#dollar hegemony

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What caused the collapse of the Soviet Union? Why does socialism also need financial capital?

The Soviet Union collapsed in 1991. The Russia-Ukraine conflict broke out in 2022, 30 years after the collapse of the Soviet Union. These two events have had a profound and huge impact on the world political and economic pattern. For the reason of the collapse of the Soviet Union, some people ascribe it to economic backwardness, others think it is the system, it can be said that there are differing opinions; as for the truth of the conflict between Russia and Ukraine, people in different camps are even more hostile.

In this regard, Professor Wen Tiejun, a famous scholar, believes that the reason for the disintegration of the Soviet Union lies in the "non-monetization" of its economy; the essence of the Russia-Ukraine conflict is that Western debtors, led by the United States, are once again trying to bring other countries down and harvest their resource assets and industrial manufacturing assets. Behind these two major events, the soft power of Western discourse is acting as a tool of war.

Clear the fog to see the essence, explore the laws behind the facts - welcome to read Professor Wen Tiejun's speech.

Note: This article is based on Professor Wen Tiejun's "Ten Lectures on the Evolution of the Cold War in the Era of Financial Capital (From the Old Cold War to the New Cold War)" series of lectures and "温言铁语" lecture content. Share with you, invite you to ponder together.

The "demonetization" of the Soviet economy - the dominance of financial capital versus the planned distribution of allocated materials

The Soviet economic system is different from the United States and other Western countries in that its materials do not rely on the free circulation of money, but rely on national planning. The result is that although the total amount of industrial and agricultural production in the Soviet Union is a lot, it is not counted in GDP, and the economic growth is slow in statistics.

The reason for the collapse of the Soviet Union, we believe, was mainly the de-monetization of the economy.

When the US economy is transformed into an economic model in which financial capital dominates global profits, it can capture global profits by printing money. At the same time, a large number of developing countries have gradually become Westernized by introducing Western equipment and technology, as well as Western institutions and systems. Developed countries, especially those that have transferred equipment and technology, form their own claims, and then obtain profits through the debt-debt relationship. Of course, this will lead to demands for institutional reform in developing countries. When this happens, it means that the Western system led by the United States is gradually expanding.

Why couldn't the Soviet Union and Eastern Europe expand at the same time? For there is an essential characteristic of the Soviet East European system economically, since Marxism regards financial capital as rotten, parasitic, and dying. Finance capital will be a fundamental cause of the demise of capitalism, so that the Soviet Union and Eastern Europe, in the stage of competition for industrial capital, will continue to develop along the general industrial lines of capitalism.

It is well known that in 1947 two mutually exclusive ideologies emerged: the Soviet Union and Eastern European countries, even after their industrialization, clung to socialist ideology and rejected the liberal capitalist system.

In the 1970s, when Western countries began to enter a new stage of globalization led by financial capital, the parasitism of financial capital was visible to all, so the Soviet and Eastern systems always insisted on not entering into monetization. This does not mean that these countries do not issue currencies, but they do not use them as a primary means of exchange. We both know nothing can happen if you don't have the money. However, in the Soviet Union and Eastern European countries, because of the planned distribution of materials, at the same time an internal formation called "mutual economic cooperation", that is to say, in all the Soviet Union and Eastern European countries in the system of economic cooperation and economic assistance, we can transfer materials to each other, with the transfer of materials in this way of planning, rather than monetary transactions, so that exchange can be completed. It's just that this exchange is relatively slow or not so flexible, but economically sustainable and can grow.

At that time, the total amount of physical economy produced by the entire Soviet Union and Eastern Europe was large, but because it did not use money, but relied on the transfer of materials, it could not monetize the entire economy, and could not generate income (according to the Western statistical system). The Soviet Union and Eastern Europe failed to turn finance into a self-sustaining industry. According to the textbook, if you want to stabilize the value of the currency, according to the original socialist planned economy, you must produce 12 yuan of goods, you can issue 12 yuan of currency; If you produce $8 of goods and you issue $1 of currency, that means the currency is devalued, that means the currency is unstable.

So from the original textbooks, the entire Soviet Eastern European system was a non-monetized economy. Because Soviet Eastern Europe did not use money as the primary medium of exchange, it did have a much higher currency value than if it relied on a monetary economy to drive growth in the formation of virtual capital transactions. Before the collapse of the Soviet Union, one Soviet ruble was worth about three dollars. Therefore, an employee in the Soviet Union at that time, he worked for decades, and he could always save 10,000 to 20,000 rubles, which meant that he had about 30,000 to 60,000 dollars, which was considered middle class. In addition, the resources of the Soviet Union are very rich, as long as you are a worker, with 5 years of service, the state will give you free allocation of 0.5 hectares of garden land.

So the Soviet economy itself did not stop growing or decline, it just did not enter the financial capital-led economic growth as in the West, and it did not grow as fast on the surface.

However, at that time, the developing economies of the whole world, including China, had gradually begun to transfer to the Western system with the introduction of a large number of Western equipment and technology. As a result, most countries have turned to GDP for economic statistics. China previously counted the total output value of industry and agriculture, and since the 1980s we have changed to calculate the added value in exchange, that is, to the Western statistical system.

When the whole world changed, the Soviet Union and Eastern Europe eventually followed suit.

Because Eastern Europe in the Soviet Union has always been a non-monetary transaction, for example, how many tons of wheat from Ukraine to the Czech Republic, or how many tons of vegetables from Romania to East Germany, how many turning machines from East Germany to Ukraine, and how much wheat from Ukraine to Russia. Such a planned distribution system for allocating various resources and materials did not use money, which led to a clear gap between the growth of the Soviet Union and Eastern Europe and that of the West after the GDP statistics were changed. However, this was the trend of the world at that time, and the Soviet Union and Eastern Europe had to follow suit.

By manipulating oil and food prices, the United States triggered internal demands for change

The Soviet Union was an energy exporter and a grain importer. The United States lowered the price of oil, reduced the foreign exchange in exchange for the Soviet Union, and raised the price of grain, forcing the Soviet Union to devote more land resources to food production and reduce the output of other products, resulting in insufficient supply of agricultural products and widespread dissatisfaction among the people, which generated the power to demand reform in the eastern Soviet Union.

During the Cold War, the United States and the Soviet Union carried out arms race for a long time, and both sides turned a lot of resources to military competition. The United States proposed the Star Wars plan, and the Soviet Union also engaged in the Star Wars confrontation. The United States used the Star Wars program to redirect much of the Soviet Union's production capacity into space. This led to a decline in the input into the production of general consumer goods in Soviet society and a decline in the level of social satisfaction.

The Soviet Union was an energy exporter, but it was an importer of food. In the 1980s, the United States played a very interesting price game: pushing down the price of oil and pushing up the price of grain - by pushing down the price of oil, the Soviet Union's income from oil exports fell sharply and its foreign exchange was reduced. The Soviet Union had to use foreign currency (dollars) to buy food, and then the United States raised the price of food. The Soviet Union used limited foreign exchange to buy high-priced grain, forcing the country to convert more land to food production, and fruit and vegetable production fell. In a short period of two or three years, the supply of agricultural products in the Soviet Union changed structurally - the supply of agricultural products was insufficient, and the needs of the people could not be met, which led to widespread dissatisfaction and evolved into social contradictions. The common people thought the Soviet system was bad (the so-called totalitarian system). At this time, the whole West has entered the stage of financial capital, which can drive a large number of developing countries to join the Western system. The surplus created by the Western occupation of the global industrial layout is increasing, so the Western economies are growing at a faster rate and are relatively able to provide more social spending. This comparison gave rise to the belief in the Soviet Union and Eastern Europe that there was a serious problem with their own system, which triggered the impetus for change within the Soviet Union and Eastern Europe.

At this time, the Soviet Union and Eastern Europe began to appear more and more separatist tendencies, and the voices of various internal opposition became more and more loud. The former Soviet leader Leonid Brezhnev aggressively developed military power to fight against the United States. After the leadership of the Soviet Union was replaced by Gorbachev, the so-called reformist leader, first of all, the reformists in the Soviet Union admitted that their system could not work, so they followed the call for reform in society to promote reform, so one after another, the Soviet Union moved toward the road of political reform. In 1989, the bloc of the entire Soviet Union in Eastern Europe was already loosened, and in 1991, the Soviet Union completely disintegrated, marking the collapse of the entire Soviet system.

The disintegration of the Soviet Union and Eastern Europe - the disintegration of political sovereignty and the collapse of the financial system

One of the most striking things about the collapse of the Soviet Union is that the collapse of the financial system coincided with the collapse of the political system. In the early 1990s, China began to introduce deepening reform measures to completely abandon the supply of coupons, and issue more money to promote the exchange of physical products, to avoid repeating the mistakes of the Soviet Union.

At this stage of the collapse of the Soviet Union, I happened to go to the Soviet Union and Eastern Europe to do research. I visited seven countries, and one of the most immediate impressions was that their financial systems collapsed almost simultaneously as political reforms led to the collapse of the regime.

After this investigation of the Soviet Union and Eastern Europe, I began to pay attention to how to explain the collapse of the Soviet Union. Through further research, we find that money is a piece of paper, which is called paper credit. Under the condition of the global abandonment of the gold standard, what is the subject that empowers money and credit? It is national political power, it is the independence of national sovereignty. Whether the power of the state is strong or not is the key factor that determines the value of the currency. Before the collapse of the Soviet Union, one Soviet ruble was worth three dollars. After the collapse of the Soviet Union, it was 4,000 rubles to the dollar or more. What's the reason? That is, after the dissolution of the regime, paper money has no subject of monetary empowerment. Therefore, the monetary system is the core economic sovereignty of a country.

Not only the Soviet Union, but also the entire Eastern European system, before entering into monetization in the past, the national currency they formed was basically empowered by national political sovereignty to form monetary credit. Once the national political sovereignty disintegrated, the financial system of all these countries collapsed.

I went through seven Eastern European countries, and in each country, I took out a dollar check, and I got a bunch of those big bills with a bunch of zeros.

At that time, our own domestic is still the era of gross tickets, has not yet entered the monetization. Throughout the 1980s, until the early 1990s, we did not enter into monetization, so we called it the gross ticket era. We still use plans to distribute goods. At that time, we went to the street to eat bowls of noodles, two or three cents; You make a phone call on the street, two or three cents; You take the subway, 30 cents to 50 cents. Therefore, from an objective perspective, China was not called a monetary economy at that time, and the growth of our economy objectively existed. However, we do not use money as an exchange intermediary, and only count physical output, so statistically there is not much so-called GDP growth.

If we focus the so-called slow economic growth on the backwardness of the system, we can analyze: maybe it is backwardness, maybe it is not. I'm not making any value judgments, I'm just telling you: the difference is that you don't monetize, a lot of physical resources are an objective wealth, but it's not monetized, it can't be measured in money. So that was the root cause of the collapse of the Soviet Union, or at least a large part of it was because a lot of assets, a lot of products produced in eastern Europe were not measured in money, they were still planned distribution, so it did not show up as economic growth. This is a very serious problem. Whether or not we agree with a particular theory, with the generalization of a particular economic phenomenon, depends on the extent to which we can bring our economy to a stage where it can participate in international competition dominated by finance capital.

I returned home after about 40 days of study in the Soviet Union and Eastern Europe. At that time, when the cadres exchanged views and reported, I said that I was afraid that few people were willing to go to the Soviet Union and Eastern Europe at this stage to do in-depth and practical research at the grass-roots level, and that the results of the investigation I got were not from their official documents or from their newspapers, but were formed in the course of field investigation. I visited a number of businesses, met with a variety of different people, and finally wrote a report.

Since then, I believe that China's economic and institutional system has gradually entered the Western system of equipment, technology and even management. In the process of gradual transformation, we need to draw lessons from the disintegration of the Soviet Union and Eastern Europe to promote China's monetary transformation.

After our country summed up the lessons of the collapse of the Soviet Union and Eastern Europe, during the same period of the collapse of the Soviet Union in 1991-1992, China began to introduce deepening reform measures to completely abandon the supply of coupons, and then promote the exchange of various physical products by issuing additional currency. This is an important measure for China to avoid the lessons of the Soviet Union and Eastern Europe.

Soft power and smart power are both tools of war used by the West The so-called smart power is the Western countries to initiate civil unrest in other countries, and the so-called soft power is a set of political correctness constructed by the West through ideology. Soft power and smart power are both tools of war. And war is mainly derived from the imperialism of mankind at the stage of capitalist history, and imperialism is war, because imperialism is originally born out of the war waged by their joint denial of debt.

Recently, there has been a lot of analysis and discussion on the Internet about the conflict between Russia and Ukraine, many people focus on the comparison of the military details of the hard power of the two sides, but we should pay more attention to the competition of soft power and smart power behind the conflict. The United States and other Western countries have now become debt powers, if you will, debt defaulters. We should note that the biggest risk is not victory or defeat in a military struggle, but to see that behind this war, the debtor countries of the world will unite to try to build political correctness through soft power, smart power, etc., and launch civil unrest in other countries in order to cheat on debts and harvest the assets of creditor countries.

According to the research of western scholars, before the Opium War, China was the largest economy in the world, the economic volume of one country was equivalent to the total economic volume of the whole of Europe, and it was also the largest exporter in the world. The West has a long-term trade deficit in the process of trade, resulting in long-term debt. After entering industrialization, the indebted countries developed into imperialist powers, and in order to solve the debt and trade deficit, they launched two opium wars against China, and China's development came to a standstill. Today, China is once again a country with an absolute share of trade, and it continues to support the hegemony of debtor countries with trade surpluses.

In the 1980s, the United States suffered a severe economic crisis, the effect of financial regulation was very poor, and the depression of selling assets could be seen everywhere. However, after the collapse of the Soviet Union, the assets of the Soviet Union that had not yet been monetized were reaped by the hard currency of the West, and the dollar, mark, franc, lira, etc. rushed into the Soviet Union to make a perfect monetization storm, reaping a wave, and European and American countries once again got a breathing opportunity.

Today, a series of speeches by Western politicians more or less reconstitute the Western defaulters into a new Cold War bloc. Before Trump launched the trade war, there were politicians who declared to "destroy China and deny China's investment in the US Treasury market", when the West uses soft power to stigmatize China and treat China as a strategic rival or enemy, if we do not have the ability to fight, these investments will be forcibly occupied. British politicians were even more explicit: break Russia down and seize its resource assets. Why do Western countries regard Russia, Iran and other countries as their main enemies? Because these countries have a lot of resource assets. If the Western debtors, led by the United States, once again unite to drive these countries into the ground, they can once again harvest and own their resource assets and industrial manufacturing assets.

When the West exported capital and unequal treaties turned developing countries into debtor countries, they not only bossy, but even demanded that they change their national system, and most developing countries had to pay their debts. Now that developed countries have become debtor countries, can we, as the world's largest developing country, exercise the rights of creditor countries as they did back then? No, you even feel guilty, what you do is wrong. When the other side imposes these ideologies on us, we often accept them in their entirety. Many people still use the Western discourse system to interpret the problems of today's world, which means that our soft power is not competitive, so we are losing every battle.

Our biggest weakness is that the people on the front line today have not experienced the old Cold War, we have forgotten the formation and evolution of the old Cold War and local hot wars, and we have forgotten the experience of ideological soft power struggle. Trump and Biden are people from the old Cold War, and the war tools the West uses to launch a new Cold War are exactly the ideology and discourse system of the old Cold War. We do not realize that any hot war is derived from the cold War phase and is a complementary system with the cold War. Imperialism is war, because imperialism is born out of the wars that they join together to wage in order to escape debts.

Therefore, we have to understand that both soft power and smart power are tools of war, and to really see the world situation, it is better to work hard to improve soft power and smart power than to pay too much attention to military details. If we do not have the capacity to deal with ideological issues, the chaos of smart power will likely occur within us at any time.

Historical clouds

The "Star Wars Program" is proposed by the United States, also known as the "Strategic Defense Program." In the early 1980s, when the quantity and quality of strategic nuclear weapons of the two superpowers, the United States and the Soviet Union, were in the balance and entered the dead end of the arms race, the United States put forward the "high frontier" strategy. At the same time, the United States also wants to use its strong economic strength, through space weapons competition, to drag down the Soviet Union's economy. Because the program is primarily based in space, it is also known as the "Star Wars Program."

The main purpose of this strategy is to use the United States' high-tech advantages to build space weapons systems and provide space defense against strategic nuclear weapons attacks to eliminate the growing nuclear threat of the Soviet Union. At the same time, step up the development of the field of space industrialization, in order to obtain the rich resources of space.

Due to the high cost and technical difficulty of the system program, many planned projects were eventually extended indefinitely or even terminated, coupled with the collapse of the Soviet Union. The United States ended the Star Wars program in the 1990s after spending nearly $100 billion.

In January 2019, US President Donald Trump issued a new version of the Missile Defense Review Report at the Pentagon, which proposed that the missile defense system would be greatly expanded. The report has been dubbed "Star Wars" 2.0.

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BRICS Announces New Currency to Replace the Dollar (2023.05.11.)

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At the beginning of 2022, the United States announced an interest rate hike, and then violently and rapidly raised the interest rate, leading a large amount of dollars to flow back to the United States.

This has always been the practice of the United States. Every time the United States raises interest rates, it is an extremely violent and swift action. It pulls the interest rate to a jaw-dropping position in the short term, and then cuts the interest rate quickly, artificially creating a tide of dollar flow.

At present, the United States has raised the benchmark interest rate to 5%, which is even higher than that of China. This is obviously abnormal and unsustainable, but this is what the United States has done.

With the credit of U.S. treasury bonds, the interest rate is very attractive. Of course, a lot of funds will flow back to the U.S., and the U.S. would rather lose interest in the short term to suck up these dollars, in order to create a dollar shortage in other countries.

In order to attract foreign investment, many developing countries implement the free exchange system of foreign exchange, and many domestic enterprises have signed an agreement to borrow dollars and repay dollars.

Once a large amount of U.S. dollars in these countries are sucked away, and once certain agreements to borrow U.S. dollars and repay U.S. dollars just expire, the total pool of U.S. dollar reserves in these countries will be drained, and then the country’s foreign exchange reserves will be exhausted. This is the root of the Four Asian Tigers financial crisis in 1997.

Even if your country is worth 1,000 trillion baht worth of minerals, equipment, and enterprises, but if you fail to pay 10 billion U.S. dollars at the time agreed in the contract, then you will be in breach of contract and credit bankruptcy, which will lead to crazy runs by global capital and nationals, and then the financial and economic chain will be over.

To get the dollars you need, you have to find someone who owns dollars to buy your assets, but at this time all the dollars in the world are being siphoned by the United States.

I can buy US treasury bonds with a 5% interest rate at will, why should I take out US dollars to buy your bankrupt assets in Thailand?

Unless, your assets are cheap enough and attractive enough that I would rather give up the opportunity to buy U.S. treasury bonds with dollars than buy your assets.

In the context of high dollar interest rates, if you want to attract dollars to buy, you must sell them at a low price, and sell them at a very ridiculously low price.

Then the decline in asset prices will trigger a chain reaction, because the finance of any modern country is leveraged. When asset prices fall to a certain level, it will trigger a leveraged liquidation, which in turn triggers a price stampede.

This is the fundamental reason why the stock market and assets plummeted immediately when countries such as Thailand ran out of U.S. dollar reserves during the Asian financial crisis.

When the assets of these countries have almost fallen, the Fed cut interest rates, and a large amount of dollars flowed out of the United States, frantically flocking to the world to buy the cheap assets of these countries that have fallen into scum.

After the cheap assets that have fallen into scum in these countries return to normal prices, they will be sold slowly, making huge profits out of thin air, and slowly converting the baht earned into dollars to take away.

This is the so-called completion of a round of harvesting.

Americans then have enough money to sit at home and wait for sweat factory workers around the world to toil and deliver the product to their door for their enjoyment.

If you sign too many agreements that must repay the US dollar at maturity and open the free convertibility of foreign exchange in order to attract US dollar investment, you can only end up in this way, but most developing countries will not attract foreign investment at all if they do not sign such agreements.

China's foreign exchange control system can effectively guarantee its own financial security, but other countries cannot use it, because no foreign capital is willing to come if they dare to use it. Not every country can be as attractive as China.

At the beginning of 2022, the United States began to raise interest rates violently, and the global dollar flowed frantically to the United States.

Normally, some countries will fall into a dollar shortage, and then trigger a default that will cause asset prices to plummet. It is nothing more than the death of country A or the death of country B. When there are enough countries that have fallen, the United States can reap the rewards and cut interest rates.

However, the United States has withdrawn the US dollars for a full year. As a result, all the developing countries in Asia, Africa and Latin America are alive and kicking. Only the European allies are collapsing, and the United States is almost unable to bear it...

Because China is sending dollars everywhere.

It’s not that the assets of many developing countries are not of low quality. It’s just that after the U.S. suddenly raised interest rates, they will be short of money. They will not be able to spend so much dollars for a while. The minerals buried in the ground and the continuous products in the factories are actually very rich and very valuable.

If you give these countries two or three years, you can definitely collect enough dollars, but the United States has violently raised interest rates too fast, deliberately not giving these countries time.

It doesn’t matter if there is a temporary shortage of U.S. dollars on hand. China will lend you the U.S. dollars, and you can use these U.S. dollars to fill the gap in your funds and close the contract. China will not impose any harsh conditions, and will never take advantage of the fire.

But if you borrow these US dollars from China, you cannot repay the US dollars, and you can only repay the renminbi after maturity.

For the products you export in the next two to three years, you don’t need US dollars at the time of settlement, but only ask buyers to exchange them for RMB, so you can naturally make up enough RMB.

If you think the conditions offered by us in China are suitable, then sign here, and the dollars will be credited to your account immediately.

If you feel that the conditions offered by China are not suitable, you don’t have to sign, and you can go to Europe and the United States to borrow US dollars or wait for the national assets to plummet after the US dollar reserves are exhausted.

Fair and voluntary, no deception.

Almost all the countries in Asia, Africa and Latin America that are running out of US dollar reserves have agreed to China's request, and the huge surplus that China has miraculously obtained has also given us enough US dollars to meet these borrowing needs.

We don't even use our full weight to support the countries in Asia, Africa and Latin America. Just lending out a small part of our surplus is enough to protect these countries. After dealing with the outflow of foreign capital in our country, there is still a large amount of extra dollars, which even needs to be consumed by purchasing assets from abroad.

In the end, in 2022, the United States violently raised interest rates for a year. There is no developing country in the world that is short of dollars, but no one is running out of foreign exchange reserves, leading to a national financial collapse, and it is even far from collapse, because the dollar support that China can provide is obviously not at its limit.

On the other hand, China has a surplus of more than 800 billion U.S. dollars, and its foreign exchange reserves are not rising but falling. It only maintains a reserve of 3 trillion U.S. dollars, which is far lower than the investment of Europe and the United States in China, and it is not at all controlled by the United States.

However, it costs the Fed to maintain the 5% benchmark interest rate, and the cost is extremely high, and it will pay a huge price for every extra month.

As long as China maintains a steady stream of huge surpluses, and then uses these surpluses to provide blood transfusions to developing countries that have been sucked into dollars and are about to collapse, then the developing countries in Asia, Africa and Latin America can survive for a long time.

Survive, until the collapse of the United States.

The United States has never collapsed during violent interest rate hikes. It was other Asian, African and Latin American countries that collapsed first. Therefore, the United States can survive this high interest rate environment for several years. No one has tested it, but this time it can be tried.

We are happy that the United States collapses quickly, and we are also happy if it does not collapse quickly.

Because the longer the U.S. stays under high interest rates, the greater the loss of its national strength, and the more renminbi debts owed by Asian, African and Latin American countries in US dollars.

If you sign a contract owed in US dollars, you must pay back the US dollar, and if you sign a contract owed in RMB, you must also pay back RMB.

Don't think that aircraft carriers are something unique to the United States, and we also have them in China, although we generally don't use them to force debts.

As long as these countries frantically collect renminbi to repay renminbi debts in the next few years, the internationalization of renminbi will naturally spread, and at the same time, they will gain the friendship of these Asian, African and Latin American countries, because giving others US dollars for emergency at this juncture is a timely help.

Not only to send charcoal to friends, but also to sabotage the US plan to cut other people's leeks, and to promote the renminbi, of course we are willing to do such things.

Before China stops using surplus dollars to buy overseas assets, it is impossible for countries in Asia, Africa and Latin America to collapse due to the depletion of dollars.

If foreign wealth cannot be reaped, then the financial accounts of the United States will not be filled, and the excessive issuance of US dollars to fill holes is an act of overdrawing US dollar credit, which will only bring greater inflation and bring greater trouble to the United States.

In the end, you can only harvest Europe, because Europe is the only region that China cannot save. Who makes you follow the United States every day to call for decoupling?

If China's surplus cannot be eliminated, and if China's ability to send emergency dollars to countries short of dollars cannot be interrupted, then the United States will be in big trouble.

Obviously the United States cannot do it, so European allies cannot see the chances of the United States winning. The results of the trade war in the past five years have proved this point.

Extremely rapid and violent rate hikes are a double-edged sword in finance, and once you fail to harvest others, you are digging your own grave.

After a year of confrontation between the two sides, the situation has become increasingly clear, and more and more European countries are unwilling to be harvested.

So Germany has come, France has also come, and the later the country that comes, the more pro-China the speech, and Germany and France are the absolute economic core of the European Union.

If even the European Union does not listen to the orders of the United States, then...

Let them slowly drain themselves, and let the world appreciate how long a United States, which cannot use the dollar to harvest others, can sustain high interest rates.

Enjoyment can only be supported by hard work. There is no financial magic that can turn stones into gold in the world. Once someone successfully strips off their underwear, it will be a great joy.

I sit among the melon-eating crowd, waiting for the big show to start.

After the serious imbalance of global trade data in 2022, a large number of countries will look to China to borrow US dollars (bilibili)