lemm.ee

1 point

1 year ago

You keep on laughing while you can there. Soon even the most propagandized elements of society are going to be forced to engage with reality. Then the rest of us will laugh. 😂

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https://thehill.com/opinion/international/4075341-china-is-in-default-on-a-trillion-dollars-in-debt-to-us-bondholders-will-the-us-force-repayment/

-3 points

1 year ago

I guess you missed the news story about China defaulting on $1 trillion in US debt?

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John w@mastodon.social

4 points

1 year ago

@ruck_feddit @yogthos doest the U.S. owe china almost a trillion as well?

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-2 points

1 year ago

The US pays it’s bills. China defaulting devalues it’s currency, making payment necessary in dollars. The US has a hard limit on how much yuan it will exchange for dollars to prevent a run on the currency. China cannot get enough dollars to pay the bill, while the US is the one country in the world to which China can’t just say “lol no.” Assets will be forfeit or one sided deals favoring the US will come out of this. The devaluation of the primary currency of a major trade partner means their goods cost less and their interest increases

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2 points

1 year ago

US economy would collapse overnight without China, thinking that US has some sort of upper hand here is the height of comedy. US doesn’t produce much of anything today, its industrial base is around 11% of its GDP, and there is no substitute for China which is central to most supply chains.

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0 points

1 year ago

China needs buyers. If the US stopped buying from China, it would be the same situation in China. Their economies are so intertwined that a war between them, even just financially, would ruin both

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1 point

1 year ago

China has plenty of buyers, that’s the whole point of BRI and BRICS. Literally all of the world constitutes China’s buyers with US being a small portion of that. China would be hurt by an economic war with US, but US would be completely devastated by it because US depends on essential products and commodities it can’t get anywhere else. Meanwhile, people thought Russia would be ruined economically once being cut out of western economic system and here we are with even IMF now projecting growth for their economy. Incidentally, trade between China and Russia has already jumped to over 200 billion if you want to see an example of China replacing US with a friendly trading partner.

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-1 points

1 year ago

The US economy wouldn’t collapse without China, nor China without the US. They are so heavily intertwined economically that both countries avoid trouble with the other because the impact would be enormous.

China has manufacturing power. US has trade alliances and military power. Neither can overcome the other in simple terms.

If the US pulled out of China, the pressure on their allies to stop business with China would be the halting of sales of arms and support. Those F35’s require specific maintenance supplied by the US.

If China pulled out of the US, the pressure would be on US soil to bring prices of commodities down.

China is a cheap source of labor to the US, but so is India. Much of US tech support and manufacturing is moving to India anyhow because much of the educated population speaks English due to British colonialism. Over time, things would equalize and the new status quo would emerge. NEITHER country would cease to exist, and neither would acknowledge the growing pains.

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0 points

1 year ago

US economy was in shock when a single ship got stuck in Suez Canal, that’s how fragile it is. If China cut US off, then most necessities of life would disappear overnight, and there wouldn’t be any readily available replacements US could source quickly. Meanwhile, China is far less dependent on US than the other way around. China doesn’t get anything essential from US, and trade imbalance massively favors China. China can absolutely survive without US.

US has no military power over most of Eurasia or Middle East at this point, and it’s not even able to compete with Russia militarily as it turns out. China’s industrial power absolutely dwarfs both US and Russia, so US would have absolutely no hope if it ever came to a war with China. You don’t have to take it from me either, here’s Pentagon freaking out over this https://archive.ph/YOV9X

If China pulled out of the US, the pressure would be on US soil to bring prices of commodities down.

You can’t just make industry appear out of thin air in the real world. It takes years to build factories, train workers, and establish supply chains. You can’t just print money and make these things magically appear.

China is a cheap source of labor to the US, but so is India.

That’s wrong again. China is not a cheap source of labour, it’s a technological power with well ironed out supply chains and skilled workers. India isn’t anywhere close in terms of technological development. Here are just a couple of recent examples of that

US wouldn’t cease to exist, but it would have a massive economic crash and it would never recover to its current level of power.

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0 points

1 year ago

Thanks for linking a concrete example of China not giving a fuck about what US thinks. What’s US gonna do about it, whinge and cry like the article you linked is doing? 😂😂😂

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-4 points

1 year ago

OoOO you’re so edgy! Now watch as the US continues to regionally encircle China via each of their neighbors. They’re already moving tech and manufacturing next door to India. Japan and S Korea are building their militaries again in response to continued threats by China.

Wasn’t your original argument about how much money and power China has? This makes their bid to become the international business currency look like the economy of Greece. What are they going to do about all of their seized assets across the globe? FIGHT THE US?

You pay up, or you lose your investments. That’s how money works. Man, you’re bad at this!

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m532@lemmy.ml

5 points

1 year ago

Hey, as a usa propagandist you are supposed to keep the encirclement a secret! Think of all the naive euros who still think that usa is not an aggressive imperialist

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0 points

1 year ago

Oh the US is, absolutely. But they’re also the biggest war machine, and they make you pay those weapons in USD which keeps them on top. It’s USD or one sided trade deals, which bring more USD.

As long as there is an enemy, on paper or real life, both sides want US munitions and tech. Wagner, for example, is/was quite proud of the fact they used western tech and firepower. China is quite proud of the fact they are developing their own version of the Patriot missile system, F35, and Littoral Combat ship after that information was taken by hackers. It might not be popular, but US war tech and tactics are cutting edge. So much so, even the countries that openly despise the US have to use their tech, paid for in USD

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m532@lemmy.ml

2 points

1 year ago

F35 is the plane that fell into the sea. Russia and china both developed hypersonic missiles while the usa MIC has none. They don’t need to copy when their stuff works better.

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4 points

1 year ago

LMFAO the least propagandized American has logged on. Go read up on how US war games against China turn out.

Also, it’s absolutely adorable that you think that China hasn’t protected their assets from US after seeing US seize Russian assets.

The question you should be asking yourself is what US is going to do when China cuts you off from all the stuff produced in China. Not like US has an industrial base of its own like a real country. 😂

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-4 points

1 year ago

I’ll wait while you source your info, since I sourced mine. You can respond to: fighting the US, China’s financial position in the world and their international debt, or just how you believe China can protect assets on another continent. Go ahead.

It’s nice you think I’m American. Throw me some more emojis to try to make your points really stick.

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5 points

1 year ago

Your source is about US media complaining that China isn’t gonna pay their debt. In fact, if you actually read it, then you’ll realize that it supports my point that US isn’t actually in a position to do anything about it. That’s literally what it’s whinging about. China’s financial position in the world comes from being the biggest trading partner for majority of the countries and producing most of the stuff people around the world consume. China doesn’t need to protect assets on another continent because China is buying up commodities like gold that are kept in China https://oilprice.com/Metals/Gold/Chinas-Gold-Buying-Spree-Continues-For-Seventh-Consecutive-Month.html

In fact, US using the financial system it built is a weapons is precisely what’s driving countries away from it right now. The whole system hinged on the idea that it was built on top of strong legal protections. Once US decided to steal Russian foreign reserves that demonstrated that it’s a completely lawless system. The only legal paths towards seizing foreign reserves is a UN resolution or a declaration of war.

Meanwhile, and foreign borrowers are issuing a record amount of yuan debt, helping internationalize China’s currency https://archive.is/A4kcO

And turns out you don’t have to be an American to believe nonsense after all.

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-3 points

1 year ago

This is such a laughably stupid point it’s hilarious that you’d make it. The ROC still exists and has an economy, land, people, resources, trade, and international relationships (which the PRC acknowledges, much to their chagrin) and thus is still responsible for servicing the ROC’s debt. The only way the PRC would take over the ROC’s debt is if the US acknowledged that the PRC is the rightful government across both Mainland China and Taiwan. That’s never happening.

Go away tankie.

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1 point

1 year ago

Tankie is a pejorative label for communists and those who align with Marxism–Leninism ideology. More generally, the term “tankie” has been applied for those who express support for one-party socialist republics that are associated with Marxism–Leninism, whether contemporary or historical. And this is a communist communication platform. You absolute dunce.

You got a source stating this is not somehow China’s debt?

If you want to be laughably stupid, you gotta bring the sauce baby boo. I brought the sauce, how about you?

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zephyreks@lemmy.ca

-2 points

1 year ago

Literally the same source you provided:

Before 1949, the government of the Republic of China (ROC) issued a large volume of long-term sovereign gold-denominated bonds, secured by Chinese tax revenues

Last I checked, the ROC still exists and is still China. For example, the ROC still claims the 7-dash line (the line most people acknowledge as being a Chinese claim). The ROC is still a country. Saying otherwise would suggest that the ROC and the PRC are the same… Which is something so silly not even the PRC claims as such.

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1 point

1 year ago

By the PRC claiming the ROC is not legitimate, they are saying the debt belongs to mainland China. You answered your own question.

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