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49 sats \ 3 replies \ @flat24 OP 29 Jul \ parent \ on: How much will it be missing to see Bitcoin within that asset basket? 🏦 🍊 charts_and_numbers
Yes, you are right.
I think that as they "patented" socialism to the Chinese. (Promoting the creation of wealth of the capitalist model, maintaining the control and totalitarianism of the communist model, the great Chinese fusion)
They are riding a kind of Gold to the Chinese standard. not directly supporting the currency with the asset, but allowing the exchange of Yuan for the millenary yellow, as it was in the past.
It can be argued that the heyday of western power and wealth was the 1930s-1970s mixed economy when a fair amount of socialism was introduced to pacify the masses (free education and in many places free health and education, unionism, welfare, state investment in infrastructure, highly regulated exchange rates, import controls and quotas and trade tariffs, strong policies seeking to produce locally and strict regulation of profit motivated bankers use of fiat debt issuance- commercial banks could only fund productive enterprise- not housing and other non productive asset price speculation etc...during that time the west led by the USA dominated manufacturing - but that since the deregulation of the neoliberal era the wests economy has lost ground in manufacturing and become very much dependent upon financialisation and speculation in financial derivatives, and last but not least a culture of debt has grown.
China is applying its version of the mixed economy- certainly with very heavy handed state control- especially in terms of the allocation of capital- but this is delivering what most Chinese want- economic improvement.
Most empires have had their rough edges at the start.
It can be argued today capital directs western governments and voters have little real say beyond cosmetics, democracy has been hijacked by corporpate lobbyists embedded in a revolving door model of patronage and cronyism - while in China the CCP knows that if it fails to deliver economic advance to the majority it risks very likely bloody removal from power under the modern equivalent of Heavens Mandate.
Over time as happened in the west people will want more freedom and 'rights' and the Chinese model may change or take a new form- just as western governments changed from when the British were privateering pirates raiding the Spanish galleons. . . just as today the Chinese are raiding western technology...
Once you rise from the underdog to being the empire the narrative and imperatives change!
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Thank you very much for this comment loaded with data that provide clarity and help to understand much better that the rise of China and the decline of the United States is inevitable.
At any time China will be who takes control of the ship and will be the captain.
While that happens, our only safe refuge is Bitcoin, to be able to escape from the capital control that is coming and escape from the devaluation of the dollar that has been galloping with vigor.
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I don't see Chinas eventual triumph and dominance over the west and the rest of the world as inevitable yet, but that certainly it is how many, especially Chinese, see things already.
China is already well ahead in many areas.
The denial of even the possibility of Chinese dominance by many in the west is a huge problem (for the west) as it makes it a lot more probable the west will not respond to the challenge in time.
Chinas military power is not yet equal to that of the west, but is rapidly catching up.
Bitcoin certainly does offer a powerful and useful neutral monetary solution in this scenario.
Sometimes I dare to hope that China and the west could potentially work together with great effect if they adopted neutral protocols for trade and exchange, such as Bitcoin, which provides a model of monetary neutrality and equity.
The Chinese can reasonably argue that current international protocols and institutions (eg SWIFT and IMF) are stacked heavily in the wests favour...but if China is simply to impose its own instruments of imperialist advantage and extraordinary privilege to replace them there is very limited appeal to the rest of the world in that.
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