China is gonna keep buying up Russia for pennies on the dollar. I wouldn't be shocked if we start seeing actual territory switch from Russia to China in the next few years.
Chinese yuan becomes Russia's main foreign currency, replacing dollar and euro
11–20 of 131 posts
Re: Chinese yuan becomes Russia's main foreign currency, replacing dollar and euro
#12Earlier quoted context omitted.
> How isn't "the west" shooting themselves in the feet with these sanctions Same way Britain wasn’t shooting itself in the foot blockading Nazi Germany, or the West by refusing to trade with the USSR. > Forcing worlds most energy and minerals rich country doing business with most industry rich country, what could go wrong? Post-Soviet Russia as an independent power has been an unmitigated disaster. China is America’s…
See, they don't actually block anybody but themselves. The Russians simply get their stuff from others.
With markup. That slows down the economy and makes everything more expansive. Whcih makes the economy not competetive on the international market. Keep it that way for a few decades and you get North Korea.
Re: Chinese yuan becomes Russia's main foreign currency, replacing dollar and euro
#13An FT article[1] from today claims that Chinese banks are stopping working with Russia too, to avoid the sanctions.
[1] https://www.ft.com/content/50d6bcd1-f1f6-41a1-bb26-a54826548...
Re: Chinese yuan becomes Russia's main foreign currency, replacing dollar and euro
#14Earlier quoted context omitted.
> How isn't "the west" shooting themselves in the feet with these sanctions Same way Britain wasn’t shooting itself in the foot blockading Nazi Germany, or the West by refusing to trade with the USSR. > Forcing worlds most energy and minerals rich country doing business with most industry rich country, what could go wrong? Post-Soviet Russia as an independent power has been an unmitigated disaster. China is America’s…
See, they don't actually block anybody but themselves. The Russians simply get their stuff from others.
> Russians simply get their stuff from others
With less variety, slower and at higher cost [1]. And they’re not getting much of the high-tech kit [2]. (The Germans also had blockade runners. Everyone does. That doesn’t make a blockade less onerous.)
Russian natural gas sales have also cratered; Beijing is leveraging its position as a monopsony to demand price concessions [3].
[1] https://www.csis.org/analysis/out-stock-assessing-impact-san...
[2] https://www.aei.org/research-products/report/the-impact-of-s...
[3] https://www.reuters.com/business/energy/russia-china-gas-pip...
Re: Chinese yuan becomes Russia's main foreign currency, replacing dollar and euro
#15As a US taxpayer I don’t particularly like this. We rely on being the world’s reserve currency, and many things get more expensive, e.g., serving government debt. In 2000-2001 we were able to effectively bully three countries that were talking about moving away from the US dollar, but I am not sure if that works now. I have a lot of personal theories how my country can best cope with future geopolitical adjustments.…
> If I were in charge, the first thing I would do would be to close most foreign military bases. We can have the strongest military in the world and have them largely based in the US. The strategy behind the foreign military bases isn't just about having the strongest military in the world. They serve two purposes: First, we want to preserve the credible threat of boots on the ground anywhere in the world within just…
I don’t argue with your main points except to question if it is worth the money now. I was in the defense industry for 25 years, and my comments above are just my opinions on what is in the best interests of the US taxpayer today in 2024.
I am questioning the value of having 800 military bases in foreign countries in 2024. What was once a good idea may not be worth the money and resources now. What does the US give up not protecting the rest of the world? I think these topics are worthy of serious dialogue.
Re: Chinese yuan becomes Russia's main foreign currency, replacing dollar and euro
#16China is gonna keep buying up Russia for pennies on the dollar. I wouldn't be shocked if we start seeing actual territory switch from Russia to China in the next few years.
Vladivostok was recently required to be called 符拉迪沃斯托克 on Chinese maps. China claiming that territory back one way or another does seem to be likely.
Re: Chinese yuan becomes Russia's main foreign currency, replacing dollar and euro
#17As a US taxpayer I don’t particularly like this. We rely on being the world’s reserve currency, and many things get more expensive, e.g., serving government debt. In 2000-2001 we were able to effectively bully three countries that were talking about moving away from the US dollar, but I am not sure if that works now. I have a lot of personal theories how my country can best cope with future geopolitical adjustments.…
Are you really worried about the dollar being threatened? What is the alternative? There isn’t any at the moment is there? Some countries may try to move away from the dollar to some degree but it’s not like the Yuan or Ruble is remotely close to replacing it. It’s not even clear that China or Russia would even want them to. China would have to give up capital control which doesn’t seem likely. They’re too afraid of capital flight.
All these ideas of some kind of blockchain based common alternative is still just a pipe dream. You can’t base a real currency on crypto. If you think you can you don’t understand what currency actually is (hint: currency has never been a successor to metal/coin based transactions… it’s an abstraction over debt and debt has and will always be the main way value is exchanged. crypto cant replace debt based currency because debt is based on trust in humans, something that trust in an algorithm can’t replace)
Re: Chinese yuan becomes Russia's main foreign currency, replacing dollar and euro
#18Seems kinda wild that it took 2 years post the big sanctions for this to happen?
Re: Chinese yuan becomes Russia's main foreign currency, replacing dollar and euro
#19Earlier quoted context omitted.
> If I were in charge, the first thing I would do would be to close most foreign military bases. We can have the strongest military in the world and have them largely based in the US. The strategy behind the foreign military bases isn't just about having the strongest military in the world. They serve two purposes: First, we want to preserve the credible threat of boots on the ground anywhere in the world within just…
I don’t argue with your main points except to question if it is worth the money now. I was in the defense industry for 25 years, and my comments above are just my opinions on what is in the best interests of the US taxpayer today in 2024. I am questioning the value of having 800 military bases in foreign countries in 2024. What was once a good idea may not be worth the money and resources now. What does the US give u…
What is the cost economically of not having those bases?
Consider one result may be the USD not being used as a reserve currency as widely, or at all.
Re: Chinese yuan becomes Russia's main foreign currency, replacing dollar and euro
#20Earlier quoted context omitted.
> If I were in charge, the first thing I would do would be to close most foreign military bases. We can have the strongest military in the world and have them largely based in the US. The strategy behind the foreign military bases isn't just about having the strongest military in the world. They serve two purposes: First, we want to preserve the credible threat of boots on the ground anywhere in the world within just…
I don’t argue with your main points except to question if it is worth the money now. I was in the defense industry for 25 years, and my comments above are just my opinions on what is in the best interests of the US taxpayer today in 2024. I am questioning the value of having 800 military bases in foreign countries in 2024. What was once a good idea may not be worth the money and resources now. What does the US give u…
> What does the US give up not protecting the rest of the world?
The number of lives we’d lose in the next world war. The end of Pax Americana won’t be sweet.
That said, I agree there should be more thought as to the marginal benefit of the 800th base.