Why We Just Sold Half of Our Stocks

We've already sold all or part of 52 different stocks this year - more than any other period in our firms' history. That's because there are five cracks forming below this market that threaten us with a widespread collapse. We could see the market tumble by 50% and unemployment will triple.

US Lagging Behind China In War Preparedness, Congressional Panels Warn

Benzinga Neuro
September 19, 2024

The United States is rapidly falling behind China in preparing for potential conflict, as revealed in recent hearings at the Pentagon.

What Happened: Two key congressional panels heard that the Pentagon’s outdated procedures and a crisis-driven public are significant obstacles. Lawmakers from both parties urged Deputy Secretary of State Kurt Campbell to address these issues, the South China Morning Post reported on Wednesday.

House Foreign Affairs Committee chairman Michael McCaul criticized the slow pace of technology transfers to allies, despite legislation intended to expedite the process. Campbell agreed, stating adjustments are necessary for stronger partnerships with Great Britain and Australia.

Democratic congressman Gabe Amo also expressed concerns about delays, to which Campbell responded that contract reviews are the primary cause. He assured that the U.S. would provide essential resources to its allies.

The hearings occurred amid budget disagreements and a delayed defense roadmap. The Commission on the National Defence Strategy’s recent report called for a larger military and closer ties with allies to counter threats from China, Russia, Iran, and North Korea.

Former congresswoman Jane Harman and former undersecretary of defense Eric Edelman highlighted the need for a more integrated force and a modernized industrial base. Edelman warned of the potential for a global conflict and the risk of losing such a war.

See Also: Kim Jong Un’s North Korea Outranks China As Russia’s Top Ally In Ukraine Conflict, Says Military Intelligence Chief

Campbell emphasized the importance of technology in competition and the need for more tech-savvy personnel in the government. Both committees stressed the significance of alliances to counter China’s growing influence.

Why It Matters: The warnings from congressional panels come amid escalating tensions between the United States and China. Recently, China's ambassador to the United States, Xie Feng, issued a stern warning to the U.S. regarding interference in China’s sovereignty, particularly concerning Taiwan. He emphasized that Taiwan is a critical “red line” that must not be crossed.

Additionally, the U.S. and its allies have raised alarms over China's support for Russia's military, which is seen as a significant factor in the ongoing conflict in Ukraine. This support includes exports of dual-use goods and battlefield items, which are bolstering Russia's military capabilities.

Earlier this year, McCaul warned that the U.S. House Foreign Affairs Committee has the authority to declare war if China attacks Taiwan without provocation. He emphasized that deterrence is crucial to prevent such an outcome, stating, “If the island in an unprovoked manner was invaded, then it would be to the American people and the United States Congress, and my committee that has the power to declare war, how to deal with that.”

Read Next:

  • Japan Expresses ‘Serious Concerns’ As Chinese Aircraft Carrier Enters Contiguous Waters Amid Rising Tensions: ‘Utterly Unacceptable’

Image via Shutterstock

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari

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