Posted by Markoff 7 hours ago
In other words, whether they know it or not, every single bank in the world is involved in money laundering.
P.S: I don't know if that's true or not but some people have made the case that there are, percentage-wise, less transactions linked to crime on the public, transparent, ledgers that are the blockchains than in the real banking system.
Soviet-China-Iran - Petro Yuan?
/edit for the pedantic. Russian Federation.
They're modest by raw economic size, but outsized in relevance due to energy resources and geopolitical leverage.
Also I am surprised that China is so close to US (20 Trillion vs 31 Trillion). The gap is less than 2x now.
[1] https://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28no...
You probably haven't turned on the news in a little while.
This current crises has been a boon for alternative energy sources.
Really has driven home the point to even the most 'head-in-sand-right-winger' that Solar is a National Defense issue, not a woke agenda.
At some point china will loose the ability to keep its global currency (Yuan, should be inflating) decoupled from the domestic one (Renminbi is deflating). They have been keeping long running issues in Banking, and Relestate at bay but a global recession (and were on the cusp it seems) is going to be brutal to china.
I suspect that if (when?) that hits this will turn into another Deutsche scandal.
Read the list for yourselves: https://en.wikipedia.org/wiki/Deutsche_Bank#Controversies
The thread devolving into a debate about "reserve currency" is - to be blunt - deeply misinformed. Chinas bond liability and the currency its priced in is the ultimate contra indicator into how its going to handle the coming storm.
just language itself isn't enough
Completely real-time translation is an impossibility since languages have different sentence orders, so it will always be an awkward filter with fits and starts that erodes trust.
True, but trading the USA for China is not a wise move, if only because China would never ever have stepped up in WW2, and will not provide any support in the future either, except --Buddha willing-- by selling arms.
The question is whether this makes folks more or less likely to hold dollars vs yuan as reserve currency
The US is not an authoritarian regime. To call it infinitely worse than China in this regard is false, and is a laughable claim. The President will be out in a few years.