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Storm clouds gather over America's financial supremacy

economist.com

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Re: Storm clouds gather over America's financial supremacy

#11

Post by johnea »

archonis wrote: post #10
johnea wrote: post #9

Earlier quoted context omitted.

Truly. "Make the libtards cry" Was enough of a hate monger campaign promise, to put the most blatantly corrupt president in US history, in office. The descent of the US population into abject idiocy has been striking.

Smartphones in dumb pockets made it all possible.

I think it almost doesn't matter what pockets 8-/

The routinely noted decline in US "educational achievement" correlates most closely, with the propagation in the school aged population, of "smartphones" and the algorithmic websites at which they're aimed.

I've been saying lately: Apple caused the collapse of US educational outcomes.

Re: Storm clouds gather over America's financial supremacy

#12

Post by johnea »

The claims by VISA and Mastercard, that they are committed to nternational markets, adds up to a big 0.

If the US government issues sanctions, they will comply.

Countries outside the US are wise to pursue other infrastructure.

The big surprise is that this problem has been ignored for so long.

Of course, here in the US, we will not be alllowed a free instant payment system, because giving 3% of gross sales away to an absentee business, is patriotism 8-/

Re: Storm clouds gather over America's financial supremacy

#13

Post by tmnvix »

> But the more serious risk, Mr Lipsky notes, is that countries’ pursuit of payments sovereignty may one day mean various regional systems become incompatible. That would increase financial fraud and sanctions evasion.

A risk from the US point of view, but for many states, this is quite the opposite - these developments are in large part aimed at removing the risk of US financial abuse in the form of unilateral sanctions.

Re: Storm clouds gather over America's financial supremacy

#15

Post by RetroTechie »

amgreg wrote: post #14

Does someone know how cross-border payments work, and why it would be complicated for countries to link up their sovereign systems? The article gives the example of Brazil and India, suggests there might be a “liquidity” bottleneck, but omits the details.

Start here:

https://en.wikipedia.org/wiki/SWIFT

Re: Storm clouds gather over America's financial supremacy

#17

Post by DoesntMatter22 »

inference-god wrote: post #5
clayhacks wrote: post #3

The article doesn’t mention it, but related is the global share of the US dollar as the reserve currency has been on a steady decline. Between that and the new payment structures discussed in this article we are rapidly approaching an era without American control on global financial systems. Which is a significant lever for soft power and non-military interventions

Yeah, Americans will have to feel the same way as everyone else, basically not having access to unlimited credit. Have fun with it. At least the libs were owned though :)

There is always credit through printing money which all the world is soon going to have a reckoning over

Re: Storm clouds gather over America's financial supremacy

#18

Post by innagadadavida »

clayhacks wrote: post #3

The article doesn’t mention it, but related is the global share of the US dollar as the reserve currency has been on a steady decline. Between that and the new payment structures discussed in this article we are rapidly approaching an era without American control on global financial systems. Which is a significant lever for soft power and non-military interventions

The Ukraine war accelerated this as US sanctioned Russian assets. Blowing up this system seems like a deliberate decision in part of US and not some accident. Gold prices have been going up as folks are hedging the dollar risk and it is expected to continue.

Re: Storm clouds gather over America's financial supremacy

#19

Post by superxpro12 »

archonis wrote: post #10
johnea wrote: post #9

Earlier quoted context omitted.

Truly. "Make the libtards cry" Was enough of a hate monger campaign promise, to put the most blatantly corrupt president in US history, in office. The descent of the US population into abject idiocy has been striking.

Smartphones in dumb pockets made it all possible.

Smartphones did nothing. The "people" who manipulated the reality within them did.

It's no surprise that conservative billionaires went on a massive left-leaning media buying spree... Washington Post, Twitter, CNN, etc etc etc.

Re: Storm clouds gather over America's financial supremacy

#20

Post by superxpro12 »

johnea wrote: post #12

The claims by VISA and Mastercard, that they are committed to nternational markets, adds up to a big 0. If the US government issues sanctions, they will comply. Countries outside the US are wise to pursue other infrastructure. The big surprise is that this problem has been ignored for so long. Of course, here in the US, we will not be alllowed a free instant payment system, because giving 3% of gross sales away to an…

For the last 20 or so years now, Patriotism has been hijacked to mean: "beneficial to an oligarch".

It's been a long time since patriotism didnt mean either racist conservative, or capitalist bully.

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