this post was submitted on 11 Jul 2023
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Your source is about US media complaining that China isn't gonna pay their debt. In fact, if you actually read it, then you'll realize that it supports my point that US isn't actually in a position to do anything about it. That's literally what it's whinging about. China's financial position in the world comes from being the biggest trading partner for majority of the countries and producing most of the stuff people around the world consume. China doesn't need to protect assets on another continent because China is buying up commodities like gold that are kept in China https://oilprice.com/Metals/Gold/Chinas-Gold-Buying-Spree-Continues-For-Seventh-Consecutive-Month.html
In fact, US using the financial system it built is a weapons is precisely what's driving countries away from it right now. The whole system hinged on the idea that it was built on top of strong legal protections. Once US decided to steal Russian foreign reserves that demonstrated that it's a completely lawless system. The only legal paths towards seizing foreign reserves is a UN resolution or a declaration of war.
Meanwhile, and foreign borrowers are issuing a record amount of yuan debt, helping internationalize China's currency https://archive.is/A4kcO
And turns out you don't have to be an American to believe nonsense after all.
And as that currency falls to the dollar because the issuer does not and cannot pay it's debts? And as the nations of the world depend on western weapons and must pay for them in dollars? You've actually made my points really clearly without making a point yourself.
Proud of you!
That's not how anything works. China's currency isn't tied to the dollar, and it's controlled internally. Incidentally, this is one of the things US incessantly moans about. US has absolutely no leverage to force China to pay US, meanwhile as the article you yourself linked shows, US keeps paying China. Thanks for making it clear that you didn't actually read it.
The US pays it's debts. China does not. That was made clear by both you and myself. I guess I'm not sure what you're trying to say.
You acknowledged that China does not pay, and cannot be held to account. That's where asset seizures and one sided trade deals happen, as forms of payment.
You acknowledged the US does pay. And continues to pay. And has never defaulted. And is the preferred international business currency.
So what is your point? Are you just speaking to hear yourself?
I'm going to say the same thing I've already said repeatedly which you just can't seem to understand. US is not able to coerce China while China is able to coerce US. That's literally what we're seeing. The balance of power here is favoring China. If US can't make China pay what it considers to be the debt while still paying debt that China demands that's US showing itself to be weak.
And I will keep saying it: one side paying their debts while the other does not, is not some flex of power. It's showing one side is a dependable ally and the other is not. This directly impacts their currency. If you think not paying debts to international debtors is important, I have a stack of trillion dollar Zimbabwe ZWD to sell you. They go for like $10 or €9.
And I keep saying it: one side is forced to pay their debts to the other. It's absolutely hilarious that you think the side being forced to pay is the side that's actually showing strength. When a schoolyard bully takes your lunch money, it's actually you showing strength by giving it. 😂
I don't think you understand the premise. China cannot force payment. The US is doing it because they want the dollar to stay high. It's pretty adorable that you think just not paying is a thing to any country. That's been done: Greece, Zimbabwe, China in the 90s and it keeps turning out the same way.
China isn't paying because they can't afford to. Stealing isn't a flex, buying a supercar is though (NGAD, Patriot missile system, worlds largest car carrier fleet, worlds largest and most numerous ballistic missile subs, etc).
You keep on believing that.
Ohh I love that song! Is that by Journey? Another thing from the US that was well ahead of it's time.