Russia & China’s US-Provoked Payment Problems \ stacker news ~econ

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Russia & China’s US-Provoked Payment Problems korybko.substack.com/p/russia-and-chinas-us-provoked-payment?triedRedirect=true

1429 sats \ 17 comments \ @siggy47 8 Sep econ

The dollar remains the world’s reserve currency despite the reputational damage caused by the US’ anti-Russian sanctions, Russia and China are mired in US-provoked payment problems, and multipolarity has yet to fully emerge since the legacy of America’s unipolar system is responsible for the aforesaid.

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237 sats \ 5 replies \ @TomK 8 Sep

wow, thank you for the article. Interesting how India is mercilessly playing up its swing state status, isn't it?

87 sats \ 3 replies \ @Coinsreporter 8 Sep

India is mercilessly playing up its swing state status, isn't it?

No, India isn't mercilessly playing. Rather, I would call it a compulsion of every country to look at India now. Russia needs India but USA needs India more. Actually, the world stage has changed rapidly in the last decade or so. The world that once neglected India for whatever reasons were, now slowly getting to know how important India is geographically, economically and politically.

The tag of a swing state should be given to USA who once supported Taliban, then declared a war against them and then again gave them back Afghanistan. The same happened in Iraq, the same happened in Venezuela, the same happened with Pakistan and I must tell you the same is happening with Ukraine!

Also, how USA supported Pakistan until 2000 wasn't hidden to anyone but then when pakistan needed them most, they did not help. Ultimately Pakistan is now sitting in the lap of China.

97 sats \ 0 replies \ @IamSINGLE 8 Sep

I agree all of that.

21 sats \ 1 reply \ @TomK 8 Sep

Yes, I get Your point. I just wanted to express how India is growing in its geopolitical power. Especially the Europeans don't overlook this big shift until now

78 sats \ 0 replies \ @Coinsreporter 8 Sep

I know you understand that but often words may sound differently to different ears. That's why I just made it clear. Yes, Europeans have now realised it fully. Now, only now you gonna find packaged food printed 'Made in India' in EU malls and supermarkets. Before a few years, they didn't allow citing that we don't allow Indian food.

47 sats \ 0 replies \ @siggy47 OP 8 Sep

Different perspective

246 sats \ 1 reply \ @Coinsreporter 8 Sep

After reading the article thoroughly I've come to a conclusion that China tried hard to avoid dollar system but it failed. What happened is that India is continuously growing in exports to US while China is receding. China knows it. If they continuously try to force themselves into anti-dollar notion, they will sooner be replaced by India as the key partner in trades with India.

0 sats \ 0 replies \ @siggy47 OP 8 Sep

That view makes sense.

53 sats \ 0 replies \ @0xbitcoiner 8 Sep

https://data.imf.org/?sk=e6a5f467-c14b-4aa8-9f6d-5a09ec4e62a4

111 sats \ 0 replies \ @Thereal 8 Sep

Bitcoin will fix this soon

43 sats \ 5 replies \ @BTCLNAT 8 Sep

Excellent article. Many have placed their hope in the BRICS, where there are very powerful economies with a large amount of resources. But this part of history is showing that despite the hardships of the inflated dollar, the West is still in control. So looking at the matter in perspective, if Western countries, the USA in the lead, have that capacity against other economies that together should be stronger:

WHAT WILL HAPPEN WHEN THEY CONTINUE BUYING BTC WITH THEIR INFLATIONED MONEY?

WHAT OPPORTUNITIES FOR FREEDOM WILL THOSE WHO HAVE WORKED FOR THE CONSTRUCTION, MAINTENANCE AND DEVELOPMENT OF BITCOIN HAVE?

IT IS NOT HEALTHY FOR THOSE FINANCIAL OR GOVERNMENT ENTITIES TO CONTROL SO MUCH BTC.

0 sats \ 4 replies \ @siggy47 OP 8 Sep

Most of the btc that will exist has already been issued. Hopefully those giant old wallets are never tempted by enormous sums of fiat.

43 sats \ 3 replies \ @BTCLNAT 8 Sep

It is true that of the 21 million there are already 18 million in issue, but from time to time they put their claws in and manipulate the market, pushing the price so they can accumulate. On the other hand, there are mining pools, I'm not against them, but we know that for a miner to only mine one block, wow, it's hard work. It's also true that in the pools the profits are shared among everyone, but the majority part remains in powerful hands. What is issued and what remains to be issued can be bought by these whales. And when does general adoption arrive? Before it arrives, what will happen? Hopefully this control does not discourage adoption or harm it.

10 sats \ 2 replies \ @siggy47 OP 8 Sep

That's why we need local circular economies like yours. Off topic, but I'm curious. Do you accept bitcoin for medical services?

43 sats \ 1 reply \ @BTCLNAT 8 Sep

We are prohibited from the private practice of medicine. If it were allowed, it would undoubtedly be my preferred payment method.