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Since the end of the debt-fueled financial crisis, China has quietly embarked on a debt binge of its own.

Source: Bank of International Settlements

The Wall Street Journal reports on the latest trend in the Chinese economy: non-bank corporations lending other firms' money. This is after China has finally begun to clamp down on easy bank lending, making it difficult for many companies to borrow to grow or keep their operations afloat.

While the American financial crisis began with a real estate debt bubble, the Chinese run-up has been concentrated in the corporate sector as the Chinese government stimulated its domestic economy by instituting a policy of easy credit to its massive domestic infrastructure and export industries.

Why it matters: That large, cash-rich companies would rather lend their money to other companies than invest in their own operations is a warning sign in its own right. These statistics are the strongest evidence that China is headed for a period of significantly lower growth, as its economy is weighed down by unproductive debt.

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Four more years of President Trump would almost certainly kill the Iran nuclear deal — but the election of Joe Biden wouldn’t necessarily save it.

The big picture: Rescuing the 2015 Joint Comprehensive Plan of Action (JCPOA) is near the top of Biden's foreign policy priority list. He says he'd re-enter the deal once Iran returns to compliance, and use it as the basis on which to negotiate a broader and longer-lasting deal with Iran.

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Progressive leaders see Sen. Kamala Harris, if she's elected vice president, as their conduit to a post-Biden Democratic Party where the power will be in younger, more diverse and more liberal hands.

  • Why it matters: The party's rising left sees Harris as the best hope for penetrating Joe Biden's older, largely white inner circle.

If Biden wins, Harris will become the first woman, first Black American and first Indian American to serve as a U.S. vice president — and would instantly be seen as the first in line for the presidency should Biden decide against seeking a second term.