Tell that to a million-plus Uyghurs stuck in CCP internment camps. I get why people don't like the USA for one reason or another, but the simultaneous embrace of dictators and the like suggests a disinformation campaign in full swing.
"a better future without the cruelty" Tell that to a million-plus Uyghurs stuck in CCP internment camps. I get why people don't like the USA for one reason or another, but the simultaneous embrace of dictators and the like suggests a disinformation campaign in full swing. (The above comment had disappeared in less than an hour -- definitely a disinformation campaign.)
That's a really good way of putting it. "a better future without the cruelty" Tell that to a million-plus Uyghurs stuck in CCP internment camps. I get why people don't like the USA for one reason or another, but the simultaneous embrace of dictators and the like suggests a disinformation campaign in full swing. Right on! (Sorry to steal other people's comments, but my comment to the OP keeps getting deleted, so I'll try wrapping some disinformation campaign cheering stuff around it. One thing about fascists and their supporters: Their claims don't stand up to scrutiny, so better swat those other voices.)
Every time I see videos from people like Kevin and Prof Jeffrey Sachs, I find myself wondering how the US can have people who have such intelligence and understanding of economics and politics/diplomacy, and yet those people are not part of US policy making. Instead the administration gives the world people like Yellen and Raimundo who have presided over some of the worst economic times in recent history.....doesn't make any sense.
Just like the MSM and the Puppet Politicians they are WELL paid to be ignorant-arrogant of reality. The Cabal currently protects them well. The job of distracting the "Proles" in Media-Sports-Fashion-Entertainment also pays quite well. The millisecond they "step out of line" Poof they are gone or worse!
US policymakers only have short-term plans and pay-back periods. They must make as much money as possible during their terms in office. It's all about making money for themselves. They forgot about look after their citizens. This explains why there were revolutions throughout history. US is due to have one like the French Revolution.
@@sarahkhan2310 Chinas overall private and public debt exceeds USA 🇺🇸. Very rough times for China as the economy is so dependent on dumping exports globally to stay afloat. No one wants Chinese crap any more. As more and more move away from China nothing to fill the gap. Even CCP admit it now. It’s garbage economy. Feel sorry for people in China now.
@@davidford3073 Unfettered greed and complacency, a criminal political class who line their pockets with impunity, gutting out and outsourcing American's manufacturing, weaponizing the dollar, an insatiable appetite for war.
So happy to see the rapid growth in the subscription of this deserving channel. Rare in depth and accurate and timely report of economy/trade/tech related issues on China. Thumbs up as always.
Kevin is such a powerful speaker of truth, I'm afraid they will try to come after him. The USA has become a denier of truth, love, and faith. Chris Hedges American sadism speech is real, God has left the building in the USA.😢
@@lorainejones41 Agreed. So we should advice him to stay in China. What he is saying is actually trying to help the declining empire to see the world as it actually is. If anybody tries to harm him, that would be a big tragedy to the empire and its people.
@@icemike1...Am not surprise, so long as it was needed it give US power, reduce It's usage, you reduce their power, US cant take 5-10 years of this. But impossible to handle 20-30 years of continuous less dollar trade world wide.
speculation on currency is fine, what is really happening is the USD has already been weaponized. it is being used as a tool to attack countries like Russia. that is actually damaging the USD
It is very interesting that China works behind the scene on de-dollarization. They don't make fanfare to attract attentions. They just do what are good for them and their business partners. It is like a marathon competition. Chest pumping makes no good. Who reaches the finishing line matters.
Remember the story of the Tortoise 🐢& the Hare🐇...? 🤔 Due to Hubris & arrogance, 🐇took a nap 😴 just before the finish line....... don’t think I bother to telling everybody..the final outcome 😂
Actually China does everything in the open. It differs from the US by accepting local currency, local goods, local products, produces and material from local mines. No need to use dollar at all. For example China buy oil from Iraq and pay by building 1,000 schools for the Iraqis. There has never been any need to use dollar to trade as China is concerned.
Using the USD doesn't have benefits strategically & tactical anymore. Reasons are 1] USD isn't backed & can be printed& harvested by US at will, 2)US can take your hard earning away in a New York second.
@@Sirehistory Trump started all the tariff wars with China, but Biden is who is pushing for seizing Russian assets held in Europe, put all the sanctions on Russia and is threatening to do it to China too. I definitely dont see Trump doing any of that.
*If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation*
Interesting, This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro Investor?
I feel Investors should exercise caution with their exposure and.exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or a licensed expert in order to navigate this recession and achieve potential high yields
Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.
Brian Humphery Services was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Brian.
around this time I’m more attentive! Its just inevitable that there's going to be peaks and troughs in the graph of economic growth or prosperity, there's never going to be one underlying cause that connects them all, embrace the opportunity, make interest, cashing up on dips.
Those calling stocks momentum a flunk aren't considering the long run. The companies themselves have not changed, it's the market that changed. Steady as it goes, and it'll regroup in weeks.
If you are not too savvy with the market, it’s the best time! just buy and hold on strong companies or best you seek out areas within sectors that can help you sustain a balance in both growth and value overtime. In certain cases, it's even wiser to speak with a smartvestor to determine options best meant for you, I personally did this, and it works pretty well..
right now I’m being counsel on renewable energy, semiconductors, Ai chips which will be hugely integral on every sectors in the coming years. an absolute power move right now.
The RMB is used as a trade currency, countries around the world can use RMB to buy Chinese goods. The RMB has value because people can buy stuff with it.
I completely feel like i just struck content GOLD by finding this channel. Because of this video, i even looked up how "Qingdao" looks like .................................... I would buy a plane ticket and really go there for a 4 night stay just to fully experience that place. Incredible!
Qingdao was a German “colony” and beer is big there, I.e. Tsingtao Beer (German beer factory built from the ground up). If visiting, suggest you go during their annual beer festival, just Google the month!
You are sort of like emperor with no clothes. Too arrogant to realize it’s china that is in significant decline. So much so that people like this and others are paid by CCP to try to convince you that China is thriving. So sad. 😢 ❤
The Chinese government will not likely allow the RMB to be freely floated and thus be speculated upon. There are Chinese Marxist economists like Hu Qiyuan even said monetary policy control shold be returned to the National People's Congress, not remain in the hands of central government bureaucracy, though he does advocate at the same time for more liberalization of the RMB to be utilized at higher rate in international trade. Controlling monetary supply and national capital is the key to socialist control over capitalists. It is what allows China to control their bourgeois class while reaping real economic growth in real assets like factories, technologies, agriculture, minerals, real estate, and of course the consumption of it. They are not interested in financializing their economy like what the neoliberals did to the US from the 80s onward. They are building their own financial system to secure their own capital and to lubricate economic development and international trade in real stuff, not to engage in fake stuff like financial speculation and wall street casino practices. They don't actually want RMB to become the next reserve currency like the way the USD is. They are not interested in that because the reserve currency status require complete liberalization of your currency and allowing it to float freely while you have to print enough money to support the financial market. In the end, you will turn your economy from making real things into gambling other people's money in fake, virtual stuff. That is antithetical to socialism. This is moreso shown in that they are developing cutting edge fintech that lubricate economic activities, not developing new derivatives and other speculative financial instruments. Their goals, philosophy and practice are fundamentally different from the neoliberal capitalist system in the US. It is something that western economists and financiers are supposedly scratching their heads over every time they "analyze" what China is doing. So either that they are truly are incapable of understanding it, or they are refusing to even acknowledge it by pretending to be confused over China's actions, and I'm inclined to believe the latter.
If RMB is freely traded, it will be at the mercy of Wall Street, I.e. the Asia Financial Crisis when Wall Street made billions out of currency speculations
@@Newlinjim Evergrande was a mistake that was corrected precisely because the state still retain control over the capital. It's not a perfect system that can prevent all malfeasance but it has proven that it can correct itself when it identified a problem.
I recently clicked on a video titled something to the effect of "China's economic slowdown and End of Economic Miracle" and then I see something something "...Chinese Expert". I clicked off then I clicked back on because I thought...wait ...could it be HIM? I skip and surely enough, I see Gordon Chang's (un)loveable face spreading the good word
India was happy to pay for Russian oil in Rupees but there was insufficient supply of other goods to offset the inflow of rupees. For example there are plenty of goods that can be bought with RMB when the Chinese buy oil in RMB. So India could pay in RMB, if they could sell other goods to pay. They could sell Russian oil in RMB to Europe, and that would solve the problem.
@@TheMarcuslindbergIndia IT isn't Indian IT, but merely provides cheap labor to Western software companies. Even Indian employees don't have full access but work on bits & pieces.
@@vgstb Isn't that an normal operation all countries want to do, especially strong economies? The only difference is this time the dollar assets are decreasing and assets of other currencies are increasing.
Very interesting... We have now US USD and Offshore USD and indeed the Chinese can Set the Rates For those Offshore USD at their preference even below LIBOR or FED Funds Rates. Do the Americans understand this? Back in the day every USD payment Had to be routed through a US correspondence Bank (SWIFT MT200). If I understand correctly this IS NO LONGER the Case with those Offshore USD Held by Chinese Banks. This IS BIG Guys. This means that they US and the FED No longer Control the totality of their currency in circulation. Thanks for making US aware of this very important development. BE GOOD ❤
If Kevin here can say it out loud on YT, you bet Washington and Wall St. understand it. They just pretend not to say it but they can't do anything to stop it, so they are coming up with all sort of creative excuses to attack it without saying the real reasons why they are doing it.
I didn't understand his point about holding dollars in Chinese banks. How do they hold them in China? I don't imagine them getting paid in physical dollars (3 billion in cash every day does not sound reasonable). So somewhere in the system there should still be a part where it is verified/under control of USA. I mean how do they "back" the dollars they claim to have?
@@sonayyalim Everything is still through the SWIFT system. No one need to hold physical dollars. It's just bookkeeping. But remember, it's not SWIFT that do the bookkeeping. If that would no longer work, any other system could do the transfer of money. It's just a question of banks trusting banks. What's happening is just that banks in certain countries no longer are trusted to transfer money you have in them when you ask them to. The transfer system is thus broken, not the bookkeeping system. Your question is actually, why do banks trust each other? I don't know that. But if they didn't, we would be back to physical gold.
Any student of macroeconomics learn Ricardo's Law of Comparative Advantage--that free trade benefits both countries. However, US politicians are upset about the US trade deficit and incorrectly hold the increasing trade deficit as some kind of losing economics goal post. In 2023, US trade deficit against China represented ~$280 billion. This is what US politicians erroneously think China is making from US consumers. Mathematically, this is wrong. Ricardo's law aside, the trade deficit only measures US consumer purchase of Chinese-made goods in the US, but what about the $400-500 billion per year that Chinese consumers buy of US goods and services in China? For example, Chinese consumers have been buying millions of US cars over the years, but Chinese companies are not allow to sell even a single Chinese brand car to US consumers? The profits from Chinese purchases of US goods/services in China revert back to US companies. Furthermore, what can China do to narrow down US trade deficit? US manufacturing is more expensive than any other country in the world, and US politicians are actively preventing Chinese companies from either narrowing this gap or investing in the US: rejection of building Chinese manufacturing in US, rejection of sales of technology to China unless it's made of less than desirable quality, rejection of Chinese purchase of US companies, rejection of Chinese purchase of land, etc. Really, what is China supposed to do to narrow the gap given these scenarios? Trade deficit not withstanding, Chinese consumers have been and are buying plenty of US goods. Ricardo was right about trade benefiting both countries--US politicians are just not incorporating the other side of the equation.
You're ignoring geopolitics and Xi policy that objectives. For years and even decades the US tolerated a massive Chinese trade deficit, lots of complaints but not much action. Today the trade deficit has taken a back seat to China's expansionist policies and threatening neighbors. Under Xi, China has gone too far threatening to upset the status quo.
@@tonysu8860 Which "neighbors"? The militarily OCCUPIED Japan and South Korea? The former US colony, the Philippines, or the DE FACTO colony, Taiwan? Count the number of nations in the Asian neighborhood, @tonysu8860? Do YOU have any idea, 1450?
Kevin, I remembered that you had discussed Chinese chips makers are making more faster and efficient chips than Nvidia, a few months ago. You suggested that Nvidia stocks may go down in value. The market crash on August 8, proves you right! Great analysis, I learned so much from you. Thank you.
That 'crash' was just a whole lotta people unwinding the Yen carry trade. Nothing to do with Nvidia's performance per se, other than maybe cutting out the riskiest laggards in the unwind.
@@andrewlau9873 uhhhhhh NVIDIA stock up? Worth 4 times as much as a year ago. NVIDIA has no competition. Dream on. Kevin is opposite barometer for all things USA .
For now, Nvidia really has no competition. Chinese chips are still far behind Nvidia. You're talking about Huawei's Ascend 910B, which has the same performance as Nvidia's H20.
The key seems to be that PRC banks have become a sort of RMB cloud where they can handle all RMB transactions outside of the PRC in a fast and dependable manner. They must have good IT infrastructure.
The Chinese Central Bank uses AI and 5G supercomputer that is undetachable by the US. Very safe for its customer without fear of meltdown from CrowdStrike software update
Maybe, but that doesn't mean the nation itself have to go down with it. The USSR and the former Czarian Russian Empire collapsed yet Russia remains, Chinese Middle Kingdom collapsed yet China remained. It's possible for a nation not only to survive the demise of it's empire but also rise from it's ashes but with the US government making an enemy of almost every nation, and burying itself with mountains of debt, looks like we will follow the fate of the Mayan Empire
6:30 "...Oil refineries in India who buy Russian Oil are being ask to pay in Chinese RMB by the Russian Oil Refineries and the Indians aren't exactly happy about it..." A year or two ago, India were paying Rupees to Russia and Lavrov went to India to discuss what to do with Rupee; he came out with nothing! India does not have any worthy product nor commodity.
It is really sobering to see how China is moving to solidify its hold in different kinds of financing in the world, independent of the US. Just sit back and watch for 5 years! China is gaining tremendous clout all around the globe.
Ultimately, a currency's acceptance depends on the wealth it represents. If the country that issues the currency fully protects its national wealth, the currency will be stable and strong, and its acceptance will be higher; otherwise, it will depreciate, which means its acceptance will decrease. Japan is a good example for discussion. This country produces so much for the world, but because of its status as an American subject is not allowed to play the market game like the United States, the wealth it has accumulated over the past 50 years is far less than it would have been based on the productivity of all consumer goods out value. Because a large part of its wealth has been stolen by the United States in various ways. This explains why the yen continues to fall without a bottom.
China doesn't want to replace the USD with RMB. They prefer to have it as a local currency. They would like to have a BRICS currency for trading with other countries, allowing everyone to find their local currency exchange rate with that.
@@larsnystrom6698 The rise of the RMB is a result of China dominance in international trade. The is no intention but just natural progression. There will unlikely be a BRICS currency, more likely is a BRICS SDR based on some commodity or currency basket and settlement system.
Thank you Kevin for a very informative news about USD held by Chinese banks that do loans at rate cheaper than American banks and also very safe from US sanction. Hence, USD will not be replaced by RMB. China is smart to use USD as a commodity to sell/loan to make more money than selling/loan RMB. BTW, China needs to use USD to pay for US goods and services.
❤❤❤Sean, I gotta hand it to you.. each episode is a masterclass in overall supply chain, finance and economics, management and updates. Thank you for your diligence. Whatever you are getting out of these, if anything, please keep these coming. 🙏🙏🙏🌹🌹🌹
It appears that the ineffectiveness of the U.S. sanctions on China are starting to have the unintended consequence of demonstrating to the rest of the world how strong China really is. That is just about the worst thing that could have happened as far as the U.S. is concerned.
Thanks Tony for this avalanche of information and insight. If US political leaders ignore what you are reporting as you say the things will continue to happen fast.
The money paid to service a debt in the form of interest often far exceed the amount of principal borrowed. All the good money gone with nothing to show for.
That's not true of the US. Most of its debt is in 10 year Treasury notes Even if the debt is rolled over, faith and re-evaluation are mandatory ensuring confidence and performance.
Important to point out China's bond market is the second largest one in the world, after US bond market, and we now see about 200 basis points between 10-year Chinese sovereign bonds vs 10Y UST. There's no question investors see RMB as more stable and less risky than USD.
As per 2024 payroll survey about 78 % Americans are living on from paycheck to paycheck. Does US has right to call itself a "superpower" and a "rich" country??
Hallelujah 🙌🏻!!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻. I was owing a loan of $49,000 to the bank for my son's brain surgery, Now I'm no longer in debt after I invested $11,000 and got my payout of $290,500 every month…God bless Mrs Susan Jane Christy ❤️
After I raised up to 525k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸and also paid for my son's surgery (Oscar). Glory to God.shalom.
China in order to minimize the risks of the future dollars should lend out in US dollars (to get rid of the dollars surplus) and under the terms to be repaid in RMB . This means they borrow in US dollars and in the agreement the equivalent value in RMB be in the agreement . This will insulate the future risk of the dollar being of no value in the future.
In my humble opinion, trying to re-create a Nretton-Woods system on top of CNY is not good for China exactly because it will lead to all the same problems as US has in the long term. Including deindustrialization. I see transnation bankers trying to jump ship from the US. It's not going to be good for an average Chinese person. It's just rich are trying to preserve the value of their assets by denominating them in CNY, that's all. It really doesn't matter what the fiat currency is.
Twenty years ago I was surprised by the fact that Chinese restaurants managed to run year after year while other restaurants normally went bust after three years. The Chinese ones were more efficient, the food tasted good and was popular by both young people and retirees. I think of that when I see the progress of China in the world. They are being better at the same time as being fair. All luck to them!
Kevin, you say in 50 words why China does not want to replace the USD as reserve currency, or allow the RMB to be subject to western currency speculation. Anyone remember what Soros did to the British pound? Anyone remember how much money this moneylender/financial manipulator made?
I've been watching these videos awhile now. With what's happening in these new geo-political economic landscapes, most academic economic canon is not equipped to handle these developments, especially with how fast and how many varying levels on which these new types of economies, and historic economies, develop and crash. Yes, we can point at particular instances and say 'this is so-and-so's theory in action,' etc. Nope, don't adjust your settings just yet, it's going to be a wild ride.
There was a recent news article about how the USA has been forcing Iraq to stop using the yuan for trade settlements. So the USA is actually forcing countries to use the USD instead of the yuan.
The indian rupee is non convertible in the international currency market. Russia has accumulated rupees but has nowhere to buy things with the rupees as no one wants to accept rupees. India has to make its currency policy to be more flexible. Only way to spend rupees is to invest in india. Past experiences of MNCs have shown that investing in India is a tricky issue and some companies are stuck there.
There will still be demand for the dollar, american companies might lose value but the demand to the land is still there... so the dollar value will still hold,
Hi Kevin you may miss an important point. US$ through Chinese bank must be completely outside US system. If the clearing pass through a US bank than US can still seize the money. So all transaction must be outside SWIFT
A similar thing happened in Nigeria when the government started closing opposition accounts and confiscating their funds. This made many young people who make up most of the opposition to lose confidence in Nigerian banks and move to crypto exchanges as parallel banks. This made the Nigerian government kidnap binance executives when they honoured their invitation in Abuja. This further worsened the situation and made many more lose confidence in Nigerian banks and the government. The banks lost so much that they had to sell shares now to stay afloat. Once trust in banks or money is lost, it is over for the banks or the currency. Sadly, politicians are so stvpid and don't understand that there are many parallels to the banks and fiat currency today. They would rather destr0y their countries so as to remain in power.
Kevin, focusing on USD is a bit misguided. It is a vehicle of which the transaction is being settled however the SWIFT system is the highway on which the vehicles are running. China so far has NOT successfully developed an alternative to the SWIFT which is US controlled.
Most of China's trade with Asian countries is outside SWIFT. Russia and China trade in a value of billions per year. None of this goes thru SWIFT. Many other countries bypass the SWIFT by using their local currencies. No one wants to use SWIFT and take a chance on their funds being frozen.
Weaponising the petrodollar, the US shot themselves in one foot. Confiscating foreign holdings in USD, they shot the other.
The arrogance in DC is stunning. The stupidity in DC is stunning. Bad combination.
Very lively expressed.
and they are left with no legs 😂😂😂😂
Or as Orban of Hungry said " EU shot themselves in both lungs".
And that's why the petrol dollar is no more
GLORY TO CHINA FROM FRANCE......
China will save the world.
Go Multipolar world 🌍
Glory to amazing China from sweden too. ❤️🇨🇳❤️
Slava Ukraini 🇺🇦 🇺🇦 🇺🇦 @@NavM23
Here's 50 cents wumao 😂
The world is heading towards a better future without the cruelty of US hegemony.
Tell that to a million-plus Uyghurs stuck in CCP internment camps. I get why people don't like the USA for one reason or another, but the simultaneous embrace of dictators and the like suggests a disinformation campaign in full swing.
That's a really good way of putting it.
"a better future without the cruelty" Tell that to a million-plus Uyghurs stuck in CCP internment camps. I get why people don't like the USA for one reason or another, but the simultaneous embrace of dictators and the like suggests a disinformation campaign in full swing.
(The above comment had disappeared in less than an hour -- definitely a disinformation campaign.)
Right on!
That's a really good way of putting it.
"a better future without the cruelty" Tell that to a million-plus Uyghurs stuck in CCP internment camps. I get why people don't like the USA for one reason or another, but the simultaneous embrace of dictators and the like suggests a disinformation campaign in full swing.
Right on!
(Sorry to steal other people's comments, but my comment to the OP keeps getting deleted, so I'll try wrapping some disinformation campaign cheering stuff around it. One thing about fascists and their supporters: Their claims don't stand up to scrutiny, so better swat those other voices.)
Every time I see videos from people like Kevin and Prof Jeffrey Sachs, I find myself wondering how the US can have people who have such intelligence and understanding of economics and politics/diplomacy, and yet those people are not part of US policy making. Instead the administration gives the world people like Yellen and Raimundo who have presided over some of the worst economic times in recent history.....doesn't make any sense.
Very little makes sense in the post-truth modern world. I despair for humanity.
Just like the MSM and the Puppet Politicians they are WELL paid to be ignorant-arrogant of reality. The Cabal currently protects them well. The job of distracting the "Proles" in Media-Sports-Fashion-Entertainment also pays quite well. The millisecond they "step out of line" Poof they are gone or worse!
Only 'chosenites' have the right to be a part of policy making.
Because whoever gets to preside is not based on merit. The deep state decides its "Server" to sit in the White House.
US policymakers only have short-term plans and pay-back periods. They must make as much money as possible during their terms in office. It's all about making money for themselves. They forgot about look after their citizens. This explains why there were revolutions throughout history. US is due to have one like the French Revolution.
With a massive 35 trillion debt everything in the u s is collapsing. Holding on to the dollar and bond is a death trap
Now way US incurs $1 trillion dollars of interest on debt each quarter. Closer to $1 T per year. Nevertheless, its a tremendous burden for taxpayers.
The pension shortfalls are double that. Who stole that money? That's why they want a war so you won't find out.
How did we get here😮😢
@@sarahkhan2310 Chinas overall private and public debt exceeds USA 🇺🇸. Very rough times for China as the economy is so dependent on dumping exports globally to stay afloat. No one wants Chinese crap any more. As more and more move away from China nothing to fill the gap. Even CCP admit it now. It’s garbage economy. Feel sorry for people in China now.
@@davidford3073 Unfettered greed and complacency, a criminal political class who line their pockets with impunity, gutting out and outsourcing American's manufacturing, weaponizing the dollar, an insatiable appetite for war.
So happy to see the rapid growth in the subscription of this deserving channel. Rare in depth and accurate and timely report of economy/trade/tech related issues on China. Thumbs up as always.
until youtube crew decides he's knows too much
@@pyrophobia133 knowing too much is not dangerous, spreading truth is a threat to national security.
spreading putin lies manure
Kevin is such a powerful speaker of truth, I'm afraid they will try to come after him. The USA has become a denier of truth, love, and faith. Chris Hedges American sadism speech is real, God has left the building in the USA.😢
@@lorainejones41 Agreed. So we should advice him to stay in China. What he is saying is actually trying to help the declining empire to see the world as it actually is. If anybody tries to harm him, that would be a big tragedy to the empire and its people.
No longer trusted everywhere.
Nowhere
@@icemike1...Am not surprise, so long as it was needed it give US power, reduce It's usage, you reduce their power, US cant take 5-10 years of this. But impossible to handle 20-30 years of continuous less dollar trade world wide.
@@joelturley4847everything is wumao when it doesn't fit your narrative huh? Got it 🥱
@@joelturley4847 Here's 5 cents cia bots
@joelturley4847 - This - is - (A - Hillbilly) - (Surely) - 🎯🎯🎯🎯🎯 -:
Like homes are for living, instead of speculations, currency is for trade, not for speculations.
speculation on currency is fine, what is really happening is the USD has already been weaponized. it is being used as a tool to attack countries like Russia. that is actually damaging the USD
And currency as weapon. Incompetent and short sighted decisions have destroyed the US dollar.
100%
It is very interesting that China works behind the scene on de-dollarization. They don't make fanfare to attract attentions. They just do what are good for them and their business partners. It is like a marathon competition. Chest pumping makes no good. Who reaches the finishing line matters.
Remember the story of the Tortoise 🐢& the Hare🐇...? 🤔
Due to Hubris & arrogance, 🐇took a nap 😴 just before the finish line....... don’t think I bother to telling everybody..the final outcome 😂
Actually China does everything in the open. It differs from the US by accepting local currency, local goods, local products, produces and material from local mines. No need to use dollar at all. For example China buy oil from Iraq and pay by building 1,000 schools for the Iraqis. There has never been any need to use dollar to trade as China is concerned.
it is their long-term planning and collaboration with Russia that bear fruits. people laughed at BRI, BRICS, SCO not that long ago.
Using the USD doesn't have benefits strategically & tactical anymore. Reasons are 1] USD isn't backed & can be printed& harvested by US at will, 2)US can take your hard earning away in a New York second.
No one has done more to accelerate de-dollarization than Joe Biden. Let’s go Brandon.
And Trump will be worse. Can't wait😅
@@Sirehistory Trump started all the tariff wars with China, but Biden is who is pushing for seizing Russian assets held in Europe, put all the sanctions on Russia and is threatening to do it to China too. I definitely dont see Trump doing any of that.
It’s the US systemic crises, Biden has little to do with them!
*If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation*
Interesting, This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro Investor?
I feel Investors should exercise caution with their exposure and.exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or a licensed expert in order to navigate this recession and achieve potential high yields
Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.
Brian Humphery Services was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Brian.
He is really a good investment advisor. Was privileged to attend some of his seminars.that's how I started my own crypto investment
around this time I’m more attentive! Its just inevitable that there's going to be peaks and troughs in the graph of economic growth or prosperity, there's never going to be one underlying cause that connects them all, embrace the opportunity, make interest, cashing up on dips.
Those calling stocks momentum a flunk aren't considering the long run. The companies themselves have not changed, it's the market that changed. Steady as it goes, and it'll regroup in weeks.
If you are not too savvy with the market, it’s the best time! just buy and hold on strong companies or best you seek out areas within sectors that can help you sustain a balance in both growth and value overtime. In certain cases, it's even wiser to speak with a smartvestor to determine options best meant for you, I personally did this, and it works pretty well..
Well jade, my question is which stocks sectors should I consider adding to my individual fidelity, I intend to hold on for a decade or more.
right now I’m being counsel on renewable energy, semiconductors, Ai chips which will be hugely integral on every sectors in the coming years. an absolute power move right now.
I genuinely think we are going all chips soon, seems like a lot of your interest is riding on this, I could really use your viewpoint.
The RMB is used as a trade currency, countries around the world can use RMB to buy Chinese goods. The RMB has value because people can buy stuff with it.
What???? I can't buy shit here in Canada with RMB. Fuck off
I completely feel like i just struck content GOLD by finding this channel. Because of this video, i even looked up how "Qingdao" looks like .................................... I would buy a plane ticket and really go there for a 4 night stay just to fully experience that place. Incredible!
the Germans established Tsingtao Brewery when foreign powers occupied parts of China. Tsingtao is now Qing Dao.
Qingdao was a German “colony” and beer is big there, I.e. Tsingtao Beer (German beer factory built from the ground up). If visiting, suggest you go during their annual beer festival, just Google the month!
@@dons6556 Tsingtao beer is German style (recipe) beer.
Qingdao is one of the most beautiful cities in China.
USA is declining Empire and declining Empires are most dangerous
So true.
You need a big stick prepared for the mad dog, and China has it
You are sort of like emperor with no clothes. Too arrogant to realize it’s china that is in significant decline. So much so that people like this and others are paid by CCP to try to convince you that China is thriving. So sad. 😢 ❤
How so?
China already has a big stick in hand, so the mad dog can only bark.🤣
The Chinese government will not likely allow the RMB to be freely floated and thus be speculated upon. There are Chinese Marxist economists like Hu Qiyuan even said monetary policy control shold be returned to the National People's Congress, not remain in the hands of central government bureaucracy, though he does advocate at the same time for more liberalization of the RMB to be utilized at higher rate in international trade. Controlling monetary supply and national capital is the key to socialist control over capitalists. It is what allows China to control their bourgeois class while reaping real economic growth in real assets like factories, technologies, agriculture, minerals, real estate, and of course the consumption of it.
They are not interested in financializing their economy like what the neoliberals did to the US from the 80s onward. They are building their own financial system to secure their own capital and to lubricate economic development and international trade in real stuff, not to engage in fake stuff like financial speculation and wall street casino practices. They don't actually want RMB to become the next reserve currency like the way the USD is. They are not interested in that because the reserve currency status require complete liberalization of your currency and allowing it to float freely while you have to print enough money to support the financial market. In the end, you will turn your economy from making real things into gambling other people's money in fake, virtual stuff. That is antithetical to socialism. This is moreso shown in that they are developing cutting edge fintech that lubricate economic activities, not developing new derivatives and other speculative financial instruments.
Their goals, philosophy and practice are fundamentally different from the neoliberal capitalist system in the US. It is something that western economists and financiers are supposedly scratching their heads over every time they "analyze" what China is doing. So either that they are truly are incapable of understanding it, or they are refusing to even acknowledge it by pretending to be confused over China's actions, and I'm inclined to believe the latter.
💯✅️
Agreed.
If RMB is freely traded, it will be at the mercy of Wall Street, I.e. the Asia Financial Crisis when Wall Street made billions out of currency speculations
Well written. I question the leverage of Ever grande and how it came to be in such an environment.
@@Newlinjim Evergrande was a mistake that was corrected precisely because the state still retain control over the capital. It's not a perfect system that can prevent all malfeasance but it has proven that it can correct itself when it identified a problem.
Janet Yellen : everything is fine
Gordon Chang : maybe this year China will finally collapse
overcapacity!
At what costs?
china is in decline 😢 Sad
Gordon has been predicting the downfall of China in the past 20 years . So China is falling at such minute rate that it is invisible
I recently clicked on a video titled something to the effect of "China's economic slowdown and End of Economic Miracle" and then I see something something "...Chinese Expert". I clicked off then I clicked back on because I thought...wait ...could it be HIM? I skip and surely enough, I see Gordon Chang's (un)loveable face spreading the good word
The changing of the guard is here. The new Champ is getting stronger with time--China!
India was happy to pay for Russian oil in Rupees but there was insufficient supply of other goods to offset the inflow of rupees. For example there are plenty of goods that can be bought with
RMB when the Chinese buy oil in RMB. So India could pay in RMB, if they could sell other goods to pay. They could sell Russian oil in RMB to Europe, and that would solve the problem.
Russia needs IT personell. Why do not India provide?
Putin, Lavrov, Modi, and Jankashir will figure this out. Smart, fair minded guys who prefer peace vs war.
Russia is stuck with trillions of Indian Rupees that Indian gov't refused to accept in trade from Russia.
@@TheMarcuslindbergIndia IT isn't Indian IT, but merely provides cheap labor to Western software companies. Even Indian employees don't have full access but work on bits & pieces.
@@TheMarcuslindberg it's a sad story for India. their best are outside of India and have no intention to return.
China is spreading out risks and ensuring gains in every possible situation.
what risks?
@@ericliume Basic monetary operations, you should read a book sometimes.
Eric.
Asset seisures, asset freecings etc
@@vgstb Isn't that an normal operation all countries want to do, especially strong economies? The only difference is this time the dollar assets are decreasing and assets of other currencies are increasing.
it is called win-win solution - China always win twice.
Very interesting...
We have now US USD and Offshore USD and indeed the Chinese can Set the Rates For those Offshore USD at their preference even below LIBOR or FED Funds Rates.
Do the Americans understand this?
Back in the day every USD payment Had to be routed through a US correspondence Bank (SWIFT MT200).
If I understand correctly this IS NO LONGER the Case with those Offshore USD Held by Chinese Banks.
This IS BIG Guys. This means that they US and the FED No longer Control the totality of their currency in circulation.
Thanks for making US aware of this very important development.
BE GOOD ❤
If Kevin here can say it out loud on YT, you bet Washington and Wall St. understand it. They just pretend not to say it but they can't do anything to stop it, so they are coming up with all sort of creative excuses to attack it without saying the real reasons why they are doing it.
I didn't understand his point about holding dollars in Chinese banks. How do they hold them in China? I don't imagine them getting paid in physical dollars (3 billion in cash every day does not sound reasonable). So somewhere in the system there should still be a part where it is verified/under control of USA. I mean how do they "back" the dollars they claim to have?
@@sonayyalim
Everything is still through the SWIFT system.
No one need to hold physical dollars. It's just bookkeeping.
But remember, it's not SWIFT that do the bookkeeping. If that would no longer work, any other system could do the transfer of money.
It's just a question of banks trusting banks.
What's happening is just that banks in certain countries no longer are trusted to transfer money you have in them when you ask them to. The transfer system is thus broken, not the bookkeeping system.
Your question is actually, why do banks trust each other?
I don't know that. But if they didn't, we would be back to physical gold.
Awesome reporting: easy to understand presentation of what's going on without the hype.
Any student of macroeconomics learn Ricardo's Law of Comparative Advantage--that free trade benefits both countries. However, US politicians are upset about the US trade deficit and incorrectly hold the increasing trade deficit as some kind of losing economics goal post. In 2023, US trade deficit against China represented ~$280 billion. This is what US politicians erroneously think China is making from US consumers. Mathematically, this is wrong. Ricardo's law aside, the trade deficit only measures US consumer purchase of Chinese-made goods in the US, but what about the $400-500 billion per year that Chinese consumers buy of US goods and services in China? For example, Chinese consumers have been buying millions of US cars over the years, but Chinese companies are not allow to sell even a single Chinese brand car to US consumers? The profits from Chinese purchases of US goods/services in China revert back to US companies. Furthermore, what can China do to narrow down US trade deficit? US manufacturing is more expensive than any other country in the world, and US politicians are actively preventing Chinese companies from either narrowing this gap or investing in the US: rejection of building Chinese manufacturing in US, rejection of sales of technology to China unless it's made of less than desirable quality, rejection of Chinese purchase of US companies, rejection of Chinese purchase of land, etc. Really, what is China supposed to do to narrow the gap given these scenarios? Trade deficit not withstanding, Chinese consumers have been and are buying plenty of US goods. Ricardo was right about trade benefiting both countries--US politicians are just not incorporating the other side of the equation.
You're ignoring geopolitics and Xi policy that objectives.
For years and even decades the US tolerated a massive Chinese trade deficit, lots of complaints but not much action.
Today the trade deficit has taken a back seat to China's expansionist policies and threatening neighbors. Under Xi, China has gone too far threatening to upset the status quo.
US politicians, and knowledge of microeconomics are unrelated. They don't know each other 😂😂
@@tonysu8860superpower has to act like one
@@tonysu8860 Which "neighbors"? The militarily OCCUPIED Japan and South Korea? The former US colony, the Philippines, or the DE FACTO colony, Taiwan?
Count the number of nations in the Asian neighborhood, @tonysu8860?
Do YOU have any idea, 1450?
@@tonysu8860 I think the geopolitics came from China superseding US in GPD, PPP; hence, the trade deficit became a target
Interesting. Thanks Kevin
Kevin, I remembered that you had discussed Chinese chips makers are making more faster and efficient chips than Nvidia, a few months ago. You suggested that Nvidia stocks may go down in value. The market crash on August 8, proves you right! Great analysis, I learned so much from you. Thank you.
That 'crash' was just a whole lotta people unwinding the Yen carry trade. Nothing to do with Nvidia's performance per se, other than maybe cutting out the riskiest laggards in the unwind.
@@andrewlau9873 uhhhhhh NVIDIA stock up? Worth 4 times as much as a year ago. NVIDIA has no competition. Dream on. Kevin is opposite barometer for all things USA .
@@teac117the ai bubble is gonna burst
@@Xibao88890
For now, Nvidia really has no competition. Chinese chips are still far behind Nvidia. You're talking about Huawei's Ascend 910B, which has the same performance as Nvidia's H20.
this one is VERY ENTERTAINING, Chinese banks making profit from us$+eu$ by lending at lower rates than
the american... very very entertaining, danke
The key seems to be that PRC banks have become a sort of RMB cloud where they can handle all RMB transactions outside of the PRC in a fast and dependable manner. They must have good IT infrastructure.
The Chinese Central Bank uses AI and 5G supercomputer that is undetachable by the US. Very safe for its customer without fear of meltdown from CrowdStrike software update
They use lots of Huawei products that the NSA has trouble hacking into.
China has the divine blessing and will get better and better.
Now Russia is trading 99.9% using rmb 😂
Thank you for honest chat .
It’s so sad to see the implosion of the USA; I suppose it is hard to escape the the cycle of life of a global empire that Ray Dalio saw.
NOT SAD AT ALL!!!!
@@fndngnvrlnd cope harder baby.
Very happy!
@@yuppyhoo how are your housing values lately? 😂
Maybe, but that doesn't mean the nation itself have to go down with it. The USSR and the former Czarian Russian Empire collapsed yet Russia remains, Chinese Middle Kingdom collapsed yet China remained. It's possible for a nation not only to survive the demise of it's empire but also rise from it's ashes but with the US government making an enemy of almost every nation, and burying itself with mountains of debt, looks like we will follow the fate of the Mayan Empire
6:30 "...Oil refineries in India who buy Russian Oil are being ask to pay in Chinese RMB by the Russian Oil Refineries and the Indians aren't exactly happy about it..."
A year or two ago, India were paying Rupees to Russia and Lavrov went to India to discuss what to do with Rupee; he came out with nothing! India does not have any worthy product nor commodity.
When u are the world's hegemonic empire, u constantly have to wake up every day freaking out about losing your position of "exorbitant privilege".
Those mountains are fascinating.
It is really sobering to see how China is moving to solidify its hold in different kinds of financing in the world, independent of the US.
Just sit back and watch for 5 years! China is gaining tremendous clout all around the globe.
Ultimately, a currency's acceptance depends on the wealth it represents. If the country that issues the currency fully protects its national wealth, the currency will be stable and strong, and its acceptance will be higher; otherwise, it will depreciate, which means its acceptance will decrease. Japan is a good example for discussion. This country produces so much for the world, but because of its status as an American subject is not allowed to play the market game like the United States, the wealth it has accumulated over the past 50 years is far less than it would have been based on the productivity of all consumer goods out value. Because a large part of its wealth has been stolen by the United States in various ways. This explains why the yen continues to fall without a bottom.
Expected, once China starts trading in RMB and their local companies starts to dominate its trade
China doesn't want to replace the USD with RMB. They prefer to have it as a local currency.
They would like to have a BRICS currency for trading with other countries, allowing everyone to find their local currency exchange rate with that.
@@larsnystrom6698 The rise of the RMB is a result of China dominance in international trade. The is no intention but just natural progression.
There will unlikely be a BRICS currency, more likely is a BRICS SDR based on some commodity or currency basket and settlement system.
Few understand this; and many flat out refuse to, even when presented with the evidence.
No American toilet paper currency!
😂😂😂😂
@@charlesxavier3489 I wonder if they offer it in the toilet paper section of most stores in America?
@@edwardpi9852 they do!! It's literally on clearance sale!! 🤣🤣
not much time left for the superpower to find a way to welch on the debts
Thank you Kevin for a very informative news about USD held by Chinese banks that do loans at rate cheaper than American banks and also very safe from US sanction. Hence, USD will not be replaced by RMB. China is smart to use USD as a commodity to sell/loan to make more money than selling/loan RMB. BTW, China needs to use USD to pay for US goods and services.
Great video, man.
Oh btw, d Chinoise invented d game of money...
Yanis Varoufakis makes the same point in his book that China is very happy with the current situation of USD as reserve currency. Great video.
Best part of a great youtube channel is an even better comments section💯
I recently discovered your UA-cam channel and I love your content.Definitely we'll follow and watch every video you put out
👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼 Go China!!
Support China here. We’re being abused by the USD long enough.
Trust is so important in trading relationships, great video.
This progress is faster than thought. Good for the world. 👍👍👍👍👍
❤❤❤Sean, I gotta hand it to you.. each episode is a masterclass in overall supply chain, finance and economics, management and updates. Thank you for your diligence. Whatever you are getting out of these, if anything, please keep these coming. 🙏🙏🙏🌹🌹🌹
Gets better and better
It appears that the ineffectiveness of the U.S. sanctions on China are starting to have the unintended consequence of demonstrating to the rest of the world how strong China really is. That is just about the worst thing that could have happened as far as the U.S. is concerned.
The US needs to be made the world's pariah.
Now!!!!!
That would be ruSSia ❄️
china 💩 supports ruSSia ❄️
Thanks Tony for this avalanche of information and insight. If US political leaders ignore what you are reporting as you say the things will continue to happen fast.
The money paid to service a debt in the form of interest often far exceed the amount of principal borrowed. All the good money gone with nothing to show for.
That's not true of the US.
Most of its debt is in 10 year Treasury notes
Even if the debt is rolled over, faith and re-evaluation are mandatory ensuring confidence and performance.
ABUSE , GREED , ARROGANCE AND INGNORANCE !
So smart...Respect.👏👏👏
Important to point out China's bond market is the second largest one in the world, after US bond market, and we now see about 200 basis points between 10-year Chinese sovereign bonds vs 10Y UST. There's no question investors see RMB as more stable and less risky than USD.
What's the coupon rate on China bonds and how do you buy it?
@@tonyyin8524 lol! That’s why rmb has dropped and usd has increased. Nonsense
@@peanut0braintag me when you find out
@@peanut0brain Bank of China
I make sure to like your videos
Very interesting thank you for sharing this information especially explaining it I understand and see a clearer picture 👍
The best channel of this kind.
As per 2024 payroll survey about 78 % Americans are living on from paycheck to paycheck. Does US has right to call itself a "superpower" and a "rich" country??
Garbage survey. Did any reputed media channel quote this "survey" anywhere?
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Hello how do you make such monthly??
I'm a born Christian and sometimes I feel so down🤦🏼of myself because of low finance but I still believe in God🙏.
Thanks to my co-worker (Alex) who suggested Ms Susan Jane Christy
She's a licensed broker here in the states🇺🇸 finance advisor.
After I raised up to 525k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸and also paid for my son's surgery (Oscar). Glory to God.shalom.
WOW!! Susan .j. Christy I know her too
Great news to hear from you...
China in order to minimize the risks of the future dollars should lend out in US dollars (to get rid of the dollars surplus) and under the terms to be repaid in RMB . This means they borrow in US dollars and in the agreement the equivalent value in RMB be in the agreement .
This will insulate the future risk of the dollar being of no value in the future.
Thank you for putting your great information into charts... double plus!!!!
The RMB will increase in importance with the increase in trade between China and other countries.
In my humble opinion, trying to re-create a Nretton-Woods system on top of CNY is not good for China exactly because it will lead to all the same problems as US has in the long term. Including deindustrialization.
I see transnation bankers trying to jump ship from the US. It's not going to be good for an average Chinese person. It's just rich are trying to preserve the value of their assets by denominating them in CNY, that's all.
It really doesn't matter what the fiat currency is.
Twenty years ago I was surprised by the fact that Chinese restaurants managed to run year after year while other restaurants normally went bust after three years. The Chinese ones were more efficient, the food tasted good and was popular by both young people and retirees. I think of that when I see the progress of China in the world. They are being better at the same time as being fair. All luck to them!
Most thorough and diabolical video ever.
Kevin, you say in 50 words why China does not want to replace the USD as reserve currency, or allow the RMB to be subject to western currency speculation.
Anyone remember what Soros did to the British pound? Anyone remember how much money this moneylender/financial manipulator made?
What did Soros do to the British pound?!?
Most interesting about money's reality beyond appearances!
I've been watching these videos awhile now. With what's happening in these new geo-political economic landscapes, most academic economic canon is not equipped to handle these developments, especially with how fast and how many varying levels on which these new types of economies, and historic economies, develop and crash. Yes, we can point at particular instances and say 'this is so-and-so's theory in action,' etc. Nope, don't adjust your settings just yet, it's going to be a wild ride.
There was a recent news article about how the USA has been forcing Iraq to stop using the yuan for trade settlements. So the USA is actually forcing countries to use the USD instead of the yuan.
The indian rupee is non convertible in the international currency market. Russia has accumulated rupees but has nowhere to buy things with the rupees as no one wants to accept rupees. India has to make its currency policy to be more flexible. Only way to spend rupees is to invest in india. Past experiences of MNCs have shown that investing in India is a tricky issue and some companies are stuck there.
Not stuck there, buried there. It is a graveyard for foreign companies.
Thanks
If this does come to fruition it will be liberation for all those economies that have been held back by the USD
Very helpful info
Kevin, your analysis is brilliant as always. Real Vision must be stewing in jealousy.
As usual, great content.. and depressing
Thanks kevin
Always well researched. Great work.
The days of the big bad bogey man are ending 😮😮
There will still be demand for the dollar, american companies might lose value but the demand to the land is still there... so the dollar value will still hold,
A fiat piece of devaluating paper backed by US debt, Joe Biden's demented smile and Janet Yellen's economic spin. The US dollar is like a pet rock.
Going back to Gold is the only move to reverse this hyperinflation.
As usual amazing analysis. sounds easy and casual, but so much research has been done with all the data.
Hi Kevin you may miss an important point. US$ through Chinese bank must be completely outside US system. If the clearing pass through a US bank than US can still seize the money. So all transaction must be outside SWIFT
it always has been outside of swift. the funny interesting part, this year swift event is held in China 😂
What a joke. Nobody trades in RMB
Thanks for the info, Kevin!
A similar thing happened in Nigeria when the government started closing opposition accounts and confiscating their funds. This made many young people who make up most of the opposition to lose confidence in Nigerian banks and move to crypto exchanges as parallel banks. This made the Nigerian government kidnap binance executives when they honoured their invitation in Abuja. This further worsened the situation and made many more lose confidence in Nigerian banks and the government. The banks lost so much that they had to sell shares now to stay afloat.
Once trust in banks or money is lost, it is over for the banks or the currency. Sadly, politicians are so stvpid and don't understand that there are many parallels to the banks and fiat currency today. They would rather destr0y their countries so as to remain in power.
The idea is not defeat the dollar but weakens it. Power to the world of free trade.
Fantastic analysis. None bias that's hard to find these days
Kevin, focusing on USD is a bit misguided. It is a vehicle of which the transaction is being settled however the SWIFT system is the highway on which the vehicles are running. China so far has NOT successfully developed an alternative to the SWIFT which is US controlled.
mBridge is in the right direction, no worries, few more years and they will perfect the system
Most of China's trade with Asian countries is outside SWIFT. Russia and China trade in a value of billions per year. None of this goes thru SWIFT. Many other countries bypass the SWIFT by using their local currencies. No one wants to use SWIFT and take a chance on their funds being frozen.
Thanks!
I always could not understand how the British pound is such a strong currency considering the British economy is not in great shape.
weaponizing dollar does have consequences.
Excellent 👍 news 😅
Decoupling is underway 🤩
No more Tofu DREG
No more Extortion Gas 😊
Good riddance, uS dollar. You won't be missed. Not at all.
Well done. Thank you
How can someone hold Dollars outside US if it's not cash?