I don’t agree with this. Reserve currency status is about trust, and bad actors within the United States have deliberately sabotaged that trust. This is a self-inflicted wound.
Any politician who promoted a friendly open trading relationship with the CCP is a traitor who knowingly sold the US out, going all the way back to Nixon. And since Tiananmen Square they all have blood on their hands. (as do all of us consumers, to a far lesser degree)
Meaning there’s no reason to abandon a stable established reserve currency that isn’t subject to capricious and arbitrary lockouts or denials. Sure, China, India, Iran, and Russia were always looking for excuses to hop off the petrodollar because owning the world’s reserve currency represents power. But there’s enormous inertia involved in such a process, which means those countries were also looking for excuses not to hop off. Using our global reserve currency status so recklessly as a geopolitical lever has now forced those competing countries’ hands.
That's because rootless financial elites control the US. They can actually make a bunch of money if the US craters if they get their investments in order first.
Yes, that was always going to happen eventually. Yes, it is also an intentional forced decline of the West in order to profit western investors who are invested in China.
The only good news is that the Fabians are as wrong about the Chinese being their friends as the Marxists were about the Ayatollah being their friend.
I don’t agree with this. Reserve currency status is about trust, and bad actors within the United States have deliberately sabotaged that trust. This is a self-inflicted wound.
More than sat quietly, they encouraged it and gave China everything to make it possible.
Any politician who promoted a friendly open trading relationship with the CCP is a traitor who knowingly sold the US out, going all the way back to Nixon. And since Tiananmen Square they all have blood on their hands. (as do all of us consumers, to a far lesser degree)
Meaning there’s no reason to abandon a stable established reserve currency that isn’t subject to capricious and arbitrary lockouts or denials. Sure, China, India, Iran, and Russia were always looking for excuses to hop off the petrodollar because owning the world’s reserve currency represents power. But there’s enormous inertia involved in such a process, which means those countries were also looking for excuses not to hop off. Using our global reserve currency status so recklessly as a geopolitical lever has now forced those competing countries’ hands.
That's because rootless financial elites control the US. They can actually make a bunch of money if the US craters if they get their investments in order first.
China's rise was not inevitable. It was done on purpose by people who either can't think in the long term or do not care.
You're both right though.
Yes, that was always going to happen eventually. Yes, it is also an intentional forced decline of the West in order to profit western investors who are invested in China.
The only good news is that the Fabians are as wrong about the Chinese being their friends as the Marxists were about the Ayatollah being their friend.