and it is destroying democracy inside usa - so Dollar is causing more destruction for USA itself rather than to the rest of the world. the day dollar stops being world reserve currency, would be the new birth of the USA
1. Many Western people think that they are smart enough to condemn China in many aspects. In fact , they do not realize their shortcomings and think that they are on top of the world. 2 . China has long-term vision ， crystal clear in mind and has good strategy what it needs to achieve so as to improve the well-being and wellness of its people. China has accomplished many good things in many areas , including tree planting in deserts, breeding fishes , crabs and so on in deserts. It also contributes to the improvement of ecosystem to the world.
What never ceases to amaze me is the humans ability to don a suit and pretend to be civilised. Meanwhile they still rut like animals in the farmyard. What also happens is that alls fair in love and war. We're like a dual eged sword. The one side prepping fabulous creations in the kitchen a workshops. The other wreaking havoc on the battlefield. The only single thing is the base metals that more or less remains stable. That is until they found extra gold in Johannesburg and oils in saudi Arabia. The empires come and go. There was once upon a time in africa where a tribe had a cattle based empire/ economy. Then overnight a disease called rinderpest wiped out their economy completely.... Their neighbours who just recently weren't even worthy of being spat upon were thrust on to top dog position with their agrarian based economy. Swings and roundabouts. I have been watching america grow for the last 40 years with their seemingly unlimited abundance of natural resources. But after having visted rome 45 years ago and REALLY thought about the decline and decadence of that great empire am now watching the rise of Russia and all it's natural resources. AND they have the lot. Oil gas timber uranium wheat water land iron coal AND human ingenuity. Americas behaviour is just plain spiteful jealousy . Theyll come round to the Italian way. Namely a tourist destination...
What the West doesn't seem to comprehend is that China and Russia and many countries in the world don't need wars to become wealthy and prosperous. It's the West that uses wars and sanctions and blackmail to become wealthy. All China has to do is keep being peaceful to the world and not get baited by the West in a war like the United States I pushing for
By 2030, China will have pulled 1.2 billion of its people out of poverty and into the middle class. The US (and its vassals, commonly referred to as "the west") seem to be heading in the other direction and pushing people into poverty. The huge advantage China has is the state controls all "critical areas" of the economy (e.g. semiconductors). Hyper-financialization and hyper-privatization has underpinned the downfall of the American ("western") civilization.
The Belt and Road Initiative is essentially the United Nations without the G7. All countries (including the G7) are invited to join the BRI, but the G7 and their allies refused to participate because raising the standard of living for poorer countries is not in their interest. While the G7 accounts for 10% of the world population, it constitutes 60% of the global budget deficit. The West is isolating itself from the majority.
Countries that join the BRI benefit THEIR OWN PEOPLE by getting finance and infrastructure from China. The G7 refuse to join the BRI because 1. they are too proud to admit that a. their infrastructure is crumbling b. the Chinese can do anything better, quicker and cheaper than themselves 2. they don’t care about raising the living standards of their own people
It’s a joy listening to Warwick. His breath of knowledge is impressive. He is marvelously insightful on geopolitical issues of our time. And, he is a great communicator and can clearly and precisely explain the most complex of issues. Please invite him back often. Thank you!
We keep on attributing luck to China, why is it so difficult to attribute it to planning. With 5,000 years of recorded history they've probably seen almost every possible permutation of how states deal with each other and knew that the West would eventually turn hostile and by what means. After all, industrial/technical /military superiority has always been able to defeat numerically superior civilizations.
I know what you mean, and I think we are broadly on the same side, but I haven't really heard anyone talk about luck when it comes to China's development. I think for a lot of people (me included), it was inevitable! They were doing things thousands of years ago we consider developed - street lighting, for example. The retracted by choice, and because of that, other parts of the world surpassed them (using a Chinese invention - gunpowder!). It has taken them a couple of centuries, but they are back where they once were. I just wish people would understand that they are not aggressively trying to capture territory. They want to trade, and to be left alone. Some in the West are jealous of their success, and make up BS about them. If we could work together, it would benefit the whole planet.
Industrial military and technical superiority and other bluffs are the ups and downs that china has seen enough of it all over the last 5000 years. Maybe Sun Tze's Art of War may help to provide a clearer picture.
Even Western analysts knew that the West would eventually become hostile to China. I remember seeing interviews around the 2013 time frame amazed at how "patient" and "reserved" the West had been toward China. Some even speculating that maybe there wouldn't be a conflict. Now it seems clear that the West was not being patient and reserved at all. They just weren't paying attention. Finally, Trump and team visited Beijing in 2017. Li Keqiang gave a presentation about the Belt and Road, and China's trajectory became clear. That's when the U.S. freaked and started the new Cold War.
When the Philippines went to the UN to dispute Chinese actions in the South China Sea, the Chinese said the wizard pulling the strings would find they had dropped a stone on their own foot. They never mentioned the US by name.
The tribunal was funded and arranged by the US. And the US is not even a signatory to the UN sea convention! It's just pushing the Philippines as a proxy against China. Has Marco anything to gain by deviating from duterte's neutral policy?
These developments are indeed historic, and mark the end of US hegemony. A seismic shift that is now underway. The US imposed the Dollar at Bretton. They have enjoyed a massive benifit as a result, and have been able of amass vast deficits. When this unwinds, as it will, the Emperor will be stripped of his credit card, and his clothes. I am amazed that the profound implications of this are not well understood in general by Americans. Excellent interview. Thanks.
Warwick Powell clearly imparts a distinguished and logical view of how the US domination of its currency as a weapon upon the world's nations is not only driving nations to seek a more reliable and just currency system but also the fact that the US debt-based monetary system is ending.
Fantastic interview! Liked the angles presented; - the place of WTO, corroding the hegemony; - the UN sec council as a group with intent which lost its way; - Tech sovereignty vs the de-dollarization; - Role of BRICS; a counterweight to G7 and UN; - BRICS plus - laying the foundations towards an alternative world economic forum; - replacing Swift- holding $ and Euro as a risk ; - the rise of a multi polarity and distributed power relationship. Thank you for having a knowledgeable speaker who is not biased towards the US and $ and is able to view the big changes occurring globally.
Excellent interview. The more US coerces, the greater the needs and speed for change. It will not be a totally distributed system but one with more reserve currencies and no one dominates the way it does now.
Russia has prove that without USD it could survive. Eventually China will prove that without US and the many West parasites, they could achieve high tech self reliance esp on semi conductor tool n equipments. China n Russia has to thank US for pushing the speedy development of this when the need brings about real motivation. I am a person who does not know programming but when i had to do this, i register myself in programming class, take up extra lessons n practices with young people and sleep 6 hours a day....the goal was achieved. The power of the human spirit cannot be defeated by obnoxious and arrogant politicians. I m sure huawei has pasted arrogance face of Trump n Biden to motivate its speedy path towards self reliance.
Numéraire! Haven't heard that term since I left school - very interesting to think of USD/Bancor/Gold as numéraire. Thanks for this discussion. I feel we need to inject more economics into geopolitical discussions, as those are often (IMO) the primary drivers.
Holding USD exposes you to US inflation devaluating your USD holdings. Even with the reserve currency, you can't endlessly print dollars without something breaking.
What never ceases to amaze me is the humans ability to don a suit and pretend to be civilised. Meanwhile they still rut like animals in the farmyard. What also happens is that alls fair in love and war. We're like a dual eged sword. The one side prepping fabulous creations in the kitchen a workshops. The other wreaking havoc on the battlefield. The only single thing is the base metals that more or less remains stable. That is until they found extra gold in Johannesburg and oils in saudi Arabia. The empires come and go. There was once upon a time in africa where a tribe had a cattle based empire/ economy. Then overnight a disease called rinderpest wiped out their economy completely.... Their neighbours who just recently weren't even worthy of being spat upon were thrust on to top dog position with their agrarian based economy. Swings and roundabouts. I have been watching america grow for the last 40 years with their seemingly unlimited abundance of natural resources. But after having visted rome 45 years ago and REALLY thought about the decline and decadence of that great empire am now watching the rise of Russia and all it's natural resources. AND they have the lot. Oil gas timber uranium wheat water land iron coal AND human ingenuity. Americas behaviour is just plain spiteful jealousy . Theyll come round to the Italian way. Namely a tourist destination...
you're not going to transport tonnes of physical gold each time to settle a cross-border trade. You still need to set up a trusted digital/electronic clearing house to keep national accounts. Once you do that, then why gold specifically? The electronic numeraire/currency can be backed by (fixed to) gold, platinum, lithium, petroleum, whatever. But if you have a truly inviolable system of account keeping (e.g. a blockchain distributed ledger which is not based on trusting one institution/nation to maintain), why does the electronic numeraire/currency need to be backed by anything physical?
The decadeslong conflict in eastern Congo has produced one of the world's worst humanitarian crises, with over 100 armed groups fighting for control of the mineral-rich area near the border with Rwanda. Many groups are accused of carrying out mass killings, rapes and other human rights violations. The violence has displaced about 7 million people, many beyond the reach of aid.
The whole world needs work together and not divided by ideology, culture, etc... mutual respect and win-win situations so no country can feel exploited or cheated. But saying this is easy and the execution is very hard. Hopefully the new multipolar world we can have all this achieve to a certain extend than everyone can focus on saving the earth from killing itself with CO emissions and causing havoc to the weather... every part of the planet is already experiencing weather pattern changes but the great powers are still fighting on ideology and lies-the Ukraine war exposes all the hypocrisy of the US and EU yet their population are clueless.... the stupidity of mankind is indeed infinite...
Thank you Pascal and Warwick, for this valuable discussion. It is very encouraging to learn that the BRICS+ countries are already able to function at more sophisticated levels of trade and financial transaction than that of the post war US designed, dominated and unfortunately weaponised systems.
“This is the weirdest era in human history. By far. Nothing else even comes close. Billionaires trying to kill everyone. Civil society unable to form a coherent thought. Institutions lie in smoldering ruins. Poisons handed out like candy. We are Neanderthals with iPhones.” - Dr. Toby Rogers
Because the ruling elite have align their destiny and the destiny of Australia with the Anglo American empire. They see it's demise as a direct threat to their privilege, wealth and position even though it is quite the opposite. Therefore they will censure and shadow ban all other alternative narratives to their own narrative.
Basing your economy on the real world and people vs basing your economy on the needs of finance capital. Reality vs intangible dreaming, or as some would have it, you can't eat and drink money. Thanks for hosting Warwick Pascal. Great interview and questions
Francis Fukuyama was mentored by Samuel Huntington, then was on the board of NED National Endowment for Democracy which evolved from the CIA for 18 years when the IDI and IRI Democratic and Republican Institutes spread abroad to promote electoral democracies. At least he did not support the Iraq War. He still remains at Hoover Institution at Stanford as a senior fellow, maintaining the status quo of the declining American Empire. Read Malcolm Harris’ Palo Alto: A History of California, Capitalism, and the World.
My fear with BRICS is that it only works and will only stay strong with the current set of great leadership that it has in place Presidents Putin, Xi and Modi, that when these great leaders are not there anymore succeeded by others in their respective countries, BRICS would grow weak.
border dispute btw china and india is instigated from british colonialism und murikkka now aday. G7 are murikkka and his vassal, NOT his friends, mr lottaz.
Fukuyama not worth being called a serious analyst.. declaring an absolute event, that political evolution ends, that history ends,.. hahaha! even a smart grade school student knows better
How is de-risking from the dollar caused by the weoponization the dollar, has the dollar ceased to be solely a monetary currency . Can that be made plainer
There are parts of the UN which are quite functional. The UN-ITU and UN-IPU are great examples. I would even argue teh WHO did pretty well compared to many national health authorities during Covid.
The UN was founded 24 October 1945 with 51 member states, and some of those nominal and really followers, like the 3 Baltic "states" that were controlled by the USSR, and the loyalty of the Commonwealth states to British leadership in international affairs. It has come to be four times larger, and far more diverse among those members. The structure that made sense with 51 in tight groups is less so with 193 fragmented.
The idea of a way of clearing accounts in different currencies is far older. The Romans did it, using a "coin" as a nominal value of other coins, a nominal coin that itself had not actually been minted for many years, and was not actually held by anybody. It was how bookkeeping was written, not what was carried about.
The RMB is simply chronically undersupplied, not sufficiently elastically supplied to act as a singular "common" reserve currency even among BRICS+ countries.
Selling more than one buys, thus receiving more of another currency, can be mitigated by using that money to build infrastructure or invest in that country. Reportedly that's what Russia is doing with India as it collects lots of Rupees by selling oil. Now it has Rupees to invest in projects or various businesses in India.
and no need to be afraid of China's supply chains..in time, china's overseas manufacturing picks up.. it would be like US having manufacturing in so many countries
Delusions are hurt8ng the wesr. China isn't being helprd. Trying to blame it on the victim agsin ? What a ridiculous way to frame the issue ! it's known as " lingual contoition ".,
Numeraire is an economic term of French origin, which acts as a benchmark in comparing the value of similar products or financial instruments. The word numeraire translates as "money," "coinage," or "face value."
Pascal its better you listen you seemed aggitated I think its attention Span Capacity of Mr Warwick, it will be prudent if you listen more and relax thank you
Everything eventually falls apart, there's no way the fastest growing strongest economy crashes "soon" ...especially when leaders are as clever as theirs. Has India decided to pick a side yet?...
Guess you are only good in prophesying some forecasts twenty plus years ago by some China experts. And they are wrong today and mb again tomorrow just like U.
