von Mises said: “There is no means of avoiding the final collapse of a boom brought about by credit expansion”. Quoted from a post by Anonymous.
Many high spending but low thinking individuals have encountered this painful experience and ended up in very bad shape, deep in debt or bankruptcy. It is a no brainer not to spend beyond your means, spend what you do not have but keep chalking up debts by using the credit card, ie expanding credit.
The American economy has been on this mode for more than half a century, living on debt, on borrowed money, on borrowed time, thinking that they could kick the can down the road forever, with their hegemony in the greenback. The Americans think that they can control the world and make the world dependent on the shit papers they are printing with increasing volumes and have no way to stop the trend, to stop the Americans from feasting on the efforts and labour of the world, without having to work for it.
The more the rest of the world think about it, that they have been taken for a ride by the Americans, working like slaves, slogging day in and day out, to feed the lavish and outlandish lifestyle of the Americans, to live in great style and gluttony, by just printing shit papers in exchange for their goods, the angrier would be the world and the more they would want to end this parasitic and exploitative relationship.
This awareness and awakening is not new, but were well known for decades. It was the inability of the rest of the world to resist, to dump the US$ as they were too weak to stop the process. Those who tried to change the imbalance were simply killed by the Americans eg Saddam Hussein and Muammar Gaddafi and many others.
Today the table has turned. There are enough big powers to challenge the unchallenged, once almighty American war machine. The rise of China and Russia has made it possible to take on this challenge, to stop the Americans from exploiting the rest of the world against their will and interests. The Americans thought they were very smart in devising this dollar hegemony, with the greenback as the world reserve currency, the must used currency for trade. No, the rest of the world is not stupid.
The moment they see an opportunity to break away from the American gridlock and oppression, they quickly seized the chance to end it. China and Russia are taking the lead, and one by one, the countries of the world are joining the bandwagon, to dump the greenback, to tell the Americans that the free ride must stop. And it is going to stop very fast, gaining speed by the day, to end the dollar hegemony for a fairer and just world.
Any economy or scheme that is lopsided, based on deceit, or rely on kicking the can further down the road must come to a dreadful end. An economy relying on the import of unproductive foreign worker immigration must come to the same dreadful end.
Do you think the CPF scheme and ever inflating price of HDB flat would come to the same sad ending? For sure the end of the dollar hegemony would come first as the rest of the world has got pissed off with it and working to bring its collapse, intentionally and with full conviction and commitments.
Strengthened China-Saudi ties raise prospects for use of yuan in oil settlement - Global Times, Dec 08
ReplyDeleteChina-Saudi move helps hedge against uncertainties, weakens US dollar hegemony
A discussion of shift to use Chinese yuan in China-Saudi oil settlement is increasingly rising recently amid an ongoing visit of Chinese President Xi Jinping to the country.
The shift is deemed as necessary by observers from both countries in light of the "increasing weaponization of the dollar dominated financial system," they said, hoping the move to inject certainty to bilateral trade and dent the US dollar's hegemony of the global petroleum market.
More frequent use of each other's currency is also highlighted in the agenda of the Chinese government. In a report titled "China-Arab Cooperation in the New Era," which the Chinese Foreign Ministry released on December 3, China said it will strengthen monetary cooperation with central banks of Arab countries, and discuss expanding cross-border local currency settlement and swap arrangements.
China is Saudi Arabia's largest trading partner, with bilateral trade worth $87.3 billion in 2021. "Using the Chinese yuan to settle a portion or all of their trade, whether it be oil-related or not, is only logical and normal, especially in light of the increasing weaponization of the dollar dominated financial system," said Ebrahim Hashem, former adviser to the chairman of the Abu Dhabi Executive Office.
"Settling their trade in their local currencies, especially in the Chinese yuan, will further cushion their trade against possible politicization of the international financial system," Hashem said.
The talks over yuan-priced oil contracts have been going on for years, but this year witnessed signs of acceleration.
"If those active talks between Riyadh and Beijing succeed in pricing some of Saudi Arabia's oil sales to China in yuan, then it is a step that would reduce the dominance of the dollar in the global oil market," said Nadia Helmy, professor of political science, Beni Suef University, Egypt. "I believe that allowing oil payments to be made in yuan may pave the way for the creation of a (parallel system for international payments) in which the Chinese yuan will have the same importance and strength as the US dollar," the expert said.
That is why the Russia/China lead in de-dollarisation must suceed for the rest of the world to be freed of the US$ hegemony curse. Half a century of USA cannibalisation of the world's blood and sweat production of goods, in exchange for fiat money printed out of thin air, has to be stopped. The USA has been given a free ride by the rest of the world for half a century, enjoying all the good life by importing all the essential products on the back of their US$ hegemony free money printing. On top of that, the USA committed mistrust by misusing that privilege to weaponise the US$ to impose sanctions on other countries. That cannot be tolerated.
ReplyDeleteJust like Europe, enjoying decades of cheap Russian energy and is turning into a snake that is now biting the hand that had provided the means for Europe's rise. Europe committed a strategic and costly mistake. Now, cheap energy is going to be over and they can talk about capping Russian oil and gas among themselves and shooting their own feet. Europe had been grossly mislead by the USA and are paying the ultimate price.
UK is also suffering with temperatures in some regions just hitting minus -10 degrees celcius. This is just the beginning of the long freeze. On top of that there are strikes being called by nurses, ambulance drivers and rail workers. Rail strike is expected to be called just before and after Christmas, and all that is going to create unrest soon. With the flu season setting in and with COVID still infecting people, hospitals will be without qualified medical personnel to look after patients. All is going to be hell.
If the UK resorts to emergency rule like Canada, or follow the USA in rewriting the law against strikes, that is as dictatorial as what they have been accusing China of doing. What human rights are they talking about if even the freedom to strike is taken away? The people of the West better wake up as the Facist elites are tightening the ropes around their necks.
Anyway, the rise of the BRICS was an essential part of the plan to support the Russian/Chinese lead, and more countries are joining. Those countries joining or intending to join the BRICS are important players in the energy, food and countries rich in resources like Venezuela, Argentina and Saudi Arabia. Once Saudi Arabia takes the lead, other Middle Eastern oil producers will also be expected to follow.
The Coming Purge of the Pro China-Hands:
ReplyDelete'There comes a time during or shortly after the academic training of every “Student of China” when he frequently runs into one of the many agents of Western anti-China state security.
They are adverse hostile forces, they run a complete background-check on you, and then they‘ll make you a simple offer: You either produce anti-Chinese content for the West, or they‘ll mark you as anti-democratic and enemy of freedom, a traitor. In that case, you’ll never find work in the West again.'
'In this war, it is the West or you perish. Joining the enemy, China, is a capital crime. Have you ever wondered why there are no pro-China talking heads in the books, in the papers or on telly? It is because pro-China people in “China Studies” were the enemy. They didn’t make it through graduation, they weren’t hired, etc..'
'“China Studies” is one of the many Western-invented “Studies” that were tools during the Imperialist era and today probably shouldn’t continue. However, this ingrained, state-sponsored, all-consuming British hatred for China and the China-hands truly stands out, I think, and the pressure on Western students to conform to the British version of Chinese history is damaging and painful.
To cement London’s claim to British world empire over the Chinese, the government is shipping and flying in hundreds of thousands of Hong Kong Chinese and Taiwan Chinese and Token Chinese. In the government’s twisted calculations, this will also lend “China Studies” its fake legitimacy.'
'The City of London and the Government in Westminster, for example, give billions of their war budget for the creation of extremely few Western “China Experts” who torture their peers, assassinate their critics, and cannot be removed.'
'In the entire world, there are perhaps 50 to 100 such Western “China Experts.” They form the real Government of China, and they live outside of China. You have read that correctly: That government in China over there in China, the “Communist Party of China” or CPC, is considered illegitimate in the West. The West’s ideal “Government of China” is a Western government, and it is run by Western “China Experts,” administered by Western agents and bureaucrats, and it is plentifully staffed with pro-Western Chinese serviles.'
'We basically learn from the cradle of “China Studies” that the Chinese are oppressed, that the Chinese commit genocide, that the Chinese are evil communists, or evil tyrants, or backward people who eat dogs and kill little girls.'
'China is now the professed enemy of the West. It doesn’t matter whether you live in the UK, in Canada, in the USA, in Australia, Germany or France. Those Western governments cling to world hegemony and are going to intensify the purges of pro-China persons in our universities, in the professions and on the Internet. How much time do you think YOU have left until they put your name and whereabouts on a China-hands watch list?'
Link to article:
https://thesaker.is/the-coming-purge-of-the-china-hands/
Any targeting of or pro-China purge by the West is a blessing in disguise for China. When most of those talents return to China, it helps to advance China's technological progress even faster.
ReplyDeleteRight now, many working in top universities in USA and UK are already being targeted as spies and have chosen to return to China. What is the point of earning high salaries in the West when you are being ostracised for being Chinese and treated as bitter enemies and not welcomed?
Chinese talents working in the West should realise this and return to China, which today is able to provide all the facilities for research as good as those found in the West. Chinese Universities are already rising up the ranks globally and helping in the development of China's cutting edge in many fields. Chinese students should not continue to persue their studies in the West and helping to fund those universities, as top universities can now be found in China. That mindset must change, and change for the better, now that China has reached the status of being able to innovate and even surpass it's competition.
We don’t read mainstream media!
ReplyDeleteFor the last two decades, vast majority of Americans and Europeans have been facing stagnation in their living standards. The median wage of the American worker has been flat since the 1970s! Almost all European countries have been stuck in a flat line since the 2008 financial crisis.
Meanwhile, the “disposable” income — wages after all taxes — have been growing exponentially in China. And Chinese have decent universal healthcare, (practically) free college, world-class public transportation, clean and safe cities, 40,000km of bullet trains and so on.
The biggest fear of Western elites is for their voters to ask, “Hey, wait, why can’t we have nice things like the Chinese?”
Thus, the best way to avoid this embarrassment is constant anti-China propaganda. It’s also quite successful. On social media, you can see people bring up illogical anti-China talking points every time there’s a positive fact about China. For example: A photo of a beautiful metro in China will have comments like “Made with slave labor” or “It’s going to fall apart soon.”
There are plenty of articles, fake experts (like Peter Zeihan), and sensational YouTube videos about the impending collapse of China’s economy. First, they serve the purpose mentioned earlier.
Second, this serves to discourage investors and other countries from investing in China, whether it’s buying Chinese bonds/stocks or directing FDI or signing up for infrastructure projects or strategic relations with China.
Obviously, this is not working so well, since 147 countries have signed up for China’s Belt and Road Initiative; and as recently UBS’ Chief said, “Global bankers are bullish on China. We don’t read mainstream media!”
They offered UK nurses with wage increase of 1%. With the UK inflation at 11% in October and unlikely to be much lower going forward, how is the 1% going to make the nurses agree not to strike?
ReplyDeleteIt is rather striking that the UK had been supporting Ukraine by the billions, but refused to pay nurses for their sacrifices working under the COVID pandemic situation.