60 | GZERO Media

NATO Summit most important post-Berlin Wall

Ian Bremmer shares his insights on global politics this week on World In :60:

First, what is the significance of Japan and South Korea's presence at the NATO summit?

First of all, this is by far the most important NATO summit we've seen since the Wall has come down. Japan and South Korea, a very big deal. Trilateral meeting with President Biden, the two American allies most important that have a dysfunctional relationship, fundamentally dysfunctional on the global stage, and increasingly they are trying to align Kishida, the Prime Minister, and Yoon, the President of South Korea, trying to make that happen. Also, we're increasingly seeing a transformation of NATO to not just being a North Atlantic Alliance, but increasingly taking on global security issues. China's more of a focus. Asian allies, more of a focus. Keep in mind, New Zealand and Australia also there.

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Will COVID Ever End? | GZERO World with Ian Bremmer

How depoliticizing the US health response will save lives (​COVID isn't over)

We're not done with the pandemic — yet.

Although COVID will likely become endemic sometime this year in some parts of the world, the virus will still rage on everywhere else.

On GZERO World, Ian Bremmer catches up on the pandemic's state of play with former CDC chief Tom Frieden, who has a message for everyone who hasn't gotten vaxxed yet: do it.

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Hungary's Prime Minister Viktor Orban and European Commission President Ursula von der Leyen during their meeting in Budapest.

Reuters.

What We're Watching: Hungarian holdout, hope in Shanghai, US troops return to Somalia

Is Hungary holding the EU “hostage”?

The European Commission is pushing hard for a bloc-wide ban on Russian oil imports. But one member state — Hungary — has gone rogue and is holding up the embargo. At a meeting of EU foreign ministers on Monday, Lithuania’s representative accused Hungary of holding the bloc “hostage,” after PM Viktor Orbán demanded that Brussels dole out hundreds of millions of dollars to offset losses from moving away from cheap Russian fossil fuels. Orbán is buddies with Vladimir Putin and has been trying to expand Hungary’s economic relationship with the Kremlin in recent months, so he is driving a hard bargain, saying that ditching Russian oil would be an “atomic bomb” for his country’s economy. Landlocked Hungary relies on Russia for around 45% of its total oil imports, and finding alternative sources could lead to shortages and price hikes at a time when Hungarians are already grappling with sky-high inflation. Still, Brussels says Budapest is being greedy because Hungary has already been given a longer window — until the end of 2024 — to phase out Russian imports. But Orbán is hoping to get more concessions ahead of a big EU summit on May 30, when the bloc aims to find a political solution to this stalemate.

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China Isn't Budging on Zero-COVID | Quick Take | GZERO Media

China isn't budging on zero-COVID

Ian Bremmer's Quick Take: Hi everybody, Ian Bremmer here. And yes, we are seven weeks into the war, but we also have real problems in containing COVID in China.

In the United States and the rest of the developed world, everyone's saying, "We're done with COVID. We don't want to wear masks anymore. We want to get our lives back." But in China, the zero-COVID policy means that they've got still major lockdowns. In particular, in Shanghai, the largest city in China, which is now entering a second week of lockdown. And record numbers of cases in Shanghai, nothing close to the numbers of cases you were seeing in the United States or in Europe, but in China -- where very few people have gotten COVID, and so there's no natural immunity, vaccines don't work very well and the hospitals would get overwhelmed very quickly if they were just going to let COVID rip -- understandable that they are extremely nervous about these small numbers and as a consequence, they're locking down the entire city.

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Should China Learn to Live With COVID? | GZERO World

Should China learn to live with COVID?

If omicron makes cases explode in China, the country's leaders will have to choose between weathering short-term or long-term pain.

Yanzhong Huang, senior fellow for global health at the Council on Foreign Relations, predicts that sticking to the zero-COVID approach at all costs will hurt the Chinese and global economy. In his view, learning to live with the virus is the way to go.

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China vs COVID in 2022 | GZERO World

China vs COVID in 2022

Omicron has arrived. It's more contagious, but less severe. Some parts of the world are even looking forward to the pandemic becoming endemic.

Not China. Xi Jinping's zero-COVID strategy has worked wonders until now, but it's unlikely to survive omicron, explains Ian Bremmer on GZERO World.

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