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0 sats \ 4 replies \ @Solomonsatoshi OP 20 Nov \ parent \ on: Will Chinas CBDC Yuan be more important than Bitcoin ? bitcoin
Yes with BRICS Pay now emerging the IBS has backed away from its hosting of mBridge and this is further evidence that China fully intends to lead the development of alternatives to SWIFT/USD hegemony and is active in the process.
https://www.thebanker.com/Explainer-BIS-backs-out-of-CBDC-project-mBridge-1730397190
Decoupling international trade settlements from US hegemony is crucial to the tertiary layer of Chinas Belt and Road global empire model.
They are reverse engineering the monetary hegemony that subjugated China for more than a century following the Opium Wars- they are doing the reverse engineering via Hong Kong -the original point of injury- quite elegant, and all the while most westerners remain completely unaware/in denial that this is happening.
Interesting sound bites.
There's an angle to be taken that what favors a sustainable alternative model is transparency and shared development. Hong Kong is an interesting testing ground for all kinds of things, and from spending time there, I felt that Hong Kong had many advantages than it does today, and history tends to paint a more nuanced picture of politics.
These developments are on the radar of the well-informed, irrespective of location. As are the uninformed in post-development nations, there are those in denial of the constant changes in regional capabilities to develop there own economic models. IMO, this is the meaning of 'multi-polar', as opposed to any hub and spoke, belt and road idea.
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What astounds me is the inability of most westerners, especially Bitcoiners who I would consider to be more informed and open minded than most people, to seriously confront the reality and urgency of the Chinese challenge to western hegemony.
This is a massive event in history portending the end of western civilisation at least as the dominant player.
The wests hegemony now rests upon a few fragile legacy advantages - military and monetary dominance- China is developing asymmetric alternatives and building its global model of empire quite openly.
It would seem more likely that China will first gain dominance over the monetary systems and in this Hong Kong is of huge strategic importance.
It was the portal via which the west imposed its hegemony and it can be the portal via which China reverse engineers that hegemony. It is via Hong Kong that China provides USD liquidity indirectly to partners like Russia and Iran. It is via Hong Kong that China is building alternative trade payments protocols. There is only one credible challenger to US hegemony and it is China. Russia and Iran are already attached to Chinas empire. All nations are reliant upon China for access to its manufactured goods and commodity buying. It has already won the trade war- what logically follows is control of trade protocols and logistics. That is where Belt and Road is the infrastructure from roads and rail and ports to tertiary level services such as payments.
It was the portal via which the west imposed its hegemony and it can be the portal via which China reverse engineers that hegemony. It is via Hong Kong that China provides USD liquidity indirectly to partners like Russia and Iran. It is via Hong Kong that China is building alternative trade payments protocols. There is only one credible challenger to US hegemony and it is China. Russia and Iran are already attached to Chinas empire. All nations are reliant upon China for access to its manufactured goods and commodity buying. It has already won the trade war- what logically follows is control of trade protocols and logistics. That is where Belt and Road is the infrastructure from roads and rail and ports to tertiary level services such as payments.
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Agree it is arguable whether China has won the trade war but what I mean by that is that they are demonstrating you can be excluded from the wests system, you can be sanctioned from SWIFT and yet China can provide you with both markets for your exports and supply of manufactured goods sufficient to sustain your economy ~ in fact sufficient to still wage war on allies of the west!
This creates the reality now where any nation that might face sanctions - say the Saudis, has and can consider China as an alternative trading solution complete with payments rails and associated nations. Saudis and others have recently joined BRICS.
China is building an alternative trade network alliance and it is the size and broad of its productive economy that makes this possible- to that extent I contend they have 'won' the trade war and are thus credibly positioned to challenge western imperialism.
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