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Deutsche Bank becomes first foreign yuan clearing bank in Europe

tradersunion.com

431–440 of 496 posts

Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#431

Earlier quoted context omitted.

False equivalence. Also funnily you left out Europe, why? For instance, you can mock Trump and question the US all day. You can’t do that in China. Even this website is banned in China.

> For instance, you can mock Trump and question the US all day. It's less dangerous to do this in the US, but it's still much worse there than it was even a decade ago.

But much much more dangerous than the US in China still.

Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#432

Earlier quoted context omitted.

And how is that relevant? You have a bad habit of routinely making extremist statements without backing them up. It is not the first time I have seen you do it. The US is not an authoritarian regime. To call it infinitely worse than China in this regard is false, and is a laughable claim. The President will be out in a few years.

This is risible: comparing unpredictability with authoritarianism. Ever heard of apples and oranges? The US is only predictable in its unnecessary belligerence. As for the president, who will be out in a few years, thank you for proving my point: the next one will be different. Unpredictable what that fellow will do. At least we know China will be authoritarian. And as for extremism, let me add the only group more ex…

Mr. Sanjay Mehta,

Hiroshima and Nagasaki were absolutely necessary. It was Japan who had attacked the US first in Pearl Harbor. Japan was not willing to surrender without both of these attacks.

The attack against Iran was a necessary one. Iran was responsible for many US casualties in Iraq during the US-Iraq war. It was necessary to punish Iran for these terrorist actions. Iran is a terrorist country that funds terrorism across the Middle East. Do you like terrorists? Granted, the war hasn't gone how the US anticipated, but this lesson was learned only in retrospect.

> comparing unpredictability with authoritarianism.

No. Please recursively scroll up to the parent comments in the thread, all the way up to the comment by BaardFigur. The thread is about authoritarianism. You don't get to revoke what it is. Now who's risible.

Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#433
post #324
post #317

Earlier quoted context omitted.

>"remain vulnerable from an energy security perspective" - not while having Russia close by.

Russia is a big place with limited internal transportation. Land routes from Russia can only supply a fraction of China's fossil fuel import requirements. Much of it still has to come via vulnerable merchant ships. China still lacks the capability to protect their sea lines of communication, although that might change in a few years.

The other thing to keep in mind is the Chinese, quite reasonably, don't have a lot of faith that the Russian government they make deals with and invest in now will be the same one honouring those deals and investments next decade. Russia has a lot of risk, a lot of problems and not a lot of cash.

Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#434
post #199

Earlier quoted context omitted.

Are you suggesting we plan our global energy infrastructure based on attributes like "how well it fares in a post-apocalyptic barter economy"?

Are you thinking that there are no wars and power plants do not get destroyed? If you live in a non-nuclear country the chances are non-zero and it is not smart to depend on large, centralized, easy to destroy power plants. It actually dumb to build those large plants instead of decentralized smaller plants. For example, a president of a certain country threatened to make a "power plant day" in another certain countr…

Why are power plants considered centralised but the extraction, transport and refining of oil isn't?

With the renewable power revolution, do you think solar panels and batteries are going to be more or less centralised than oil extraction, transport and refining?

Are you familiar with how easy it is to repair the electrical grid after damage, compared to what happens to oil wells whose operations are stopped?

Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#435
post #381

Earlier quoted context omitted.

I'm not saying there's need for a larger monetary supply. I'm saying that the world economy's 'value' is heavily driven by financialization, which is increasingly disconnected from reality, even more so as governments have gradually descended to 'stock market = economy' which leads directly to Goodhart's Law, and will eventually culminate in a 'correction.' So for instance yeah the US only has about 1PE (Peak Elon) o…

So what. The amount of physical gold held by the USA (or any other country) is almost entirely irrelevant to the real economy. It's a pointless relic of the past. We could sell off all of our gold so that people could make jewelry out of it and nothing would change.

You misunderstood something: that 5 "PE" I'm speaking of isn't gold, but the entire global reserves of USD. That has a tremendous impact on the economy of the world and is arguably the sole source of the US' economic power. The financialization is 'worth' many times more than 5PE, but it has very little connection to the "real economy."

Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#436

Earlier quoted context omitted.

This is risible: comparing unpredictability with authoritarianism. Ever heard of apples and oranges? The US is only predictable in its unnecessary belligerence. As for the president, who will be out in a few years, thank you for proving my point: the next one will be different. Unpredictable what that fellow will do. At least we know China will be authoritarian. And as for extremism, let me add the only group more ex…

Mr. Sanjay Mehta, Hiroshima and Nagasaki were absolutely necessary. It was Japan who had attacked the US first in Pearl Harbor. Japan was not willing to surrender without both of these attacks. The attack against Iran was a necessary one. Iran was responsible for many US casualties in Iraq during the US-Iraq war. It was necessary to punish Iran for these terrorist actions. Iran is a terrorist country that funds terro…

Mr OutOfHere:

I expected the pathetic excuse for the nuclear genocide of the two Japanese cities. The real reason was to frighten the Soviets. Not going to waste my time on this aspect any more: educating the wilfully ignorant and propagandised is not my job.

The US triggered the Iraq/Iran war. Not just that, they supplied Saddam with precursors for chemical weapons. Later used the same as an excuse to depose him.

Real reason for attacking every oil rich country is always oil.

Speaking of authoritarianism, THIS is on HN right now: https://news.ycombinator.com/item?id=49294199

The real world knows exactly what the US is, thanks to President Trump's honesty in being a war criminal. Unlike the series of war criminals preceding him. Including the precious Obama.

Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#438

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.

One advantage America has, and will remain having as an advantage as long as its broken: it borrows a lot of dollars. So if China wants to save a few billion dollars, it is super easy to do it by just bidding for US treasuries, rather than trying to convert it to yuan and somehow putting it in its own economy where it won't cause overheating.

America is essentially just a debtor of last resort, that is the superpower of the dollar.

Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#439
post #381

Earlier quoted context omitted.

So what. The amount of physical gold held by the USA (or any other country) is almost entirely irrelevant to the real economy. It's a pointless relic of the past. We could sell off all of our gold so that people could make jewelry out of it and nothing would change.

You misunderstood something: that 5 "PE" I'm speaking of isn't gold, but the entire global reserves of USD. That has a tremendous impact on the economy of the world and is arguably the sole source of the US' economic power. The financialization is 'worth' many times more than 5PE, but it has very little connection to the "real economy."

Foreign USD reserve holdings have very little to do with the US' economic power. Where are you coming up with this nonsense? Even if every other country sold off their USD reserves we would still the same assets, same population, same intellectual capital, same natural resources, same legal system, etc.

Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#440

Earlier quoted context omitted.

Yeah, you're right, you just literally never see any transaction using the 0.01 unit (fen) and only very rarely see any transaction use the 0.1 unit (jiao).

Isnt 0.1 one mao?

That's another name for it, yes. Similarly, yuan is sometimes colloquially called kuai. Sort of like dollars vs bucks.
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