Would the World trust the CCP being the global currency?

The US is indeed crony capitalist but the CCP are just ruthless. Does not seem like countries really want that happening. Maybe the plan is to keep the fear up on the virus, infuriate everyone to fuming mad then everyone team up on the CCP blaming them 100% for the virus. This would crush the CPP's dream.

a reply to: Stupidsecrets

Although not widely reported, China’s currency, the renminbi (RMB), has gradually penetrated Indonesia.

It is reported that currently around 10 percent of Indonesia’s global trade uses the RMB. In 2018, the value of clearing RMB reached 201.2 billion RMB, or about 63 percent of the entire Indonesian market. Bank of China ranked first in Indonesia’s market share in clearing value.

a reply to: musicismagic

I think the CCP is going for the jugular on the world currency but they are running out of time. If they are going to go for it they better move soon. If countries hold hands together and blame the virus on them 100% it's over with. Never going to happen. They would be shamed for 50 years at least.

originally posted by: Stupidsecrets
a reply to: musicismagic

I think the CCP is going for the jugular on the world currency but they are running out of time. If they are going to go for it they better move soon. If countries hold hands together and blame the virus on them 100% it's over with. Never going to happen. They would be shamed for 50 years at least.

When the Chinese owned companies in Central America start using the RMB to pay its employees, then we have really got some serious stuff at our door steps.

Will it happen, yes, I believe so. To be a world country leader, it is determined who is forced into believing their currency is worth more then the USD.

a reply to: musicismagic

I don't think they can do it. The extreme censorship, extreme classes in China with damn near zero upward mobility, organ harvesting, torture, religious persecution. Who in their right mind would want them controlling anything. They would just become more ruthless not less.

a reply to: StupidsecretsThere are a lot of stupid people in the world. Look at what all the sheep are currently doing.

a reply to: Stupidsecrets

I think it is moving toward Chinese dominance of the global financial market. www.fxcm.com...

In late March 2018, the global trade of crude oil recognised a new entrant to the marketplace. A product denominated in the Chinese yuan renminbi (CNY, RMB) known as the "petroyuan" was launched on the Shanghai International Energy Exchange (INE). The first of its kind, the product was the culmination of 25 years of development and persistence.

And we know what it will mean if petroyuan replaces petrodollar. Which is their end goal...

One of the premier goals of the petroyuan is to become the preferred mode of trade for energy derivatives in the far East. Through the petroyuan, China may effectively challenge the existing petrodollar system of oil valuation.

I wouldn't trust the CCP to be the banker in a game of Monopoly...

a reply to: Stupidsecrets

I wouldn't trust any fiat currency as the global reserve currency, after watching what the US has done, and the empires before the US, as far back as ancient Rome.

We need a reserve currency based on something tangible and physically measurable, or maybe multiple tangibles that can float in value versus one another.

The 'paper market' has screwed us, and will always screw us. Fiat is just too open to manipulation and abuse!. Digital currencies are probably even a worse sort of fiat in most cases, though some are anchored to tangibles, but that is a different topic all together.

CCP .. US Dollar ... British pound ... (insert so many others) .... all the way back to the Roman denarius. They all are or became 'fake'.

originally posted by: Fowlerstoad
CCP .. US Dollar ... British pound ... (insert so many others) .... all the way back to the Roman denarius. They all are or became 'fake'.

The Roman currency never moved from a commoditized currency, it may have been debased but it was still a commodity.

a reply to: AugustusMasonicus

When it was debased, it was not a commodity based currency anymore.

Debasement is, in fact, exactly a big portion of what I was complaining about

originally posted by: Fowlerstoad
When it was debased, it was not a commodity based currency anymore.

Sure it was, the coins were still primarily precious metals.

originally posted by: Stupidsecrets
The US is indeed crony capitalist but the CCP are just ruthless. Does not seem like countries really want that happening. Maybe the plan is to keep the fear up on the virus, infuriate everyone to fuming mad then everyone team up on the CCP blaming them 100% for the virus. This would crush the CPP's dream.

The Renmimbi, People's Currency 人民币 or Yuan 元 is China's sovereign currency. To the extent that people outside of China maintain an economy based on consumer goods "Made in China" — their economy will have to be based on the Chinese currency they need to buy the Chinese consumer goods they thrive on — but a trade imbalance remains because in countries such as the U.S. without sovereign rights to manufacture and export goods — there is no way to offset that structural trade imbalance with CCP-controlled labor unions refusing to permit the employment of highly technical or skilled manufacturing labor outside China, instead insisting on a unionized unskilled retail only consumer or customer service oriented workforce outside China's exclusive industrial zone under fixed international trade agreements.

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The US has used the Dollar as a weapon against most countries on the planet. The CCP could do the same.

a reply to: Stupidsecrets

The US is indeed crony capitalist but the CCP are just ruthless.

Simply for the sake of argument..what's the distinction between the two?

originally posted by: vonclod
a reply to: Stupidsecrets

The US is indeed crony capitalist but the CCP are just ruthless.

Simply for the sake of argument..what's the distinction between the two?

Hmm, I guess there is no difference.

i don't know for sure, but China seems the only G7 or G20 developed economy that has their Gold bullion Yuan coin measured at the metric weight of 30 grams of Gold

And the rest of the Industrial Nations use the Troy-Ounce Standard for their own State issue Gold bullion coin...

the CCP has maneuvered itself to a 1.14 gram advantage of valuating their 30 gram Yuan vs. the USA Eagle at 31.14 (troy ounce) gold content....

the CCP will hold a favored position of about $40 per Yuan over a Troy ounce Market valuation price
i.e. Yuan 30 gm. @ $1960 cost of mined gold---and US Eagle @ troy ounce @ $2000 cost of mined gold....

a very hefty Reward for the Yuan held up as the new Reserve gold coin at a 30 gm ounce gold weight
compared to the rest of the Nations losing the game with their 31.14 troy ounce golds weight coins