304 karma · joined May 3, 2020
Cheers to you for mentioning Triffin's dilemma. In my opinion, the dilemma is in the ability of the host country to be able to make "good use" of the exorbitant privilege. The financial system was not only used against other states but against its own people. Instead of developing the country and building equity through the middle class, it cannibalized its own.
https://www.blackrock.com/corporate/insights/blackrock-inves...
Thomas Sowell who is 94 has some wisdom to share: https://x.com/HooverInst/status/1907630250135273527?ref_src=...
The PRC has strict controls of their money because that is how they can became the factory of the world. They played the hand that were dealt with and battled adversity and they are reaping the rewards.
The president said today that the US trade partners and allies/friends have been taking advantage. You can easily verify if that is true or false. US capitalists moved production overseas to make more money at the expense of the local workers. That's the scam.
He explains that its this idea that had kept the Soviet Union (this bad idea/system) from dying sooner. People thought it was the system of oppression but in reality it was people who hated the system showed approval. https://youtu.be/xzjqjU2FOwA?si=aTG0GnJKVDoK_-qb&t=819
"Accordingly, for all the hardships of life under communism, they remained politically submissive for years on end." https://en.wikipedia.org/wiki/Preference_falsification
The world followed the lead and it just wanted reciprocity (exclude the enemies of course). What seems fake to you and who is getting scammed by who?