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By financial system they still mean a swift/Cips/sfms/spfs alternative?
They mean a supranational currency aimed at transforming international trade settlement that sounds very similar to the idea of Bancor that Keynes proposed. The key idea is to establish a common unit of account and clearing system for international transactions. This would prevent the dominance of national currencies in international trade, promoting a more equitable financial system that’s not dominated by the currency of any single country.
This concept would tackle persistent trade imbalances by incentivizing countries to maintain balanced trade, as excessive surpluses or deficits would incur penalties. The idea also has potential to enhance financial stability by countering speculative capital flows that often destabilized exchange rates and caused financial crises.
Edit: oh no I mentioned China here come the tankies
They’ve been saying this for years, the problem is that none of them trust each other’s currencies or banking systems enough to do it. Nobody trusts China’s economic stats. They really, really want to get off the dollar. They meet like every year and try to figure out how. But they can’t figure out how because of that lack of trust. Meanwhile, Bitcoin (with lightning):
- trustlessly sends a transaction across the globe in under a second for pennies in fees. You don’t have to worry if “your bank trusts their bank”, Bitcoin will secure the transaction.
- Is immune from influence or corruption. China or whoever can’t make Bitcoin print extra coins for them, spend money that they don’t have the key for, or otherwise do anything it isn’t designed to do. The protocol is enforced by the network.
- All you need is a cell phone with a halfway reliable internet connection, no need for complex banking infrastructure. No single building with a bunch of money stored in it. No paying extra for your liquidity because your region is “risky”. This is a big deal for poor countries.
- It’s been doing this global transaction role for 15 years without a single bank holiday, a single hour of downtime, or a single hack. It. Just. Works.
- If your population has learned not to trust banks, for example through political instability and coups, this can help them get back into the “formal economy” as you can say “see, our corrupt government doesn’t run this money, so you can trust it more. The 1 BTC you earn today will still be 1 BTC in 5 years”.
- For <1% of global electricity usage, mostly from renewables since off-peak renewable generation is the cheapest energy around. It helps incentivize adding more renewables to the grid by ensuring there is always a buyer for any surplus supply. And it helps keeps rates lot for regular ratepayers through that same mechanism. Moving value around costs energy and human time, we just don’t see headlines like “WESTERN UNION AGAIN CONSUMING TERAWATTS A DAY OF ELECTRICITY WE’RE ALL DOOMED” because there’s nothing novel about remittance services using tons of energy and making their customers pay exorbitant fees.
Smaller countries like Ecuador are using this technology to bring Bitcoin to millions of people who don’t have access to (or don’t trust) banking infrastructure. Smaller countries can now participate in the global economy without using the USD and retain more of their sovereignty in the process. They have a plan B. And they don’t have to run their own central bank or having stable enough political/legal ifrastructure for a banking system. They just need old android phones and 3G connections.
Nobody trusts China’s economic stats.
Except the IMF, World Bank, Moody, Standard and Poor, etc.
Meanwhile, Bitcoin
lol
Except the IMF, World Bank, Moody, Standard and Poor, etc.
They don’t trust it, they just have no other figures to work off. China has a long history of faking numbers or suddenly stopping the publishing of numbers when it can make the party look bad. https://www.bloomberg.com/news/articles/2023-08-16/china-is-hiding-more-and-more-data-from-the-rest-of-the-world
lol
Ok, be mad. A 15 year trend of growth on average no matter how you measure it: market cap, number of nodes, transaction volume, transaction capacity, etc. If you have thought Bitcoin was a scam or a bubble about to burst or whatever, you’ve been wrong 15 years in a row, maybe it’s worth reconsidering. Because it’s not just crypto bros using or investing in it now, it’s national treasures, it’s big banks and finance. But you know, on year 16 you’ll finally be proven correct, right?
Oh, well if the billionaire rag says china is lying, it must be true, for sure
They don’t trust it, they just have no other figures to work off.
That’s why they publish it. Not like there are (western adaptations of) the Li Keqiang Index
- At least have the decency to post the archive link https://archive.md/sgBQK
- Youth unemployment in the article:
Calculating the actual employment rate is complex and it’s plausible the government decided the changing nature of the economy and labor patterns means their current model isn’t accurately reflecting reality.
Obtuse way to say that the category 16-24 olds are studying and not part of the labour force
- Landsales: Communists don’t like speculation with real estate and land. Shocker. Not like they’ve been announcing a shift away from real estate to EV/Solar Panels/etc.
- Currency Reserves, Bond Transactions, Academic Information, Politicians’ Biographies:
President Xi Jinping’s ideological battle with the US has also motivated Beijing to ringfence data it believes could advantage the Biden administration.
Based.
A 15 year trend of growth on average no matter how you measure it: market cap, number of nodes, transaction volume, transaction capacity, etc.
If you think that’s the critique of bitcoin then you have been blinded by techbros optimizim on the tech. Also it’s funny how you wave away bitcoin using up 1% of global electricity usage lol
🤣 Yeah, good luck with that.
Not sure what this comment means, BRICS has been rising in membership and stability.
Westerners thinking the rest of the world can’t possibly get on without them will never stop being hilarious.
Look at Russia’s economic growth in spite of the sanctions.
There’s a world economy outside US control and it is only growing. Where do you think the inflation is coming from?
That’s the thing about a war time economy, you produce one tank, and BOOM you’ve added $3.5MM to your GDP. A single SU-35? About 16MM added to GDP.
You can’t eat tanks and jets though, the labor and resources used to maintain a war footing are vast, and must be poached from other areas of the economy. The longer you maintain this posture, the more dramatic the contraction.
Gazprom posted a loss for the first time in decades. They sell one of the most profitable substances ever discovered by man and they still couldn’t turn a profit… despite how little the sanctions are impacting them, no less!
The military industry is around 6% of Russian economy, it’s not a war time economy LMFAO. By contrast, by the end of WW2, around 40% of US economy was devoted to the military. That’s what an actual war time economy looks like. It’s absolutely hilarious how people just keep parroting this nonsense without thinking about it even for a second.
The main reason for such rapid growth of Russian economy is due to the fact that decoupling from the west created a lot of economic niches to be filled. Meanwhile, the west effectively doing capital controls for Russia forced the oligarchs to invest their money domestically.
Turning tanks in a storage base into tanks destroyed in Ukraine is not economic growth, dispite what gdp would indicate.
Go read up on the percentage of the Russian GDP spent on the military then delete your comment. 😂
About 10% of gdp vs 3 to 4% pre war?
https://www.wilsoncenter.org/blog-post/russias-unprecedented-war-budget-explained
Again, even if you inflate it to 10%, that’s very clearly not a war economy. 90% of the economy isn’t oriented towards the war, and the war has practically no impact on day to day lives of the vast majority of the people.
It’s oriented towards the war, but it’s not a total war economy yet because the population wouldn’t tolerate it. It’s similar to the US at war in Vietnam, spending only got up to 8% to 10% of gdp.
Removed by mod
You think tanks do contribute, or that Russia is growing into new war unrelated sectors?
Russia is obviously growing into new war unrelated sectors because the military industry accounts for only 6% of Russian GDP. Plenty of economic niches have been opened up by decoupling from the west, and many of those are being filled by domestic businesses. That’s where majority of the growth is coming from.
Could you give an example of these new sectors? And what is the real gdp growth, taking into account the actual inflation?
Here’s some analysis of Russia’s economic situation https://youtu.be/ecdxs8Al424
Manufacturing, food production, research, tech, you name it. Meanwhile, I’ll reiterate my advice that I gave you last time. Go back through the channels you watch, look at their past predictions, and compare how they hold up today. If a lot of what they say turns out to be bullshit, as is the case with this channel, then maybe find a more reliable source. You seem to be a real sucker for these propaganda channels. Weren’t you peddling Perun last time?
Why not they’re consumables/disposable /s
Russia is in for a harsh wakeup when the Ukrainian war ends (or in 2026 if the war is still ongoing IMO). Their economy is “looking good” right now only because it has been switched to a war economy, and the Kremlin injects tons of cash in it, but lots of it isn’t useful for the russians, it’s just getting destroyed in the war.
Also the ruble is close to a dead currency, nobody wants to trade in it any more.
I implore you to learn what a war economy actually is. Spending 6% of the GDP on military industry is not it. Here’s a starter for you https://online.norwich.edu/online/about/resource-library/cost-us-wars-then-and-now
So that if (hopefully not when) China invades Taiwan, they won’t get hit with sanctions as bad as Russia did.
Omfg the brain rot it takes to write this.
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China has repeatedly stated that they have zero intention of invading their own island and killing their own countrymen. It’s only Americans that keep repeating this lie that China wants to invade Taiwan.
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Russia has been placed under the most comprehensive sanctions in moderns history, including the USA seizing assets in violation of established sanction rules, and Russia’s economy is growing in both absolute and globay relative terms, while Russia’s military is larger than before the SMO started and still out producing the entire Western MIC combined.
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Meanwhile, the USA has attempted to engage in economic warfare with China and has lost every single time. China continues to dominate the top ~50 hi tech research areas, continues to outpace every Western nation on all meaningful economic growth rates include financial, purchasing power, infrastructure development, etc.
There is no world outside of the USA propaganda cesspool where your comment even remotely matches reality.
Keep typing this shit up, very good use of your time.
Remember: the actions of these countries speak louder than any words.
If the actions of a country is what you’re going to judge them by, it blows my mind that you would trust literally anything the USA says about anything going on in the world.
Who said I trust the USA?
USA is the only one saying China wants to invade Taiwan and they’re the only who are saying sanctions are harming Russia.
It’s pretty easy to find direct reports from the Taiwanese government being reported?
TAIPEI, May 15 (Reuters) - China’s military has sailed and flown closer to Taiwan in recent weeks than it has before, and staged mock attacks on foreign vessels ahead of the inauguration of the island’s next president on Monday, according to Taiwanese government reports.
Most of the world agrees that:
- There is only one China
- Taiwan is a part of China
- The Communist Party of China is the legitimate recognized government of China
So what’s the problem here?
You mean China is doing military exercises in it’s own territory? Wild! I wonder if Alaska should be worried about the USA invading it. What do you think?
No no no that doesn’t count you see Taiwanese “government” ist just proxy of American dogs God bless
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Thats their goal, they want insulated within their own economic system.
