0 sats \ 6 replies \ @Solomonsatoshi 28 Oct \ parent \ on: US Treasury sign falls off podium when Yellen asked if concerned about dollar bitcoin
BTW Im not a USA/the west hater or a CCP cuck either - just a realist wishing to face facts even if they are uncomfortable for me as a westerner and a Bitcoiner.
I do not believe hopium or delusional thinking helps deal with the real world and the challenges democracy and the west face- but rather they are at the core of the disease of denial that is driving the decline we can all see.
You can believe what you like but all the trends lean toward China achieving growing dominance over the increasingly dysfunctional west.
I agree its not a done deal yet, but its hard to see how the west could reverse the trends.
IMO the basis of the problem is complacency- your complacency and the more general complacency that is revealed every time I raise this topic.
There are always a chorus or at least a monologue of ' it just can't happen'- after all we have been the dominant culture for the last 500 years.
Complacency, apathy and division are at the root of the decline of the west- and they have been evident in every culture that enjoyed dominance and then lost it.
Agree China does not have the degree of innovation and very high tech advantage that the west still enjoys- but what China does have is a unified strategy and it has a government that is highly incentivised to continue its economic advance- because the CCP knows that if it does not it loses its 'mandate of the heavens' and risks removal by an uprising.
In contrast the west is asleep- corporates own nearly all of its 'elected representatives' via patronage. In the west capital directs government.
In China the government directs capital.
China has a strategy, the west has crony capitalism, illusory democracy and deeply entrenched parasitic crony capitalism.
Dollars are only the preferred currency because they are universally accepted and they are only universally accepted because of the legacy fiat monetary hegemony USA inherited from Britain and has maintained via SWIFT.
Today China has already launched its CBDC which is capable of international trade payments and internal use for payments in a more efficient faster and cheaper protocol that SWIFT.
Chinas puppet Russia has proposed a BRICS trade payment protocol which would almost certainly be based upon the already operational and perhaps most advanced CBDC in the world- Chinas E-Yuan sometimes known as DCEP.
USD is still used for most trade payments, but not because USA dominates trade- it doesn't anymore- USA has had consistent trade deficits since the 1970s and has only remained viable because of its ability to print seemingly endless liquidity via the USD.
The credibility and viability of the USD is nearing collapse.
The transition to a currency issued by the dominant productive economy economy is inevitable.
As for Chinas currency being openly traded- the USD and all other fiat currencies were strictly controlled until 1971 when gold backing was removed.
Monetary hegemony derives from trading dominance- and the USA and the west have lost that dominance...they remain in denial of the consequences but history does not.
it's not purely complacency, i agree with most of your points in many ways.
it just doesn't make any sense for any country to want to hold a Chinese (of all places) cbdc. doesn't matter if they are top dog.
nobody with any brain, in any country, wants anything to do with a cbdc, especially not one from China
and while a cbdc is faster and more efficient than swift, there will most likely be a euro cbdc and dollar one as well that could still be used, even alongside it
not only that, China has unsustainable debt, a deflating real estate bubble, declining productivity, and a looming demographic crisis (same as many Western economies )- it is far, far from roses in China too.
in any case , even if the yuan did become the global reserve, it's still fiat, it's still shit and the digital version is just the usual dystopian cbdc nonsense
fiat is cancer
communism is double cancer
statism is cancer
bitcoin is freedom
bitcoin is uncontrobale
no to fiat, yes to bitcoin
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Fiat is a cancer- you do not understand fiat- it is a very powerful monetary lever- yes it has been abused at least since 1971 but the Chinese use it in the way it can deliver incredible economic growth- by channeling it into the building of productive assets and infrastructure- and before you raise the Evergrande/Chinese housing boom bust look at the western banks that have taken a massive hit on that.
https://www.reuters.com/business/finance/bluebay-buyer-evergrande-debt-ashmore-ubs-exposed-morningstar-2021-09-27/
Communism is a double cancer- China is now not a Communist economy- it is a mixed economy- this is why the CCP in order to justify its continued role must deliver economic results not mere empty rhetoric like most western governments that are now mere puppets of the their corporate-banker sponsors.
statism is a cancer- no, humans are frail individually and have only come to dominate the planet via forming tribal grouping and exerting their will over resources and other groups- this is most highly expressed in nation states - go try living without the support of the nation state- go on the Alone program and see how long you last in the wilderness- I'm giving you 24 hours before you are begging for a big mac, a coke and a blanket.
bitcoin is freedom- yes! Bitcoin delivers freedom to the individual but at some expense to the nation state and its fiat monopoly- imo this is healthy given the abuse of fiat by western governments.
Bitcoin is uncontrollable- like gold and E.O. 6102?- the majority of Bitcoiners (perhaps not you and I) are hodling for the hope of fiat denominated speculative gain, not the freedom to make censorship resistant p2p payments- already how few hold unKYCed sats and use them for payments- the bankers and their client governments have already slyly shifted the narrative toward Bitcoin being almost exclusively used as a speculative commodity making it increasingly easy to both 'justify' and implement a ban on private custody.
No to fiat yes to Bitcoin- yes from an individuals perspective especially one critical of the misuse of fiat power by our governments this is a fair position- but does not remove the reality that Chinas CBDC Yuan is much better placed to supplant the USD for international trade payments than Bitcoin.
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govs were going off the gold standard secretly during both world wars, fiat is a monetary lever yes, but governments have proven time and time again that they simply cannot be trused to not debase a currency.
they did it thousands of years ago by diluting the currency and, funnily enough, China was the first country to ever use paper money 1500 years ago and inevitably printed far too much and decimated society.
the whole 'benevolent super smart Chinese gov knows best' line just reads like ccp propaganda , same shit as they used to pump out during the soviet union 'the benevolent central planner know best'
i don't believe it, no government can be trusted with the power of fiat and a money printer, not America, not China.
statism is cancer because it's thinking the government must control everything and be involved in everything. i don't have an issue with the state giving old people bus passes and invalids disability, but it ends up with overreach, the forced 'new green deal' being an ongoing example, but there are many more.
if shit hits the fan, i will enjoy a macdonals and a coke yes, because they are the fruits of a free market, not the government department of fast food in charge of state sponsored food creation
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I dont believe 'the government must control everything' so if that's what you call statist I agree- but that can only ever happen if people allow it.
Did I claim governments can be trusted? They are only as good as the people and structures they are composed of.
We are all the government, but most people in the west have given up on any meaningful participation in government, perhaps because the fraud of 'democracy' has been captured by corporates and all we get is crony capitalism...but the point is we have allowed it and we are responsible for it. Nobody else.
We are all the government but Libertarians choose not to participate giving the crony capitalist western liberal democracies an easy road to do as they please.
Only Chinas has a government that knows if it does not perform and deliver for most Chinese it risks removal and overthrow...and the results peak for themselves.
Nation states are most powerful groupings of humans and as such they will decide how resources are allocated- sure go off and live on an island but you will not find it easy without the structures that the nation state provide but that you take for granted.
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i don't have a problem with nation-states i know about the history of state formation, to be clear, i am thinking of statism as
'significant governmental control over economic, social, and individual affairs with the state as a central authority in managing various aspects of society, often at the expense of individual autonomy'
i object to the significant part and i am pro-individual freedoms. i object to things like a social credit score and being punished for being a 'bad citizen' the same way i object to the UK or eu trying to ban diesel cars.
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I am absolutely pro individual freedoms too, but it is up to us to exercise and retain and build on them.
Instead we have stood by and allowed corporate bankers to come to own and operate our governments to far great a degree...that is due to our apathy and stupidity...we need to fight back and regain decent government- but sadly its seems unlikely at this late stage of the decline.
Most of what I hear on SNs is black and white 'the state is bad' nonsense.
The state can only come to over reach and dominate us if we allow it...and we have.
Responsibility comes back to us...as we are all the government.
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