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Deutsche Bank becomes first foreign yuan clearing bank in Europe

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

#481

Post by pocksuppet »

igorkraw wrote: post #450
pocksuppet wrote: post #332

Earlier quoted context omitted.

Cooperation is an unstable strategy. If everyone else is cooperating and not punishing defectors much, defecting is vastly better for you. 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.

Sure, and now compare polities which manage to keep defection to a minimum or structure the process of "defecting" to serve the polities purpose instead of being truly adversarial. Bruce Bueno de Mesquitas "the logic of political survival" and various works by daron acemogolu have the data on how much better these polities do. If there's no pure play dominant strategy, you will always get a fraction of defectors will…

Many kinds of defecting aren't punished much. For example we don't refuse to buy things made with slave labor. Some people do, but they're an extreme minority. So being a slave owner is rewarding.

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

#482

Post by SideburnsOfDoom »

codedokode wrote: post #210
gspr wrote: 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…

> Are you thinking that there are no wars and power plants do not get destroyed?

OK, but is the argument that oil refineries don't get the same treatment in war? They're also "large, centralized, easy to destroy". In fact highly flammable. It has been happening, not theoretically but actually.

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

#483

Post by maxglute »

maxglute wrote: post #224
kanwisher wrote: post #186

Earlier quoted context omitted.

how could yuan be a reserve currency when its not even legal for its citizens to move it out of the country beyond $50k a year. they have extreme currency controls

[flagged]

LIOtard

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

#484

Post by lenerdenator »

pocksuppet wrote: post #480
lenerdenator wrote: post #426

Earlier quoted context omitted.

So, in a way that will have zero impact on the political course of the nation?

Does complaining about Trump have an impact on the political course of the nation?

It kept him out of office for four years. It could have more impact.

As bad as Trump is (and he's bad) he's still nowhere near as bad as Xi is.

Let's look at the Six Defining Characteristics of Totalitarianism (Friedrich and Brzezinski, 1956):

* An elaborate guiding ideology [typcially focused around patriotism and loyalty to the state above all else]

* A single political party, typically led by a dictator

* Use of instruments of terror such as violence and secret police to control the population

* A government monopoly on weapons

* A government monopoly on means of communication (such as state-controlled media and heavy censorship)

* A state-controlled economy

In none of those categories is the United States as far along as the PRC under Xi. At least one of those categories would require a large amount of bloodshed for the US to reach the level that China is.

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

#485

Post by pocksuppet »

lenerdenator wrote: post #484
pocksuppet wrote: post #480

Earlier quoted context omitted.

Does complaining about Trump have an impact on the political course of the nation?

It kept him out of office for four years. It could have more impact. As bad as Trump is (and he's bad ) he's still nowhere near as bad as Xi is. Let's look at the Six Defining Characteristics of Totalitarianism (Friedrich and Brzezinski, 1956): * An elaborate guiding ideology [typcially focused around patriotism and loyalty to the state above all else] * A single political party, typically led by a dictator * Use of…

> It kept him out of office for four years.

So if people stopped complaining on the second day, he would've been in office on the third day?

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

#486

Post by pocksuppet »

WarmWash wrote: post #185
budsniffer952 wrote: post #77

Earlier quoted context omitted.

Losing the reserve currency doesn't happen in a vacuum. It happened to the British and Dutch because their empires were dismantled. So, yeah, it could happen to the US, slowly, over time (it already is). But nobody wakes up tomorrow and says they no longer want USD. Where are you parking the money, yuan?

It seems that people forecasting the collapse of the dollar are mostly doing it from a social perspective i.e. "America is collapsing under the weight of private healthcare, anti-immigration, tariffs, and the erosion of our allies; the dollar is done for" But the reality is that financial markets don't really have a soul, and just care about economics. By all accounts, the American economy is doing excellent right no…

But what holds the USD as the reserve currency any more besides network effect inertia? It used to be the most stable country and one of the most prosperous. Both no longer true.

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

#487

Post by leonidasrup »

thelastgallon wrote: post #445
leonidasrup wrote: post #383

Earlier quoted context omitted.

Coal in China has many applications beyond simply burning it to produce electricity. Coal 2025 report "China consumes 30% more coal than the rest of the world put together. It also produces more coal than all other countries combined, and it is the world’s largest importer. This dominance by a single country makes global coal markets very dependent on developments in China, notably those related to economic growth, g…

What this means is China can flatten the demand much faster as they have a way to create synthetic oil. They may continue to buy oil as long as prices are reasonable. This reminds me of The Prize: The Epic Quest for Oil, Money, and Power Book by Daniel Yergin. Germany created synthetic oil but it was too expensive, resource-intensive, they couldn't make enough of it economically at the scale they needed. They had no…

I don't think that Germany had no choice, because Germany scaled synthetic oil production a lot during WWII:

"Being petroleum-poor but coal-rich, Germany used the process during World War II to produce ersatz (replacement) fuels. FT production accounted for an estimated 9% of German war production of fuels and 25% of the automobile fuel."

https://en.wikipedia.org/wiki/Fischer%E2%80%93Tropsch_proces...

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

#488

Post by rootusrootus »

SideburnsOfDoom wrote: post #473
rootusrootus wrote: post #325

Earlier quoted context omitted.

This is a good point, Florida EV drivers have already found that EVs are more resilient in a natural disaster because the grid infrastructure supporting the fast chargers comes back online much faster than service is restored to gas stations.

EVs that have Vehicle-to-Load (V2L) capability are also useful in a natural disaster: You can use the EV as a big battery on wheels to power some electrical appliances - e.g. keep a fridge going or a light on, until the grid is back.

This is a good point for sure. I can run my house for most of a week off my Lightning. I wish my Model 3 had the same ability, maybe some day this will be a standard option on all EVs. It's such an obvious use case for a huge battery on wheels.

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

#489

Post by bamboozled »

bamboozled wrote: post #88
blahblaher wrote: post #68

Earlier quoted context omitted.

the big difference is that China is not bombing anyone, and causing chaos to it's allies..

They are supporting countries doing the bombing…

Apparently a controversial opinion now...?

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

#490

Post by ben_w »

codedokode wrote: post #266
soco wrote: post #215

Earlier quoted context omitted.

How many shops will be open without power? No till, no light, no refrigerator... not sure how much will help you having cash, beyond a couple of very basic needs - I can't even tell which, nor can you, it's gonna be an adventure either way.

Bread doesn't need a refrigerator and you can sell it directly from a truck.

Bread needs power to get made, and with no electricity the gas pumps that no longer work are not filling up any delivery trucks either.

Fortunately PV and wind and local batteries are getting deployed everywhere fast and electric trucks are starting to become a thing. Some places might even have enough for basic logistics in a war that cuts out their oil supply like wars tend to because they're obvious weak points.

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