Six times the loser

[Balance of Power]( From [Bloomberg Politics]( [FOLLOW US [Facebook Share]]( [Twitter Share]( [SUBSCRIBE [Subscribe]](  It was close to 1 a.m. when Boris Johnson’s Conservatives exited the House of Commons, to cries of “shame on you” over the prime minister’s five-week [suspension of Parliament](. His “do-or-die” plan to quit the European Union on Oct. 31 has alienated many.  Earlier, he [suffered his sixth defeat]( in as many days, and now he has to somehow conjure a plan B for the mess he — and the U.K. — are in. Another attempt to force an early election before the Brexit deadline was also rejected. By law and through gritted teeth, he must now negotiate a deal with the EU — or find a way around one. It would be an irony lost on few if his predecessor’s thrice-rejected deal was resuscitated, given a different coat of paint and put to a vote. Would a worn-down Parliament finally cave in? In another day of drama, Speaker John Bercow announced he’d resign on the Brexit date. Bercow is a divisive figure — a defender of the chamber’s backbenches who has politicized the role of objective arbiter. To the cheers of the opposition and silence of Johnson’s allies, Bercow warned: “We degrade this parliament at our peril.” — [Flavia Krause-Jackson]( Johnson told parliament last night his government “will press on with negotiating a deal, while preparing to leave without one.” Follow the latest news with the[ Brexit Bulletin](. Photographer: UK Parliament/Jessica Taylor Global Headlines [Trade tension]( | The Chinese Communist Party’s flagship newspaper criticized Peter Navarro, an adviser to U.S. President Donald Trump, as the two countries prepare for face-to-face trade negotiations. The state-run People’s Daily said Navarro’s repeated accusations of China’s “seven deadly sins” were intended to “throw cold water on international markets” — a reminder of how deteriorating ties left global investors reeling last month. - Subscribe to our [Terms of Trade]( newsletter to receive all the big developments in your inbox each weekday. [Follow the leader]( | Hong Kong’s pro-democracy movement lacks a clear leader — a major reason it’s sustained momentum — and Carrie Lam’s government doesn’t know with whom to negotiate. After protesters’ weekend march to the U.S. consulate, she [pushed back]( yesterday against their calls for the passage of U.S. legislation that would require annual assessments of the city’s special trading status and asked them not to damage public property.[Sanders’s dilemma]( | Bernie Sanders has a problem: The Democratic presidential candidate is locked in a second-place tie with his progressive rival Elizabeth Warren and isn’t closing in on front-runner Joe Biden for the 2020 party nomination. Unlike 2016, as [Laura Litvan]( and [Emma Kinery]( explain, the race this time offers several center-left choices, and Sanders needs a breakout moment at the candidates’ debate in Houston on Thursday. - Stay on top of the latest developments in the race for the White House with [Bloomberg’s Campaign Update](. [Testing while talking]( | Hours after saying it was willing to restart talks with the U.S. on its nuclear weapons program, North Korea fired two “short-range projectiles” into its eastern seas. The regime has tested nearly 20 short-range ballistic missiles in recent months, even as a June meeting between Trump and Kim Jong Un raised hopes of a return to dialogue. [Philosophic shift]( | Germany’s worship of fiscal discipline is being challenged by a looming recession and cheap credit. As [Birgit Jennen]( reports, a silent revolution is under way at the country’s Finance Ministry, where a new chief economist is trying to raise awareness that perennially low interest rates may let Europe’s biggest economy heed calls from its peers to loosen its purse strings. What to Watch - The EU executive’s incoming president, former German Defense Minister Ursula von der Leyen, is due to unveil the [official lineup]( of her commission at noon in Brussels. - Japanese Prime Minister Shinzo Abe will [reshuffle his cabinet]( and the leadership of the ruling party tomorrow in the face of a looming tax hike and trade battle with the U.S. - Global trade tensions could derail a landmark regional agreement known as RCEP if a deal isn’t struck by November, with Indonesia's Minister of Trade Enggartiasto Lukita describing the pact at “a [point of no return](.” [And finally]( ... Jeff Bezos, Bill Gates and Warren Buffett could have collectively lost hundreds of billions of dollars in net worth if presidential candidate Elizabeth Warren’s wealth tax plan had been in effect and they’d done nothing to avoid it. According to a new paper by French economists who helped her devise the proposed tax, the 15 richest Americans would have seen their net worth decline by more than half to $433.9 billion had the plan been in place since 1982. Bezos and Gates. The economists’ calculations underscore how a wealth tax of just a few percentage points might erode fortunes over time and presumably reduce wealth inequality. Source: Bloomberg   You received this message because you are subscribed to the Bloomberg Politics newsletter Balance of Power. You can tell your friends to [sign up here](.  [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022