Ask Prof Wolff: US Dollar vs. China's Yuan 

The US didn't know how good this arrangement is. Instead the Americans think this is their rights, and they used dollars like a weapon. A currency back by nothing but trust. When the trust is lost, so goes the currency.

As an American, it doesn't matter to me whether it's petro-dollar or not, or whether the United States is number of not. What I want is a United States that is confident, prosperous, peaceful, and taking care of its people. But for the past decades, what I am seeing is a country that is paranoid, indebted to the eye balls, war-mongering, and serving the Wall Street while ignoring the plights of the American people.

Petroyuan will have a civilizing effect on American barbarism.

Now that the world financial system has been weaponized into an economic Death Star, every human being has be dreaming of a safe alternative.

Happy Birthday, Prof Wolff.

Thank you for your service professor, I just wish you could be employed in some sort of government position do that those idiots can hear some common sense.

Professor Wolff, Very good presentation and easy to understand! Thank you very much!

America badly needs universal health care.... when Americans are an accident away from being bankrupt you get severe unintended consequences,.

Perfect timing, Professor Brazil's central bank quadruples Chinese yuan reserves, TODAY.

Thank you Professor Wolff for your indepth analysis.

From 1964 to 1973, the U.S. dropped more than two million tons of ordnance on Laos during 580,000 bombing missions-equal to a planeload of bombs every 8 minutes, 24-hours a day, for 9 years - making Laos the most heavily bombed country per capita in history. The bombings were part of the U.S. Secret War in Laos to support the Royal Lao Government against the Pathet Lao and to interdict traffic along the Ho Chi Minh Trail. The bombings destroyed many villages and displaced hundreds of thousands of Lao civilians during the nine-year period. Five years ago, the US forces, using the fake intelligence of a staged video by “White Helmets” as evidence, conducted the so-called “most precise air strikes in history” in Syria, killing more than 1,600 innocent civilians. In recent years, the international community has been calling for investigations into the killing of civilians in the US’ overseas military operations. On Syria alone, the Independent International Commission of Inquiry on the Syrian Arab Republic pointed out several times in its reports in September 2019 and February 2021 that the US failed to distinguish military targets from civilians in its air strikes in Syria, which gravely violates international humanitarian law and may constitute war crimes. However, the US government has been turning a deaf ear to all this.  According to reports, over the past nearly two decades, the US conducted over 90,000 air strikes in countries including Afghanistan, Iraq and Syria, which may have killed up to 48,000 civilians. But the US military time and again covered up the facts and refused to apologize, admit its crimes or hold the perpetrators accountable. It did everything possible to evade its responsibilities. On the drone strike of civilians in Afghanistan, a Pentagon spokesperson said openly in December 2021 that no US soldiers will face disciplinary action over it. The US media also disclosed at the end of last year that from 2014 to 2019, the US military turned its guns on farmers in the middle of harvest, children playing in the streets, families fleeing the fighting and villagers taking shelter in buildings. These disastrous crimes were deliberately concealed and whitewashed. US media revealed last year that according to the US military’s own confidential assessments of more than 1,300 reports of civilian casualties, civilian casualties in US air strikes have been “significantly undercounted”. Larry Lewis, a Director at the Center for Naval Analyses (CNA) of the US said that on average at least one incident of civilian harm has happened every week since 9/11. There has been an overall pattern of negligence with regard to the US government on the issue of civilian harm. The US has also obstructed the International Criminal Court’s investigations into its war crimes in Afghanistan.  Every human life, regardless of nationality, race, religion or values, is equal and precious. The US should earnestly respond to the strong call of the international community, conduct a credible, independent and impartial investigation into civilian casualties caused by US air strikes, and hold the people concerned accountable. The truth of the matter is that politicians in the West and the US including Australia (Australia which is psychologically totally confused and suffering from an identity crisis as it thinks it is "west" when the reality is that it is geographically part of Asia!!!), are still stuck in their mental capacity and attitude in the glory days of "empire" 5-6 centuries ago. They may have learned to wear Gucci suits nowadays but nothing else seem to have evolved in their psyche and consciousness from their barbarian days. Instead of recognising their sordid past and history , they celebrate their delusions like "Thanksgiving Day" which the Native American Indians rightly and clearly remember and commemorate as their "Day of Mourning" being the beginning of the murdering, genociding, plundering, stealing, raping and ultimately, OCCUPATION , of their land uninvited, without any due compensation even till today. But these thieves and robbers take a lot of pride in the stories they tell themselves and sell to the world how great their "founding" was!!! Same stories with the "Empire" where the sun never sets. Australia with the Aborigines. New Zealand with their Maoris. The African continent with all those Europeans...........it goes on and on. This is the 21st Century , for chrissakes! Grow up and come out of that sick and primitive mentality of never ending desire to dominate, control and subjugate. The zillions of dollars spent on wars and "defence" and the other zillions being hoarded by the 1% is more than sufficient to provide every human being on the planet a very decent and never anything wanting life on this planet with the healthiest and cleanest environment. And we pride ourselves as being the only creature on earth with the intelligence, consciousness and capacity of free will and choice. And these sick politicians choose never ending squabbles, tensions and wars!!! Go figure. Expert:The U.S. in no position to be the cardinal arbiter of what democracy is ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-A2A-tuK23zY.html German expert: Different systems can cooperate if united by interest of all of mankind ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-53o7975LrEs.html It is not important to measure democracy by Western standards scholar ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-3W0GIKH22DQ.html Justice may be delayed, but it will not be denied. twitter.com/MFA_China/status/1470759624689152000 Drone Whistleblower Daniel Hale Says Crisis of Conscience Motivated Leak www.commondreams.org/news/2021/07/23/pre-sentencing-letter-drone-whistleblower-daniel-hale-says-crisis-conscience Julian Assange on Afghan war in a 2011 video ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-_IGU_7alJ80.html Georgia workers held at gunpoint in modern day slavery operation ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-AgiSzTav0v0.html A reality check: Exporting war under veil of democracy ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Isib_uZpkGI.html Uyghur Tribunal: US-Funded Theater Attacking China ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Qt9G0p0dqYU.html The Uyghur Tribunal: US-funded Theater (Complete References) newatlas.report/2021/10/01/the-uyghur-tribunal-us-funded-theater-complete-references/ Ex-CIA director Pompeo: 'We lied, we cheated, we stole' ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-DPt-zXn05ac.html Gen Wesley Clark Reveals US Plan To Invade Iraq, Syria, Lebanon, Lybia, Somalia, Sudan, And Iran ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-_GsDD-9hZ9s.html American activist and social media expert Jerry Day has called on the American nation to recognize the war crimes the U.S. government, military and corporate deep-state have committed in the Middle East and rest of the world. “They [U.S.] are simply bombing whatever they want to bomb, killing whoever they want to kill, destroying whatever they choose to destroy without legal grounds. We are the new global villain," said Day. www.yenisafak.com/en/video-gallery/news/us-is-new-global-villain-says-american-activist-2167332 Broken Treaties ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-uOeGTWYv8Hc.html LOS ANGELES UNBELIEVABLE OUT OF CONTROL HOMELESS SLUMS | HOMELESS CRISIS IN AMERICA ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-MQHKygOupwg.html Hell On Earth in Los Angeles ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-08GSVZPkaJw.html Blaming China For US Poverty And The Broken American Dream ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-e-E8Ex1bgmQ.html The 10 States Where Homelessness is Out of Control and Beyond Repair ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-adq1rlWFE4o.html A Tsunami Of Evictions Could Make 40 Million Americans Homeless ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-puBdGsmnT8M.html Philadelphia's Battle Against Opioids Takes Aim at Hard-Hit Neighborhood ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-pKMxALUwxHg.html\ The fentanyl drug epidemic in North America ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-TtGpPhd-c7Q.html

The dollar, together with the empire, is going down. Live on television.

Wow ... Professor Wolff is a smart mate! Well done. You summarised what we've been fearing for a long time. You have nailed the transition of the World Economy as is currently happening.

Glad you’re putting out these videos. Looking forward to seeing this channel and kind of political consciousness grow

Very thoughtful discussion. However, it should be added that Yuan is pegged to gold and not fully fiat as the US dollar. Moreover, any country which Yuan has second thoughts about holding Yuan as a reserve currency could be advised to approach the Shanghai exchange to convert Yuan into gold. This is an immense impetus to the rising credibility of the Yuan.

And also Russian currancy rebound and became best performing currancy of March.

Yes, the sanctions imposed on Russia are speeding up the value of the Yuan. And, according to pollsters in Russia, Lavada, who haven't always had a pro-Putin view, show Putin favorable rating has increased because of the recently imposed sanctions by the West

This is the most relevant question relating to this conflict. This isn't a conflict over Ukraine; this is a conflict for petro-dollar hegemony.

A thank you is long overdue! I get so much knowledge and insight from you Professor Wolff, both on your platform but on many others, especially The Zero Hour. I miss RT and hearing you on BoomBust. All the best as we go forward in these perilous times!

I guess its time to dump the dollar and buy yuan.

“Undermining” meant picking a rock and dropping on your own foot ? 😱🤣

My old friend was telling me 20 years ago. "Time will come, China will win."

free lunch does not last for ever. the feast is about to end.

The American dollar will soon be coming back to sender

The film “Looper” was right. China is the future and that future is now.

The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.

Thank you Professor Wolff. I appreciate all that you do. :)

Great prof. Wolff. But I think he didn't explain well the great advantages of the petrodollar for the USA. The US only has to print dollars to buy oil, while other countries first have to get the dollars with their exports, that is, with their work and products.

Note: Yen is the Japanese currency. The Chinese calls their own money the Yuan, which literally means 'buck' or 'dollar'. The Chinese government official name for their money is the Renminbi, or the RMB, losely translate to 'People's Coin'.

I always love hearing from Prof Wolff....

Pearl Harbor was fought on the soil of the Kingdom of Hawaii. Not on "American soil".

t's like saying one destructive empire versus another. Amazing these discourses, dragging on and on daily, while ignoring all other biophysical realities of the world. Amazing this kind patronizing verbiage. NOT

This country is number one economy but yet never seriously paid attention to those poor people and how to help them get out of the mud. Couple of days ago we have to kick away a homeless couple staying at backyard of our building because next door neighbor asked police to remove them and complained to us directly about potential property value decrease of theirs. We let them stayed on our property for the whole winter season. I was thinking on this matter. I think if government really want to help them it's just very easy: find a public place and provide each with a Walmart pre-built steel storage shed which cost about $500. This shed can put a bed inside and extra room for other purpose. Might also put an insulation pad on top and on the wall with total less than 1 K USD. It's going to be way better than those tents in streets, right?

Another reason to not hold the USD or not get paid in it is the rampant debt driven inflation. If your USD holdings are going to lose 7-8+% of its value every year you have to hedge it, which costs more money, or you have to get rid of it faster by spending it or converting it into an alternative currency asap.

So US has about 30 trillion in debt… I think the highest debt in the whole world. What does that’s mean now if the dollar won’t be main currency anymore, if US won’t be able to simply print more money?!

China is growing fast become greater exporter and still going very strong, the Yuen surely will become strong currency in the world.

Using the dollar as a weapon was one of the worst acts of self-vandalism in history. Lets go Brandon!

If anyone has a patreon and would be so kind to ask the professor this for me I’d would greatly appreciate: Q. If this war progresses to South Pacific over contested islands between Russia and the Japanese, in turn China decides to move towards seizing Taiwan which provokes USA military intervention including NATO & Allies . I wonder what international economic effects would be the possibl outcome,? and keeping in mind that China has major investment % in American private property ,banking and bailout loans , policy & political candidates, etc. what is likelihood of sanctions being placed on America, or the same economic warfare tactics used against Russia be flipped around and used against the US?

Renminbi is the official name of the Chinese currency. Its common short form is simply to say the three letters RMB. Renminbi's literal meaning is "The People's Currency", which rhymes with the "The People's Republic of China". Whereas the unit of measurement of the RMB is Yuan. Yuan is an old, very old Chinese word referring to the unit of measurement of a currency. But now RMB and YUAN are used interchangeably to mean the same thing - the Chinese currency. Technically speaking, "10 Yuans of the renminbi" is the (Chinese) grammatically correct way to say it. But of course, that's too long even for the Chinese people, so people would simply say 10 RMB or100 RMB for example. The confusion comes because people are so used to having called the dollar, which is the name of the US currency, and the unit of measurement of the dollar, is also dollar.

Didn't know it was your birthday, so HAPPY BIRTHDAY, Professor Wolff. And Happy April Fool's day. And thank you for explaining the petrodollar's influence clearly for this idiot who understands zero when it comes to money & finance. And many happy returns of the day!

What do people do with the dollars we pay them with for their products? Ultimately they buy something that dollars can buy including products, services, investments, bonds from the United States including from subsidiaries or divisions of American companies who choose to manufacture overseas. So the trade in dollars works both ways. This give the United States enormous advantages that won't go away. When income and income per capita are taken into account on an equivalent basis except for the income per capita of a few very small countries like Luxembourg or Norway, the US economy is far and away the largest most affluent in the world. This includes compared to China according to its own numbers which at the moment is in the terminal phase of a death spiral. The number GDP adjusted for PPP is an illusion used to make the gap appear smaller. Here's a simple example using data from 2018 before the pandemic. According to the World Bank's data China's GDP adjusted for PPP was 23 trillion dollars while the US was 22 trillion dollars. GNI for China with a GDP/GNI ratio of 0.5 and a PPP of 3.5 had a GNI of 3.5 trillion dollars while the US with a GNI/GDP ratio of 0.83 and a PPP of 1.0 (the US dollar is used as a benchmark for PPP) had a GNI of 18.5 trillion dollars, five times China's income with one quarter the population. This is based on the GDP number reported by the Chinese government. Here's a concrete example. The parts to assemble an iphone cost $250 and the retail price is $1000. The phone is assembled by a Chinese worker for $5 each and his employer is Foxconn a Taiwanese company that gets $15 each. The rest, $730 dollars is profit for Apple Computer based in Cupertino California. What does this add to China's GDP? $5? $17.50? NO! IT INCREASES CHINA'S GDP BY $1000 TIMES 3.5 = $3500. See the way this fraud works? But those numbers only tell part of the story. What is the money spent on? What is the ROI? how long is the payback period (especially using the net present value calculation method)? For Ghost cities, manufacturing overcapacity and subsidizing money losing SOEs the ROI is ZERO and the payback period is NEVER. What about the quality of what is build or manufactured in China versus the US. In China they themselves describe quality as tofu dregs. Only when scrupulously supervised by foreign companies is the quality good. Otherwise most of what they produce is junk. OTOH US products are world renowned for very high quality and are usually backed up by generous warranties and excellent after sales service. Now what about this gold backed petroyuan? To get away from the using the US dollar you sell oil to China for petroyuan, take it to the Shanghai gold exchange and buy gold with it which is priced in US dollars. So you are in effect still trading in dollars. Incidentally, the US dollar has been very strong lately against other currencies except the Russian ruble which is artificially set by Russia's government and cannot be converted into hard currencies or gold and it is doing well against gold as well. So the US dollar remains the world's reserve currency and is likely to stay that way as far into the future as we can see despite the hopes of those who hate the US and want to see it fail. Their hopes will be dashed just as they have always been in the past.

The world do not require any dominant reserve currency. The world only needs a mean to settle economic transactions as agreed between the buyer and seller. Digital central bank approved reserve currencies are the future. Digital currencies based on goods or services exchange between buyer and seller will be the future. There is no need and, in fact, non sense to use a third currency to settle trade settlement. The world financial system is changing and replaced with a more just, independent and real goods/services linked system that cannot be abused by any country.

Hopefully the Chinese can build some clothing factories in the rust belt to provide cheap labor jobs for the impoverished masses there.,]

With this move - Russia has nailed the Euro, and Usd. So for resources rich countries, they should emulate Putin's great move to insist any foreign buyers to pay in their local currency to boost their individual currencies exchange rate & importance! Soon the Euro & Usd would be of less strength & influence moving forward! US & EU would not be able to print their currencies by their whim & fancy anymore to cover their annual deficit spending, and export their currencies' inflation to the rest of the World, all these years!

Yes, and the solution to all this is create even more currencies that are controlled by shady and untraceable billionaires and have no system for protecting its value or the people who trade with it (/sarcasm). Great video as usual!

Connect the dots wolfe. There are 4 Chinese citizens for every American. China needs a larger economy to facilitate tbe needs of their citizens. However with the communist top to down command economic system this has proved to be difficult. China only began to prosper when the democratic countries opened their markets to Chinese manufacturing. As to the yuan and brics taking center stage. One should consider the euro. This brics movement has been done before my assertion is that this brics agreement should be a wake up call to the western DEMOCRACIES for serious fiscal responsibility

Boy. Did he get it wrong. In the 7 months since this video the US dollar has appreciated in value and capital from around the world is flocking to the US, buying Treasuries as well as US stocks and bonds. Meanwhile the Chinese economy is slowing, and some sectors are in actual decline. This will continue for at least the mid term as the Yuan sinks lower.

Happy Birthday Professor. Enjoy your videos as always.

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Ask whoever and they will tell you : US Dollar 🧻 vs. China's Yuan 🪙 🌟

The best explanation of this subject I've ever heard

While we were busy discussing PetroDollar vs PetroYuan the world got a new reserve currency called PetroRuble More option the better for consumers and traders

If Prof Wolff were my teacher, I better be sure all my homework and assignments are done on time, Prof Wolff sure looks like he can chew me up and spit me out.

Eloquent and brilliant arguments from Prof. Wolff.

Well said Professor. Thank you.

If one is to criticize things like Fiat currency, then one ought to start with assessing its utility as opposed to the fact that it is "made up". Consider chairs. If you tell me to go sit in a chair, and I do it, there seems to be practical benefit for you who gave the command thanks due in part to the "made up" categorizations of things we agreed on, ie words.

Feliz Cumpleaños querido Profesor Richard Wolff.

Brilliant discourse, most enlightening👍👍👏👏

Some Chinese viewers commented Yuan is not correct and the Chinese currency is RMB Renminbi. However the international banking code for RMB is CNY or Chinese Yuan. Therefore it is not wrong. But we are expecting the new digital RMB which will probably remain as RMB and not digital Yuan. I would also like to take the opportunity to explain that Mandarin is not a correct name for the Chinese language. 19th century British and Americans took the Portuguese word Mandarin and it was 20th century Taiwan who followed the American practice to call its language Mandarin, which is kind of weird. In China the official language is Chinese, not Mandarin. US regarded Taiwan the island as China until December 1978 when it pledged One China Policy with China. Lots of US schools still call their Chinese classes Mandarin deliberately for business reasons. Both spoken and written Chinese are called Chinese in English. For the spoken language, standard Putonghua or Beijing dialect is taught in every school across China. Many people are confused that Mandarin is a Chinese dialect which is not correct. The dialect spoken in Taiwan is close to Shanghai and Nanjing area called the Southern Tongue which is slightly different than the Northern Tongue of Beijing. For that matter, China never called its Northeast provinces Manchuria neither. Manchuria was another Portuguese word from 17th century Japanese map and later made famous on western press because of Japanese invasion.

Nicely and concisely expressed...thanks Prof Wolff

The (US) United States calls it "Liberation" instead of "Invasion". That was what US call it in Iraq, Afghanistan, Libya, Syria, Yemen, Somalia and the list goes on... Why the double standard? Confused... Please enlighten. Genuine question... Instances of the United States "liberated" or overthrowing, or attempting to overthrow, a foreign government since the Second World War. (* indicates successful ouster of a government) China 1949 to early 1960s Albania 1949-53 East Germany 1950s Iran 1953 * Guatemala 1954 * Costa Rica mid-1950s Syria 1956-7 Egypt 1957 Indonesia 1957-8 British Guiana 1953-64 * Iraq 1963 * North Vietnam 1945-73 Cambodia 1955-70 * Laos 1958 *, 1959 *, 1960 * Ecuador 1960-63 * Congo 1960 * France 1965 Brazil 1962-64 * Dominican Republic 1963 * Cuba 1959 to present Bolivia 1964 * Indonesia 1965 * Ghana 1966 * Chile 1964-73 * Greece 1967 * Costa Rica 1970-71 Bolivia 1971 * Australia 1973-75 * Angola 1975, 1980s Zaire 1975 Portugal 1974-76 * Jamaica 1976-80 * Seychelles 1979-81 Chad 1981-82 * Grenada 1983 * South Yemen 1982-84 Suriname 1982-84 Fiji 1987 * Libya 1980s Nicaragua 1981-90 * Panama 1989 * Bulgaria 1990 * Albania 1991 * Iraq 1991 Afghanistan 1980s * Somalia 1993 Yugoslavia 1999-2000 * Ecuador 2000 * Afghanistan 2001 * Venezuela 2002 * Iraq 2003 * Haiti *2004 Somalia 2007 to present Honduras 2009 * Libya 2011 * Syria 2012 Ukraine 2014 *

Whatever the USD role in international trade invoicing (50%), loans (60%) or FX (90%) it brings very little value to the US economy, if any at all. May be it makes life of irresponsible politicians and corrupted authorities a bit easier.

Would you like that financial support in dollars or yuan?

VIVA CHINA

You are an economist with simple explanations

You guys blew it!!! Had it all ,, but a few dozen guys got Rich as God and are living on an island somewhere laughing quite hard!! Peace brother

Excellent short analysis and information, as always. Yuan is pronounced more like ooen, though the oo is not drawn out. I'm not Chinese but I speak Mandarin.

The issue with American politics is that while the likes of Biden and Trump concern themselves only with reelection, and hence doing everything internally and externally with that goal in mind, regardless of the long term ramifications, the Chinese with their one party and "authoritarian" system are able to think long term and make plans accordingly. That is the case with the UAE as well. That's why we see a city like Dubai come from nothing 45 years ago and become a mega metropolis that is today.

what is the best way and safest to take advantage of the rise of the yuan?

Thanks joe !! Let's go branden !!

Can you please expound on what the basic circumstances are that are leading to the changes within these two economies??

Thank you for the information.

The USD accounts for 88.3% of international currency trade. The CNY barely registers in ninth place. The truly tradable currencies are the USD, Euro, Yen, GBP, AUD and CND. Check it out. Peter Sinclair PhD, Fellow, Financial Services Institute of Australasia.

The problem with American thinking is it is always only caring for short term profit, ignoring long term harm.

At this point in time it’s hard to see the RMB as major reserve currency. I think it has to do with confidence in policies protecting the market economy. China’s economy is more and more policy driven and thus making long-term investments riskier as a change of policy may wipe out entire industries.

1:50 This is _EXACTLY_ what the U.S. is trying to do again! 😜😜

Another show packed with info, thanks sir.

The guy is smart. Needs more people like him.

please do a video update of this situation

WEF Founder did say China would play a key role in global affairs. That was 5 years ago

Chinese Leader Xi Jingping has recognized LORD Shawn Jules we are waiting on the Leader of United States of America.❤

Keep more yuan¥ you win

The video is so easy to understand. Thanks!

now that we has PUSH the country starting with a R and we can't say, in to the arms of the china's economic, it will go faster, and then if we do start WWar 3, then the rebuilding of the R country will not be done by the US, so maybe it is time to learn to talk a new language ???

The dollar forever.

Prof Wolff, I respect you telling the truth without bias on China.

The US has always had the perception that good luck and relentlessness were signs of a special relation to the universe: they must have been chosen for a noble purpose to which everything else is subordinated. And when it doesn't quite work out - as in the blind, striking-out-in-all-directions sanctions regime, they seem to take it all in stride: as in, "why were we given two feet if we can't sustain a shot in both?"

I can still remember the “Good Ol’ Days”, when “YUAN” was the Southern slang word for “do you want to”. EXAMPLE: Yuan go da movies wid me ?!?!?

Japanese money is called Yuan. Chinese money is called RBM. BTW China is called ZhōngGuó 中國

Good question by Marcus. Sounds like he may have had an economics course or two while winning the Heisman at USC.

Will US treasury bonds be safe? What about gold?

The world need to decide what sort of global money they want in the future? Do they want a USD that is used to fund a US military budget that is larger than the next ten countries military budget, a USD that is the world biggest arms dealer, a USD that maintains 140 military bases and 300+ biolabs around the world, a USD that employs 110,000 CIA agents conducting regime change and black ops around the world, a USD that is weaponized in conflicts like the illegal freezing of Russia USD300+ billion central bank money, frozen USD7 billion of Afghanistan government money while its people starve, a USD that is used financial sanction Venezuela, Iran starving people. Or perhaps the world should try something new, Yuan for name sake, that is used to build roads and hospital in poor countries, buy vaccines (only 14$ of people in poor country vaccinated), help the 38 million refugees mostly from US wars, a Yuan that people can trust will not be weaponized for geopolitical wars (will not be frozen). Everyone citizen of the world can vote by saying NO to US regime change, US wars and US proxy wars like Ukraine, by refusing to use USD, because it is the root cause of sufferings in the world. Every time we fill our petrol tank, its bought with USD, part of that USD used build military complex and weapons, CIA black ops to destabilize countries, you are helping to pay for the 320,000 bombs US dropped on countries since 2011, you are paying for the US 2000+ drones strike per year murder from the sky without trial. I believe currently 60% of trade is settled on USD, more so remittances. People of the world don't use USD, remit with other currencies. Its time we give other currency a chance for a more peaceful and better world, USD is going to doom the world.

Prof. Wolff, would you discuss about Digital Yuan which will be used among BRICS members or maybe around the world. Secondly, how ex-France colonies in Africa will be able to get rid of their banking system ties to France Central bank ?

Happy birthday Prof. Wolff!

WHEN INDIA 🇮🇳AND CHINA 🇨🇳 RUSSIA 🇷🇺 BRAZIL 🇧🇷 WILL HAVE MINIMUM WAGE OF $7 DOLLARS PER HOUR? 2030 OR 2050 OR 2100??? NEW WORLD WAGE ORDER NEED NOW!!!

My economics professor also told me back in the day that not only the dollar was owned by U.S., but that it was arab OPEC countries which gave loans to the West in dollars so that the West could buy their oil.

Prof . Wolff can add value n enrich'my 2 cents worth: 1 For the next 5 to 10 years, China, Russia will avoid any conflict to regain their sovereign rights, which Japan has no legal rights at all.. secondly the strength of China or Russia in 10 years time is just so formidable that US Strategic Gang could not do much..especially with a declining American Exceptionalism being turmoilef with political divisions n racial unrest.. 2 The rise of Euro, Yuan n PetroRubbles n digital currencies for barter trade will weaken The confidence of USD other than US own inflicted self destruction with escalating national debts of 33.3 trillions as of 2022 n decking competitiveness in international trade but supported by its own domestic consumption of its heavenly endowed natural resources while difficult to restart it's own manufacturing sector coupled with 80% service trade that will not be sustainable due to the lost of confidence in USD . US controlled NATO must be s defunct military alliance after the Russia Ukraine War subject to final winner being Russia because Europe will be more divided partly due to stronger domestic nationalism after a period of high inflation plus recession if the war prolong ( it is much more likely that Russia is the winner) for another 6 months.. There is no necessity for China to use the same sanction playbook on US ..partly United State of America will eventually self destruct unless it reinvent itself especially it's domestic political divide but already beyond repair inferred by the recent bigotry of it's judiciary oversight hearing for the appointment of Ketangi Brown Jackson as life long Supreme Judge ! Secondly its historical baggages for slavery, genocide n geopolitical subversive infiltrations for reginme changes in the hundreds plus continuous foreign wars.. ! Thirdly racial disharmony, societal plights such as gun violence, opioid abuse deaths n declining standard of living for 40% of the population is worsening... I foresee the splinter states will start occuring in 20 to 25 years from now starting with New York, New Mexico, California n Hawaii..(so will Scotland, Ireland, French Canada, Portugal ) In summary, the New World Order dynamics is trending, that one must reinvent our paradigm to look at the global village is a more multilateral perspectives against the old mind set of unipolar dominance by US led Collective West!

Dollar is very stable currency. There might happen a slight readjustment of Dollar or yen currency. Gdp might be comparable of USA and China. However Dollar is way out stronger and will remain stronger, as American economy is much many fold stronger than china.

The world can't always rely on the US dollars and economic for direction....when dow jones cough, the financial market shake....over the years, my business are greatly affected by such...when Lehmann brothers collapse, the whole universe turn upside down....many business close down or badly affected....I think it is time, many country should rely Chinese yuan and it economic for directions...moreover, US currently are divided.between democrat and Republicans.....many US people rely too much on the government, higher unemployment rate and jobless and their country debt is super high....many country have lost confident in the US markets....

Prof. Wolf did not address what is possibly the most important aspect of the sanctions, namely, that when the "collective west" lead by the US froze/seized/stole Russians FX deposits either in USD, Euros, Pounds, Swiss Francs the foundation of the international financial system was shattered. Trust is the most important factor in finncial dealings. That is why a country's Iinternational FX reserves were sacrosant and enjoyed sovereign immunity. The minute the "collective West" decided to freeze/seize/steal Russia's FX reserves the overwhelming trust everybody had on the financial system as known till now was/is broken. And this is something akin of a spouse's betrayal. Once the trust is broken, bye bye relationship. I think at the end, the sanctions will backfire spectacularly against those who stole Russia's hard earned savings. The days of the USD, Pounds, Euro as reserve currency are counted.