Yesterday, we saw news about the Petrol Yuan trying to replace Petrol Dollar.
China is taking page from the US textbook to become super rich/powerful
Step 1: Use military guarantees in exchange for Saudi oil contracts sold only in its fiat
Step 2: Raise demand for its fiat for the rest of the world, get reserve currency status
Step 3: Attract cheap capitals from other nations through debts (bonds/treasuries)
Step 4: Print more fiat to pay back debts & interest ????
They have to be careful though
Pros: Country could grow exponentially within a period of time, get rich quick by sucking capital from the rest of the world
Cons: Too much borrowing from tomorrow to pay for today might lead to high inflation, consumerism, environmental wreckage. If hyperinflation ever set in, it could erode trust and causing the lost of “reserve currency status”, the whole wall of debts could come crashing down.
Tldr: Too easy credit = accumulating snowball of debts sooner or later. Bitcoin is inevitable.
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