Is China rising and the USA falling a mirror image of a plotted trend above and below the line on a chart? Does debt drive both lines?
China plays chess while the USA plays Checkers:
9 Signs That China Is Making A Move Against The U.S. Dollar
They are tactical moves in a strategy to become a Reserve Currency.
Reserve Currency: My money is better than your money. Proof: More of the world wants to use mine in trade than yours. It is called: Free Market. That is the thing that the US banks talk about as long as it is under their control and they have the prerogative to use their controls to keep it that way. It's called American Exceptionalism. The God Luvs US more than you. That is why we are the richest! God Shed His Grace on WE and US has divided the entire world into Military Command Sectors, including Space to keep it that way.
Good for China! A single cheer from the USA, USA side of the field for the opposing team. They are playing a better game. The US is holding Reserve Currency as hostage. That is the best we can do when we know we are fighting a losing money battle. Can we think of any recent examples.
Debt: China can dismiss it with a wave of the hand, and it does. Foul on China! They can't do that, its unfair and against the rules and if you do it you will be thrown out of the game!
Maybe it is a new game. One where the holder of the least debt money is the winner. Splutter...splutter...but how can that be when the rules say that one with the most debt but the least risk that it will not be paid (most trusted safe haven) and the strongest banking/government/debt collecting police force to assure payment is the winner?
Rule from a position of being (less) debt free? Where is the IOU counter party risk in that situation? How can a nation be run like that? Some thoughts on that are here as well as good comments. Australia is closer in so many ways to China than we are. However it mixes concepts of debt free with interest free money. I generally like the view of Aussies on many things. There is a meme in Australia called "Natures Gentleman". In keeping with their egalitarian society, uneducated common man (they are less sexist nowdays than the USA) can see the simple truth in complexity and express it gracefully in common terms. Will Rogers must have had Australian parents.
Remember this: The People's Bank of China is in fact the People's bank. If we had a People's Bank of the USA it would in fact non be a Bank of the People. That is because in our propaganda system there is power in naming a thing in exact terms of what it is not. Perhaps we should have a bank called the People's Bank? How about Bank of America? Used to be Bank of Italy (United States)
Perhaps someday we will have a People's Bank but it will be the People's Bank of China and it will be the Reserve Bank for the world, with USA just one of its world-wide customers.
Bank Wars. What is the relationship of Bank Wars to real shoot'em up wars?
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