"Pack Up And Leave" - Honduras Kicks Taiwan Out Of Embassy

March 30, 2023

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*Honduran President Iris Xiomara Castro*

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In an unexpected move, Honduras this week gave Taiwan 30 days' notice to vacate its embassy in Tegucigalpa. Those occupying the embassy were told to "pack up and leave" Honduras after ties with the country were severed. Honduran President Xiomara Castro appears to be making efforts to gain more investments and jobs from the Chinese at the expense of Taiwan and its embassy.

The order to vacate the embassy was first given via national broadcast by Honduran Deputy Foreign Minister Antonio Garcia. Once the announcement had been made, Taiwan was left with no choice but to recall its ambassador. According to Garcia's broadcast, 30 days "is more than enough time to pack up and leave."

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After the order to vacate Honduras, Taiwan can now only rely on the diplomatic ties of 13 countries that recognize it in some way as a "country". Most of those countries, however, are small island nations in the Pacific and Central America, most of which are U.S. allies and are submissive to Washington's pressures and influence.

While China announced in recent weeks its desire to fast-track its "reunification" with Taiwan, it seems emboldened in its ability to influence other countries to cut ties with the Taipei. In 2017, Beijing was able to suede Panama to cut ties with Taiwan. In 2018 the Dominican Republic followed suit along with El Salvador. Then, in 2019 the Solomon Islands voted to switch relations with Nicaragua doing the same in 2021 for the second time.

For its part, Taiwan has accused Honduras of diplomatic "bribery" as the country struggles with mounting debt.

It appears that at least part of the cutting of ties is due to a large debt the country owes Taipei. According to Honduran Foreign Minister Eduardo Enrique Reina, Honduras was "up to its neck" in debt. That debt includes some $600 million the country owes Taiwan.

In a diplomatic back-and-forth, Honduras demanded that Taipei offer it $2.5 billion in aid before Honduras ordered that Taiwan vacate its embassy and pursued diplomatic ties with Beijing instead.

While the Taiwan embassy staff packed their bags, Chinese state media gloated about the 'victory' of having Honduras sever ties with Taipei.

Tsai regards the US as the world😄Just got slapped in the face by Honduras, governor Tsai of Taiwan province is going to the US, seeking for a little comfort. Going to the United States for a “transit” is governor Tsai’s route of sleepwalking. https://t.co/wwXNVyA8Co
— Hu Xijin 胡锡进 (@HuXijin_GT) March 29, 2023

The Chinese Foreign Ministry celebrated Honduras' decision to cut ties with Taiwan and establish diplomatic relations with China as "the right choice."

"We inform sternly the Taiwan authorities that engaging in separatist activities for Taiwan independence is against the will and interests of the Chinese nation and against the trend of history, and is doomed to a dead end," Chinese Foreign Minister Qin Gang said.

Author

Jen Snow

Jen Snow is a former paralegal turned freelance writer who has a passion for foreign affairs. When not writing, she can be found curled up with her dog and a good book or outside playing in the Florida sun.

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• Power & Market • Ryan McMaken Print this page According to the Bureau of Labor Statistics’ latest price inflation data, CPI inflation in October accelerated and month-to month increases in CPI inflation hit multi-month highs. The seasonally adjusted Consumer Price Index (CPI) rose 0.24 percent month over month in October, rising to a six-month high. Year over year, the CPI rose 2.49 percent in October, not seasonally adjusted. That’s a three-month high. The ongoing price increases largely reflect growth in prices for shelter. Year over year, shelter prices rose 4.9 percent, according to the BLS report. That’s up from September’s year-over-year increase of 4.8 percent. Similarly, the CPI measure, less food an energy, also showed increases with a month-over-month growth rate of 0.28 percent. Year over year, the same index showed prices increasing by 3.3 percent, the highest in six months. The year-over-year growth in this measure has now increased three months in a row. The downward trend in price inflation that we saw in late summer has now stalled. Moreover, accumulated growth in the CPI continues unabated, with no relief in sight for middle- or lower-income consumers. Since January 2021, for example, the consumer price index has increased by 20 percent. Wages have not kept up with rising prices, however. Looking at growth since 2021, we see that average hourly earnings increased by about five dollars while real average hourly earnings fell by 50 cents. In other words, workers have still not recovered from the aggregate inflation of recent years. We can make similar comparisons in other areas of the economy as well. For example, if we look at retail sales, the nominal increase since 2021 is 21 percent. Once we adjust for the CPI, however, we find the increase in retail sales is a mere 0.9 percent. All those “solid gains” in retail that the media tells us about don’t look so excellent after all. The effects of inflation on workers over time have generally been ignored by the media and regime spokesmen. Interestingly, however, Jerome Powell at last week’s FOMC press conference admitted that workers have not yet recovered from the mounting price inflation of recent years. When asked why so many voters appeared dissatisfied with the economy, Powell explained that, even though recent price inflation numbers have moderated, workers are still feeling the aggregate effects of inflation over several years. Remote video URL Indeed, Powell has largely abandoned the confident posture he had adopted during the September FOMC press conference. In September, when the Fed saw fit to slice the federal funds rate by fifty basis points, Powell assured his audience that inflation rates were clearly returning to the two-percent target and the Fed was therefore free to concentrate on maintaining strong employment numbers. Such a large cut in the target rate suggested the Fed was confident price inflation would continue to decelerate. Things don’t seem to have worked out. In contrast to September, Powell yesterday struck a far more cautious tone on price inflation and stated “The economy is not sending any signals that we need to be in a hurry to lower rates.” One might wonder how, if this is true, the FOMC felt the need to cut by 50 basis points in September. We are unlikely to every receive a straight answer on this from anyone at the Fed, but there are a couple of possibilities. One option is that the Fed simply wanted to give the economy a monetary shot in the arm in mid-September in order to help the incumbent vice president win re-election. Powell will never admit to this, even if it is true. Another possibility is that the Fed really did believe in September that price inflation would continue to fall consistently. If that is the case, then the Fed and its legions of economists miscalculated. A third option is that the Fed sees a recession coming and hit the panic button when it cut the target rate by 50 bps. In any case, bond investors appear to have never bought the narrative that price inflation has been conquered and is headed to two percent or less. As we noted here at mises.org yesterday, almost as soon as the Fed cut the federal funds rate in September, longer-term interest rates began to rise signaling that many bond investors expect more price inflation moving forward. Note: The views expressed on Mises.org are not necessarily those of the Mises Institute.

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DF

1 year ago

Honduras likes their Chinese pay day.

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DAV

1 year ago

It's obvious that they are in bed with the CCP but Nixon got our country in bed with China in 1972. Remember: The Love Of Money Is The Root Of All Evil and remember the Golden Rule: Whoever's Got The Gold, Makes The Rules and remember: CONSEQUENCES !!!

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