44
China Is Busy Repeating the Same Fundamental Mistake the West Made
(thehonestsorcerer.substack.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 10 Aug 2025
44 points (94.0% liked)
Chapotraphouse
14253 readers
808 users here now
Banned? DM Wmill to appeal.
No anti-nautilism posts. See: Eco-fascism Primer
Slop posts go in c/slop. Don't post low-hanging fruit here.
founded 5 years ago
MODERATORS
I think your taking that the wrong way. China isnt trying to force other countries to trade in their currency with eachother. Just if they trade with China then China would prefer they use RMB. Thats a key difference. Being the Global Reserve Currency is not just being used for international transactions. Its normal to use a nations currency when trading with that nation. What the US did was making other nations buy USD to trade with the Saudis for oil.
From what ive seen BRICS is looking to do a gold backed global currency to replace USD. So you wouldnt see the same value propping up, and money printing in that case. Which is what the US did. Using international demand for dollars to allow them to print more of them for their own use without inflation pressure.
Ok, that was my underlying assumption. It feels like what BRICS is attempting to do is implement a version of Keynes' International Clearing Union (something America rejected in the 40s) and reserect a gold-backed monitary system for international trade. In some ways they're trying to roll back the clock and attempt what could have been if the world decided to collectively reject America's notions at the 1944 Bretton Woods Conference and side with Keynes.