China’s blind pursuit of ‘absolute nationwide safety’ could result in Soviet-style collapse, warns advisor –

Beijing: The blind pursuit of “absolute national security” combined with excessive defense spending may lead to a Soviet-style collapse, China’s top foreign policy adviser has warned the ruling Communist Party led by President Xi Jinping.

The pursuit of “absolute national security” can come at a high price, said Jia Qingguo, a member of China’s top political advisory body Chinese People’s Political Consultative Conference (CPPCC) and cited the collapse of the Soviet Union as evidence of the pitfalls of prioritizing military expansion over long-term security.

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The collapse of the Soviet Union, officially known as the Union of Soviet Socialist Republics or USSR and ruled by the Communist Party of the Soviet Union, has become an important lesson taught in the top Chinese Communist Party (CCP) schools across the country , to avert decisions that lead to his downfall.

Many Chinese leaders have frequently referred to the former USSR and asked the CCP to learn from its historical experiences.

Months after taking power in 2012, President Xi himself said that the collapse of party discipline led to the demise of the 20-million-strong Communist Party of the former USSR.

“If party members did and said what they wanted, the party would turn into a mob,” Xi said.

Jia, who was also a former dean of the School of International Relations at Peking University, says the unrestrained pursuit of security will drastically increase costs and drastically decrease benefits until the costs outweigh the benefits, according to Hong Kong based in southern China, the Morning Post reported on Sunday.

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“Ignore and blindly pursue the comparative nature of security [it] absolutely make the country less secure because of prohibitive costs and failing to achieve absolute security,” writes Jia, who sits on the CPPCC Standing Committee, in the latest issue of the bimonthly Journal of International Security Studies.

His 22-page article is full of thinly veiled criticism of hawkish prospects, the Post reported.

Too much emphasis on defense spending could trigger an arms race, making all countries involved less secure, writes Jia, himself a US affairs specialist.

He cites decades of massive defense spending by the Soviet Union as a prime example of the downside of ignoring long-term security that led to the final collapse of the Soviet Union in 1991.

“The result was that the Soviet Union lagged behind in economic development and was unable to sustain its massive defense spending. People’s lives have not improved for a long time and this has led to a loss of political support, he notes.

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“Actions like these sacrifice long-term interests for short-term gains and have greatly accelerated development [Soviet] Riot and collapse, he writes.

Since Xi took power, internal and external security has become central to CCP politics.

China’s military budget shot up to over $200 billion last year and is expected to increase further when the new budget proposals are announced in March this year.

However, Chinese analysts argue that unlike the Soviet Union, China paid the same attention to economic development that propelled the country to become the world’s second largest economy.

China’s economy grew 8.1 percent to $18 trillion in 2021, according to the latest official data.

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Xi also conducted the largest anti-graft purge in CPC history. Over the past decade, the CCP’s Central Commission for Disciplinary Inspection (CCDI) has conducted investigations and punished more than four million cadres, including nearly 500 high-ranking officials. More than 900,000 have been expelled from the party, about 1 percent of its 95 million members, according to another article in the Post.

Analysts say Xi’s emphasis on security and his anti-graft campaign in the name of strengthening the country and the CCP have boosted his popularity and helped him consolidate power in the party.

The 68-year-old Xi, who will complete a decade in power this year, is expected to continue for life as the once-every-five-year CPC Congress is expected to approve an unprecedented third five-year congress later this year. tenure for him, unlike all of his predecessors who retired after two terms.

The Party elevated him to the status of CCP founder Mao Zedong, which set him apart from other leaders.

His elevation was defended on the grounds that the party and the country needed strong leadership to face the tough challenges posed by the US, EU and other Western countries.

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Jia also warns in his article against an overemphasis on absolute security when it comes to supply chains.

“It is only by completely cutting off foreign trade and achieving economic independence that you can make it really impossible for other countries to exert pressure,” he writes.

But that would only reduce efficiency and let the country fall further behind, making the nation less secure, he warns.

“People concerned with security usually think of national security as the only value a country aspires to, as if once it is safe the country has achieved all its goals and its people are content,” he writes. “But that is not the case.”

The sole aim of maintaining security would also discourage companies from innovating and opening up to foreign companies, which would harm the overall efficiency of the economy, Jia adds.

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China has slammed US missile sanctions as hypocrisy

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Hong Kong has to maintain zero-Covid coverage for now: Authorities advisor

Hong Kong must stick to its zero-covid strategy until more people are vaccinated, a government adviser told CNBC on Wednesday.

“If 95% of our eligible population are fully vaccinated with three doses, there is a chance we can open our border,” said Yuen Kwok-yung, who is part of the Hong Kong Expert Advisory Committee on Covid-19.

The Chinese city is far from achieving this goal. Only 68.6% of the total population had received two doses of a vaccine by Wednesday. according to government information. About 322,781 people, or about 4.4% of the population, received their third injection.

One way to increase vaccination rates is to require a vaccination certificate for daily living, said Yuen, who also heads the microbiology department at the University of Hong Kong.

“Maybe this is [the] This is the only way to ensure, as in Israel, that a high level of vaccination coverage is achieved, “he said. Fully vaccinated people in Israel are a “green pass” that allows them to enter indoor locations such as restaurants, gyms and cinemas.

Zero Covid Strategy

At the moment, Hong Kong cannot change its strategies, Yuen told CNBC “Squawk Box Asia.”

“At this point it is the same. We have to continue with our current close to zero policy,” he said.

Hong Kong requires people who enter the city to Quarantine for up to 21 days and do multiple Covid-19 tests“Measures, Yuen said, are necessary to control the source of the infection.

But the city’s zero-covid approach is that too biggest frustration for overseas companies operating there, an analyst told CNBC on Tuesday.

However, Yuen said the city has no plans to maintain zero-Covid indefinitely only until it hits “adequate” vaccination rates.

“It’s impossible to keep it going for more than three years,” he added. “I think the government has to set a deadline for the coming years by which everyone has to have a vaccination certificate … to get around.”

Vaccination is compulsory for some activities in Hong Kong, but the borders for the unvaccinated are much looser than in places like Israel or Singapore.

Hong Kong has reported 12,548 confirmed Covid cases since the pandemic began, including 34 cases of the Omicron variant. according to government information on Wednesday.

– CNBC’s Weizhen Tan contributed to this report.

ABQ monetary advisor: Ideas for speaking about cash along with your children, preventing in opposition to inflation

Danielle death co

Updated: September 27, 2021 8:51 am

Created: September 27, 2021 8:49 AM


ALBUQUERQUE, NM – Concerns about money is something many of us have experienced before, and rising inflation is making it more common. However, there are ways you can fight inflation and teach your children how to make good financial decisions.

David Hicks of the Oakmont Advisory Group discussed tips on every topic with Danielle Todesco on Monday morning.

Monetary Planners Can Uncover Consumer Cash Scripts® with the DataPoints Advisor Tech Platform |

MARIETTE, Ga., June 15, 2021 / PRNewswire-PRWeb / – The Klontz Money Scripts Inventory-II (KMSI-II) is now available to customers on DataPoints’ behavioral assessment platform. The KMSI-II measures customers’ Money Scripts®, fundamental beliefs about money that affect financial decisions and wellbeing. By identifying clients’ money scripts, financial advisors can customize advice to help clients overcome beliefs that prevent them from achieving important financial goals. With the exclusive publication on the DataPoints platform, consultants can easily expand their practice to include the KMSI-II and the psychology of financial planning.

Money Scripts and the KMSI-II were developed by Dr. Brad Klontz, CFP®, financial psychologist and founder of the Financial Psychology Institute. The KSMI-II provides consultants with detailed insights into each of the four Money Script components, including:

  • Money Avoidance – Belief that money is bad; that less money is better than more;
  • Money Focus – Belief that money is the critical component of happiness; Money can solve all problems; there is never enough money;
  • Money status – belief that self-worth is directly linked to net worth; Outward representations of wealth are important; Money will “take care of itself”;
  • Monetary Monitoring – Concern about saving money; Belief in the value of saving and working for money; believe that financial contributions are negative.

“Money scripts are among the most well-researched components of a client’s financial personality. DataPoints is excited to work with Dr. Klontz to bring this powerful tool to the financial services community,” said Dr. Sarah Stanley Fallaw, Founder and President of DataPoints. “Understanding the personality of money is the first step in providing tailored advice and guidance to help clients meet their financial goals. Now financial planning firms can easily identify a client’s underlying monetary beliefs with DataPoints.”

The assessment suite from Money Scripts is only available to companies via a. to disposal Subscription to the DataPoints behavior assessment platform. DataPoints’ technical advisory platform offers advisors the opportunity to:

  • Invite customers to join the KMSI-II. complete
  • Delivering branded Money Scripts reports to customers
  • Analyze changes in customers’ Money scripts over time
  • Compare Money Scripts Profiles for Couples
  • Investigate the results of Money Scripts across the company

In addition to the KMSI-II, consultants who subscribe also have access to the Financial Health Scale, a measure of the financial health of the entire household. Financial therapists and clinicians can also apply for access to the Klontz Money Behavior Inventory, an assessment of money-related disorders, including compulsive spending, financial literacy, and workaholism.

“Knowing yourself better is the best place to start to make changes and improve your financial life. Now, financial planning staff can evaluate clients’ money scripts and get tailored insights to help clients make financial changes and improve overall financial health, ”said Dr Klontz. “Discovering and exploring Money Scripts are important steps in helping clients achieve financial success in areas such as increasing income, wealth creation, and improving financial health. Money Scripts provides deep insights into not only your clients’ unique financial psychology, but also the process of self-discovery is engaging and fun. “

The KMSI-II and others from Dr. Assessments developed by Klontz meet the stringent DataPoint standards for scientific accuracy in the development of psychometric tests. The KMSI-II has been extensively studied and found to be related to income, assets, credit card debt, financial behavior, and other significant aspects of financial health. “With psychometrically based assessments such as the KMSI-II, companies can get an exact picture of the financial personality of their customers and use this knowledge to personalize communication, advice and services,” says Dr. Fallaw.

Consultants can sign up for a free two-week trial of DataPoints to access KMSI-II.

Via DataPoints

At DataPoints, we understand that customer mindset has an impact on spending, savings and investment decisions. We have developed a set of tools for financial professionals to identify the financial personality so clients can avoid behavior traps and achieve financial success. Our technical consulting solutions are based on more than 40 years of behavioral, consumer and demographic data that shaped the bestselling book The Millionaire Next Door. Find out more about DataPoints here.

Media contact

Amber DeGan, Data points, +1 678-389-5559, contact@datapoints.com

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SOURCE data points

How To Use Additional 529 Plan Cash – Forbes Advisor

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A 529 college savings plan is an investment account that families can use to save tax-free for a child’s education costs. States run these plans, and while you don’t have to use the plans your home state offers, you may get additional tax breaks for them.

If your child receives generous scholarships or chooses not to go to college, you may find that you have actually been diligently saving too much on a 529 plan by the time they reach college age. But since these plans are relatively strict regulate As for the way the money can be used, the ramifications for simply withdrawing the money can be dire to yourself.

If you spend 529 money on unqualified expenses, you’ll pay a 10% penalty and income tax on the portion of the payout that includes the investment income. However, there are many ways to withdraw the money for education costs and not impose a withdrawal penalty. Here are your options.

1. Understand what qualifies as qualified expenditure

First of all, make sure you know exactly what expenses you can pay for with 529 plan savings. This includes tuition, fees, housing, meals, a computer, equipment, and books, if necessary for the student’s coursework.

If the student lives off campus, 529 funds can only be used up to the school’s official room and board allowance, as calculated at the school Participation costs for financial aid purposes. You can find this number on the school’s financial assistance website.

If you use the money on unauthorized spending, only the amount of the withdrawal that has grown (or earned) as a result of your deposit is subject to taxes and penalties. You will not be penalized for withdrawing your own original contributions to the plan.

2. Make use of the scholarship payment rules

If you have an additional 529 plan funds because your child received a college scholarship, there is an exception to the penalty rules that are tailored for you. You don’t have to pay the 10% investment income penalty when withdrawing funds up to your child’s scholarship. However, you will have to pay income tax on the income.

This means that families are probably still worth saving on a 529 plan, despite the risk that their child could eventually get a scholarship. The plan provides a way for your money to grow even if it eventually becomes taxed on withdrawal, like money in a taxpayer Brokerage account.

3. Use the money for graduate school

There is no time frame in which you need to use the money you saved on a 529 plan. It can stay in the account for as long as you want, but it may need to be used for the beneficiary’s educational costs to avoid taxes and penalties.

If there is a good chance your child might participate Commercial college– For example, you would like to study medicine or pursue a subject that requires a master’s degree. – You can keep the 529 plan funds and plan for your child to withdraw them in the future.

4. Change the beneficiary to a family member

Alternatively, you can transfer the money to another family member. While 529 plans have very detailed payout rules, they also offer generous opportunities to let another family member take over the plan. This person can then use the remaining amount for their own education costs.

For example, if your child was the original beneficiary of the plan, you can change the beneficiary to a qualified family member. This includes all of their siblings, parents, first cousins, nieces, nephews, or even their own spouse or child. In practice, as a parent interested in graduate school, you could become the beneficiary of the plan and use the funds for your own education. Or you can leave them there for a future grandchild.

5. Pay the K-12 education costs

529 plans don’t just have to be used for college expenses. The IRS allows up to $ 10,000 529 plan funds to cover public, private or religious school fees and fees of the K-12 for the beneficiary. Make sure, however, that your state allows this type of withdrawal from its plan.

If allowed, you can transfer the 529 plan to another child who, for example, is attending a private school, e.g. B. the sibling or cousin of the original beneficiary. Or, you can leave the money on plan for a future grandchild so they can use the money for either K-12 tuition or college expenses.

6. Pay back student loans

Another withdrawal option is to use 529 plan deposits to repay student loans. Up to $ 10,000 in 529 Plan Funds can be used to repay the plan recipient’s student loans, and an additional $ 10,000 can be used to repay loans held by siblings of a beneficiary.

That means any money left over on the original beneficiary’s plan can be used to pay back a sibling’s student loan. Or a parent could switch beneficiaries to themselves and use the additional plan benefit of 529 to repay loans they took on to cover the education of another child – or their own.

Bottom line

The complexity of 529 plans can make withdrawing your money as difficult as sticking to your savings goals. However, because of the many exceptions to these rules, there are many creative ways you can use your money wisely.

Monitoring A Misplaced Or Stolen Cash Order – Forbes Advisor

Editor’s note: Forbes may earn a commission on sales made through affiliate links on this page. However, this does not affect the opinions or ratings of our editors.

Getty

A money order is similar to a check, except that it is a guaranteed form of payment – unless it’s lost or stolen. If you’ve lost a money order that you’ve received or bought, your money isn’t necessarily gone.

There is some work that you need to do to keep track of your money order. If that doesn’t work, you may be able to cancel your money order instead. Read on to learn what steps you can take to track down a lost or stolen money order.

How to track a money order

When you’ve lost one Money order or you think it was stolen, the first thing to do is track it. You can track a money order by contacting the money order issuer. The steps to follow up on a lost money order vary depending on who originally issued it. Here’s how to track a money order through three popular money order issuers.

USPS

The United States Postal Service has been in the money order business for some time, offering domestic and international money orders. Domestic money orders are limited to $ 1,000 per single order. International money orders cost a maximum of $ 700 per single order.

You can see if a money order has been honored by checking the box USPS website. Hopefully you have saved the money order slip as it contains the information you need to keep track of the money order. To view the status of the money order, you will need to provide the following information:

  • Serial number
  • Post number
  • Dollar amount

If you would like a copy of a redeemed money order, you must complete and submit PS Form 6401, the official money order request. It can take up to 60 days for the USPS to investigate the status of a lost or stolen money order.

You can’t stop paying for a USPS money order, but you can have it replaced if it’s found lost or stolen. In this case, a replacement instruction will be issued. The USPS charges a processing fee of $ 6.25 to replace a lost or stolen money order.

Western Union

There are two ways to track a lost or stolen Western Union money order:

  1. Once you have the receipt, use the request form on the back to begin the process of tracking or replacing the money order. Submit the completed form and $ 15 processing fee to the address provided.
  2. If you don’t have the receipt, you’ll need to fill it out and submit it Western Union Money Order Application Form. There is a $ 30 processing fee and requests can take up to eight weeks to process. You can submit the form in three ways:
  • Fax: 1-720-864-0477
  • Email: RMO@westernunion.com
  • Mail: Western Union Financial Services, Inc., P.O. Box 7030 Englewood, CO 80155-7030

If the money order has already been cashed, Western Union will send you a photocopy of the cashed money order. If they check the money order and find that it has not been cashed, you will receive a refund.

MoneyGram

MoneyGram money orders are available at thousands of retail stores in the United States. You can also purchase a money order through the website or the mobile app. You can track a MoneyGram money order by completing the Online form or by phone at 1-800-542-3590. You will need to provide the money order amount and serial number. This is also how you are requesting a replacement instruction through MoneyGram.

Online inquiries are the cheapest and fastest way to get a replacement money order. The processing fee is $ 18. It usually takes seven working days or more to process.

You can also request a paper form using the automated phone line mentioned above. There is a $ 25 processing fee for paper inquiries. It may take 20 working days or more to process.

If the money order is cleared, you can obtain a photocopy of the cashed money order by visiting a participating MoneyGram retail location. Complete a MoneyGram Express payment and pay the $ 18 processing fee. You can also email a photocopy request, but the fee is $ 25 per request.

If your money order was purchased from a different issuer, there may be a different process for tracking and replacing money orders. Check with your money order issuer for details on how to proceed.

What if the money order has been cashed?

As mentioned above, most issuers can provide a photocopy of a money order if it has already been cashed. This won’t help you get your money back, but it can come in handy if you decide to file a fraud lawsuit. The money order issuer can refund your money if you can prove you were a victim of fraud.

How to protect yourself against money order fraud

Money orders are often used as part of Bank fraud. There are steps you can take to protect your money after you’ve bought or received a money order.

  1. Fill out the money order as soon as possible. Write the payee name and other information on the money order shortly after purchase.
  2. When you receive a money order, you can deposit or redeem it immediately. The less time it spends with you, the less likely it is to be lost.
  3. Always keep your receipt until you know that the payment has been received by the payee.
  4. Avoid leaving money orders in a Dropbox. Either hand it over to the payee or hand it in personally at your local post office.

Bottom line

Money orders are safer than cash, but there’s always a chance the money order could be lost or stolen. You also usually pay more fees for money orders than for other forms of payment. Do your best to protect your money order so you don’t have to track down lost or stolen money orders. These days there are more modern options too Sending money to people digital, which can be better than using a money order.