Xi Jinping’s Boao Forum speech marked his latest appeal for an open global economy and against US-led decoupling
By Pepe Escobar with permission and first posted at Asia Times
In times of grave geopolitical trouble it’s up for a true statesman to step up in the global podium and defuse a noxious Cold War 2.0 atmosphere. President Xi Jinping did deliver with his keynote speech at the annual Boao Forum in Hainan.
Here’s the full speech. And let’s start with a single sentence:
As we are going through the Covid-19 pandemic, people of all countries have more clearly realized that it is necessary to abandon the cold war mentality and zero-sum game, and oppose any form of new cold war and ideological confrontation.
The Boao audience, in a sort of Sino-Davos gathering, was composed not only of pan-Asian guests. Significantly, Tesla’s Elon Musk, Apple’s Tim Cook, Blackstone’s Stephen Schwarzman and Bridgewater’s Ray Dalio, among others, were giving Xi their full attention.
In a relatively compact speech, Xi once again exposed the architecture of multilateralism – and how a back-to-superpower-status China fits in. The message may have been subtly directed to the Hegemon, but most of all to a fast integrating Eurasia, as well as the whole Global South.
Xi emphasized multilateralism as the realm of justice, not hegemony, featuring “extensive consultation”, big countries behaving “in a manner befitting their status and with a greater sense of responsibility”, and all that leading to “shared benefits”, not the welfare of the 0.001%.
Beijing sees an open world economy as the pathway to multilateralism – which implies no “walls” and no “decoupling”, with China progressively opening up its own economy and boosting the interconnection of supply chains, digital economy and artificial intelligence (AI).
In a nutshell, that’s Made in China 2025 in action – without referring to the terminology that was much demonized during the Trump era.
Multilateralism and open economy are key components of the Belt and Road Initiative (BRI) – which is not only a vast trade/development model but also China’s overarching foreign policy concept.
So Xi once again had to stress that BRI is “a public road open to all, not a private path owned by one single party”. It is as much about poverty alleviation, economic growth and infrastructure “hard connectivity” as about “soft connectivity” – which includes “cooperation in infectious disease control, public health, traditional medicine and other areas”.
It’s quite telling that when Xi mentioned the adoption of Chinese vaccines, he illustrated it with two examples from the Global South: Brazil and Indonesia.
How to seduce the Global South
The Chinese approach to a new pattern of international relations draws as much from Confucius as from the Dao. Hence the emphasis on “community of shared destiny” as applied globally, and the refusal of a “Cold War and zero-sum mentality” as well as “ideological confrontation in whatever forms”.
The emphasis is on “equality, mutual respect and mutual trust” on the forefront of international relations, as well as “exchanges and mutual learning among civilizations”. The overwhelming majority of the Global South certainly gets the message.
As it stands though, realpolitik dictates Cold War 2.0 is already in effect, pitting Washington against the Russia-China strategic partnership. The key area where the game is played is in fact the whole Global South.
So Xi must be aware that the onus is on Beijing to prove “a new type of international relations” is the preferred road map ahead.
The Global South will be very much aware of China’s efforts “to do more to help developing countries defeat the virus” and “honor its commitment of making vaccines a global public good.”
On a practical level, this will be as crucial as keeping China in check in reference to Xi’s promise that the civilization-state “will never seek hegemony, expansion, or a sphere of influence no matter how strong it may grow”. The fact is great swathes of Asia are a natural, Chinese economic sphere of influence.
The European Union will be sharply focused on “multilateral cooperation on trade and investment” – in reference to the ratification and signing later this year of the China-EU trade deal. And US businesses carefully following Xi’s speech will be very much interested in an enticing promise: “All are welcome to share in the vast opportunities of the Chinese market”.
International relations are now totally polarized between competing governance systems. Yet for the overwhelming majority of Global South actors, especially the poorer nations, the ultimate test for each system – as Chinese scholars know so well – is the ability to advance society and improve people’s lives.
Chinese scholars and policy makers privilege what they define as SMART (specific, measurable, achievable, relevant, time-bound) development plans.
This has translated in practice into confidence by the majority of Chinese citizens in their political model – whatever the West’s interpretations. What matters is how Beijing spent the shortest time anywhere in controlling Covid-19; how the economy is growing again; how poverty alleviation was a huge success (800 million people out of poverty in three decades; 99 million rural people and 128,000 rural villages in the last stretch); and how the official goal of achieving a “moderately prosperous society” is being met.
Beijing, over the years, has carefully framed the narrative of a “peaceful rise” based on its immense historical and cultural legacies.
In China, the interplay between historical resonance and future dreams is extremely complex for a foreigner to decode. Rhythms from the past are always echoing in the future.
What this ultimately means is that Chinese exceptionalism – quite obvious throughout centuries of history – is essentially based in Confucianism, which defines harmony as a supreme virtue and abhors conflict.
And that’s why China won’t follow the belligerent, colonialist recent past of the hegemonic West: once again, one of the key messages of Xi’s Boao speech. If Beijing manages to imprint this “historical mission” narrative all across the Global South – with tangible acts and not just rhetoric – then we will be entering a whole new ball game.
Terrific piece. As Saker readers are no doubt aware, US post-WWII global hegemony has rested on three interacting facets: 1) unrivaled military power, 2) control of world’s energy reserves, and 3) maintaining the dollar as the world’s reserve currency. All of the pillars supporting US power are now breaking down from decades of neo-liberal economic policies, spending vast sums of public money on the military and war and more recently, attainment of economic/military parity by China and Russia. The Covid19 pandemic has accelerated US economic decline- American capitalism confronts the deepest economic crisis since the Great Depression. Indeed, US economic decline has progressed to the point where the very survival of the American Empire requires constant debt monetization (aka money printing) to prop up financial markets, over-priced real estate, the Pentagon and support ongoing wars. The Biden Administration wants the Nord Stream 2 pipeline between Russia and Germany halted and views the Russia-China-Iran axis as an intolerable obstacle to US global hegemony. This is why the US is encouraging Ukraine to start a war with Russia and is constantly issuing bellicose threats against China. The American empire is not interested in dealing with China and Russia as equals, they want them under US control, just as the EU, UK and Japan function as US vassals, taking their marching orders from Washington. If Biden thought he could get away with it, he would not hesitate to attack China and Russia. I am sure that Xi Jinping and Vladimir Putin are well aware of this.
The final pillar is the hegemonic dollar. But even this is about to be over. What was not mentioned in Boao is even more significant. Xi did not mention the advent of the Central Banks’ digital currencies (CBDC) led (far ahead) by the digital yuan. These currencies will surely replace the fiat dollar and not even the (nuclear) weapons of the Hegemon will be able to prevent this from happening. The old system of international trade dominated by the fiat dollar and backed by the international banking system (also dominated by the US banks) is fading away fast.
In its place will be the central banks of the major trading nations, led by the People’s Bank of China which will facilitate trade among all the BRI countries. Big Tech and Big Data will be involved with AI all along the supply chains. This will displace the traditional role of the banks (many now call them “banksters”).
What is involved is the wholesale shakeup of the international trading and financing system itself, the displacement of the dollar in international trade and therefore making the dollar’s role (or any currency for that matter) as a “reserve currency” redundant.
China, as the world’s top trading nation, will lead the orderly and fast passage into this brave new world. The US, still holding on to the sinking pieces of its titanic hegemony,
has disqualified itself from the new world trading system such that it is unaware that it is being marginalised and left behind.
Absolutely. Maintaining the dollar as the worlds reserve currency is crucial for US global hegemony. This has allowed the American empire to run huge deficits and finance the Pentagon and astronomically expensive wars. Once this ends, the American empire will collapse.
And now, the SEC is waging war against digital currencies. For example, XRP, which is far faster and cheaper than SWIFT got sued by the US government. There is even talk of outlawing Bitcoin. Digital currencies make the dollar obsolete. In countries with imploding currencies, people often used dollars as safety net, or gold. But what happens when the Dollar itself becomes worthless? People want to migrate to digital currencies.
That is a direct threat to dollar hegemony. Of course, the US Constitution says only it can create currency. But given how other countries are escaping the Dollar, like Russia and China, this will be just another flashpoint in the ongoing World War that at least until now has not gone Hot.
One can wage war against cryptocurrencies like Bitcoin but not Central Banks’ digital currencies (CBDC). To do so the US will have to try to stop the countries participating in the international trading system to desist from issuing and using their own CBDC.
The US will not be able to do this since the US’s trade is less than 10% of international trade. Trading countries will also be able to use whatever currency they like since they, by using CBDC, will not be using the dollar-based payment system (SWIFT) that is now controlled by the US.
In fact, even the so-called Petrol-dollar has effectively ended. A country can now buy oil and gas in the international market without using the dollar. They can buy Iranian and Russian oil and gas without using the US dollar. Soon even Saudi Arabia will have to sell oil to China without being paid in USD but in Chinese Yuan or the Digital Yuan.
Nicely and well said, Simon Chow!
It’s likely just co-incidence, but bitcoin reached an all time high as tensions were rising in the Ukraine and dropped again once the US seemed to be deescalating. It seems to me the different factions wielding power in the US are in some disagreement with each other about how to proceed right now.
You are right, but … As I’ve pointed out before, the three pillars noted need to be expanded for a more complete picture. The “unrivaled” military power is not so much – it is just the US is willing to use its military might to the extent no other country has in recent history (at least not since the nazis) – plus, the projection of power via NATO (which – perception-wise, gives it some depth). And let’s not forget, the continued military occupation of Germany and Japan.
The US never fully “controlled” energy sources. The USSR was a major energy provider to its circle of friends (as Russia continues today). The US derived power from oil being priced in dollars only – which is now coming to an end – thus, panic.
What needs to be added to the three pillars is (a) the awesome soft power (now in decline, but previously, incredibly important for the US to secure a positive image abroad); (b) the very, very extensive spying network (hence, opposition to Huawei, for example); and (c) the ability and willingness to bribe comprador elites (with the disobedient ones disposed of in various ways).
So, there were six pillars – and this needs to be understood for the full appreciation of what is going on.
@GoraKoshka,
Well stated, and missed by many people. People seldom notice the soft power of Hollywood, promoting USA culture and USA exceptionalism. Thankfully, that is also now dying.
I’m not certain that the EU, UK and Japan are indeed US vassals. It may be more logical to think that the EU, UK, Japan and the US as the lead dog given its reserve currency status are vassals of a third shadow group – like the central bankers (aka under BIS, IMF, and WEF). It’s difficult to determine how complicit the US gov’t actually is in this regards, or are they merely infiltrated and “bought”. It is almost as difficult to believe that the US gov’t is merely this incompetent, but maybe that’s what comes at the end of the empire.
Why I why are you promoting China as the “new multilateral boss”? Is that the new politically correct line? What about Russia and it’s place in the world as the original beakon of the idea for justice and freedom, hope for the enslaved? The CCP and their social credit system are just the new face of the slavery, they haven’t even formally denounced the their horrible totalitaran past
Yet, the anglo zionist looters are allowed to run roughshod over the rest of the world, killing millions since 1945, disrupting emerging economies that would benefit billions and you worry about a social credit system that holds people accountable for their actions? I find that the threat of execution for great social harms would go a long way towards creating more equality in the west. I think the west is toast anyway and have migrated to another country to help them achieve their goals. Unfortunately, they are under the umbrella of the hegemon as well.
The social system is based on Confucius values. If you dont visit your parents who have raised you, it means you dont respect then which makes you lose score points and if you are not in favor of the government thats trying to put China as the number one in the world, then you are not a nationalist therefore you dont need money. Needless to say that the government has overwhelming approving rates among Chinese, Harvard has even made a pool some years ago and it was 90%.
Theres also the language. In chinese the characters for Country is made by putting together the characters for family and government.
Family plus Goverment equals Country.
China is a civilization, therefore dont simplify their government to our own understanding the Western Kleptocracy type of government.
https://www.youtube.com/watch?v=s0YjL9rZyR0&t=939s
That the chinese money system (computerised electronic) will do away with physical cash or dollars in all those countries that BRI covers and use the Chinese cashless apps will spell the slow but inevitable end for the US dollar. The transactions will start small and local but will eventually prevail overall other. Already the ‘SWIFT’ money transferr system is being outclassed by other players in cluding the Chinese which already has the largest volume of trade on the planet.
https://youtu.be/ZPwnLdg_9D8
If you don’t like it why read the piece at all? Why visit this site? Russia is partnered to China in building a multi-polar world system, both are essential for the project to succeed, without one of them it does not stand a chance. Trying to play Russia off against China is a pathetic Brzezinski trick, & won’t work.
The west and its ruling elites have predicated their entire system and raison d etre for being on centuries old and outdated concepts of scarcity and how population growth eventually butts up against finite resources.
this same fallacy is seen dripping out of all the public utterances of the green and environmental movements worldwide.
malthusian ideas simply are not relevant and have never proven themselves to be true. the one thing defining your system based on scarcity does accomplish is to legitimize political and economic systems requiring gatekeepers, positions naturally filled by morally better humans than the pack in order to do the deciding.
rising eurasia is creating a system of shared abundance and creating abundance using technology and innovation to solve problems for all rather than presuming there are limitations to human development commonly found riddled throughout western elite thinking.
in effect the west is now going backward, restricting energy consumption and civilizational development while eurasia looks ahead determined to resolve problems that arise.
it won’t be hard to spot where the bulk of humanity decides to gravitate in 10 years and why the ruling western elites are so desperate to derail the eurasian train.
the west is now selling from an empty shelf using fear and a relatively harmless virus (death rate of a fraction of 1% who get it) to gain traction they can not achieve using common sense and logic to steamroll public opinion and behaviour into accepting a bleaker future so the few can keep or increase what they already have.
frankly you (collective) have to be an idiot to fall for the snake oil the west is trying to sell.
“Beijing sees an open world economy as the pathway to multilateralism – which implies no “walls””
Does these toppled walls extend to a convertible yuan, no capital controls and the coexistence of tencent, alipay and BTC alongside the digital yuan? Pepe’s China pieces always brush against hagiography in their tendency to further demonize the existent hegemon by beatifying the emergent power.
It’s Thucydides’s Trap, not Thucydide’s Ascension.
FSD, you are outdated as to convertible yuan etc. Please refer to my post above on the Central Banks’ digital currencies (CBDCs) led by the digital yuan. Converting fiat currencies including the fiat dollar will rapidly become a thing of the past as the world trading system switches to CBDCs.
a quick look at who financed mao shows the ccp isnt far removed from the same bankers that run the western world. why would we believe a new slave master will be different. pet projects do mature eventually.
James Paul Warburg Quote “We shall have World Government, whether or not we like it. The only question is whether World Government will be achieved by conquest or consent.”
Pabloz, the term is “multilateral”. The world had a multilatetal governance system via the United Nations. But the Hegemon has changed it into a unilateral system since the end of the cold war by using PaulB’s 3 pillars.
But now the world is heading back into a multilateral governance system in a multipolar world.
Great piece. Hits it right on the nail. There will people who derides and sneers everything Chinese, including this website. But the Chinese intent, mindset, culture, and history is genuine.
A new world is dawning. A world of peace, of true multiculturalism, of sovereignty in a shared world.
We shouldn’t look to the imperialists to end imperialism. The world must free itself of it.
The Western vision has not worked. I believe the Chinese vision will. It’s certainly worth working toward rather than the legalistic, hypocritical, rights based worldview.
The Western view – We demand all the cake!
The Eastern view – Too little cake? Let us bake a bigger one to share.
Multilateral means destruction of unilateral. The US Empire was created by unilateral foreign policies. These policies are now being challenged by both Russia and China, and hence we have the reason why Washington is hostile to both.
I have spent my 92-year life in a world community where one malevolent neighbour has persisted in presenting himself as the exceptional hegemon with a creed that said “Right is Money and Might”. But, as a wise and observant world statesman once predicted, The Great One has smothered himself. And his “community”, with all it’s vassals, are gasping with him.
I have always respected the Chinese culture – (never had any reason not to) – and have considered Xi’s initiative to be a GREAT idea right from the get-go. So give it a try. Sorry that won’t be here to pitch in with you.
Refreshing! Citizens of the west now have two sterling examples of enlightened and mostly benevolent leadership, in contrast to our own criminally corrupt and proudly malevolent kleptomaniacs in charge. Wonder how long it’s going to take for us to wake up and demand something better? For all the talk of #MeToo transgressions being bandied about in the Mass Deception Media these days, it appears that we have a huge collective case of battered wife syndrome with regard to our “elected” governments. We’re so used to being taken to the cleaners by these guys that we’ve actually grown to like it. Go figure.
I am a tao practitioner devotee, since t’ai chi saved my life, 1983. I have been in the East, lived in Bangkok, Thailand (1967, 68) and traveled to Taiwan. I personally knew the man whose arm was cut off, he ran as first President, Taiwan. I am a world traveler, studied art, Europe 1971-72. I consider myself to be a cosmic citizen of the universe. The USA killed most all the great fine artiests, and musicians, John Lennon!
Drugs, provided abundantly, very powerful drugs.
Vanguard(sp?) & Black Rock are systems “money” that the top of West Pyramid families have to enslave humanity. China isn’t my first choice to wholly honor, >noyes< then, but he left China to become the Yellow Emperor somewhere in India? My point?? We are global citizens in a universe facing a nuclear winter and all the "leaders" are not getting enlightened by any stretch of an imagination. Thanks, as always Saker for your gene of altruism.
FYI: full text President Xi’s Boao Forum 2021 Speech in English
http://www.chinadaily.com.cn/a/202104/20/WS607e62d4a31024ad0bab6ba7.html
Why is Pepe never critical of China? Is it really that perfect? And the hegemon the big bad monster. I don’t think it’s that black and white….
Then you have not been paying attention. For decades. imho
The main issue discussed on this website is geopolitics and under that light, China has a very sound position and strategy compared to the US.
Having a sound strategy doesn’t mean that China has no problems or faces no inconsistencies. Sound policies focused on community-wide well-being do not imply that many individuals or groups of people don’t face unfair decisions and hardship from government or corporate decisions.
A key point to take into consideration here is to assess the gap between the speech and the general policies and real life. Under that light, China’s gap seems not as significant as the US’s, where the gap between reality and the “American Dream”/”Rule of Law”/”Moral Hazard” seems increasing every day.
‘Rhythms of the past are always echoing in the future.’
‘What this ultimately means is that Chinese exceptionalism – quite obviously throughout the centuries of history – is essentially based in Confucianism, which defines harmony as the supreme virtue and abhors conflict.’
China is exceptional in one very specific sense. This is the country which for thousands of years has upheld the essential notion of natural human goodness. This is Mengzi. Our nature is good but it must be cultivated, just like the earth. The earth is good and fertile but packages of instant dried noodle soup don’t grow on trees. It’s necessary to cultivate the soil and put the hard work into the production of all these things. In the same way we ourselves are good because we ourselves are essentially related. We have our parents, brothers and sisters, friends and all. We have to cultivate these relations and as we do we cultivate ourselves and in so doing become fit for all manner of social relations and associations. This has always been the key to Chinese economic productivity and civil security.
These ideas of kinship culture, and thus harmonised relations, is actually well understood all over the world, except in those countries that have enshrined the myth-themes of modern Lockean liberalism which fetishises ‘Patriarchy’ as the root of all political evil, authoritarianism, sexism, conservatism, traditionalism and every imaginable mode of oppression. The keynote of modern liberalism is this quite Protestant individualistic attack on patriarchal authority, as the axis of all kinship cultural proprieties, in favour of modern alienated individual subjectivity. It’s crucial to understand that alienation begins ‘at home’. This rather malicious ethos of supposed freedom has mystified Global South intellectuals for generations. Franz Fanon particularly took notice of this and argued how utterly foreign such ideas were to his people. But for centuries to date, no serious criticism was able to make itself heard, and not least because the most progressive (read Westernised) intellectuals were even more committed to attacking this archetypal form of authority than bourgeoise ideologues. Only now is it becoming possible to actually raise these issues in ways that escape the dead hand of Western cancel culture. When future histories are written I’d wager that the decisive moment when the tide turned, and even when the socialist project was rescued (by Deng) was when Lee Kuan Yu of Singapore and Co. legislated that kids are liable to take care of the old folks when they got on. China has followed suit. Very important this.
But to the point. I take the view that Chinese economic dealings and political diplomacy will achieve and sustain success with Global South countries because they’ve actually got a lot in common. They really do understand each other because what matters most is utterly simple and strait forward. We all have relations. If someone says ‘brother’ or ‘uncle’ or ‘mother’, we get it. Forget Plato and his lofty Forms. Relativism is not a problem. On the contrary, a world of relatives is a word well ordered and quite workable. The thing about Confucianism is not it’s exceptional character but it’s very real universality. This forms the groundwork of what we hope will be an enduring understanding between China and the former colonies of the West. This is the real battleground. The Atlanticists have nothing on offer beyond a few bribes to political and military leaders who value those offshore accounts and shopping trips to London. Only criminal methods can sustain their prestige. The way (tao) is open and clear.
‘when Lee Kuan Yu of Singapore and Co. legislated that kids are liable to take care of the old folks when they got on. China has followed suit. Very important this.’
This is also very Buddist and is the basis of most societies in SE Asia. Children in such societies are considered immoral/selfish should they neglect thier parents (all sounds good to me as I am getting old!).
The point made about the Chinese characters of family and state forming the word government is very important. What is happening in Burma presently is a struggle between those two characters. Asia generally does not consider ‘military’ governments as abnoxious as in the ‘west’. Some consider them more like a ‘strict parent’ and that fits with the Confucian idea.
Military governments in asia do not embrace war as thier primary purpose as they do in the ‘west’. Military and socalist governments are quite common. When the US intervenes to ‘produce democracy’ in Asia they believe that by installing a military government they will be able to control the state. Thus they discount the Buddist or Confucian mind set of the population since even the new ‘leaders’ are obliged to look after thier family first.
Lee Kuan Yu simply applied the millennia old concepts of ‘Filial Piety’, the virtue of respect for one’s parents, elders, and ancestors. It is not China that ‘followed suit’.
Thanks Pepe. It is telling that American businesses want to get into China. However I read that only one percent of US foreign investment is in China. For SK and Japan, they each have 25% of their total foreign investment in China. The Empire, infatuated with itself, will be missing out on the BRI and Eurasian integration as a result of its arrogance and never ending stupid aggression.
”The Chinese approach” in everything is “practice Confucianism on the outside, Taoism on the inside.”
”Lixue, the Learning of Principle”. Principium, Arche, Beginning.
In Aristotle’s formulation: ”Principium scientiae est cognitio principii” (The principle of science is the knowledge of the ‘Principle’).
Ἐν ἀρχῇ ἦν ὁ Λόγος, καὶ ὁ Λόγος ἦν πρὸς τὸν Θεόν, καὶ Θεὸς ἦν ὁ Λόγος’
‘In principio erat Verbum et Verbum erat apud Deum et Deus erat Verbum’
‘In the beginning was the Word and the Word was with God and God was the Word’.
Digital currency is a terrible idea! What if the system is hacked and goes down? How do you buy goods? What if you don’t toe the line, and they seize your fake digital currency? Plus, you have nothing! With cash, you physically have something. Welcome to the NWO…global enslavement, complete control.
Even now “they” can hack your bank account and empty it. In fact “they” can bring down gjd entire banking system.
There is no 100% safe place where you can keep your money.
That’s why you keep physical cash on hand and only enough in your bank account to pay the bills wise guy!
Very few people could do that. The reality is that in rich countries, most people are overindebted and depend on salaries and income that are paid in bank accounts and evaporate very quickly. In poor countries, a high crime rate doesn’t allow to keep piles of cash at home.
@Andres: “a high crime rate doesn’t allow to keep piles of cash at home.”
This makes sense of two things I learned about Renaissance Florence. Firstly, I observed that house windows were very strongly barred. Secondly, I read that the Medici were a notorious family of cut throat bandits before they went legitimate and became famous bankers.
“To insure your house with the Company did not necessarily imply that your house would not burn down; but not to insure your house with the Company necessarily implied that your house would burn down.” — Ernest Bramah, The Wallet of Kai Lung.
Likewise a high crime rate may induce people to keep their money in the bank, but does not necessarily imply that it will not be stolen either way.
Well Dan, you’d be in the 1%, most people are over extended, a pay cheque (those still employed) away from insolvancey, gas, food, schmatta, people have to live, 50 years ago overnight deposits payed out double didgits, money could double in a year; compounding interest. Today, gas at $5 cdn per gal, 2or3 bags of food over $80, utilities; lots of coffers getting filled, tax tax tax…………..btw, post WW2, a wheel barrow full of German Marks couldn’t buy a loaf of bread, never mind a transforming fish. The government (ruler of the day) decides the value of your cash, under the bed or not.
Cheers, M
98% of all US federal Reserve Notes aka US dollars are created digitally as interest bearing debt on privately held bank computers. Only 2% is printed on paper as bank notes by the US Treasury.
All I’m saying is there still needs to be some form of physical currency. Government doesn’t like it, because they cannot have complete control over it. You know…”tax free” money.
“Government doesn’t like it, because they cannot have complete control over it.” This I think is a fallacy. The government can demonetize your cash in hand or at least certain denominations of it. It happened about 3 years ago in India.
Even holding gold may not be safe – the government can just outlaw private holding of gold except in jewelry. Even this could be outlawed.
“the ultimate test for each system – as Chinese scholars know so well – is the ability to advance society and improve people’s lives.”
Precisely. Few care what label you give the system. People just want their lives to improve and feel hopeful for the future rather than feeling held back by their own governments.
Many of us were disappointed that Putin didn’t elaborate more on RF’s position in the Eurasian economic integration project, specifically the urgent need to speed up the strangling of the petrodollar fiat ponzi scam.
Another point I wish to make: while you will find many American conservatives who support RF’s rightful position in a multipolar world (because white), they hate anything Chinese (because yellow) and rabidly practice the orcian ethos of “the friend of my enemy is my enemy.”
So stop kidding ourselves about some post-Biden future detente between RF and the USA while RF is in bed with PROC. Ain’t happening.
And RF should just stop kidding itself that it has a cultural future in Europe when the spineless EU imbeciles lick Khazarian balls for breakfast, lunch and dinner.