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Ben Norton is a journalist and analyst whose work focuses primarily on geopolitics, international political economy, and US foreign policy. Benjamin (Ben) Norton is the founder and editor-in-chief of Geopolitical Economy Report, an independent news website dedicated to publishing original journalism and analysis. Ben has reported from numerous countries, including China, Venezuela, Nicaragua, Bolivia, Ecuador, Honduras, Colombia, and more. His journalistic work has been published in dozens of media outlets, and he has done interviews on the BBC, Sky News, Al Jazeera, Democracy Now, El Financiero Bloomberg, CGTN, TRT World, teleSUR, and more. Ben is now based in Beijing, China.

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The US government's talks with Russia are more about China than Ukraine. Donald Trump admitted he wants to "un-unite" Russia and China, in a reverse of the divide-and-conquer strategy used by Nixon and Kissinger in the 1970s. Will Trump succeed? Ben Norton explains why the United States sees China as the main threat to its global imperial dominance.
Trump's Ukraine Peace Deal: A TRAP for Putin & China? Ben Norton on the TRUTH They're Hiding
Ben's channel:
/ @geopoliticaleconomyreport
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Feb 19, 2025
Argentina's President Javier Milei, a self-declared libertarian and "anarcho-capitalist", is promoting crypto scams and overseeing rapid deindustrialization. Manufacturing and construction are collapsing, while the financial sector, mining, and agriculture grow. Donald Trump and Elon Musk praise Milei, as the majority of Argentines live in poverty. The real economy is in crisis, but rich foreign investors rejoice as the stock market booms. Ben Norton explains how Argentina is being turned into a resource colony.
Topics
0:00 Who is Javier Milei?
0:40 Elon Musk & Donald Trump
1:08 Crypto pump & dump scheme
2:34 Trump & Melania meme coins
3:18 Economic destruction
5:06 BRICS
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China describes its system as a "socialist market economy". How does that work? What is the role of its stock exchanges? Ben Norton explains Socialism with Chinese Characteristics.
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Topics
0:00 Intro
1:11 Deng Xiaoping & China's "Reform & Opening Up"
4:06 Socialism with Chinese Characteristics
5:17 China's economic growth & poverty reduction
7:42 How state-owned enterprises (SOEs) run China's economy
10:09 Chen Yun & the "birdcage economy"
11:39 SOE share of China's GDP
13:37 China's largest companies are SOEs
14:53 Socialist market economy
16:02 "Grasp the large, let go of the small"
17:42 "Managed competition" in China
19:50 Billionaires in China
20:43 China's stock markets
27:17 (Clip) Western financial analyst says China rejected Washington Consensus
30:43 (Clip) Bloomberg complains "China doesn't care about the stock market"
32:10 Differences between US & Chinese economies
33:33 (Clip) Investor explains China's stock market is not priority for government
36:56 China's economic policy is made for workers, not investors
45:55 US financialized capitalism vs. Chinese socialism
46:33 US stock market is 60.5% of entire world
47:13 Richest 10% of Americans own 93% of stocks
47:52 Global oligarchs hold wealth in US stock market
48:31 China's pursuit of "common prosperity"
51:49 Outro ||
Geopolitical Economy Report ||
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The White emperor's fury at China "insolence" in outcompeting America's "God-given" techno superiority is shaking the world.
China is making enormous progress in the development of artificial intelligence technology, and it has set off a political and economic earthquake in the West.
The stocks of US Big Tech corporations crashed on January 27, losing hundreds of billions of dollars in market capitalization over the span of just a few hours, on the news that a small Chinese company called DeepSeek had created a new cutting-edge AI model, which was released for free to the public.
The UK's leading newspaper The Guardian described DeepSeek as “the biggest threat to Silicon Valley’s hegemony”.
This is widely being dubbed a “Sputnik moment” — a reference to 1957, during Cold War One, when the Soviet Union launched the first satellite in outer space, called Sputnik 1.
The United States had significantly underestimated the technological capabilities of the former Soviet Union then, just as the US has vastly underestimated the technological capabilities of China today.
What is remarkable is that this small Chinese company was able to develop a large language model (LLM) that is even better than those created by the US mega-corporation OpenAI, which is half owned by Microsoft, one of the biggest corporate monopolies on Earth.
In order to develop its groundbreaking R1 model, DeepSeek reportedly spent around $6 million.
That would be a mere rounding error in Silicon Valley. US Big Tech corporations have plowed roughly $1 trillion into developing artificial intelligence in the past decade. In 2024 alone, Silicon Valley capital expenditure on AI was $197 billion, and it is expected to be $234 billion in 2025.
When OpenAI announced in December 2024 that it had introduced ChatGPT Pro, it was charging $200 per month to use the application.
Compare that to the DeepSeek R1 model, which is open source. Not only is their app free to use, but you can download the source code and run it locally on your computer. It can even be used without the internet.
Even better, DeepSeek’s LLM model only requires a tiny fraction of the overall energy and computing power needed by OpenAI’s models. In short, it is cheaper to run, better for the environment, and accessible to the entire world.
This is why the week it was launched, in late January, DeepSeek became the number one app in the United States, overtaking ChatGPT.
Alarm bells immediately sounded in Washington. US officials claimed the app is a supposed “national security” threat — their favorite excuse to justify imposing restrictions on Silicon Valley’s Chinese competitors.
The US Navy promptly banned DeepSeek, citing “potential security and ethical concerns”.
Starting in Donald Trump’s first term, and continuing through the Joe Biden administration, the US government has waged a brutal technology war and economic war against China.
Washington hit China with sanctions, tariffs, and semiconductor restrictions, seeking to block its principal geopolitical rival from getting access to top-of-the-line Nvidia chips that are needed for AI research — or at least that they thought were needed.
DeepSeek has shown that the most cutting-edge chips are not necessary if you have clever researchers who are motivated to innovate.
This realization unleashed pandemonium in the US stock market.
In just one day, Nvidia shares fell 17%, losing $600 billion in market cap. This was the largest one-day drop in the history of the US stock market.
This was a blow to global investor confidence in the US equity market and the idea of so-called “American exceptionalism”, which has been consistently pushed by the Western financial press.
Some financial analysts are now publicly wondering if this could be the beginning of the popping of the massive bubble in the US stock market.
A look at the Buffett Indicator, which measures the market capitalization of publicly traded stocks in the US in comparison to GDP, shows that it is at the highest level ever recorded, at more than 200% of GDP. This is significantly higher than it was at the peak of the Dot-com bubble, which burst in 2000.
Another common metric, the price-to-earnings ratio, or P/E ratio, which compares the inflation-adjusted earnings of US publicly traded companies to the price of their stocks, similarly demonstrates that they are very frothy -- at the highest levels since the Dot-com bubble, and even higher than they were in 1929, at the peak of the stock market mania which crashed and contributed to the Great Depression of the 1930s.
This is why even Jamie Dimon, the CEO of the largest US bank, JPMorgan Chase, warned at the World Economic Forum in Davos in January that the US stock market is “inflated”.
What is even more concerning is how extremely concentrated the US equity market is.
Much of the growth in recent years in the S&P 500, the index of the 500 largest publicly traded companies on US stock exchanges, has been driven by a small handful of Big Tech corporations, which are known as the Magnificent 7, or the Mag7. These are Apple, Microsoft, Nvidia, Amazon, Meta, Tesla, and Alphabet.
Together, those seven Big Tech corporations made up a third of the weight of the entire S&P 500, as of December 2024.
Moreover, those same seven companies made up nearly a quarter of the weight of the MSCI World Index.
There are trillions of dollars from investors all around the world that have flooded into the stocks of these US Big Tech monopolies under the assumption that they have no real competition, that they're the only game in town.
However, China has shown that there are competitors, and they are challenging the technological chokehold that Silicon Valley has on most of the world.
Given how much the US economy has been financialized in the neoliberal era, and how much depends on continuing to inflate asset prices, a crisis could be on the horizon if the AI bubble pops.
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Donald Trump threatened Colombia with sanctions and tariffs after it rejected his abuse of immigrants. Colombian President Gustavo Petro hit back, denouncing US “fascism” and declaring, “We are not a colony!”
Donald Trump has kicked off his second administration with a very aggressive foreign policy.
Trump is threatening trade restrictions and sanctions on countries around the world, including 100% tariffs on BRICS countries, which now represent 55% of the world population.
The US president wants to colonize Greenland. He also vowed to take over the Panama Canal.
Invoking “Manifest Destiny”, Trump is even attacking Canada and Mexico, the two largest trading partners of the United States.
When Trump selected neoconservative hawk Marco Rubio as his secretary of state, it was a sign that he would be focusing his attention on Latin America, seeking to impose US hegemony in the region — and in particular to prevent China from having close relations with Latin America.
During Trump’s first administration, Rubio called for the US military to invade Venezuela, to overthrow the government of President Nicolás Maduro.
Rubio likewise wants to impose even heavier sanctions on Cuba, Nicaragua, and other independent leftist governments in Latin America.
In the first week that Trump returned to the White House, one of the nations that he targeted was Colombia.
Historically, Colombia had been one of the closest US allies in the region. Venezuela’s revolutionary President Hugo Chávez famously dubbed Colombia “the Israel of Latin America”. He argued that, just as Israel serves as an extension of US hegemony in West Asia, acting as an “unsinkable aircraft carrier” for the US empire, Colombia plays the same role in Latin America, as a base of operations that Washington has used to try to destabilize other countries in the region.
Colombia’s right-wing, pro-US President Juan Manuel Santos said he was proud that his country was called “the Israel of Latin America”. [Colombia's upper class is notorious for its disgusting comprador history, its pretentiousness, and viciousness in the suppression of workers and peasants organisations.—Ed.]
However, the geopolitical situation changed quite dramatically in 2022, when the people of Colombia elected their first-ever left-wing president, Gustavo Petro.
Ever since he came to office, the US government has meddled in Colombia’s internal affairs and sought to destabilize him.
Marco Rubio has waged a kind of political war against Petro, fixating on his past as a guerrilla in a revolutionary leftist organization, claiming that he “has put Colombia’s security and stability at risk”.
Rubio has aggressively aimed to cut off Latin America’s relations with China, which has become the largest trading partner of South America, and the number one trading partner of Latin America as a whole, excluding Mexico.
In 2023, Petro visited Beijing, where Colombia and China elevated their relations to the level of a “strategic partnership”. Rubio wrote in outrage on Twitter that “Petro’s new ‘Strategic Partnership’ with the Chinese Communist Party will leave Colombia hostage to their authoritarian grip”.
Rubio was especially furious when Colombia cut off its diplomatic relations with Israel, with Petro comparing Benjamin Netanyahu to Adolf Hitler and accusing Israel of genocide in Gaza.
Angrily denouncing “President Petro’s anti-Israel rhetoric and shameful stance”, Rubio claimed, “As a far-left Marxist, Petro continues to serve as a spokesperson for criminal thugs, who are viciously killing innocent Israelis”.
The Trump administration has revived the colonialist Monroe Doctrine, essentially claiming that Latin America is the imperial “backyard” of the United States. Washington wants to prevent the region from having an independent foreign policy.
On 26 January, Trump announced that he would impose sanctions on Colombia, along with initial tariffs of 25%, which would increase to 50% in the following week.
Trump wrote that he would levy “Visa Sanctions on all Party Members, Family Members, and Supporters of the Colombian Government”.
This attack came after Petro condemned the Trump administration for brutalizing immigrants and deporting them to Latin America on military planes in inhumane conditions, with handcuffs on their hands and feet.
“We have never refused to accept migrants and we have tried to stop migration”, Petro explained. “The stupid [US] blockade of Venezuela was what unleashed millions of migrants into the US”.
“But do not demand that I accept deportees from the US, handcuffed and on military aircraft”, the Colombian president added. “We are not a colony of anyone”.
Petro responded to Trump’s 25% tariffs on Colombian goods by announcing that Colombia would retaliate with 25% tariffs on US goods.
“US products whose price will rise in the national economy should be replaced by national production”, he said, adding that “the government will help in this goal”.
Right-wing politicians in Colombia, like former presidential candidate Fico Gutiérrez, denounced Petro and obsequiously expressed support for Trump and the United States.
“It doesn’t surprise me that they kneel [before the US]”, Petro shot back at Gutiérrez.
Petro declared, “Let’s fight so that poor families in Antioquia do not offer their young daughters to the gringos. It is a matter of national and personal dignity”.
Meanwhile, as the US government was attacking Colombia, China’s ambassador to the South American nation, Zhu Jingyang, emphasized that Beijing supported it and defended its sovereignty.
“We are at the best moment of our diplomatic relations between China and Colombia, which are turning 45 years old”, said Ambassador Zhu.
In response to Donald Trump’s threats, Colombian President Gustavo Petro published a scathing yet poetic open letter on Twitter. The following is an English language translation produced by Geopolitical Economy Report:
Trump, I don’t really like traveling to the US, it’s a bit boring, but I confess that there are some things that are worth it. I like going to the Black neighborhoods of Washington. There I saw an entire fight in the US capital between Blacks and Latinos with barricades, which seemed like nonsense to me, because they should unite.
I confess that I like Walt Whitman, and Paul Simon, and Noam Chomsky, and Miller.
I confess that Sacco and Vanzetti, who have my blood, in the history of the US, they are memorable and I follow them. They were murdered, for being labor leaders, with the electric chair, by the fascists who are in the US, as well as in my country.
I don’t like Trump’s oil; he is going to end the human species because of greed. Maybe one day, over a drink of whiskey that I accept, despite my gastritis, we can talk frankly about this, but it’s difficult because you consider me an inferior race, and I am not, nor is any Colombian.
So if you know someone who is stubborn, that’s me, period. You can use your economic strength and your arrogance to try to carry out a coup d’etat, like they did with [Salvador] Allende. But I die on my own terms; I resisted torture and I resist you.
I don’t want slave-owners on the side of Colombia; we already had many and we freed ourselves. What I want on the side of Colombia are lovers of freedom. If you can’t accompany me, I’ll go elsewhere.
Colombia is the heart of the world, and you have not understood it. This is the land of the yellow butterflies, of the beauty of Remedios, but also of the Colonels Aureliano Buendía [a revolutionary leader in the novel One Hundred Years of Solitude], of whom I am one, perhaps the last.
You will kill me, but I will survive in my people, which came before yours, in the Americas. We are peoples of the winds, of the mountains, of the Caribbean Sea, and of freedom.
You don’t like our freedom, fine. I don’t shake hands with white slave-owners. I shake the hands of the white freedom-loving heirs of [Abraham] Lincoln, and of the black and white peasants of the USA, before whose graves I cried and prayed on a battlefield, which I reached, after walking the mountains of Italian Tuscany and after being saved from Covid. They are the United States, and before them I kneel, before no one else.
Overthrow me, President [Trump], and the Americas and humanity will respond.
Colombia now stops looking to the north; it looks to the world. Our blood comes from the blood of the Caliphate of Córdoba, the civilization at that time; of the Roman Latins of the Mediterranean, the civilization of that time, who founded the republic; the democracy in Athens. Our blood has the Black rebels who were turned into slaves by you.
Colombia is the first free territory of America, before Washington, of all America. There I take shelter in its African songs. My land is made of goldsmiths from the time of the Egyptian pharaohs, and of some of the earliest artists in the world, in Chiribiquete.
You will never dominate us. You are opposed by the warrior who rode our lands, shouting freedom, who is named [Simón] Bolívar.
Our people are a bit fearful, a bit timid, they are naive and kind, loving; but they will know how to keep the Panama Canal, which you took from us with violence. Two hundred heroes from all across Latin America lie in Bocas del Toro, now Panama, formerly Colombia, whom you murdered.
I raise a flag and as [Jorge Eliécer] Gaitán said, even if I am alone, it will remain hoisted with the Latin American dignity that is the dignity of America, which your great-grandfather did not know, and mine did; you, Mr. President, who is an immigrant in the United States.
Your blockade does not scare me; because Colombia, in addition to being the country of beauty, is the heart of the world. I know that you love beauty as I do; do not disrespect it and it will give you some of its sweetness.
COLOMBIA FROM TODAY ON OPENS ITSELF TO THE WHOLE WORLD, WITH OPEN ARMS; WE ARE THE BUILDERS OF FREEDOM, LIFE, AND HUMANITY.
I am informed that you are putting a 50% tariff on the fruits of our human labor that enter the US. I am doing the same.
Let our people plant corn that was discovered in Colombia and feed the world.
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