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| Hey Insiders, 🌟 In today's edition, we delve into the looming government shutdown 🚫 and its potential political implications in Washington. We also spotlight foreign holders of U.S. treasury securities 💵 and discuss NATO's decision to bolster its presence in the Balkans 🌍 amidst recent tensions. Dive deeper for more intriguing stories. Don't miss our Quick Hits ⚡ and Upcoming Events 📅 sections below. 💬 Your feedback is invaluable! Click reply to share your insights. 👥 Enjoying our insights? Spread the word and share this newsletter with colleagues and friends. Thank you for being an integral part of our Insider community! ❤️ Vildana
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| 1 | | The House of Representatives passed a 45-day continuing resolution to fund the government on Saturday, sending it to the Senate just hours before the midnight deadline to avoid a shutdown. The bill's fate in the Senate was unclear as of 3 p.m. EDT, as a vote had not yet been called. If the government does shut down, Congressional Republicans are likely to bear the brunt of the blame, regardless of their personal stances on the issue. More: - The continuing resolution includes disaster relief funds, an extension of federal flood insurance, and FAA reauthorization, but no aid for Ukraine.
- A government shutdown could cause widespread political damage in Washington.
- A prolonged shutdown could disrupt the lives of millions of U.S. citizens.
- The U.S. economy might face a recession if the shutdown continues for an extended period, which would cause political problems for President Biden.
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What the numbers say: By July 2023, Japan possessed U.S. treasury securities worth around $1.1T, with China trailing at over $821B. Relevance: Japan's official holdings of $1.11T account for 4.4% of the entire market, a historic low, whereas China represents about 3.4%, the smallest in two decades. Meanwhile, the Federal Reserve's $5T comprises 20% of the total market. Impact: The increasing possibility of a federal government shutdown due to legislative disputes over the 2024 budget highlights a deeper concern: the escalating U.S. national debt. Currently, the U.S. debt stands at $33T, roughly 124 times greater than 70 years ago. The U.S. government holds the world's highest debt, over twice that of China, the second-largest debtor, with around $14T as of the first quarter — a figure that has quintupled in 10 years. Even with recent spending reductions considered, the debt is projected to exceed $50T by the decade's close, driven by rising interest on the debt and the escalating expenses of the country's social welfare programs. | | | |
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| 3 | | Prime Minister Albin Kurti supports NATO's decision to increase its presence in the Balkans following recent tensions and a deadly encounter between Serb insurgents and Kosovo police. This move comes amidst concerns over Serbia's attempts to destabilize Kosovo with Russia's backing. More: - Prime Minister Kurti remarked that certain factions aim to "turn back time" by 30 years, a goal he deems unachievable.
- Recent violence in a Serb-dominated area in northern Kosovo led to the deaths of one Kosovo police officer and three Serb insurgents.
- The confrontation was among the most severe since Kosovo's 2008 independence declaration, which Serbia doesn't recognize.
- NATO's KFOR peacekeeping force in Kosovo plans to enhance its presence due to concerns over Serbia's military strengthening.
- The West fears Russia might use Serbia to destabilize the Balkans, diverting attention from its invasion of Ukraine.
Zoom Out: - The 1998-99 war between Serbia and Kosovo resulted in nearly 10,000 deaths, predominantly Kosovo Albanians.
- Russia has consistently supported Serbia, especially in disputes related to Kosovo, often blaming the West for the region's issues.
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| 4 | | Hunter-gatherers in Spain were crafting baskets 9,500 years ago, predating previous estimates by over 2,000 years. This revelation challenges our understanding of Mesolithic societies' complexity. More: - Dozens of items from the Mesolithic era were found in the Cueva de los Murciélagos in southern Spain.
- The cave contained the earliest plant-based footwear in European prehistory.
- Francisco Martínez-Sevilla, from the University of Alcalá, led the study published in Science Advances.
- The best-preserved baskets showcased sophisticated craftsmanship with dyed geometric patterns.
- The discovery suggests Mesolithic societies were more advanced than previously believed.
Zoom Out: - A deep dive into some of the most impressive historical artifacts reveals the dexterity and skill of ancient craftsmen, further emphasizing the advanced nature of early societies.
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| 5 | | A former F-16 pilot, known as "Swamp Thing," will become Joe Biden's chief military adviser. General Charles Q. Brown assumes the role amid heightened air defense concerns due to the Ukraine war and U.S.-China tensions. More: - Brown succeeds the controversial Mark Milley as chairman of the Joint Chiefs of Staff.
- Controversy surrounded Milley after his appearance with Trump during the George Floyd protests.
- Brown, the second African-American military chief officer, highlighted racial challenges in the U.S. military.
- Brown's tenure will last four years, potentially serving under Trump if he wins the 2024 election.
- A former Pacific Air Forces commander, Brown will be pivotal if China attempts a Taiwan invasion by 2027.
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| 6 | | The Chinese foreign ministry stated that the U.S. is the true "empire of lies," countering a U.S. report accusing Beijing of extensive information manipulation. The U.S. State Department report claims China manipulates global media via censorship, data harvesting, and covert foreign news outlet purchases. More: - Despite Beijing's significant resources, the campaign faced "major setbacks" in democratic nations due to resistance from local media and civil society.
- The report was created under a congressional mandate to detail state information manipulation.
- U.S. agencies behind the report were dubbed sources of "false information" and "cognitive warfare" command posts by the Chinese ministry.
- The U.S. report emerges amidst debates over China's efforts to expand its government-controlled media's global presence.
- Beijing aims to counteract negative portrayals of China in the global media.
Zoom Out: - The Globalist discusses China's two-pronged strategy in media and information warfare, emphasizing Beijing's global expansion of its state media outlets.
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| 7 | | QUICK HITS - No-code development is here to stay, according to industry experts. Gartner predicts 80% of technology products will be built by those who are not IT professionals by 2024.*
- At least 100,000 people have fled the breakaway region of Nagorno-Karbakh — more than four-fifths of the population — since Azerbaijan reclaimed the territory in a lightning offensive, authorities in neighboring Armenia said.
- Slovakia's upcoming election, with a potential leader opposing NATO and Russia sanctions, might challenge Europe's united stance on Ukraine.
- Migrants were left stranded in Mexico near the U.S. border when their freight train halted due to concerns over migrant safety.
- New York Gov. Kathy Hochul declared a state of emergency due to widespread flooding in New York City.
- A former leader of the San Francisco Republican Party, who is better known as what the Trump administration said was a victim of #MeToo overreach, was arrested this month, accused of murdering and dismembering his fiancée.
- NEXT WEEK in LA, redefine development at DockerCon! Use DCHALF for 50% off in-person registration, or participate online for free. Come learn with us!*
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