The Tech Cold War Is Here — And The US Isn't Winning

The Hill ^ | 08/21/20 | Chris Larsen

[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 China’s $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 world’s 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 America’s stewardship of the world’s 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 world’s financial infrastructure is based on antiquated technology from the 1970’s 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 there’s no single system controller — different from traditional fiat money that is issued and backed by governments. Blockchains are essentially public...

[GOPJ]

If Hillary had been elected she never would have stopped Chinese theft of intellectual property...

Hillary would have negotiated for large donations to the Clinton Foundation - and demanded the Chinese listen to 3 of her 'speeches' a year for a 40 million a speech.

And Biden?

Biden has great empathy ...for his son Hunter's need to live the high life. If Biden's elected Hunter will sit on a the boards of a few Chinese companies for a billion a year... And that will be our China policy - manna for DC elite thugs and crap for the country.

[Texas Fossil]

ChiCom Barf!

Bump

[Texas Fossil]

Chris Larsen is co-founder and executive chairman of Ripple, a payments network provider using digital assets and blockchain technology to solve problems with global payments.

Head shake.