Chinese Money Flees the Western World (www.wsj.com)

submitted 1 year ago* (last edited 1 year ago) by yogthos@lemmygrad.ml to c/worldnews@lemmygrad.ml

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[-] yogthos@lemmygrad.ml 1 points 1 year ago

Ha, on a serious note though, decoupling from the west as quickly as possible is the only rational option for China. Even if the west wasn't trying to wage an economic war, it's pretty clear that there's a repeat of the 2008 crisis looming. Being dependent on the western economic system is a huge liability.

[-] GrainEater@lemmygrad.ml 1 points 1 year ago

of course, Amerika's treatment of Chinese companies is only one of many reasons to dedollarize

[-] yogthos@lemmygrad.ml 1 points 1 year ago* (last edited 1 year ago)

It's kind of funny how history rhymes. As I recall, USSR was sanctioned by the west when the great depression hit, and its economy was largely unaffected by the crash because of that, which gave it a lot of legitimacy at the time.

Seems like now we're looking at a repeat of that happening, except now there's a whole BRICS economy that's going its own way. Once the west crashes, that's basically going to discredit western economic system for the rest of the world.