“This is quite a blue town,” said the CIO in DC. I had asked him about the post-election vibe. “Most of the city is kind of mourning, and a narrower group is euphoric.” We were discussing the profound change that has already begun to unfold post-election. The range of unorthodox and anti-establishment presidential appointments, the many possible consequences, economic, military, geopolitical. DOGE. “So, I worked in government for quite a few years,” he said. “And let me tell you, 30% of the people do 100% of the work.”

* * *

“China is ready to work with the new US administration to maintain communication, expand cooperation and manage differences, so as to strive for a steady transition of the China-US relationship for the benefit of the two peoples,” said Xi Jinping yesterday, meeting with Biden in Peru.

China’s stock market had fallen 1.2% priced in dollars since November 4th,the day before America’s election. The S&P 500 had gained 2.8% in that time. The Euro Stoxx 50 index was -4.3% when priced in dollars, the economic chasm widening, inexorably. The UK stock market and the MSCI Emerging index both fell 4%.