Did someone or something seize control of the United States?

What happened to the U.S. border? Where did it go? Who erased it? Why and how did 5 million people enter our country illegally? Did Congress secretly repeal our immigration laws? Did President Joe Biden issue an executive order allowing foreign nationals to walk across the border and reside in the United States as they pleased?

Since when did money not have to be paid back? Who insisted that the more dollars the federal government printed, the more prosperity would follow? When did America embrace zero interest? Why do we believe $30 trillion in debt is no big deal?

When did clean-burning, cheap, and abundant natural gas become the equivalent to dirty coal? How did prized natural gas that had granted America’s wishes of energy self-sufficiency, reduced pollution, and inexpensive electricity become almost overnight a pariah fuel whose extraction was a war against nature? Which lawmakers, which laws, which votes of the people declared natural gas development and pipelines near-criminal?

Was it not against federal law to swarm the homes of Supreme Court justices, to picket and to intimidate their households in efforts to affect their rulings? How then with impunity did bullies surround the homes of Justices Brett Kavanaugh, Samuel Alito, Amy Coney Barrett, Neil Gorsuch, John Roberts, and Clarence Thomas – furious over a court decision on abortion? How could these mobs so easily throng our justices’ homes, with placards declaring “Off with their d—s”?

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Lawmakers, business leaders, and academics participating in the World Economic Forum will descend upon the small ski town of Davos, Switzerland, this week to discuss a variety of policy proposals that entail greater coordination between government and corporate actors.

The organization, which German economist Klaus Schwab has chaired for the past five decades, is a leading proponent of stakeholder capitalism, an approach to investing that says executives must consider the needs of communities and other parties in addition to shareholders. The group’s annual conference has drawn the attention of conservatives who contend that many of the policies floated each year infringe upon individual liberties.

The World Economic Forum is convening during January for the first time since the lockdown-induced recession. This year’s conference theme is “Cooperation in a Fragmented World,” which involves “how we can tackle the numerous and interlinked challenges the world is facing and find solutions through public-private cooperation,” according to a press release.

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Updated March 15, 2022

Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan, people familiar with the matter said, a move that would dent the U.S. dollar’s dominance of the global petroleum market and mark another shift by the world’s top crude exporter toward Asia.

The talks with China over yuan-priced oil contracts have been off and on for six years but have accelerated this year as the Saudis have grown increasingly unhappy with decades-old U.S. security commitments to defend the kingdom, the people said.

The Saudis are angry over the U.S.’s lack of support for their intervention in the Yemen civil war, and over the Biden administration’s attempt to strike a deal with Iran over its nuclear program. Saudi officials have said they were shocked by the precipitous U.S. withdrawal from Afghanistan last year.

China buys more than 25% of the oil that Saudi Arabia exports. If priced in yuan, those sales would boost the standing of China’s currency. The Saudis are also considering including yuan-denominated futures contracts, known as the petroyuan, in the pricing model of Saudi Arabian Oil Co. , known as Aramco.

It would be a profound shift for Saudi Arabia to price even some of its roughly 6.2 million barrels of day of crude exports in anything other than dollars. The majority of global oil sales—around 80%—are done in dollars, and the Saudis have traded oil exclusively in dollars since 1974, in a deal with the Nixon administration that included security guarantees for the kingdom.

 

China introduced yuan-priced oil contracts in 2018 as part of its efforts to make its currency tradable across the world, but they haven’t made a dent in the dollar’s dominance of the oil market. For China, using dollars has become a hazard highlighted by U.S. sanctions on Iran over its nuclear program and on Russia in response to the Ukraine invasion.

China has stepped up its courtship of the Saudi kingdom. In recent years, China has helped Saudi Arabia build its own ballistic missiles, consulted on a nuclear program and begun investing in Crown Prince Mohammed bin Salman’s pet projects, such as Neom, a futuristic new city. Saudi Arabia has invited Chinese President Xi Jinping to visit later this year.

Saudi Foreign Minister Faisal bin Farhan met Chinese Foreign Minister Wang Yi in China in January.

PHOTO: ANONYMOUS/ASSOCIATED PRESS

Meanwhile the Saudi relationship with the U.S. has deteriorated under President Biden, who said in the 2020 campaign that the kingdom should be a “pariah” for the killing of Saudi journalist Jamal Khashoggi in 2018. Prince Mohammed, who U.S. intelligence authorities say ordered Mr. Khashoggi’s killing, refused to sit in on a call between Mr. Biden and the Saudi ruler, King Salman, last month.

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