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Decline of the Western World

China has tried to subvert Australia. I believe they tried to get Australia to join an Chinese trade pact and trade in Chinese currency.

If China replaced the dollar it would leasve trade wide open to currency manipulation and extortion.





01:41
Hong Kong CNN Business —

Tensions between China and Australia have taken a $4 billion toll on the important trading partnership, but Canberra says its economy has proven “remarkably resilient” as other countries moved to fill in the gaps.

Australian Treasurer Josh Frydenberg on Monday claimed the Chinese government has failed to seriously impact the country’s economy through a series of punitive measures on exports. The trade dispute has escalated since April 2020, when Prime
While trade between China and Australia fell by about 5.4 billion Australian dollars ($4 billion) in the first half of 2021, compared to the previous year, Frydenberg said that loss had been mostly made up by a 4.4 billion Australian dollar ($3.27 billion) increase with the rest of the world.

Frydenberg also accused Beijing of trying to exert “political pressure” through its actions — some of Canberra’s strongest comments yet on the year-long dispute. He said Australia was “on the front line” of a new era of strategic competition between the United States and China, adding it was “no secret” that Beijing had tried to damage Australia’s economy over political grievances.
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China does not want free market competition and trade, it wants to donate and control.

Claiming control of the South China Sea was an obvious attempt to control maritime trade.


gjia.georgetown.edu

The Future of the Chinese Yuan | GJIA

gjia.georgetown.edu gjia.georgetown.edu



For a while, the globalization of the yuan seemed inevitable. In this article, we explore the recent developments regarding the Chinese currency, showing how the speculative attack of 2016 has shifted the priorities of Chinese authorities. Instead of a full-blown de-dollarization strategy and Belt and Road Initiative, China now focuses on developing cross-border yuan-denominated trade settlement systems. State-owned companies have a limited ability to purchase foreign companies as in the past, and the government has stopped making voluminous loans to poor countries; China now pursues tight controls over capital outflows and a slightly more volatile Renminbi.

Introduction

China no longer seeks a global yuan due to the actions of state-owned companies and Chinese individuals moving money abroad. In 2013, the Belt and Road Initiative (BRI) was organized to expel US dollars from the Chinese economy and limit the need for market interventions. However, Chinese state-owned companies initiated a speculative attack that forced the hand of the People’s Bank of China (PBOC). Chinese authorities propped up capital markets, restricting households that sought to move capital overseas. Meanwhile, the United States has increasingly weaponized the global greenback, and the increasing threat of US sanctions has limited the options of Chinese policymakers.

Central to the yuan’s future is whether China will attempt to de-dollarize the global economy or merely hedge against potential US sanctions. China is constrained to the latter for the next few years. Attempting to de-dollarize would require China to maintain free capital markets. However, lessons from 2015 suggest that doing so would risk another financial crisis in China. Still, China should continue to build central bank agreements for cross-border trade settlements in Renminbi to counteract the US dollar’s sanctioning power.
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Swammerdami said:
For total GDP, China is now #2 in the world, fast approaching the #1 slot.
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It's called nominal GDP, economists don't use it anymore, Wolff does in this video for some reasons.
PPP GDP is a correct way to measure the size of the economy, PPP excludes effects of exchange rates.
China is #1 in PPP GDP. Russia is #4 ahead of Japan according to WB.
 
steve_bank said:
China has tried to subvert Australia. I believe they tried to get Australia to join an Chinese trade pact and trade in Chinese currency.
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The foolish (stupid) Dan Andrews, Premier of Victoria, did sign up for the Chinese Belt, Road & Rail intiative. Such an idiot.
The Federal Govt over-ruled it.
 
Personally I'm one of those evil people who doesn't care if America is "the best economy in the world" or the best at anything in the world, so this is all meaningless to me.
 
GenesisNemesis said:
Personally I'm one of those evil people who doesn't care if America is "the best economy in the world" or the best at anything in the world, so this is all meaningless to me.
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There are clear economic and geopolitical advantages to having the best economy. And US have had that for a long time.
 
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barbos said:
GenesisNemesis said:
Personally I'm one of those evil people who doesn't care if America is "the best economy in the world" or the best at anything in the world, so this is all meaningless to me.
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There are clear economic and geopolitical advantages to have the best economy. And US have had that for a long time.
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Sure, but seeing as I don't believe in American Exceptionalism, don't give a shit.
 
GenesisNemesis said:
barbos said:
GenesisNemesis said:
Personally I'm one of those evil people who doesn't care if America is "the best economy in the world" or the best at anything in the world, so this is all meaningless to me.
Click to expand...
There are clear economic and geopolitical advantages to have the best economy. And US have had that for a long time.
Click to expand...

Sure, but seeing as I don't believe in American Exceptionalism, don't give a shit.
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You don't need to believe in something to use it for your advantage.
 
barbos said:
Swammerdami said:
For total GDP, China is now #2 in the world, fast approaching the #1 slot.
...
When the "PPP" adjustment is made to GDP, China is already #1, a whopping 23% ahead of the #2 (USA).
Click to expand...
It's called nominal GDP, economists don't use it anymore, Wolff does in this video for some reasons.
PPP GDP is a correct way to measure the size of the economy, PPP excludes effects of exchange rates.
China is #1 in PPP GDP. Russia is #4 ahead of Japan according to WB.
Click to expand...
barbos obviously only skimmed my post, since he ignored my sentence (shown above in blue) which makes the same point he makes.

BOTH GDP and GDP(PPP) are useful measures used by economists, so the barbos sentences I've reddened are incorrect.

If anyone finds a useful paper comparing the utilities of these two different measures, I would like to read it.
 
The biggest evidence that the US is declining is the rise of Trump and Trumpism.

That’s it. Full stop. Hopefully, Trumpism will be defeated in the fall and will recede and with some hard work, will die the death it deserves.

Barbos cleverly illustrates the world view that supports Trumpism: elevation of the monied class and submission of the masses, kept in place by keeping fingers pointed everywhere except at those who make the rules—and benefit from them. Well, I guess for some, that beats actually thinking for themselves and assuming the control over their own lives. I get it: some people are just happier being told what to do.

But there is another way of looking at life, living life. That is recognizing that we are all better off when we are all better off—when everyone is given economic opportunity and personal freedom, everyone is happier and the world is more stable. Stability promotes economic prosperity for all, not just for defense contractors and oligarchs or propagandists.

Yes some people will have more just as some people will be taller. Not everyone wants or needs the same things—but there are basics everyone needs: food, housing, healthcare, clean air and water, education, healthcare, education, safety at home and in the neighborhood and moving through the world and equal protection under the law.

Your height or weight or gender or color or sexual orientation should not determine the extent to which society society supports and values you nor should those characteristics determine what rights you enjoy or how the law treats you.

Some people don’t like change. Some people are more comfortable with a few people in charge and not having to thin too hard, especially about other people’s welfare. They just don’t have the vision to see that a society that views everyone as deserving of good and equal treatment does the same thing for more people than letting the monied class rule. IMO, they need to grow the fuck up.
 
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