All money everywhere is paper, not backed by anything.
China is a communist country, they can print all the yuan they need.
What do think the “Federal” reserve is doing?
That’s not the problem. The people are going to lose their collective s**t when their banks freeze up. Devaluing their currency (which is the natural reaction from a government) will lead to large scale riots.
I don’t think most in the US can comprehend how large China is, and when millions of folks from all over lose their minds…that won’t end pretty.
Taiwan will literally be the last thing on their minds.
And the loser will be the US. We still rely on that East to West supply chain for a lot of our stuff.
I don’t think it’s as dire as this article states, but it only needs to be kind of dire to screw up the world.