Personally, I am skeptical about just how strong the Chinese economy really is for its currency to challenge the U.S. dollar. But also, I doubt that most free countries are concerned with the U.S. being able to economically wreak havoc with the economies of other countries like Russia, no more than they are concerned with the U.S. being so strong militarily. They know the actions against Russia are due to Russia military aggression, not the U.S. trying to be a bully. If anything, the country that likes to bully other countries is China.Most economists say the dollar will remain as the unchallenged global reserve currency, but after watching not only the US financially destroy the Russian economy but also Trudeau and Canada weaponize financial institutions against their own citizens, how many nations will start to hedge their economies to prevent similar attacks?
A new world of currency disorder looms
The Chinese renminbi can be a challenger to the US dollar, but it won’t replace itwww.ft.com
Opinion Foreign exchange
A new world of currency disorder looms
The Chinese renminbi can be a challenger to the US dollar, but it won’t replace it
MARTIN WOLF
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Europe under extreme duress
- Thread starter Randy Daytona
- Start date
Yeah, I'd leave nuke plants off-limits, especially Russian nuke plants because if they run them as bad as they due their military, then attacking them might be the equivalent of detonating a tactical nuke. I have no idea, but wouldn't surprise me if their nuke plants have substandard parts, lack certain backup systems they should have, etc...
The opinion piece is really less about that and more about how certain power players who are less than willing to be nice in the global playground might reset their systems to proof against an economic attack…or put simply…a major change to the concept of globalism with a potential sharp turn toward nationalism and protectionism in the markets.
Would that be an unacceptable loss for the Russians? As long as everything happens on Ukraine turf, they seem to be willing to throw their forces to the grinder. And would NATO do it? They haven’t drawn a line, and Russia has natural resources.
Putin has to be considering it.
That’s another bridge that might be too far. I’m not saying that Putin isn’t considering it…but there were substantial debate over dropping two in Japan and that was during WWII. Russia couldn’t afford the hit to their regional status. They would, in effect, be making themselves a reallly big North Korea. And…before the “resources” guys drop in…Russia has noting, nip, nada, zero that can’t be replaced by other nations - including wheat.
What does all this mean? We are in for harder times. There might even be a global depression on the scale of the last one and Putin’s advisors know Russia would suffer worse.
You ring? If Russia is effectively sanctioned for a decade or more, it is really going to be painful (ie, rationing, shortages, inflation) for awhile. How bad remains to be seen but it ain’t going to be pretty.
Painful…yes, no doubt. End-O-Times…no. Most nations could make due and it would only take a few years for the “free” world to reset.
Countries have cracked down on the funding of illegal activities through asset seizure and restrictions for well over 100 years, what happened in Canada and with Russia recently is right in line with what we and others around the world have been doing for decades. Canada had to utilize their Emergencies Act to go after the folks financing the illegal trucker protests because their financial laws and enforcement capabilities are only a fraction of what we have here in the US.
As for nations wanting to hedge against future attacks Russia tried but largely failed to do that because they wanted to have the fruits of being a modern nation but none of the responsibility, so they are paying the price. Literally. Maybe don't be assholes like Russia, that is probably the best hedge against being 'attacked' and cut off internationally.
As for the Chinese and the yuan/renminbi, very few countries really trust the Chinese when it comes to following the rules when it comes to banking and finance and that will be the biggest impediment to their currency becoming a more viable rival to the dollar.
If I understand the problem there, it was the lack of due process. And, as I see it, Canada did not HAVE to do anything. They chose to do what they did under the circumstances. Whether it was necessary or worth it big picture wise is still being debated. If I was Canadian I think I would find it a worthy debate.
All that in one word, TRANSPARANCY. No way around it. It is a damned Communist country.
Time to burn them to the f***ing ground, once and for all. If sanctions can accomplish that, awesome. If not, they need to be damned certain that this is the last time they get to walk away from this type of aggression without 148 million of their citizens being vaporized.
If you weren’t around for the first Cold War, you might want to read this from Tom Nichols:
We Need to Relearn What We’d Hoped to Forget
Here we are again, trying to make our way around nuclear terms and concepts as war rages in the middle of Europe.
We Need to Relearn What We’d Hoped to Forget
Here we are again, trying to make our way around nuclear terms and concepts as war rages in the middle of Europe.By Tom Nichols
If you weren’t around for the first Cold War, you might want to read this from Tom Nichols:
We Need to Relearn What We’d Hoped to Forget
Here we are again, trying to make our way around nuclear terms and concepts as war rages in the middle of Europe.www.theatlantic.com
We Need to Relearn What We’d Hoped to Forget
Here we are again, trying to make our way around nuclear terms and concepts as war rages in the middle of Europe.
By Tom Nichols
I'm not an old fart like some of you guys, but I was in grade school when the Berlin Wall fell and, later, when the USSR did as well. I agree. And I think we were stupid for ever thinking that they weren't the most profound enemy of the US. They always have been, and our societies will never coexist peacefully. It is now very obvious that we will have a nuclear exchange in my lifetime. We need to be ready to annihilate them completely (counter value in Cold War terms), should an attempt be made on a single inch of NATO soil.
Max the Mad Russian
Hands off Ukraine! Feet too
Each time civilization faced something unthinkable - this time nuke war - it turned out to be thinkable and possible, and going through it was often (if not always) the only way to progress.
For those that have read 2034, I think Stavridis makes the argument that thinking that we are immune from the effects of Nuclear War and thinking it wouldn't erode American power economically, politically, and militarily for decades is a false hope I think. (As in, what happens if we start lobbing nukes at each other? Remember - Russia can reach us too...)