If you embrace the Red Chinese Yuan, whose value will be determined by the whims of Xi Jinping and the Chinese Communist Party, you deserve what happens to you.
In today’s world anything can be made into currency since all it has to be is printed. Then the challenge is go get others to value it. Since no modern currency has anything hard backing it, just making a fiat currency shouldn’t be that hard. The hard part, as I said, is to get others to value it.
putting faith in a structure of forced economic value is foolish yet, the US dollar is moving farther from a value of economic strength to hearsay.
Commerce and trade is much too complicated without a common reserve currency and the banking system to implement it. Establishing a reserve currency must be based on underlying wealth, a stable political system that values and enforces under law private property and a willingness of those who establish such a currency to adhere to those values and practices. Those values are coming under question as the US, the issuer of the commonly held reserve currency which for domestic political purposes has printed dollars wildly and has inhibited the creation of wealth, and are not widely held by the BRIC countries. One of two things will occur. Faith in the US dollar and America itself will continue to erode and international trade and commerce will suffer or a whole new system will evolve that wbe independent of a given currency. Doubt it will be crypto currency.
The Fed arrogantly believes the Dollar will forever be the reserve currency, while continually inflating the dollar supply.
“Russia and China are brewing up a challenge to dollar dominance by creating a new reserve currency”
yep, it’s going to be a new crypto called SinoRusskieCoin and it’s going to be the next big thing, USD killer ... soon to be accepted by major oil producers everywhere ... get yours while it’s hot (and before it collapses) ...
We’ve got 2022 and 2024 to turn things around. If for whatever reason we loose the presidency in 2024, we’re done.
China will own us.
Here it is.
HE who has eyes to see, let him see.
