John QuigginDispensing with the US-centric financial system https://johnquigginblog.substack.com/p/dispensing-with-the-us-centric-financial
Andrew Jennings@johnquiggin in the spirit of jumping right to the end game, the only practical choice here is the yuan
David Penington@andyjennings @johnquiggin
The only practical choice is the Euro, which is already an international exchange currency - in Europe. The Yuan is manipulated by China's government & not freely convertable.
@johnquiggin Good point about running from the US Dollar if they make a cryptocurrency a "reserve currency".
The only practical choice is the Euro, which is already an international exchange currency - in Europe. The Yuan is manipulated by China's government & not freely convertable.
@johnquiggin Good point about running from the US Dollar if they make a cryptocurrency a "reserve currency".
@DavidPenington @johnquiggin chat-gpt says "..international institutions like the IMF generally consider China's practices as currency management rather than outright manipulation. Since 2015, China has been gradually allowing more market influence on the yuan’s value."
@andyjennings @DavidPenington I wouldn't want to rely on positive trends continuing in a yuan-dominated system. The temptation to weaponise is strong
@johnquiggin @DavidPenington part of jumping to the end game (essentially this is following Keating) is that in practice we will not have much of a choice.
@andyjennings @johnquiggin
The end game is that no other country trusts China to behave well. None. Too much aggressive, exploitative & corrupting activity.
The end game is that no other country trusts China to behave well. None. Too much aggressive, exploitative & corrupting activity.
Class Wario@DavidPenington @andyjennings @johnquiggin If they make btc a reserve currency it’s with the intention to replace usd with btc globally. If it beats gold’s global market, which it would backed by US, the shift becomes real.
I think it’s what Trump/musk are doing now. All of these stoppages, with access to payments, is to build the crypto reserve while under cover of chaos.
They turn back on foreign aid in btc and require the world to spend it. Cuckoo bird.
Ferdi Magellan@johnquiggin
“Should proposals for recognition of crypto as a reserve asset for the US turn into reality, the result will be to make the $US itself useless as a reserve currency. Governments and financial institutions outside the US should be ready to dump dollars if this looks like becoming a reality. In the meantime, financial institutions should be prohibited from dealing with it [crypto] in any way, and individuals should be required to report crypto holdings and transactions.”
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