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  • The thing I hate the most about current world affairs is the american money printing machine. It is spreading their own internal inflation through out the whole world and we have to suck it hard just to keep their political dominance.

    Waiting for the dollar to collapse in the next 100 years and see what it brings to the political arena whether it's for better or worse. I am not afraid of the devil showing off its ugly face, whoever the new devil may be.

    by Kuyawa
  • worth noting that one main reason why this didn't happen sooner is because China didn't want it to -- while the RMB as a reserve / trading currency strengthens its status and weakens the US', it also makes it harder for China to control the exchange rate, which in the past it considered to be a strategic imperative.
    by insane_dreamer
  • Change happens gradually, and then suddenly.
    by aljgz
  • It will be interesting to see how much of Thucydides Trap plays out in currency and trade as opposed to military conflict. I am hopeful that economic and financial warfare absorbs the brunt of the power struggle.
    by JimmyBuckets
  • Of course it's Deutsche Bank, I am sure nothing shady will come of that.
    by jagermo
  • An interesting move. Something that drives me crazy when interacting with China, is that I can only use American payment methods to make a payment from Europe to China. I pay a fee and the merchant pays a fee both to the US. It just sounds broken. I hope this is a step in eventually resolving this.
    by WhyNotHugo
  • I wonder if it has anything to do with the currency apparently being backed by an immense reserve of oil (proven to the world by this year's geopolitical events), then coal, and then a massive amount of renewable solar, hydro, wind kWh's and infrastructure to deliver it to homes and shops.

    More and more it feels like a nation's kWh throughput is the new metric to track its global influence in manufacturing, industry, and financial services. In other words electric power now equates to global power.

    by qprofyeh
  • The US wields incredible negotiating power and hegemony because the dollar is the world’s reserve currency. Like the British pound and the Dutch guilder before it, if that loses reserve currency status it will be harder to borrow on favorable terms, which would affect the entire US economy. This is a big step in that perhaps starting to happen over the next few decades.
    by pizzathyme

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