Skip to comments.The Tech Cold War Is Here — And The US Isn't Winning
Posted on 08/23/2020 9:22:48 AM PDT by Enlightened1
Like it or not, the U.S. is already fighting an economic and technological cold war against China. While we should aim to eventually return to the optimism and promise of a broad China/U.S. partnership, the time for that is not now. This is a major challenge to our country, and we must do everything we can to avoid losing our economic leadership.
By now, we all know the rivalry in 5G and AI, part of Chinas $1.4 trillion technology commitment. Less attention has been given to an equally consequential struggle: who will control our future global financial systems.
The power and privilege Americans enjoy from the dollar being the worlds reserve currency cannot be overstated. While the U.S. makes up 21 percent of global GDP, the dollar accounts for over 88 percent of global trade. Part of this privilege comes from Americas stewardship of the worlds financial infrastructure, giving the U.S. enormous power in international relations and advancing a global economic system based on American values of economic freedom and open access. The world, including China, has also benefited enormously from American stewardship.
But a moment of fundamental change is upon us. Much of the worlds financial infrastructure is based on antiquated technology from the 1970s and faces dramatic change from digital wallets, blockchain technology, cryptocurrencies and interoperability protocols. For China, this is a once-in-a-century opportunity to wrest away American stewardship of the global financial system, including its ultimate goal of replacing the dollar with a digital yuan.
While far from a household name, these technologies are gaining popular traction. At a high level, cryptocurrencies are digital assets or currencies enabled by distributed ledgers called blockchains where theres no single system controller different from traditional fiat money that is issued and backed by governments. Blockchains are essentially public...
(Excerpt) Read more at thehill.com ...
Barf alert, appears to be written and approved by the Chinese Communist Party.
Hey another article and another post about how we are facing doom doom doom :-) we can’t win a battle at Sea on land in space in the air. Technologically we are being crushed. It’s over!!!
So many variables and factors are left out of this article that it’s too laughable.
Everybody’s got a plan against America. Until they get hit
If you read the article, then you would realize it’s a pro American article and not a pro China at all.
Grant recognition of Red China. Admission of Red China to the UN.They wouldnt have any of this technology if it were not for Democrats and RINOs selling out and giving them MFN status of all things. Just as bad as what the Rosenbergs did with our nuke secrets, putting the whole world in danger of extinction.
Communist goal #7
Chris is just trying to wake people up about what is happening financially.
Most people are asleep and have no idea what is happening. The world is changing financially over the next 2 decades. We will see the beginning of it next few months.
Oh I know China lacks innovation.
All the do is steal, copy and cheat. Haha!
They are typical commies in other words.
How did Ripple help China?
They are based in the U.S. and stayed in the U.S. when others started leaving.
Ripple has been working with the Feds the entire time.
Why are we still educating so many Chinese at our universities...and ehy are so many college professors Chinese?
The slogan on their home page is “Instantly Move Money To All Corners Of The World.” That does not imply shutting Red China out.
They are partners with SBI Holdings, a Japanese-based firm that does lots of business with Red China.
It’s one thing to blow the whistle, but practice of what one preaches is of course another.
The author is an idiot and/or Chinese stooge.
Ridiculous premise throughout.
“The world is changing financially over the next 2 decades. We will see the beginning of it next few months.”
Why does blockchain sell capital investment...for dollars?
Why are dollars valuable to them?
Therein is the bottom line.
Blockchain is not a they. Blockchain doesn’t sell anything. It’s just a technology. Now MANY companies use blockchain for stuff, including crypto currency. And as for why people pay dollars for crypo currency, same reason people pay dollars for fractional portions of legal fictions (stocks): cause they can sell it to somebody else, and some even think there will be value in the holding.
Chinas digital currency push is their latest effort to become the worlds reserve currency and simultaneously the worlds surveillance system, controlling ALL humans on Earth. To see their new systems as anything else is nothing more than deep throating the Panda again.
Their virus and belligerent behavior has turned the world against the 4th Reich, and their bubble economy is heading for a crash worse than the world has ever seen.
Easy to build air castles. Damn difficult to live in them.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.