South Africa's central bank governor on how the Great Global Bond Sell-Off™ hasn't affected South Africa or other EMs much yet. (Yet.) In part because many were already under the gun in fiscal and monetary terms for years, and had reformed a bit accordingly. www.resbank.co.za/en/home/publ...
![The way the Chinese system works, local officials have every incentive to protect their companies.
Value added tax generates nearly 40 per cent of China’s tax revenue, and the central government splits the receipts with the localities where products are made, giving them a direct stake in keeping factories running.
Adding local production capacity also creates the growth that officials are largely judged on, and any large-scale lay-off could threaten social stability, Beijing’s overriding priority.
“Officials are scared of missing their GDP targets. Nobody is scared of overcapacity,” says another founder, who asks to remain unnamed. “As long as you’re manufacturing, there’s VAT revenue. Whether you sell [a product] or make a profit, that doesn’t really affect them.”](https://cdn.bsky.app/img/feed_thumbnail/plain/did:plc:our2qn7bzzhhcrncecvfdvja/bafkreic7c7bipbmchm5kka7khg2iiq3b4nta6yydi6vdbxm6ofpskjwnse)
![Analysts said it was not clear that destroying the Islamic Revolutionary Guard Corps, a 180,000-strong force, was possible. And Israeli officials have not said exactly how they plan to lay the groundwork for the regime's overthrow, or what might come after that, though they have suggested covert operations may be involved.
Summarising the Israeli government's position, Citrinowicz said: "If we can have a coup, great. If we can have people on the streets, great. If we can have a civil war, great.
Israel couldn't care less about the future...
[or] the stability of Iran.
"That is a point of difference between us and the US. I think [Washington is] are more concerned about nation-building and threats to their regional partners," he added.](https://cdn.bsky.app/img/feed_thumbnail/plain/did:plc:our2qn7bzzhhcrncecvfdvja/bafkreif3xw3wm54zmvbxqb5h4q2jdkcrwzeikumjowfenicqikcjdumj3q)
