When the domestic and global economy is unstable

Regardless of the domestic and global damage and consequences, the Biden administration is making desperate efforts to maintain US hegemony in the world. The whole world has to pay for this wrong view. In a unipolar world led by the US, US leaders have always maintained a dual policy of carrot and stick in front of the countries that follow them. In this case, the radish is the foreign aid given to the countries that join the US camp. And the whip is to threaten to withdraw economic sanctions and military cooperation. What many outsiders think about the economic strength and stability of the United States, The actual situation is not like that. Again, the Biden administration has unilaterally withheld foreign exchange funding from Afghanistan and Russia. As a result, their trustworthiness as custodians has come under big question. The US government’s crisis of credibility and trust with the rest of the world has many implications. After twenty years of war and abject defeat in Afghanistan, the United States has run out of those supplies. Now that the whip is curled up, it can’t be as scary anymore. That is why the US has sent only weapons to Ukraine without sending troops. Instead of engaging in direct war, the US only wants to continue a proxy war there. The decline of the United States from its previous position of world leadership has now been forgotten by the Biden administration. They are now going to all corners of the world. America’s geopolitical position is forcing countries to choose sides and allies. The US sees China as a major rival for its future. Meanwhile, the economic recession observed around the world has affected the economy of Bangladesh. This economic crisis shows no sign of abating. Rather it is getting deeper and longer. Many economic indicators have weakened further.

Energy and power crisis has increased. There is a fear of food crisis all over the world including Bangladesh. In the current year, foreign exchange reserves have decreased by 11 billion dollars or more than 1 thousand billion dollars. Exports and expatriate earnings have slowed down. Transaction deficit is now a record amount as foreign exchange earnings are low. The biggest problem of common man now is inflation. It has increased the cost of living. Real income has fallen. The big problem for entrepreneurs is power and energy crisis. Production is decreasing. Bangladesh Bank is still struggling with dollars. The government’s income is also low. As a result, the allocation of subsidy is not able to increase. The outlook for the global economy is not good either. The US central bank has aggressively raised policy interest rates six times this year. Still, inflation is not slowing down. Rather, as a result, the risk of global recession is increasing. Since coming to power in 2021, Biden has maintained tariffs on Chinese imports. In a press conference earlier this year, Biden said that China had not fulfilled the first phase of the agreement reached between Beijing and Trump in 2020. The agreement provided a short-term reprieve in the trade war between China and the United States. A condition of the contract was, If China significantly increases its imports of US goods, Washington may reconsider the tariff decision. The continuation of Washington’s tough policy towards China, Biden’s promise to prevent any aggression by China in Taiwan, criticism of suppression of democracy in Hong Kong – in these cases, Biden will get the support of lawmakers from both the Democratic and Republican parties. Many analysts say that Biden’s China policy is helping to build a stronger relationship between the two parties.

If the United States ratifies any international agreement at the recent climate conference (Cop-27), it will now be difficult for it to get the ratification of the members of the delegation. There is a stark difference between Democrats and Republicans on environmental policy, both at home and abroad. Predecessor Donald Trump pulled the US out of the Paris climate accord. Biden went back on that deal on his first day in the White House. It’s hard for Biden to find Republican friends on climate and environmental issues; Despite claims by Biden’s climate envoy and deputy secretary of state, John Kerry, climate talks are not an ideological exercise. The United States legislature has enacted several laws based on climate issues. But in the Republican-controlled Legislature, it may be difficult to push forward those laws to combat climate change. Republicans claim Biden’s environmental policy is fundamentally a green agenda. Republicans have vowed to stop it if they gain control of the Legislature. But European Council President Charles Michel visited Beijing. He is the latest person to join the march of Western leaders to meet Xi Jinping. It was this year that Xi Jinping consolidated his leadership of the Communist Party and the country. He is now the most powerful ruler in China after Mao Zedong. Xi Jinping met with the heads of government of at least 20 countries at the Winter Olympics held in Beijing earlier this year. None of these countries are democratic countries. A clear indication from this visit of Europe’s senior politician Michel is that the West’s geopolitical position towards China is changing positively. Again, the issue of how the relationship with Beijing will be, the issue of deep division among the West is also becoming clear during his visit.

The first division is centered across the Atlantic Ocean. True, US President Joe Biden’s meeting with Chinese President Xi Jinping ahead of the G20 summit in Bali, Indonesia, showed Washington’s conciliatory approach. But Washington’s stance on China is much tougher than that of the European Union (especially France and Germany). The latest US National Security Strategy was released last October. China, it said, is ‘the only competitor that has the intention to change the world order and to do so it will use more economic, diplomatic, Increasing military and technological power. As a result, maintaining permanent competition with the People’s Republic of China is now a US priority. The US is increasing pressure on European allies to maintain Washington’s tough stance on China. But Europe is not walking that way. The Netherlands has expressed concern over the new US export ban on China. French President Emmanuel Macron is believed to have discussed this in a meeting with Biden in Washington. The division between the two shores of the Atlantic Ocean can be generally imagined. But within the European Union there is such a stark difference in attitudes towards China that it is difficult to mask it. For instance, the EU-China trade deal concluded in December 2020 caused so much noise and criticism that, It required ratification. Lithuania is one of the smallest member states of the European Union. The country’s government allows Taiwan to open a trade office in their country. They mentioned the name of Taiwan instead of the capital Taipei.

This incident became a major issue of tension with China. China views this as a departure from the One China policy. This event also puts the European Union in trouble. The European Union is in a dilemma whether the member states will stand for Lithuania, or they will stand for the one China policy they have been maintaining for a long time. Olaf Schultz’s visit to Beijing was also not above controversy. Several European Union leaders expressed concern that a separate agreement between Germany and China would undermine the unity of the European Union. In addition, a joint visit of Machon and Schultz to Beijing was proposed by France to demonstrate the unity of the European Union. Schultz apparently rejected that offer. What will be the attitude towards China? There is often a division between businessmen and political leaders within a single Western country. Speaking at the Lord Mayor’s Banquet in London, UK Prime Minister Rishi Sunak advocated a strong realist approach to China. Rishi’s speech offers some balance to the stubborn stance of Conservative Party hardliners towards China. But recently, the British government has banned the use of Chinese cameras and surveillance systems, which has won the position of extremists. That hint fits. A similar debate is going on in Germany. The German government has been embroiled in controversy over a new rule for privately-owned companies doing business with China. The German government will subsidize companies to find markets outside of China. Responding to this decision, the CEO of the car manufacturer Mercedes Benz, Ola Kaeliniuias, said that exiting the Chinese market is extremely unthinkable.

Germany’s coalition partners are also at loggerheads over the China issue. The Green Party has a reluctance towards China. In all these contexts, it would not be right to think that Michel’s visit will bring about any fundamental change in the European Union’s relationship with Beijing. However, trade relations between the two major economic powers will remain stable. At a time when the domestic and global economy is in turmoil, China and the European Union are in no position to create a new conflict. Ursula von der Leyen, the head of the European Commission, said in a statement that the people of Ukraine will be without electricity in the coming winter due to Putin’s barbaric and terrorist attacks on civilian installations in Ukraine. Even many places will not have water supply. After repeating NATO’s statement, he said, the European Union’s support to Ukraine will continue, however long it takes. He also said, “Where we can conquer Russia, Trying hard to hit there. In order to further blunt Russia’s power to wage war against Ukraine. Since the start of Russia’s military operation in Ukraine on February 24, more than 11 million Ukrainians have sought refuge in European Union countries. Countries are moving forward with temporary protection schemes for refugees as well. Through this, the refugees get medical and accommodation facilities in the European Union countries, and they are even given the opportunity to work until 2024. Now Bram Frouse, director of the Mixed Migration Center, a Geneva-based organization, says more Ukrainians will flock to EU countries this winter. This bloc of Europe will face new challenges. “It remains to be seen how the citizens of Europe and their governments will respond to this situation,” he added.

More than 11 million Ukrainians have taken refuge in EU countries. Countries are moving forward with temporary protection schemes for refugees as well. Through this, the refugees get medical and accommodation facilities in the European Union countries, and they are even given the opportunity to work until 2024. Now Bram Frouse, director of the Mixed Migration Center, a Geneva-based organization, says more Ukrainians will flock to EU countries this winter. This bloc of Europe will face new challenges. “It remains to be seen how the citizens of Europe and their governments will respond to this situation,” he added.

More than 11 million Ukrainians have taken refuge in EU countries. Countries are moving forward with temporary protection schemes for refugees as well. Through this, the refugees get medical and accommodation facilities in the European Union countries, and they are even given the opportunity to work until 2024. Now Bram Frouse, director of the Mixed Migration Center, a Geneva-based organization, says more Ukrainians will flock to EU countries this winter. This bloc of Europe will face new challenges. “It remains to be seen how the citizens of Europe and their governments will respond to this situation,” he added. They are even given the facility to work till 2024. Now Bram Frouse, director of the Mixed Migration Center, a Geneva-based organization, says more Ukrainians will flock to EU countries this winter. This bloc of Europe will face new challenges. “It remains to be seen how the citizens of Europe and their governments will respond to this situation,” he added. They are even given the facility to work till 2024. Now Bram Frouse, director of the Mixed Migration Center, a Geneva-based organization, says more Ukrainians will flock to EU countries this winter. This bloc of Europe will face new challenges. “It remains to be seen how the citizens of Europe and their governments will respond to this situation,” he added.