Wonderful Benefits of De-dollarization

 
-- Sovereignty. Countries, especially developing ones, no longer have to let the US dictate their domestic and foreign policies. No more fear of sanctions that bully countries, corporations, politicians and individuals.

-- An America with diminished ability to print dollars. No more trillions of dollars out of thin air, while the USD stays strong. When dedollarization reaches a certain threshold, the US will be forced to play by the same rule as others. This means fewer US military bases around the world, fewer US-funded NGOs that start color revolutions, fewer politicians being bribed around the world and so on.

Basically, a fairer, less corrupt world. More “free market” and “free elections.”

-- Free to trade! Anyone can trade anything with anyone without Uncle Sam’s permission or threats. Same for investments. True freedom. While the US markets itself as a proponent of free trade, nothing can be farther from truth. This won’t just help countries like Cuba, Venezuela and North Korea, but everyone. For example, if India wants to build a seaport in Iran, it can be done without begging the US for permission.

The world’s GDP will literally go up due to dedollarization!

-- Cost savings: No middleman (US banks) taking commissions. For example, when China wants to buy oil from Saudi Arabia, both countries must use US banks to do the trade, and the banks take a commission for their “work.” It is estimated that the commission US banks earn in a year is almost equal to the GDP of a country like Portugal.

-- Privacy: Using US banks and SWIFT mean that the US gets to spy on everyone. By circumventing this system countries gain more privacy and freedom.

-- Save time: Faster transactions in local currencies. No American banks needed.

-- Less Exploitation of Developing Nations: The US dollar hegemony means that every country needs US dollar to survive. This artificial demand gives the US enormous power and makes the dollar strong. Thus, people in Mexico, China, Vietnam, India, Bangladesh, Africa etc. are forced to work for $1 or few pennies per hour to make products that are sold for hundreds or thousands of dollars by American/European corporations.

The US dollar is also used to destroy currencies of other countries for political and economic reasons, as we are seeing in Turkey, where the Lira has lost more 50% of its value in the last two years, as the US tried to carry out a regime change by disrupting the economy and getting rid of Erdogan.

-- Boost in global e-commerce and tourism: Way more options than under the current dollar regime.

-- Debt Trap Gone: Far less debt trap and exploitation by Western countries and institutions like IMF and World Bank. External debts in US dollar are one of the primary tools used to impose austerity and privatization on developing countries. Look what’s happening right now in Sri Lanka, Pakistan, Argentina, Egypt etc. This has been going on for decades.

-- FOREX? The entire concept of foreign exchange reserves will become less relevant since more trade will be done in local currencies.

Dollar, Euro and Yuan will likely be the three leading but equal choices as reserve currencies. There might also be a BRICS currency, if they manage to implement it wisely. No one country of region — USA, Europe or China — can bully others.

-- True Democracy: Multicurrency, multi-lenders, multi-partners… all these choices mean democratization of global finance.

No more monopoly, no more hegemony.

A multipolar and more just world will arise out of de-dollarization.

 Anonymous

George Yeo - Lunch time talk with Foreign Correspondent's Club, Hong Kong

A one hour clip on a lunch talk George Yeo had with the Hong Kong Foreign Correspondent's Club on 9 Mar 23 where George talked about Hong Kong and China relationship and also covered the Ukraine War and Singapore's domestic political issues.

At the end of the talk the moderator, an Afro American, Keith Richburg, commented that it would be in the Straits Times headline that George confirmed that he would not run for the President of Singapore. George also confirmed that he would not re enter politics when asked by an audience.  I did not recall the ST reporting on this, or maybe I missed it as I don't subscribe to ST anymore. George was also asked about the Lee siblings dispute but he declined to comment on grounds that he was friend to both parties.

Another aspect of Singapore that he disclosed was LKY's position that should there be a war with China, Singapore would not be involved, would not be on the side of the Americans. And this position has not changed. Singapore would not allowed any country to use its facilities to fight a war with China or any country. He then went on to caution the US, 'the US does not want China to fight back or talk back when scolded, but this will not happen! If the US does not step on the brakes of the car but continues to hurtle down the wrong road, further restraint would not prevent the car from overturning and going off course, and inevitably fall into conflict.'

George covered quite a lot of grounds from his personal experience and understanding of China and hope that there could be a win win conclusion in the competing claims over the South China Seas. He reiterated that China could be generous and able to be magnanimous to settle border issues with its neighbours, quoting examples with Myanmar, Vietnam and North Korea.

On the issues of Overseas Chinese and their relationship with China, George commented on the important contributions of Overseas Chinese in investing capitals into China after Tian An men. And he mentioned that Robert Kuok saying 'he is a patriotic Overseas Chinese who loves his Motherland.'  As for himself, he said he is Singaporean but also said, 'I am Chinese.' This is perhaps the first time that a Singaporean Chinese political leader, present or ex, ever said in public that he is a Chinese, a Chinese of the Chinese Civilisation, different from a Chinese citizen.

Quite an informative discussion with many interesting historical facts being brought into proper perspective.

Papua New Guinea - resource rich but poorest in the world, after being controlled and exploited by white men

In Papua New Guinea's capital, shanty towns without electricity or water that surround modern high-rise buildings are soon to be joined by a new project in the coastal city -– a gleaming Chinatown complex.

Beijing is pouring vast sums into Papua New Guinea, a resource-rich jewel in the Pacific crown but one of the poorest countries in the world, because of its vast potential and position near crucial sea routes.

A slew of Chinese projects are popping up across Port Moresby including the $414 million complex -– Beijing's biggest investment in Papua New Guinea -- that will boast a cinema, hotel, apartments and restaurants.


But locals are aggrieved they are seeing no obvious benefit from Beijing's big spend, complaining that thousands of workers are being flown in and paid to work on large projects, only to send the money home.

"Why are we left out? What the Chinese can do, our people can do," said former MP Gabia Gagarimabu, 62.

"They are coming in and we are sitting there and watching."

Unfinished or unused Chinese projects are also raising fears about the benefits of Beijing's aid and stoking suspicion it is worsening corruption in the country.  AFP

Above is a typical report by a typical white men spreading lies and disinformation against anything China is doing. But he forgot why Papua New Guinea, a resource rich country but still the poorest in the world, after being colonised, controlled and exploited by Australia and the white men for centuries. He forgot to ask, what had the white men done to improve the lives of the natives when they had centuries to do so? Did not Australia and the Brits took a lot of resources freely or cheaply from Papua New Guinea for centuries but did nothing in return to help the natives to live a better life, with better infrastructure and facilities to improve their economic situation?

All mischievous white men would do is to pick up a few comments from ignorant natives like the MP being quoted, or misquoted, that Chinese development and Chinese money did not bring anything good to benefit the natives. So the govt must be stupid and corrupt to bring in Chinese money and investments that would not benefit the country and people.

And they are not complaining about the centuries of exploitation and robbery by the white men that enriched the white men and kept the country and its people poor. After keeping Papua New Guinea poor for centuries, like they did to the African states, they are demonising China for bringing in money and development to Papua New Guinea. China came with its own money, paid for all the raw material, minerals, precious metals and oil that China bought. The contribution of China would take time to filter down and benefit the people of Papua New Guinea. China is investing in Papua New Guinea only recently, after noticing the neglect and looting by the white men.

The white men tried to condemn China's infrastructure building as building roads to nowhere, ports for nothing as there is no trade. But with Papua New Guinea now a part of the BRI, trade would flourish, ships would come calling, to trade, to buy the produces of the land, and bring prosperity to the people and make their lives better.

What can be worst than centuries of plundering and oppression by the white men, and leaving the country as it is, with little development?

 "Why are we left out? What the Chinese can do, our people can do," said former MP Gabia Gagarimabu. Really? Really?

Bangladesh - Silly Americans think they own the world

Is Bangladesh a vassal of the United States?

Today, I am announcing a new visa policy under Section 212(a)(3)(C) (“3C”) of the Immigration and Nationality Act to support Bangladesh’s goal of holding free, fair, and peaceful national elections. Under this policy, the United States will be able to restrict the issuance of visas for any Bangladeshi individual, believed to be responsible for, or complicit in, undermining the democratic election process in Bangladesh. This includes current and former Bangladeshi officials, members of pro-government and opposition political parties, and members of law enforcement, the judiciary, and security services. The United States notified the Bangladeshi government of this decision on May 3, 2023.

Actions that undermine the democratic election process include vote rigging, voter intimidation, the use of violence to prevent people from exercising their right to freedoms of association and peaceful assembly, and the use of measures designed to prevent political parties, voters, civil society, or the media from disseminating their views.

The holding of free and fair elections is the responsibility of everyone—voters, political parties, the government, the security forces, civil society, and the media. I am announcing this policy to lend our support to all those seeking to advance democracy in Bangladesh.

PRESS STATEMENT

ANTONY J. BLINKEN, SECRETARY OF STATE

MAY 24, 2023

 

Anonymous

American War Business, not about winning but about expending weapons and ordnance

As we also found out from later events, they USA could not even conquer North Korea by supporting South Korea. They were categorically defeated in Vietnam, running scared with just their pants on and tails between their legs. Of course both North Korea and North Vietnam were backed by the Russians and Chinese. Afghanistan was another glaring failure of the USA.
The manner the USA were evacuating on rooftops during the closing stages of the Vietname War showed the intensity of their fear. At the height of the Vietnam War, more than half a million USA troops were on the ground in Vietnam. USA total air superiority was without any doubt, with carpet bombing carried out day and night. While the USA was doing that, the North Vietnames were able to escape the bombing by hiding in underground bunkers. Ingenius!

Throughout their campaign in Vietnam/Indochina, the USA dropped more than 7.6 million tons of bombs, compared to 2.1 million tons by all countries during WW2. That was the devastation they were prepared to do to North Vietnam, and the Chief of Staff of US Air Forces then, Curtis LeMay, was touted to have gloated that they were going to bomb North Vietnam back to the Stone Age.

Agent Orange, the anti vegetation biological/chemical, was aerial sprayed on jungle areas that even today made the land unsuitable for agriculture and still causing deformities in newborn babies. 'Scorched Earth' mentality was on the USA minds, wanting to destroy Vietnam totally in case it falls to the North. Amid all these, no one shouted war crimes. No action by the ICC.

Then there was Afghanistan, where the USA stayed for 20 years and still lost the war to Taliban farmers bearing small arms. The USA Military fled, leaving behind billions of dollars of weapons, on top of huge numbers of US citizens left behind. Last I heard, the Taliban restored some of the weapons left behind and are able to use them. How could an improvished rag tag outfit managed to chase the USA out of Afghanistan, says a lot about comparing GDP might against fighting prowess and tenacity.

Even success in Iraq is questionable, despite George W. Bush gloating declaration of 'Mission Accomplished'. In later years he was reported to have admitted that he was too impatient to make that declaration, knowing that 20 years down the road Iraq has 'democracy' tainted by a broken dream for its citizens. The USA only succeeded in taking control of Iraq's oil, using that as a bargaining chip to control Iraq, with oil revenues under the jurisdiction of the USA.

Anonymous