Ask Prof Wolff: US Dollar vs. China's Yuan
Вставка
- Опубліковано 31 бер 2022
- A Patron of Economic Update asks: "Prof. Wolff could you please comment or give your analysis regarding the petrodollar, its impact on global markets, geo-politics and the recent news that the Yuan may soon overtake as the leading world's reserve currency? Most notably I'm interested to know how probable this event is and its impact on the United States economy and domestic politics, etc. What can/should be done about it?"
This is Professor Richard Wolff's video response.
Submit your own question to be considered for a video response by Prof. Wolff on Patreon: / community .
Ask Prof Wolff is a@democracyatwrk production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/economicupdate. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us continue to make this possible.
_________________________________________________________________________
Check out the NEW 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff! Visit: www.lulu.com/en/us/shop/richa...
“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”
Check out all of d@w’s books: "The Sickness is the System," "Understanding Socialism," by Richard D. Wolff, and “Stuck Nation” by Bob Hennelly at www.lulu.com/spotlight/democra...
_________________________________________________________________________
Follow Wolff ONLINE:
Web: www.rdwolff.com
Patreon: / economicupdate
Twitter: / profwolff
/ democracyatwrk
Facebook: / economicupdate
/ richarddwolff
/ democracyatwrk
Daily Motion: www.dailymotion.com/democracy...
Subscribe to the EU podcast: economicupdate.libsyn.com
Shop our worker CO-OP made MERCH: democracy-at-work-shop.myshop...
As an American, it doesn't matter to me whether it's petro-dollar or not, or whether the United States is number of not. What I want is a United States that is confident, prosperous, peaceful, and taking care of its people. But for the past decades, what I am seeing is a country that is paranoid, indebted to the eye balls, war-mongering, and serving the Wall Street while ignoring the plights of the American people.
What to do about it is the question?
These are all red flags of a power in decline.
America is a relatively young country and like many pimply teenager it lacks confidence and tries to overcome its insecurity with arrogance and, often, violence.
"Everyone is crying out for peace, but none is crying out for justice. I don't want no peace, I need equal rights and justice." - Peter Tosh
No peace for any amerikans until all reparations are paid to their global victims and that land is returned to the rule of the indigenous people and other global victims of amerika.
Prosperous is a dirty world to all who love our Earth. Even typical "poor" amerikan lifestyles, owning cars and thousands of pounds of other needless things, is not sustainable.
@@hayden1770 If you mean power as an empire in decline, yes. If you mean power itself, no.
The US didn't know how good this arrangement is. Instead the Americans think this is their rights, and they used dollars like a weapon. A currency back by nothing but trust. When the trust is lost, so goes the currency.
So true, that's what will happen.
Happy to hear from a Wolff follower who actually gets something right. Hearty congratulations!!
@@rjung_ch And? What does that even mean for the majority of people that have little or no worth at all? Will we all instantly become raiders, killing and maiming for whatever?
The Bretton -Woods Conference 1944 came up with the Monetary System that placed the US in the privileged position.
the petrodollar is back by US military with its 11 aircraft carriers, and the world's biggest propaganda machine. one cannot do without the other.
why Biden set aside $300M just for propaganda against China. that's a lot of bucks.
Professor Wolff, Very good presentation and easy to understand! Thank you very much!
Yes you are right it is not like some others come out with a lot mumble jumble after listen to them and I was confused
WHEN INDIA 🇮🇳AND CHINA 🇨🇳 RUSSIA 🇷🇺 BRAZIL 🇧🇷 WILL HAVE MINIMUM WAGE OF $7 DOLLARS PER HOUR? 2030 OR 2050 OR 2100??? NEW WORLD WAGE ORDER NEED NOW!!!
Maybe American leaders and the professors need to look at the whole picture and figure out why Americans are losing its role as a country that most foreigners envy. Everything that the US is going through has been planned out and put in motion for decades , the final cut was to install a president that has close ties with America's enemies and he is committed to destroy this great nation no matter what the cost, including what people say about him and his kin. Knowing that the mainstream media will ignore his sinister works against the country he continues to create new policy that will devastate the economy and will take decades to recover. It's evidence that the mainstream media has also been compromised by a foreign country or should I say from within. While all this is going on ,Americans are still blinded and is unaware that American politicians the obvious one's has also betrayed their own country. Just look at their accomplishments and their state they represent, total melt down. America has what other countries don't Americans has God , freedom and it's constitution. In the hearts of citizens and those that care this will always make this country great and powerful. In the end america will survive and will have little use for fossil fuel. It's future looks awesome because Americans is taking back this country soon the world will see those that was part in this wicked take down including the mainstream media that had protected these criminals for decades, these are people of all walks in life they have created wars that destroyed lives and countries while hiding behind this great nation . Great things is coming, big changes will take place this has to happen or humanity will not survive. Keep praying to God
Happy Birthday, Prof Wolff.
Thank you Professor Wolff for your indepth analysis.
This is the most relevant question relating to this conflict. This isn't a conflict over Ukraine; this is a conflict for petro-dollar hegemony.
I guess all the leftists idiots should be happy about the dystopian East taking over the world, right?? Not too bright folks, not too f*ckig bright!!!
It's both.
@Peter Johnson
You think the United States cares about Ukraine from a moral standpoint?
@@jeremypeterson705 don't think the US has ever cared for any other nation.
@@jeremypeterson705
It's not because of the Ukrainians but because of its strategic position of the country and being one of the granaries of the planet
Wow ... Professor Wolff is a smart mate! Well done. You summarised what we've been fearing for a long time. You have nailed the transition of the World Economy as is currently happening.
Why would you fear this? The destruction of the US economy is a good thing.
Why are you fearing it?
@@jakobsmith4046 Mate ... you're right. It is time for the PetroDollar to be discarded. All it does is enrich USA and no-one else. A Coopers to you mate!
@@jakobsmith4046 Reserve Currency is a very big deal
@@jakobsmith4046 .By the way… to the best of my knowledge, only two others have tried to sell oil in petrol dollars… Saddam Hussain and Qaddafi.
Glad you’re putting out these videos. Looking forward to seeing this channel and kind of political consciousness grow
You should find another source, he leaves so much out that it leaves you misinformed. When you see China's debt to GDP, over 200% , faster aging of its population do to the 1 child policy that moved it from a 6 ish child per house to 1, no social safety net to help the aging population so no social security like fund no medicare like program so the children have to pay. Look up Evergrand and the Chinese housing market. Then ask yourself why a man who talks about China constantly seems to leave out so much relevant information. Has he ever spoken about the Uyghurs?
@@ellisv75 Well I was listening to a podcast where he offered to talk about the problems of China, and he said there were many, but the host moved onto another question. I’d be interested in hearing him comment on some of these things you’re mentioning.
@@GetterXX7 tally his videos where he praises china and its economy and then compare that to the number of times he talks about the issues in china. Then see if you think he has a bias or not. The fact that he "almost talked about them once" in the balance of his conversations should be evidence enough that he relies on his audience to simply sit back and listen and not think or look and see if what he says is true.
@@ellisv75Well from what I’ve seen he’s consistently pointing to China as proof that a socialist style economy can very quickly accomplish. I’ve heard him repeatedly say as well that he has critiques of that system that America should avoid if and when we go that way ourselves. I haven’t really heard him really go into the details of those critiques yet unfortunately, but I’m sure he has somewhere. I haven’t read his books or watched most of his content.
@@ellisv75Well from what I’ve seen he’s consistently pointing to China as proof that a socialist style economy can very quickly accomplish. I’ve heard him repeatedly say as well that he has critiques of that system that America should avoid if and when we go that way ourselves. I haven’t really heard him really go into the details of those critiques yet unfortunately, but I’m sure he has somewhere. I haven’t read his books or watched most of his content.
A thank you is long overdue! I get so much knowledge and insight from you Professor Wolff, both on your platform but on many others, especially The Zero Hour. I miss RT and hearing you on BoomBust. All the best as we go forward in these perilous times!
Yes. RT is truly missed also Boom bust and Kaiser Report.
👍❤️
Petroyuan will have a civilizing effect on American barbarism.
Ask the Uyghurs about Chinese civility, or Taiwan, or Tibet.
@@ellisv75 We did. They're fine.
@@ellisv75 The only Uyghurs killed by Chinese were far right extremists committing acts of violence, many thousands of others have been detained. Accounts of "genocide" are CIA propaganda. 30,000 Taiwanese have been killed by China, Taiwan is being used by USA as proxy war against China (like Ukraine/Russia). About 500,000 Tibetans were despicably murdered by China. In comparison the United States murdered 6 million Afghans, Iraqis, Syrians, made millions more refugees, and hundreds of thousands more sold in to slavery and sex slavery to be gang raped every day for the rest of their lives. USA is also currently arming Saudi Arabia to commit genocide in Yemen, and arming neo Nazis Azov battalion and C14 in Ukraine who have murdered 17,000 Romani Ukrainians since 2014. I could keep going with US war crimes and genocide which make China look like saints in comparison.
@@ellisv75 get a fuking passport b4 u keep talking trash... Wait... Ur brain is trash, brainwashed
@@ellisv75 Ask Tamir Rice, Philando Castile, and Breonna Taylor about U.S. civility while you're at it.
I always love hearing from Prof Wolff....
yes.
Even my 2 year old son can understand . The way he explain things is epic .
@@johnsonwang8728 He's an intellectual heavyweight...
@@barakawilson2609 Yeah . I kept watching him when I was in university . That was 10 years ago. Maxism is forbiden in most of the western countries . Most people never know the socialism movement and what did Marxism's influence to the world .
It is very frustrating that western medias keep brainwashing its people and claim libral capitalism and western democracy is the only answer to all questions . That makes talking about other ideology a taboo.
Which makes Professor Richard Wolf really brave man to enlighten the public .😀
@@barakawilson2609 And I have to say that there are many intellects in China study Marxism . I believe many can understand the theory better than Mr Richard . But Richard is still the best in the western world .
Perfect timing, Professor
Brazil's central bank quadruples Chinese yuan reserves, TODAY.
Now that the world financial system has been weaponized into an economic Death Star, every human being has be dreaming of a safe alternative.
The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.
The lesson of economics you state says, to me, more about economics itself than anything else...
Thank you Professor Wolff. I appreciate all that you do. :)
Note: Yen is the Japanese currency. The Chinese calls their own money the Yuan, which literally means 'buck' or 'dollar'. The Chinese government official name for their money is the Renminbi, or the RMB, losely translate to 'People's Coin'.
Yen is the same as Yuan basically
the character is the same,元，just different pronunciation of the same Chinese character
It's spelled/read the same: "yen"
The only difference is the alphabet letter
@@fishoverseasable
It's pronounced/spoken the same
The only difference in writing
Out of respect does America stifle collective _yawns_
Very thoughtful discussion. However, it should be added that Yuan is pegged to gold and not fully fiat as the US dollar. Moreover, any country which Yuan has second thoughts about holding Yuan as a reserve currency could be advised to approach the Shanghai exchange to convert Yuan into gold. This is an immense impetus to the rising credibility of the Yuan.
The best explanation of this subject I've ever heard
Yes, the sanctions imposed on Russia are speeding up the value of the Yuan. And, according to pollsters in Russia, Lavada, who haven't always had a pro-Putin view, show Putin favorable rating has increased because of the recently imposed sanctions by the West
That was the Master plan between Russia and China. Russia deliberately left small amounts of Gold in foreign banks and some amount of their foreign currency Reserve in foreign banks. They knew that they would be frozen So Russia just wanted to show the oil OPEC countries what the Western banks and Western currency can't be trusted. But China yuan can be trusted. Brilliant Russian . Strategy
I strongly disagree.
In the first place, today is no different than in times past that any international transaction has to be in Dollars. Two trading partners have always had the option to do their transaction using any currency they wish, and that has not changed.
But, a lot of systems like SWIFT have been developed and work so well ensuring even complex transactions can be done quickly, completely and without mistakes or fraud that it makes little sense to use alternatives. People talk about using other systems like China's cross border currency exchange system, but it's not nearly as versatile and proven as tools commonly used.
And, the problem with using a system that uses another currency is that one side will end up with a pile of that "other" currency which will not be as universally accepted and utilized as the Dollar. With the Dollar, you can take your transaction's proceeds and buy something from the US or Europe. If you're an importer/exporter, you can quickly turn around and use the transaction's proceeds to pay your bills or that shiny doodad you wanted to buy. But if you try to pay your workers with that "other" currency (for example, rubles) your workers would look at you and demand payment in a currency they can use to buy groceries.
For the Yuan to become a competing global default currency, it would have to be globally accepted by everyone, not just between the two who made the original deal.
@@tonysu8860 you are wrong Russia and India trade in their own currency and China Iran China Russia Venezuela China So on you don't need the dollar all the time. And Russia has it's own currency transfer system and China to + its not only Swift there is other sistems available. Swift is the most popular. And what is the dollar. Printed paper by the Federal Reserve. Backed up by Nothing. When the OPEC drops the Petro dollar. USA is finished. and why should other countries supply the US with good in exchange of peace of paper ( called dollars) When the Federal Reserve can print them Endlessly. USA trade deficit is already around 100 billion per month.
Yeah...that is until Putin attacks them.
Eloquent and brilliant arguments from Prof. Wolff.
And also Russian currancy rebound and became best performing currancy of March.
This is an artificial value. There are severe controls of conversion including a 10,000 per exchange limit for individuals. Most demand to convert to foreign currencies is being denied. Russia is experiencing approx 2% inflation per week. This is in hyper inflation ranges. Lastly, the Russian economy is going through an expected 20% contraction which is an astounding change for Russians. Once one or all of these events are more intensely felt, the rouble will begin to gain a more realistic value.
Actually, the increase in Ruble is from the Russian government demanding any oil or gas Europe buys be paid in Ruble. It’s actually a really smart move on Putin’s part in response to economic sanctions against Russia. This will directly undermine most of the sanctions against Russia as Europe has no choice but to comply.
Also, I seriously doubt Russia is going to get hurt by the sanctions nearly as much of the news media tells you it will. They have a huge trading partner in China and in India, and their products will be sold to the world through China.
I’m curious to see if the economic sanctions on Russia will do more or less damage then high energy prices will hurt Europe and the US.
Yeah, black market value is between 130 to 250 roubles for dollar. And rouble futures predict 120 or so.
Obviously, as one mentioned here American sanctions made Russian ruble the best performing currency in the world for March.....it makes you wonder if policy makers in DC are stupid and incompetent or traitors.....or both...we live a nonsense!!!
@@philipberthiaume2314 Oh, you mean like the artificial value placed on all fiat currencies? The only reason why any of them have any value is because people say they have value.
Happy Birthday Professor.
Enjoy your videos as always.
que malévolo lmao
If Prof Wolff were my teacher, I better be sure all my homework and assignments are done on time, Prof Wolff sure looks like he can chew me up and spit me out.
The dollar, together with the empire, is going down. Live on television.
And when that happens...the rest of the world will right down with it...watch & see.
America badly needs universal health care.... when Americans are an accident away from being bankrupt you get severe unintended consequences,.
The film “Looper” was right. China is the future and that future is now.
Every time I hear talks about China's economic rise and its eventual takeover, I think of that movie.
@Beast Mode hey, whatever gets you to sleep at night my friend.
Great prof. Wolff. But I think he didn't explain well the great advantages of the petrodollar for the USA. The US only has to print dollars to buy oil, while other countries first have to get the dollars with their exports, that is, with their work and products.
Luigi, you missed it. The point is that we are losing our dominance in the world market. The yuan is likely to replace the dollar as the standard currency for world trade sooner or later, mostly sooner. Pay attention.
@@joehomer4421 Dear Mr Homer, I was referring to the petrol in particular. You must buy dollars if you want to procure petrol. For other commodities you can agree with your supplier to pay in other currency. But for petrol, payment in US$ is mandatory...up to now. For the rest, you are right, but believe me, I did not miss it.
A country need not export to get the US$, they can buy the dollar. Also an exporter through negotiation can request the importer from another to pay the exporter in the exporter’s country currency. In this way the exporter is not exposed to exchange risk.
@@jimmylee1776 Dear Jimmy, certainly, for other goods it is possible to negotiate payment with other currencies, but for oil the US$ was obligatory. Today things are changing (BRICS), but the dollar is still the mandatory currency for almost all oil purchases. Of course, dollars can be bought in exchange for your currency - if it is convertible - or for gold, or other precious metal - if you have it - or for exports with payments in dollars. But surely you can't just print them.
While we were busy discussing PetroDollar vs PetroYuan the world got a new reserve currency called PetroRuble
More option the better for consumers and traders
The world is getting multipolar. The way it should be. Nations should be paid in their own sovereign currencies. Not in some fiat money of another country.
Nah
Another reason to not hold the USD or not get paid in it is the rampant debt driven inflation. If your USD holdings are going to lose 7-8+% of its value every year you have to hedge it, which costs more money, or you have to get rid of it faster by spending it or converting it into an alternative currency asap.
Nicely and concisely expressed...thanks Prof Wolff
Renminbi is the official name of the Chinese currency. Its common short form is simply to say the three letters RMB. Renminbi's literal meaning is "The People's Currency", which rhymes with the "The People's Republic of China". Whereas the unit of measurement of the RMB is Yuan. Yuan is an old, very old Chinese word referring to the unit of measurement of a currency. But now RMB and YUAN are used interchangeably to mean the same thing - the Chinese currency. Technically speaking, "10 Yuans of the renminbi" is the (Chinese) grammatically correct way to say it. But of course, that's too long even for the Chinese people, so people would simply say 10 RMB or100 RMB for example. The confusion comes because people are so used to having called the dollar, which is the name of the US currency, and the unit of measurement of the dollar, is also dollar.
The guy is smart. Needs more people like him.
free lunch does not last for ever. the feast is about to end.
@Account NumberEight americans of course. who else?
Well said Professor. Thank you.
Using the dollar as a weapon was one of the worst acts of self-vandalism in history. Lets go Brandon!
Yes, Joe Biden was responsible for this waaaaay back in 1946.
Jon average very average indeed another bot who fails to connect the dots
Prof Wolff, I respect you telling the truth without bias on China.
Thank you Professor.
The video is so easy to understand. Thanks!
Another show packed with info, thanks sir.
Thank you for your service professor, I just wish you could be employed in some sort of government position do that those idiots can hear some common sense.
Yes the professor would do well in Russia's inefficient economic system. in regard to the west he fails to give credit where credit is due
Happy Birthday Prof. Wolff!
Thank you for the information.
Fantastic presentation. Keep it up.
My old friend was telling me 20 years ago. "Time will come, China will win."
Win what? The yuan is leveraged with massive debt its command economy has yet to match per capita wealth numbers there is 4 Chinese for every American it should have a larger economy than the US lets look at Russia a massive country in size rich in natural resources whose economy is 1/2 the size of California with a population 3 times larger i am unimpressed the United states trying to work with china opened its markets (consider the phrase made in china)this i assert is prime source of China's new found prosperity
And when China wins....this world will lose and be more dangerous.
Great insight Prof. Thank you.
Listening to you since more than a decade ago made me hooked on the topic of economics especially global economics. Thank you
Thank you!
You are an economist with simple explanations
Thank you so much for enlightening us
Feliz Cumpleaños querido Profesor Richard Wolff.
“Undermining” meant picking a rock and dropping on your own foot ? 😱🤣
And the US of A good at it.
Happy birthday Prof.
Thank you Sir.Very impressive and valuable presentation.
Pearl Harbor was fought on the soil of the Kingdom of Hawaii. Not on "American soil".
Great, Job!
This country is number one economy but yet never seriously paid attention to those poor people and how to help them get out of the mud. Couple of days ago we have to kick away a homeless couple staying at backyard of our building because next door neighbor asked police to remove them and complained to us directly about potential property value decrease of theirs. We let them stayed on our property for the whole winter season. I was thinking on this matter. I think if government really want to help them it's just very easy: find a public place and provide each with a Walmart pre-built steel storage shed which cost about $500. This shed can put a bed inside and extra room for other purpose. Might also put an insulation pad on top and on the wall with total less than 1 K USD. It's going to be way better than those tents in streets, right?
Or motel vouchers. Living in a motel is one step above homelessness. I'm sure there are empty rooms available.
Nice video . Professor.
Brilliant discourse, most enlightening👍👍👏👏
Thank you very much for your highly intellectual and educative
Vital information!
From 1964 to 1973, the U.S. dropped more than two million tons of ordnance on Laos during 580,000 bombing missions-equal to a planeload of bombs every 8 minutes, 24-hours a day, for 9 years - making Laos the most heavily bombed country per capita in history. The bombings were part of the U.S. Secret War in Laos to support the Royal Lao Government against the Pathet Lao and to interdict traffic along the Ho Chi Minh Trail. The bombings destroyed many villages and displaced hundreds of thousands of Lao civilians during the nine-year period.
Five years ago, the US forces, using the fake intelligence of a staged video by “White Helmets” as evidence, conducted the so-called “most precise air strikes in history” in Syria, killing more than 1,600 innocent civilians.
In recent years, the international community has been calling for investigations into the killing of civilians in the US’ overseas military operations. On Syria alone, the Independent International Commission of Inquiry on the Syrian Arab Republic pointed out several times in its reports in September 2019 and February 2021 that the US failed to distinguish military targets from civilians in its air strikes in Syria, which gravely violates international humanitarian law and may constitute war crimes. However, the US government has been turning a deaf ear to all this.
According to reports, over the past nearly two decades, the US conducted over 90,000 air strikes in countries including Afghanistan, Iraq and Syria, which may have killed up to 48,000 civilians. But the US military time and again covered up the facts and refused to apologize, admit its crimes or hold the perpetrators accountable. It did everything possible to evade its responsibilities. On the drone strike of civilians in Afghanistan, a Pentagon spokesperson said openly in December 2021 that no US soldiers will face disciplinary action over it.
The US media also disclosed at the end of last year that from 2014 to 2019, the US military turned its guns on farmers in the middle of harvest, children playing in the streets, families fleeing the fighting and villagers taking shelter in buildings. These disastrous crimes were deliberately concealed and whitewashed. US media revealed last year that according to the US military’s own confidential assessments of more than 1,300 reports of civilian casualties, civilian casualties in US air strikes have been “significantly undercounted”. Larry Lewis, a Director at the Center for Naval Analyses (CNA) of the US said that on average at least one incident of civilian harm has happened every week since 9/11.
There has been an overall pattern of negligence with regard to the US government on the issue of civilian harm. The US has also obstructed the International Criminal Court’s investigations into its war crimes in Afghanistan. Every human life, regardless of nationality, race, religion or values, is equal and precious. The US should earnestly respond to the strong call of the international community, conduct a credible, independent and impartial investigation into civilian casualties caused by US air strikes, and hold the people concerned accountable.
The truth of the matter is that politicians in the West and the US including Australia (Australia which is psychologically totally confused and suffering from an identity crisis as it thinks it is "west" when the reality is that it is geographically part of Asia!!!), are still stuck in their mental capacity and attitude in the glory days of "empire" 5-6 centuries ago.
They may have learned to wear Gucci suits nowadays but nothing else seem to have evolved in their psyche and consciousness from their barbarian days. Instead of recognising their sordid past and history , they celebrate their delusions like "Thanksgiving Day" which the Native American Indians rightly and clearly remember and commemorate as their "Day of Mourning" being the beginning of the murdering, genociding, plundering, stealing, raping and ultimately, OCCUPATION , of their land uninvited, without any due compensation even till today.
But these thieves and robbers take a lot of pride in the stories they tell themselves and sell to the world how great their "founding" was!!! Same stories with the "Empire" where the sun never sets. Australia with the Aborigines. New Zealand with their Maoris. The African continent with all those Europeans...........it goes on and on. This is the 21st Century , for chrissakes! Grow up and come out of that sick and primitive mentality of never ending desire to dominate, control and subjugate.
The zillions of dollars spent on wars and "defence" and the other zillions being hoarded by the 1% is more than sufficient to provide every human being on the planet a very decent and never anything wanting life on this planet with the healthiest and cleanest environment. And we pride ourselves as being the only creature on earth with the intelligence, consciousness and capacity of free will and choice. And these sick politicians choose never ending squabbles, tensions and wars!!! Go figure.
Expert:The U.S. in no position to be the cardinal arbiter of what democracy is ua-cam.com/video/A2A-tuK23zY/v-deo.html
German expert: Different systems can cooperate if united by interest of all of mankind ua-cam.com/video/53o7975LrEs/v-deo.html
It is not important to measure democracy by Western standards scholar ua-cam.com/video/3W0GIKH22DQ/v-deo.html
Justice may be delayed, but it will not be denied. twitter.com/MFA_China/status/1470759624689152000
Drone Whistleblower Daniel Hale Says Crisis of Conscience Motivated Leak www.commondreams.org/news/2021/07/23/pre-sentencing-letter-drone-whistleblower-daniel-hale-says-crisis-conscience
Julian Assange on Afghan war in a 2011 video
ua-cam.com/video/_IGU_7alJ80/v-deo.html
Georgia workers held at gunpoint in modern day slavery operation ua-cam.com/video/AgiSzTav0v0/v-deo.html
A reality check:
Exporting war under veil of democracy ua-cam.com/video/Isib_uZpkGI/v-deo.html Uyghur Tribunal: US-Funded Theater Attacking China ua-cam.com/video/Qt9G0p0dqYU/v-deo.html
The Uyghur Tribunal: US-funded Theater (Complete References) newatlas.report/2021/10/01/the-uyghur-tribunal-us-funded-theater-complete-references/
Ex-CIA director Pompeo: 'We lied, we cheated, we stole' ua-cam.com/video/DPt-zXn05ac/v-deo.html
Gen Wesley Clark Reveals US Plan To Invade Iraq, Syria, Lebanon, Lybia, Somalia, Sudan, And Iran ua-cam.com/video/_GsDD-9hZ9s/v-deo.html
American activist and social media expert Jerry Day has called on the American nation to recognize the war crimes the U.S. government, military and corporate deep-state have committed in the Middle East and rest of the world. “They [U.S.] are simply bombing whatever they want to bomb, killing whoever they want to kill, destroying whatever they choose to destroy without legal grounds. We are the new global villain," said Day. www.yenisafak.com/en/video-gallery/news/us-is-new-global-villain-says-american-activist-2167332 Broken Treaties ua-cam.com/video/uOeGTWYv8Hc/v-deo.html
LOS ANGELES UNBELIEVABLE OUT OF CONTROL HOMELESS SLUMS | HOMELESS CRISIS IN AMERICA ua-cam.com/video/MQHKygOupwg/v-deo.html
Hell On Earth in Los Angeles ua-cam.com/video/08GSVZPkaJw/v-deo.html
Blaming China For US Poverty And The Broken American Dream ua-cam.com/video/e-E8Ex1bgmQ/v-deo.html
The 10 States Where Homelessness is Out of Control and Beyond Repair ua-cam.com/video/adq1rlWFE4o/v-deo.html
A Tsunami Of Evictions Could Make 40 Million Americans Homeless ua-cam.com/video/puBdGsmnT8M/v-deo.html
Philadelphia's Battle Against Opioids Takes Aim at Hard-Hit Neighborhood ua-cam.com/video/pKMxALUwxHg/v-deo.html\
The fentanyl drug epidemic in North America ua-cam.com/video/TtGpPhd-c7Q/v-deo.html
Quite a story. I suppose you want me to renounce my American citizenship and join a Islamic terrorist group . No country is perfect grow up
Thanks 👍👍
A succinct analysis by a world renowned economist 👏👏👏👍
Thank you 🌎 ✊️ 🌹 🗽
Can you please expound on what the basic circumstances are that are leading to the changes within these two economies??
please do a video update of this situation
Excellent short analysis and information, as always. Yuan is pronounced more like ooen, though the oo is not drawn out. I'm not Chinese but I speak Mandarin.
Happy birthday!!
My economics professor also told me back in the day that not only the dollar was owned by U.S., but that it was arab OPEC countries which gave loans to the West in dollars so that the West could buy their oil.
Thanks joe !! Let's go branden !!
Good question by Marcus. Sounds like he may have had an economics course or two while winning the Heisman at USC.
Some Chinese viewers commented Yuan is not correct and the Chinese currency is RMB Renminbi. However the international banking code for RMB is CNY or Chinese Yuan. Therefore it is not wrong. But we are expecting the new digital RMB which will probably remain as RMB and not digital Yuan. I would also like to take the opportunity to explain that Mandarin is not a correct name for the Chinese language. 19th century British and Americans took the Portuguese word Mandarin and it was 20th century Taiwan who followed the American practice to call its language Mandarin, which is kind of weird. In China the official language is Chinese, not Mandarin. US regarded Taiwan the island as China until December 1978 when it pledged One China Policy with China. Lots of US schools still call their Chinese classes Mandarin deliberately for business reasons. Both spoken and written Chinese are called Chinese in English. For the spoken language, standard Putonghua or Beijing dialect is taught in every school across China. Many people are confused that Mandarin is a Chinese dialect which is not correct. The dialect spoken in Taiwan is close to Shanghai and Nanjing area called the Southern Tongue which is slightly different than the Northern Tongue of Beijing. For that matter, China never called its Northeast provinces Manchuria neither. Manchuria was another Portuguese word from 17th century Japanese map and later made famous on western press because of Japanese invasion.
In fact, Taiwan calls Mandarin, national language while China calls it Putonghua or Common language.
Putonghua is a standardisation of a dialect spoken by a large proportion of the Chinese in China, mainly the north with some local variations, a bit like received English in the UK.
The dialect spoken in Taiwan is even further south than Shanghai and Nanjing. The local dialect is closed to one of the dialects spoken just across the Straits of Taiwan in Fujian Province. The Shanghai and Nanjing dialects are the mother tongue of the political leaders and their followers who fled to Taiwan as refugees after the Civil War in China Mainland. This group people is not the majority group of people.
Nice
If anyone has a patreon and would be so kind to ask the professor this for me I’d would greatly appreciate:
Q. If this war progresses to South Pacific over contested islands between Russia and the Japanese, in turn China decides to move towards seizing Taiwan which provokes USA military intervention including NATO & Allies . I wonder what international economic effects would be the possibl outcome,?
and keeping in mind that China has major investment % in American private property ,banking and bailout loans , policy & political candidates, etc. what is likelihood of sanctions being placed on America, or the same economic warfare tactics used against Russia be flipped around and used against the US?
Taiwan has its own price. If China pays this price, American capitalists actually have little interest in Taiwan. Then, they'll say, we shouldn't get involved.
Prof . Wolff can add value n enrich'my 2 cents worth:
1 For the next 5 to 10 years, China, Russia will avoid any conflict to regain their sovereign rights, which Japan has no legal rights at all.. secondly the strength of China or Russia in 10 years time is just so formidable that US Strategic Gang could not do much..especially with a declining American Exceptionalism being turmoilef with political divisions n racial unrest..
2 The rise of Euro, Yuan n PetroRubbles n digital currencies for barter trade will weaken The confidence of USD other than US own inflicted self destruction with escalating national debts of 33.3 trillions as of 2022 n decking competitiveness in international trade but supported by its own domestic consumption of its heavenly endowed natural resources while difficult to restart it's own manufacturing sector coupled with 80% service trade that will not be sustainable due to the lost of confidence in USD .
US controlled NATO must be s defunct military alliance after the Russia Ukraine War subject to final winner being Russia because Europe will be more divided partly due to stronger domestic nationalism after a period of high inflation plus recession if the war prolong ( it is much more likely that Russia is the winner) for another 6 months..
There is no necessity for China to use the same sanction playbook on US ..partly United State of America will eventually self destruct unless it reinvent itself especially it's domestic political divide but already beyond repair inferred by the recent bigotry of it's judiciary oversight hearing for the appointment of Ketangi Brown Jackson as life long Supreme Judge ! Secondly its historical baggages for slavery, genocide n geopolitical subversive infiltrations for reginme changes in the hundreds plus continuous foreign wars.. ! Thirdly racial disharmony, societal plights such as gun violence, opioid abuse deaths n declining standard of living for 40% of the population is worsening... I foresee the splinter states will start occuring in 20 to 25 years from now starting with New York, New Mexico, California n Hawaii..(so will Scotland, Ireland, French Canada, Portugal )
In summary, the New World Order dynamics is trending, that one must reinvent our paradigm to look at the global village is a more multilateral perspectives against the old mind set of unipolar dominance by US led Collective West!
Would you like that financial support in dollars or yuan?
I had dollars in 2015 and I exchanged them in euros since then.
I guess its time to dump the dollar and buy yuan.
what is the best way and safest to take advantage of the rise of the yuan?
Yes
Open a forex account and buy CNY and hold?!
better buy more gold. this world is is a mess, and gold values better than any paper currency.
I can still remember the “Good Ol’ Days”, when “YUAN” was the Southern slang word for “do you want to”.
EXAMPLE: Yuan go da movies wid me ?!?!?
It's important to note that while USD is the primary reserve currency, the Euro, Chinese yuan, and Japanese Yen are all held by banks in reserve as well and are "alternative reserve currency." The main reason they are not primary reserve currency has less to do with US policy and more to do with the policies of the EU, China, and Japan. Reserve currencies must 1) have large, liquid financial markets that can accept the investments of the country/bank's reserve denomination, 2) a reputation for safety and law so that other countries are willing invest millions/billions of currency, and 3) the currency issuer MUST be in trade deficit (Cheap to print dollars are "exported" while goods are imported. Conversely, China exports goods and "imports" foreign currency). For these reasons, the EU, China, and Japan cannot become the world's main reserve until they change their policies. The EU as a zone does not have an EU bond - only individual national bonds as investments. China and Japan are both export markets and until they make the switch to an import driven market, there will continue to be a worldwide deficit (individual nations will differ based on trade relationships) of Yuan and Yen for other countries hold as reserve. A marked downside that few mention is that an import driven economy like the US will have a more difficult task maintaining employment and keeping poverty down. It's not all sunshine and roses for the reserve currency. In summary, the USD will continue to lose reserve hegemony (that may be a good thing for the US particularly lower wage workers), but they will continue to be the major reserve currency until China changes its trade policy (Japan continues to adjust interest rates to prevent its currency from being reserve).
You are almost as good as the Professor.
I am not sure about all the details, but still a very smart analysis.
Which is why China's "dual circulation policy" ie boosting of domestic demand is freaking the sh** out of the US.
It is good really all your analysis. If you have a chance make comments about the political and business situation about Brazil and the USA. Thanks.
Beautifull
The world do not require any dominant reserve currency. The world only needs a mean to settle economic transactions as agreed between the buyer and seller. Digital central bank approved reserve currencies are the future. Digital currencies based on goods or services exchange between buyer and seller will be the future. There is no need and, in fact, non sense to use a third currency to settle trade settlement. The world financial system is changing and replaced with a more just, independent and real goods/services linked system that cannot be abused by any country.
Lol central bank
China is growing fast become greater exporter and still going very strong, the Yuen surely will become strong currency in the world.
Yes, and the solution to all this is create even more currencies that are controlled by shady and untraceable billionaires and have no system for protecting its value or the people who trade with it (/sarcasm). Great video as usual!
Referring to cryptocurrencies, I presume? My guess is that a Central Bank Digital Currency (CBDC) is headed our way and that competing, non-governmental cryptocurrencies will eventually be outlawed. What the government wants is total control. Since a CBDC system administered via individual accounts at the Fed could be programmed to financially punish or reward citizens according to "approved" behavior, the ruling oligarchs are no doubt salivating at the mere thought.
You guys blew it!!! Had it all ,, but a few dozen guys got Rich as God and are living on an island somewhere laughing quite hard!! Peace brother
WEF Founder did say China would play a key role in global affairs. That was 5 years ago
I have a question sir the value of dollar have a value of gold back up?thx
Logical analysis and fair prediction. China & the USA should co-operate in the global economies rather than mere conflicts/confrontations!
China now is giving money through Belt and Road Initiative to 100 countries, it is showing how strong China is economicly.
@@hlw1306 for borrower which could not pay back the best solution is to let China manages the asset in certain time .
Red salute to Professor Richard Wolff
Wish him good health
Hi,
saw, and heard your question $ or ¥.?
But is this not an unhistorical way of locking on the intermediator in trade?
Or have I got it wrong?
Are you not diskussing currenses as intermediators, but are instead aiming on, what might and witch privilegium can a state or a group of "clansmen" achieve, by controlling and creating the dominant currensy?
And that not in the trading field specifically, but as a means of might and power.
In a similar way as guns, ammo, canons, and warships, as a substitute for the later, to blead, opress, force them to pay, and also a means to build up a neofuedalistic order.
Both among men, as well as among the class of companies, and in the relation between states, and populations.
So first, which of these subjects are we supposed to consider.
Trade simplification?
or
Might, and trade disruption?
Vänligen
Per Nilsson
The US has always had the perception that good luck and relentlessness were signs of a special relation to the universe: they must have been chosen for a noble purpose to which everything else is subordinated. And when it doesn't quite work out - as in the blind, striking-out-in-all-directions sanctions regime, they seem to take it all in stride: as in, "why were we given two feet if we can't sustain a shot in both?"
With this move - Russia has nailed the Euro, and Usd.
So for resources rich countries, they should emulate Putin's great move to insist any foreign buyers to pay in their local currency to boost their individual currencies exchange rate & importance!
Soon the Euro & Usd would be of less strength & influence moving forward!
US & EU would not be able to print their currencies by their whim & fancy anymore to cover their annual deficit spending, and export their currencies' inflation to the rest of the World, all these years!
you are correct in theory, because there are a lot work to do to make that happen, namely the clearing and payment systems among banks in those countries, and you can bet that the US will not just sit around watch and do nothing about it.
Great video! Now tell us about bitcoin. Should i, as a ordinary citizen invest in Bitcoin?
Dear doctor Wolff (nice name!), the way to pronounce the Chinese currency is like the English word "You" + the name of the letter N. "You -En".
The USD accounts for 88.3% of international currency trade. The CNY barely registers in ninth place. The truly tradable currencies are the USD, Euro, Yen, GBP, AUD and CND. Check it out. Peter Sinclair PhD, Fellow, Financial Services Institute of Australasia.
China is giving money through Belt and Road Initiative to 100countries. Very strong China
China is creating debt in those poorer countries who cannot afford to pay the money back. The basic BRI idea goes back to Zhou En Lai in the 1970s. China has been successful with the BRI, but the West is starting to pay attention. Guess leaders in those poorer countries will attempt to play both sides.
I heard Yuan is very strictly controlled, so even with more countries favoring it, Yuan cant really be reserve currency at the same level as USD
USD will lose popularity, but then which one will replace it if Yuan is strictly controlled?
The world does not need a single reserve currency. It can have multiple currencies that are used as needed for different situations and trade agreements.
@@vectorbasis4725 So do you think holding several currencies now is better than put majority in USD, for example?
I mean, for last decade or so, people tend to save their money in USD, esp. if our currency is much more weaker or volatile
@@rg9448 The US dollar will be useful at home of course, though inflation may prove to be a significant problem. I don't really know what currencies to hold from an investment or savings point of you, I only have a good idea of which direction the world in general is going. And these changes will be very subtle and gradual, and take decades to unfold.
So US has about 30 trillion in debt… I think the highest debt in the whole world. What does that’s mean now if the dollar won’t be main currency anymore, if US won’t be able to simply print more money?!
No one cares about debt.
What do people do with the dollars we pay them with for their products? Ultimately they buy something that dollars can buy including products, services, investments, bonds from the United States including from subsidiaries or divisions of American companies who choose to manufacture overseas. So the trade in dollars works both ways. This give the United States enormous advantages that won't go away. When income and income per capita are taken into account on an equivalent basis except for the income per capita of a few very small countries like Luxembourg or Norway, the US economy is far and away the largest most affluent in the world. This includes compared to China according to its own numbers which at the moment is in the terminal phase of a death spiral. The number GDP adjusted for PPP is an illusion used to make the gap appear smaller. Here's a simple example using data from 2018 before the pandemic. According to the World Bank's data China's GDP adjusted for PPP was 23 trillion dollars while the US was 22 trillion dollars. GNI for China with a GDP/GNI ratio of 0.5 and a PPP of 3.5 had a GNI of 3.5 trillion dollars while the US with a GNI/GDP ratio of 0.83 and a PPP of 1.0 (the US dollar is used as a benchmark for PPP) had a GNI of 18.5 trillion dollars, five times China's income with one quarter the population. This is based on the GDP number reported by the Chinese government.
Here's a concrete example. The parts to assemble an iphone cost $250 and the retail price is $1000. The phone is assembled by a Chinese worker for $5 each and his employer is Foxconn a Taiwanese company that gets $15 each. The rest, $730 dollars is profit for Apple Computer based in Cupertino California. What does this add to China's GDP? $5? $17.50? NO! IT INCREASES CHINA'S GDP BY $1000 TIMES 3.5 = $3500. See the way this fraud works?
But those numbers only tell part of the story. What is the money spent on? What is the ROI? how long is the payback period (especially using the net present value calculation method)? For Ghost cities, manufacturing overcapacity and subsidizing money losing SOEs the ROI is ZERO and the payback period is NEVER. What about the quality of what is build or manufactured in China versus the US. In China they themselves describe quality as tofu dregs. Only when scrupulously supervised by foreign companies is the quality good. Otherwise most of what they produce is junk. OTOH US products are world renowned for very high quality and are usually backed up by generous warranties and excellent after sales service.
Now what about this gold backed petroyuan? To get away from the using the US dollar you sell oil to China for petroyuan, take it to the Shanghai gold exchange and buy gold with it which is priced in US dollars. So you are in effect still trading in dollars. Incidentally, the US dollar has been very strong lately against other currencies except the Russian ruble which is artificially set by Russia's government and cannot be converted into hard currencies or gold and it is doing well against gold as well.
So the US dollar remains the world's reserve currency and is likely to stay that way as far into the future as we can see despite the hopes of those who hate the US and want to see it fail. Their hopes will be dashed just as they have always been in the past.
Will US treasury bonds be safe? What about gold?
Eh, if nobody backs the value of gold with a state/nation backed mandate of violence it's just really heavy with some uses for electronics. Even the gold standard without enforcers ends up being incredibly meaningless.
Regarding treasury bonds and similar - Its deterioration will be quite similar to the devaluation of the pound sterling if the US petro-dollar stopped being the worlds reserve currency. It would effect federal programs effectively none and state level / individual level costs massively.
It is worth remembering that the overwhelming majority of US currency is now digital, it's 1's and 0's with federal level support saying it has worth.
The slide would be slow.