Why China & Its Trading Allies Are Well Placed To Topple The U.S. Dollar

New Statesman ^ | 05/07/2023 | Wolfgang Munchau

[whitney69]

“Without the US trade they collapse.”

I’m fascinated by the misuse of money replacing the basics of life. For the first few generations of any country, to include the US, money really didn’t mean anything except a centralized way to get goods that could be traded for. All money did was increase the amount of ways to use worth to gather food, shelter, water...life needs. But now it is the opinion that those goods, cannot be mustered without money. Well, like anything else, those same needs cannot be gathered without other trade items. You can’t eat money.

Money is now traded for goods in hand. If you live in a desert, can you trade water to your neighbor by giving them money? Or is money worthless when there isn’t any water? China can have the worth in money as long as it is understood we have the food. So they die rich...but they die anyway.

wy69

[central_va]

“Without the US trade they collapse.”

Ridiculous bunch of Free Traitor™ BS. We need our industrial base back. So it's OK with you Free Traitors™ that China is an industrial power house and we are an agrarian bunch of losers? F that.

[central_va]

"U.S. agricultural exports to China in fiscal year (FY) 2022 were $36.4 billion"

Drop in the bucket.

[Alberta's Child]

“Money replacing the basics in life” became more socially ingrained for one important reason:

As advances in technology became more complex, the number of products and services available to people grew exponentially. This made it more essential to use a neutral medium of exchange for transactions instead of trying to establish values based on commonly sold commodities. Your economy is much simpler when almost all transactions involve land, crops, livestock and food. It’s much harder to value the transactions directly when an auto mechanic fixes Bill Gates’ car in exchange for a bunch of Microsoft licenses.

[familyop]

Here we go again.

New Statesman
Wikipedia
"The New Statesman is a British political and cultural newsmagazine published in London.[2] Founded as a weekly review of politics and literature on 12 April 1913, it was at first connected with Sidney and Beatrice Webb and other leading members of the socialist Fabian Society, such as George Bernard Shaw, who was a founding director.

Today, the magazine is a print–digital hybrid. According to its present self-description, it has a liberal and progressive political position.[3] Jason Cowley, the magazine's editor, has described the New Statesman as a publication "of the left, for the left"[4]"

[Eleutheria5]

That’s ok. Brandon will topple it for them. What do you think they paid him for.

[bert]

Fashionable template driven article.

Drivel

[ding_dong_daddy_from_dumas]

How can I believe that the US is going to be strong with the Biden gang in command? BRICS will have challenges but their leaders are not trying to sabotage them.

[wiseprince]

The headline would be more accurate to say Russia instead of China. More true is the combination. This could happen without both Russia and China being on board. Russia is a major producer of critical resources. The west cut off the dollar from the resources. Seems silly because you can do without the currency, in the end, not so much without the resources.

[politicket]

That is the most idiotic globalist screed that I've ever read.

Everybody is entitled to their opinion - even if your's happens to be a wrong one...

[central_va]

Yes, I agree. Post away.

[DoodleBob]

Some facts.

Sure, The End will come some day. However, America is an economic fortress. Fortresses come under assault and take hits. But America and her fortress economy stand alone.

Before the Eeyores continue, here are a few things for perspective.

America makes up 4% of the world's population...

...and yet we crank out 24% of the planet's GDP.

And while we are at the top of the Countries that Consume the Most Oil (2020 barrels per day)

United States — 17,178,000
China — 14,225,000
India — 4,669,000
Saudi Arabia — 3,544,000
Japan — 3,268,000
Russia — 3,238,000
South Korea — 2,560,000
Brazil — 2,323,000
Canada — 2,282,000
— Germany 2,045,000

...we also top the list of Countries with the Highest Oil Production (barrels per day)

United States - 11,567,000
Russia - 10,503,000
Saudi Arabia - 10,225,000
Canada - 4,656,000
Iraq - 4,260,000
China - 3,969,000
United Arab Emirates - 2,954,000
Brazil - 2,852,000
Kuwait - 2,610,000
Iran - 2,546,000

Thus, we Americans, making up only 4% of the planet's headcount, produce about a quarter of GDP - punching way above our weight. In relative contrast, China is a joke.

And if THAT wasn't cool enough, America's 4% of the population is at the top of the equity market food chain:

And, of course, we win the gun race by a mile...

....but we're not losing the murder race.

As for the national debt, we have trillions in untapped oil and gas and mineral resources. IER estimated the worth of the government’s oil and gas technically recoverable resources to the economy to be about 8 times our national debt.

There are lots of problems in the US, but did you notice that even the economic doom newsletter sellers always take payment in fiat currency?

De-dollarization is a fantasy of the Harvard faculty, anti-Americans, and fearporn salesmen. Usually, they are cut from the same cloth.

A new contestant has emerged, which is A Person Who Is Worried About America. Fair enough. But America's eulogy has been written many times before. And we will emerge victorious this time as well.

But beware of the Harvard, anti-American salesman-type using FR as a conservative beard.

[central_va]

The country that “makes stuff” wins in the end. We start with protectionist tariffs now or die as a world power.

[Erik Latranyi]

What you fail to take into account is the bullying tactics of the US against the rest of the world.

When the US wants war with Russia, we demand everyone stop trading with Russia or sanctions fall on you.

By mixing our military intervention foreign policy with our dollar, we are creating massive resentment.

Lastly, learn about how African nations are enraged that they cannot build power plants or infrastructure (unless it is green) because the US is not allowing dollars to be lent for such purposes. Those African nations are being held back from climbing out from poverty thanks to US environmental policy backed by using the dolllar.

This resentment is growing globally.

Your GDP analysis fails to account for the fact that the BICS nations now have a higher combined GDP than the G7 nations.

If they want to trade among themselves and the rest of the world in other currencies, they can do it. As more and more nations get sick of US arrogance, they will turn away from the dollar.

[Eleutheria5]

Except there is this figurehead meat puppet POTUS who is doing all he can to destroy the US currency. I hope he fails. But he’s a busy little beaver, or rather the people for which he’s the figurehead are a busy little beaver.

[whitney69]

“So it’s OK with you Free Traitors™ that China is an industrial power house and we are an agrarian bunch of losers? F that.”

Chinese still gotta eat. That hasn’t been replaced with anything. And this is why they are failing while making available the supplying of food to their people slower than they can need it. All that money doesn’t mean anything. Money has replaced the basics of life in the eyes of the government and is now a tool to measure success for their profit and pleasures when Bill Gates can starve to death. And when you can print it without the worth behind it to devalue it, you cause someone down the trail to make up for the loss. Money can become worthless. Food and water, i.e., the actual worth of the money, can only be destroyed by devalue. And to think it is covered by a rock, which you can’t eat, drink, or live in, anymore, it becomes even worse.

wy69

[DoodleBob]

What I take into account, is human nature.

BRICS is a funny acronym. But Brazil, Russia, India, China, and South Africa remain five sovereign nations, each with varying economies, cultures, histories, interests, bigotry, politics, and agendas.

Many married people get a divorce. That's just two people. Polygamist families likely implode as fast or faster.

These five nations will work in unison. Until they don't. Seriously, Putin probably has a plan to kill the other states' heads and make it look a Clinton-associate tragedy. The other nations aren't THAT stupid (unlike the Putinistas) and have their "In Case of Double Tap Headshot Suicide Break Glass" playbooks.

India and China will start to feel like Russia's mistress and demand more limelight, and Brazil and South Africa will eventually grow tired of being Ringo.

Of course, threats need to be taken seriously. But fearporn is so boring.

[central_va]

They dont import much from the USA, get it?

[whitney69]

“U.S. agricultural exports to China in fiscal year (FY) 2022 were $36.4 billion”
Drop in the bucket.

But that’s not the end product. Money is being used to replace worth and create a satisfaction level the government can use for its gains. But money is fickled and can change the worth of something without reason due to people, not product.

For instance, between May 2006 and January 2022 the average price of a Big Mac in the US went up 100% from $2.90 to $5.81. In China it went up from $1.86 to $3.83, a raise of 205%. If the makers home country can take advantage of the burger this way, what happened to the other 105% of the increase? And how come it is so cheap in China? Because that’s what it can bring. Money dictates the worth of the worth. And the government dictates that in both countries.

China is slowly losing ground on the production of it’s own food. Between 2013 and 2019, China lost more than 5 percent of its arable land due to factors such as excess fertilizer use and land neglect, according to Chinese government figures. This is why they have to spend to cover their losses. And when you talk about 5% you are saying it effects 70 million people. So it is getting worse, not better. And when they can’t feed too many by themselves with their own land, and the price of food gets too high for them to purchase with their dollar level, then they have to go next door to find it. And what’s that going to cost the rest of the world when it doesn’t stop there or the US government gets a cause like the Ukraine and in reality puts us in the sights?

wy69

[whitney69]

“...the number of products and services available to people grew exponentially...”

Now if they can just stop changing the worth of the worth as dollar figures now dictate the price of the services and products not based upon availability or sources directly effected by the sellability of the product, we’d be even on the product or service. My problem is that those things are being dictated by too much away from the worth and more toward the cost. And that is being far more manipulated than needs to be. The system is destroying the product faster than the product itself. And it is not being accomplished by the product as it is the costs to create it. And when it comes to food, how much is too much when people are dying for some wholesaler’s profit or government export costs they can spend on the Arts? And how much is it worth to not have China send another virus at us to get even with us? That’s my problem.

wy69