Why Is the U.S. Dollar Suddenly Crashing?

Pundits on either side of the aisle have been warning that the U.S. dollar would crash for years. In 2025, it looks like it finally is. What does that mean for you money... and was this President Trump's plan all along? A widely followed 25-year economist and investor explains exactly what's happening, what could come next, and how to position your money on this page here.

In global game of influence, China turns to a cheap and effective tool: fake news

DIDI TANG and DAVID KLEPPER
September 28, 2024

WASHINGTON (AP) -- When veteran U.S. diplomat Kurt Campbell traveled to the Solomon Islands to counter Beijing's influence in the South Pacific country, he quickly saw just how far China would go to spread its message.

The Biden administration's Asia czar woke up one morning in 2022 to a long article in the local press about the U.S. running chemical and biological labs in Ukraine, a claim that Washington calls an outright lie. Started by Russia, the false and incendiary claim was vigorously amplified by China's vast overseas propaganda apparatus.

It was another example of "clearly effective Russian and Chinese disinformation," Campbell told the Senate Foreign Relations Committee in July.

Two years later, the claim still reverberates online, demonstrating China's sprawling effort to reshape global perceptions. The campaign, costing many billions per year, is becoming ever more sophisticated thanks to artificial intelligence. China's operations have caught the attention of intelligence analysts and policymakers in Washington, who vow to combat any actions that could influence the November election or undermine American interests.

The key tactic: networks of websites purporting to be legitimate news outlets, delivering pro-China coverage that often parallels official statements and positions from Beijing.

Shannon Van Sant, an adviser to the Committee for Freedom in Hong Kong Foundation, tracked a network of dozens of sites that posed as news organizations. One site mimicked The New York Times, using a similar font and design in what she called an attempt at legitimacy. The site carried strongly pro-Chinese messages.

When Van Sant researched the site's reporters she found no information. Their names didn't belong to any known journalists working in China, and their photos bore telltale signs of being created with AI.

"Manipulation of the media is ultimately a manipulation of readers and the audience, and this is damaging to democracy and society," Van Sant said.

Liu Pengyu, spokesman for the Chinese Embassy in the U.S., said allegations that China uses news websites and social media to spread pro-Beijing information and influence public opinion in the U.S. "are full of malicious speculations against China, which China firmly opposes."

In addition to its state media, Beijing has turned to foreign players -- real or not -- to relay messages and lend credibility to narratives favoring the Communist Party, said Xiao Qiang, a research scientist at the School of Information at the University of California, Berkeley. Xiao also is editor-in-chief of China Digital Times, a bilingual news website that aggregates information from and about China.

Beijing's methods are wide-ranging and links to the government are often difficult to prove, Xiao said. But whether it's journalists with American-sounding names or an Indian influencer, the consistently pro-Beijing messages give them away.

"The implicit message is the same -- that the Chinese Communist Party works for its people," Xiao said.

Analysts at the cybersecurity firm Logically identified 1,200 websites that had carried Russian or Chinese state media stories. The sites often target specific audiences and have names that sound like traditional news organizations or defunct newspapers.

Unlike Russia or Iran, which have displayed clear preferences in the U.S. presidential campaign, Beijing is more cautious and focused on spreading positive content about China.

While the sites aren't owned by China, they run Chinese content. When Logically looked at content specifically about the U.S. election, 20% could be traced back to Chinese or Russian state media.

"There's a decent likelihood that these articles could influence U.S. audiences without them even knowing where it comes from," said Alex Nelson, Logically's senior manager for strategy and analysis.

According to the Gallup World Poll, more countries surveyed view the U.S. positively, but the share of countries where views of both the U.S. and China are negative overall is higher than 15 years ago, signaling the U.S. doesn't appear to be making gains over China.

Some U.S. officials want to increase spending to even the playing field. The House of Representatives this month approved a bill that would authorize $325 million annually through 2027 to counter China's global influence, including its disinformation campaigns. The measure still needs Senate approval.

"We are in a global competition for influence with China, and if you want to win it, then you cannot do it on a middle-power budget," said Rep. Gregory Meeks, a Democrat from New York.

Chinese President Xi Jinping has demanded a systematic buildup of Chinese narratives that would give his country a global voice "commensurate with" its international stature.

Beijing has invested in state media such as the Xinhua news agency and China Central Television to convey its messages to global audiences in various languages and platforms. Media groups at the local level are creating "international communication centers" to build an overseas presence with websites, news channels and social media accounts.

Beijing also has struck media partnerships worldwide, and the article Campbell read in the Solomon Islands is likely a result of those.

China's outreach is tied to the global race for economic dominance in electric vehicles, computer chips, AI and quantum computing, said Jaret Riddick, a senior fellow at Georgetown University's Center for Security and Emerging Technology.

"The countries that lead on emerging technologies will be the countries that have a great advantage going forward," Riddick said.

To tell its story, Beijing has not shied away from using fake personas. A 2023 State Department report detailed the case of a published writer named Yi Fan, originally described as a Chinese foreign ministry analyst. Yi morphed into a journalist, then became an independent analyst.

Yi's details changed, but the message did not. Through published commentaries and writings, Yi trumpeted close ties between China and Africa, praised Beijing's approach to environmental sustainability and argued that China must counter distorted Western narratives.

Then there was Wilson Edwards, a supposed Swiss virologist quoted in Chinese media as a COVID-19 expert who criticized the U.S. response. But Swiss officials found no evidence he existed.

"If you exist, we would like to meet you!" the Swiss Embassy in Beijing wrote on social media.

___

AP writer Amelia Thomson-DeVeaux contributed from Washington.

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