Finance

World War III: An Economy Annihilator

We all know about World War 1 and World War 2, the destruction that it has caused to life, property and mother nature is something that, no one has forgotten. The effects of the war is still seen. Today we are again on brink of war, a war of money rather than weapons, “Trade War”.

According to Wikipedia, “A trade war refers to two or more states raising or creating tariffs or other trade barriers on each other in retaliation for other trade barriers. Increased protection causes both nations’ output compositions to move towards their autarky position”. Autarky is the quality of being self-sufficient. Autarky exists whenever an entity can survive or continue its activities without external assistance or international trade.

The world is on the brink of trade war, President Donald Trump announced on Thursday that he would impose tariffs on $50 billion worth of Chinese exports to the United States. Beijing quickly outlined new import taxes of its own on US products worth $3 billion.

The increasingly aggressive statement from both ends suggest that further escalation is possible: Trump described his actions targeting China as “the first of many,” while Beijing said “it is impolite not to reciprocate” and promised a “fight to the end.”

Some of the world’s top economists and business leaders were in Beijing for the annual China Development Forum, and one topic overshadowed the entire gathering: The looming threat of a trade war between the U.S. and China.

Nobel-prize winning economists Robert Shiller and Joseph Stiglitz were also at the annual meeting, and they predicted pain ahead for the U.S. economy if Beijing and Washington ramp up tit-for-tat trade penalties.

U.S. companies, Shiller warned, are not prepared to have China cut out of their supply chains or business models.

“The immediate thing will be an economic crisis because these enterprises are built on long-term planning, they’ve developed a skilled workforce and ways of doing things. We have to rediscover these things in whatever country after the imports are cut off,” Shiller told CNBC. “It’s just chaos: It will slow down development in the future if people think that this kind of thing is likely.”

Stiglitz, for his part, warned that China’s leaders are likely prepared to initiate tariffs based on “a very good economic map with which they will target certain places in the United States where the pain will be maximized.”

An escalating trade war, the Nobel laureate said, could have political ramifications for Trump — especially if trade partners’ retaliations hit the president’s base.

“If there is a broad range increase in tariffs, it would affect their cost of living, the inflation would lead the Fed to raise interest rates at a higher rate, it would certainly impose a risk to the return to the U.S. to robust economic growth,” Stiglitz said.

trade-war-

The beginning of the war has already started to have effects on world economy, China’s Shanghai Composite, Hong Kong’s Hang Seng, Japan’s Nikkei and Korea’s Kospi all plunged sharply up to 3 per cent. Indian indices declined over 1 per cent after China threatened to raise tariffs on about $3 billion of US imports. The Dow DJIA, -1.77%  dropped more than 700 points on Thursday and declined by more than 400 points on Friday, leaving the blue-chip gauge with a weekly drop of 5.7%. The S&P 500 SPX, -2.10%  dropped nearly 6% on the week – marking the biggest one-day percentage drop for both since early February.

Both the sides are not intending to stop, forcing other countries especially emerging country like India to choose side whereby taking the trade war to another level. Thus, all in all, Trade War is a condition which always happens around the world, the only problem is its extreme form, every country wants to promote its product and taxing import is not a bad thing, the only problem is the extent and fairness of taxing and not considering the situation and product on which taxes are enforced, thus unbalancing the dedicated thread of trust between the leaders and thereby deteriorating the economic condition.

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Forged in Fire

Forged in Fire, is a show that airs on the History Channel. Its a competition between bladesmiths wherein they have to make an incredible powerful weapon within a given amount of time. The show has been a tremendous hit and i am a big fan of the show especially its concept, the different styles of blade, the different way of forging, the technical terms along with the explanation that they provide us during the show and the list goes on and on.

Winning Sword

Host and Judges:

The show is hosted by Wil Willis, who is an ex army ranger and ex air force pararescueman and has hands-on experience with a wide range of weapons in real battle situations. The show is judged by J.Neilson, Doug Marcaida, David Baker and Jason Knight. All the said names are considered experts or more like godly figure in bladesmithing.

J. Neilson has been making knives for 20 years and is one of the best all-round bladesmiths in the world. He was recognized in 2008 when he achieved the rank of Mastersmith in the American Bladesmith Society, a title held by less than 115 people worldwide

Doug Marcaida is an edged weapon combat specialist who also designs some of the world’s deadliest blades. Doug is a highly skilled martial artist who has also studied fighting styles and techniques around the world. From hand-to-hand combat to battlefield strategy, Doug is a walking encyclopedia in the evolution of weapons of war.

David Baker is a world-renowned swordsmith who specializes in recreating some of world’s rarest edged weapons. David is constantly challenging his scholarship of weaponry, researching forgotten techniques and examining world-class collections to ensure his replicas are as close to and as functional as the originals.

South Carolina’s sole Master Bladesmith, Jason Knight, has been making knives for 15 years. Considered by his peers as one of the most accomplished knife makers in the country, he has amassed numerous awards for his work, including the coveted B.R. Hughes Award for Best Blade by a Mastersmith. Jason employs only the finest materials and meticulous techniques to craft his signature knives, which are highly sought after by hunters, collectors and soldiers around the world.

Winning Sword(1)

Rounds:

The show comprises of 3 rounds, in the first round 4 bladesmiths are given different material from which they have to prepare a specific dimension of knife. For preparing the said knife, bladesmith are given 10 minutes of time for drawing and 3 hours to prepare the blade. The 2nd round comprise of making handle for the blade prepared in 1st round, for preparing the handle, bladesmiths are given 3 hours. After completing the blade by inserting a handle the blade is tested by ice chopping test, coconut cut test etc. After qualifying 2nd round, bladesmiths are asked to recreate an ancient weapon for which they are given 5 days. After several test, a person whose blade performs better, wins $10,000/- and the title of “Forged in Fire Champion”

Purpose of the Show:

The main purpose of the show is to promote bladesmithing. The show provides great intrinsic knowledge of what is meant by bladesmithing, and what are the challenges faced by bladesmithing. I have personally watched each and every episode that is aired. By watching this show, i came to know different types of blade like bowie knife, japanese katana, Chakara, Khopesh, Khanda, Scottish Claymore, Hunga Manga and many other, i also came to know different types of steel used to make blade such as Damascus, 1024 Steel, leaf steel etc., different ways of forging such as water forging, sand forging, oil forging etc., different problems that can emerged while creating a blade such as delamination, cracks, etc.

I have written about the show because i personally feel that a bladesmith is not paid and respected the way they should be. The effort they put by turning a scrap into a beautiful knife is extraordinary. And it is the only show which makes us aware about it and in a way gives respect to bladesmith. I hope that after going through above detail you would be tempted to watch the show. And Finally please, give your comment of what do you think about the show.

Sword