The end of dollar hegemony
- Zack Morris
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Re: The end of dollar hegemony
It's not about what you can own with Chinese money, noddy, it's about how you will pay your rent to them. The yuan could become the global tributary currency if the Chinese re-emerge as the dominant world economy. As a nation, they are certainly ambitious and forward-thinking, capable of executing on large-scale projects. Their scientific output has steadily been increasing. They've built a formidable industrial base and are rapidly making progress in high value-add technology. They have turned their attention toward clean energy, recognizing its multitude of benefits, and space travel.
And militarily, the situation between the US and China can be roughly compared to that of Japan vs. the US in the 1930's. Japanese commanders were battle-hardened and tested. It was the undisputed military leader within its sphere of influence and had successfully defeated a Western power decades earlier. By the end of the 1930's its might stretched across the western Pacific Rim and deep into mainland Asia. But then they were defeated by an upstart: the United States. Was it because US soldiers were smarter or braver or fought harder? Nope. The US enjoyed a massive population advantage and a vastly larger industrial base.
No one knows what the future holds but the Chinese taking possession of the South China Sea, purchasing the Australian government outright (as already seems to be happening ), and having your children pay annual tribute is a possible outcome
And militarily, the situation between the US and China can be roughly compared to that of Japan vs. the US in the 1930's. Japanese commanders were battle-hardened and tested. It was the undisputed military leader within its sphere of influence and had successfully defeated a Western power decades earlier. By the end of the 1930's its might stretched across the western Pacific Rim and deep into mainland Asia. But then they were defeated by an upstart: the United States. Was it because US soldiers were smarter or braver or fought harder? Nope. The US enjoyed a massive population advantage and a vastly larger industrial base.
No one knows what the future holds but the Chinese taking possession of the South China Sea, purchasing the Australian government outright (as already seems to be happening ), and having your children pay annual tribute is a possible outcome
Re: The end of dollar hegemony
huh ?
Ive said many times Id prefer the Chinese business tycoons to the infantile middle class whites, it would be a blessing.
still, cant see them stopping their ultra racist/nationalist thing and shooting themselves in the foot, as they always do.
you cant be a global power without letting the rest of the world play.
Ive said many times Id prefer the Chinese business tycoons to the infantile middle class whites, it would be a blessing.
still, cant see them stopping their ultra racist/nationalist thing and shooting themselves in the foot, as they always do.
you cant be a global power without letting the rest of the world play.
ultracrepidarian
Re: The end of dollar hegemony
Something is wrong with this thread title. It's supposed to be "The end of dollar hedgemoney"
Men often oppose a thing merely because they have had no agency in planning it, or because it may have been planned by those whom they dislike.
-Alexander Hamilton
-Alexander Hamilton
Re: The end of dollar hegemony
I never said I was a Marxist Collectivist. I just said we should have a safety net that makes it temporary problems don't destroy someone's life. A societal hedge against poverty because someone got the flu, slipped on ice, had a premature baby, a family member with a stroke or something.Mr. Perfect wrote:Lol let me get this straight, marxist collectivist is trading in unsecured commodities? Can't make this stuff up.
Men often oppose a thing merely because they have had no agency in planning it, or because it may have been planned by those whom they dislike.
-Alexander Hamilton
-Alexander Hamilton
Re: The end of dollar hegemony
Zack I think we're at the end of 'dominant currency'.
Men often oppose a thing merely because they have had no agency in planning it, or because it may have been planned by those whom they dislike.
-Alexander Hamilton
-Alexander Hamilton
- Zack Morris
- Posts: 2837
- Joined: Mon Dec 26, 2011 8:52 am
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Re: The end of dollar hegemony
The end of dollar hegemony is indeed going to happen in our lifetime. Donald Trump and the Grumpy Old Psychopaths have only accelerated the time table.
Re: The end of dollar hegemony
Enki wrote:Zack I think we're at the end of 'dominant currency'.
The real test of such an end of dollar hegemony hypothesis will come during the next global financial crisis.Zack Morris wrote:The end of dollar hegemony is indeed going to happen in our lifetime. Donald Trump and the Grumpy Old Psychopaths have only accelerated the time table.
The historical refuges of perceived safety into which investors pile in during such crises are US dollars and US T-bills.
If investors were to choose alternative financial instruments, then that would the beginning of a problem for US dollar hegemony.
May the gods preserve and defend me from self-righteous altruists; I can defend myself from my enemies and my friends.
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Re: The end of dollar hegemony
You didn't have to. Opposing every mechanism of capitalism and denying the concept of private property itself made you a marxist collectivist among many many many many other things.Enki wrote: I never said I was a Marxist Collectivist.
We've already had that for several decades.I just said we should have a safety net that makes it temporary problems don't destroy someone's life. A societal hedge against poverty because someone got the flu, slipped on ice, had a premature baby, a family member with a stroke or something.
Censorship isn't necessary
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Re: The end of dollar hegemony
Why would a booming economy bring about the end of dollar hegemony?Zack Morris wrote:The end of dollar hegemony is indeed going to happen in our lifetime. Donald Trump and the Grumpy Old Psychopaths have only accelerated the time table.
The average Democrat congressman is 25 years older than the average Republican congressman. You are led by Maxine Waters, Nancy Pelosi, Steny Hoyer, Chuck Schumer, etc
Censorship isn't necessary
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Re: The end of dollar hegemony
Yes and no. Assumptions built into your statement is we will get a 2008 style repeat. Not likely, for many reasons. Statistically we will have the odd recession here or there, but statistically 2008 is every 4-8 decades or so. Lots will happen in that time frame.Typhoon wrote: The real test of such an end of dollar hegemony hypothesis will come during the next global financial crisis.
The historical refuges of perceived safety into which investors pile in during such crises are US dollars and US T-bills.
If investors were to choose alternative financial instruments, then that would the beginning of a problem for US dollar hegemony.
Point being fiat currencies gained the upper hand because they are more portable than old precious metal systems but it took decades to phase them in properly. Cryptos are very stimulating in that indeed they do accidentally threaten fiat government currencies, and per the thread title I can't see any reason why they won't succeed.
But the implications are not what Tinker suggest. "Dollar hegemony" is a left wing shibboleth and red herring to do with "American hegemony" and all that crap. Remember "American hegemony"? So George Bush. When obama got elected they didn't really care about that anymore. "Dollar hegemony" is a meaningless concept.
What is not a meaningless concept is government fiats, and what Tinker has not cognated yet is that by participating in bitcoin he is undermining government fiats. Which is fine by me. The elimination of government fiats is indeed a heavy blow to collectivism, so I support it.
Cryptocurrency will indeed supplant government fiats eventually, whether it is 1 decade or 5 I cannot tell.
Censorship isn't necessary
- Nonc Hilaire
- Posts: 6208
- Joined: Sat Dec 17, 2011 1:28 am
Re: The end of dollar hegemony
Dollar hegemony is real until March 26 when the petroyuan starts up. I still expect a gentle transition, but it will be interesting. Would not be surprised to see inflation in the cryptos.
“Christ has no body now but yours. Yours are the eyes through which he looks with compassion on this world. Yours are the feet with which he walks among His people to do good. Yours are the hands through which he blesses His creation.”
Teresa of Ávila
Teresa of Ávila