331–340 of 496 posts
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The use of "nations" in that comment is not clear nor substantiated, not in the comment itself, nor in the article. So just to be clear that DB is not tied to a nation, even though the name suggests it is.
And do nations use Deutsche Bank's services?
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Being a slave isn't human nature, but wanting to be a slave owner is. "Human nature" is, more often than not, a shorthand for "the parts of game theory that evolution distilled into humans"
In game theory, cooperation is a dominant strategy and evolves consistently. Slave owners and other injustice committing humans often invoke "human nature" out of trying to cope with their knowledge that it is wrong but whatever trauma or other thing makes them do it anyway, to absolve themselves of agency. (To be clear, not targeting you personally here, but targeting the rhetoric and fallacy)
If everyone else is defecting and you can cooperate with a few people, that's slightly better for you. Hence we have high-trust and low-trust societies, gatekeeping, etc.
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One consequence of the transition to renewable energy and electrified transport, is that oil imports will start to decline. And the dollar is of course the currency of choice for that. The US economy and other countries that export fossil fuels will feel the impact over the next decade or so. The energy transition might go a lot quicker than people seem to expect. Currently about 20% of global car sales is electric.…
What's good in electric cars? If a large power plant is destroyed how are you going to charge your electric car to escape?
Ah, yes, the best way to react to increased authoritarianism in the US is to checks notes begin doing more business with a country that is the final word in authoritarianism.
the big difference is that China is not bombing anyone, and causing chaos to it's allies..
1. Illegally occupying Tibet and cleansing the region
2. Occupying and cleansing several regions like Uyghur or Hong Kong
3. Wars with neighbors like India and conflicts with all neighbors except North Korea
4. indirectly arming Russia
5. Taiwan
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Essentially its the idea that the interaction between an incumbent power and rising "challenger" power inevitably leads to war between the two. I was expressing my hope that if this does happen, the war can play out in less destructive arenas - one of which is in the competition for reserve currency status which the US has held for the whole of the modern era. This article possibly points at China's first shots in th…
The obvious counterexample would be the previous most powerful empire in the world (ie the UK) ceding that title to the USA after collapsing after WW2? No war between the UK and the US was needed.
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We also need to reduce our depency on USA which is currently signaling it is a hostile nation that consider and invasion of Europe in the form of an occupation of Greenland. It is possible USA:a admin is just lying about their hostile intentions but that in itself is a reason to reduce dependence on America
> We also need to reduce our depency on USA True, but trading the USA for China is not a wise move, if only because China would never ever have stepped up in WW2, and will not provide any support in the future either, except --Buddha willing-- by selling arms.
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Prior to Bretton Woods countries were well aware that no single country could be entrusted with the power granted in being the global reserve currency. It's too much power that's too tempting to abuse. But they also learned from the collapse of Bretton Woods that even orchestrated agreements with built-in penalties just don't work, because countries can simply ignore them when beneficial. So I think we're headed to a…
> Prior to Bretton Woods countries were well aware that no single country could be entrusted with the power granted in being the global reserve currency. That's a misleading statement. First of all at the beginning of the 20th century the British pound was clearly the global currency - where a lot of the international commerce happened. Then towards the 1930s and later on the Dollar took over that role. But that role…
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The yuan will never become a reserve currency as long as China maintain tight currency controls around importing and exporting it. It's very difficult to (legally) send CNY out or China. The euro is in a much better position to be adopted as an alternative, but its share of global reserves has been flat at around 20% for years. https://data.imf.org/en/news/imf%20data%20brief%20march%2027
> The euro is in a much better position to be adopted as an alternative, but its share of global reserves has been flat at around 20% for years. The Euro is only 25 years old: it would be pure folly to make the "reserve currency" something that recent. Then... One country of the eurozone already partially defaulted on its public debt (Greece, in 2015). And France is running an insane deficit: so bad that there are no…
No, and with absolute certainty not because of the second houses or public servants. That's armchair economy talk from someone that got one predictable thing right once.
Look at Michael Burry (the 2008 bubbly guy, whatever his name is). He keeps screaming "bubble" every once in a while, never got anything right again.
Let go.
The US wields incredible negotiating power and hegemony because the dollar is the world’s reserve currency. Like the British pound and the Dutch guilder before it, if that loses reserve currency status it will be harder to borrow on favorable terms, which would affect the entire US economy. This is a big step in that perhaps starting to happen over the next few decades.
However, its foundation was laid decades ago in the ruins of Western Europe, where financial and intelligence power combine to rule over the Western world. The immense wealth was but a mundane by-product that corrupted the mind.
Fast forward to today, it takes a lot of effort to reverse the trend and remake the US into an industrial superpower.
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Gasoline is much easier to store (you can keep a reserve in your cellar) and much easier to carry and trade than electricity.