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Deutsche Bank becomes first foreign yuan clearing bank in Europe

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451–460 of 496 posts

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

#451

Earlier quoted context omitted.

Not really, kindness also exists. It is the escape hatch from the evolutionary zero sum game and let's you pick a better equilibrium (bargaining vs pure Nash). We can just not fight. There is enough room and resources,we can get more of them and build more efficient tech, and we are all more alike than different.

Kindness is an unstable equilibrium unfortunately. Mother nature is totally uninterested in it. Otherwise we would still all be protolife quasi-cells, because consuming other cells and not sharing resources isn't kind. Maybe you argue that we are human and intelligent, so we can override this inconvenience with a system of our own design. My response would be "Sure, put your guns down and burn them, I won't stop you.…

Are humans without agency then?

There's more ways of neutralizing power than meeting it with equivalent threat. You can also make it not worth exerting the power, or introduce enough friction to let it evaporate itself.

And so far, the highest historical power concentrations have always been un-stable, while the polities that put checks on that power and embed themselves in cooperative trade networks lasted for much longer

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

#452

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.

I have heard this hundreds of times before.

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

#453

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 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.…

People will keep burning oil as long as it makes economic sense to do so.

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

#454
post #358
post #206

Earlier quoted context omitted.

> China with [EVs|Solar|BESS|Turbines] will replace all of the fossil fuel countries (US, middle-east, Russia) I dont agree with china having the same position as the FF exporters. Simply because with renewables, you export the means to produce energy rather than the energy itself. So in terms of monetary value, china will be selling alot less panels than the FF countries sell oil. And other countries can also manufa…

China has shown the willingness to develop and use any source of energy. The same cannot be said for the United States. China is now the world leading developer of Thorium Reactors.

While the Trump administration is anti wind and solar the actual market has installed a lot of wind and solar in the US.

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

#455

Earlier quoted context omitted.

Not really, kindness also exists. It is the escape hatch from the evolutionary zero sum game and let's you pick a better equilibrium (bargaining vs pure Nash). We can just not fight. There is enough room and resources,we can get more of them and build more efficient tech, and we are all more alike than different.

Kindness is an unstable equilibrium unfortunately. Mother nature is totally uninterested in it. Otherwise we would still all be protolife quasi-cells, because consuming other cells and not sharing resources isn't kind. Maybe you argue that we are human and intelligent, so we can override this inconvenience with a system of our own design. My response would be "Sure, put your guns down and burn them, I won't stop you.…

Meh, that "empathy is weakness" is just an ideology, not the historical thing. Nazi lost the war after all. Fascists in general tend to start wars and then loose them, precisely because their arrogance and lack of empathy makes them unable win long term.

The constant war of all against all with no kindness kind of societies don't do all that well, actually. Human societies do best when the kind people assert themselves against sociopaths. And human societies do worst when the sociopaths get free reign.

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

#456
post #206

Earlier quoted context omitted.

Demand destruction will collapse profits and accelerate the oil/dollar downfall. Saudi Arabia can profitably pump oil probably under $10/barrel. If demand drops, thats where oil should be. China with [EVs|Solar|BESS|Turbines] will replace all of the fossil fuel countries (US, middle-east, Russia). This is probably the biggest transition in the history of mankind. This is energy production, storage and all the applian…

> China with [EVs|Solar|BESS|Turbines] will replace all of the fossil fuel countries (US, middle-east, Russia) I dont agree with china having the same position as the FF exporters. Simply because with renewables, you export the means to produce energy rather than the energy itself. So in terms of monetary value, china will be selling alot less panels than the FF countries sell oil. And other countries can also manufa…

But you can get soft power by being humanitarian.

China delivers a second donation of 5,000 photovoltaic systems to Cuba: https://www.youtube.com/watch?v=qrvjyZ76Z5w

Panels cost nothing, the balance of system costs and labor will be borne by the recipient. People will remember for 25 years.

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

#457

An interesting move. Something that drives me crazy when interacting with China, is that I can only use American payment methods to make a payment from Europe to China. I pay a fee and the merchant pays a fee both to the US. It just sounds broken. I hope this is a step in eventually resolving this.

You did not make an effort to switch and resorted to the easiest payment method. Unionpay for example, allows clearing directly in Chinese Yuan and most Chinese native merchants accept them.

No bank in my country offers Unionpay.

Of course, I could get a Chinese Unionpay card/account. Now each time I want to make a payment, I need to move money there, and can I even do that easily from a European bank account?

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

#458

Earlier quoted context omitted.

This is actually not the first major energy transition. The world moved from coal to oil for transport and shipping fairly quickly due to the higher energy density and significantly easier handling of liquid vs solid fuels. Using pipes and tubes was a huge labor savings compared to having people shovel coal into a hard to control boiler.

Automatic mechanical stokers replaced people with shovels long ago. Nobody has shoveled coal in a boiler room since the era of the Titanic. Oil is still easier to handle in ships (or really any transport) though.

Were these ever particularly common on steam ships? They were definitely a thing on trains, but I thought they more or less only showed up as the transition to oil fired boilers was getting going anyway.

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

#459
post #282

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.

It’s very unlikely that the USD will lose its status particularly to the Yuan. You can do that mental calculation yourself. Would you convert all of your lifesavings from USD to Yuans today or in the next 10 years? The answer is probably “not a chance”. The reason is simple, liquidity and trust. China has no comparable open and independent financial institutions international central banks can trust, nor can they hav…

Just checked. The last 2 years yuan was way more stable than USD compared to CHF and the last 5 years about similar.

I don't see why I would prefer USD

Especially, realistically speaking i buy WAY more from china than the US

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

#460
post #18

Earlier quoted context omitted.

People have been saying the dollar is dying since the 19th century. They said it again during the Great Depression, the end of Bretton Woods and the 2008 Financial crisis..

The difference is now the US has a leader that is actively encouraging its downfall.

And people actively rooting for it even
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