Debt Rattle July 1 2018
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Giuseppe Leone Ragusa Sicily 1953 • US Dollar Hegemony Tripped Up by Chinese Renminbi? Um, No (WS) • Even Eva Peron Would Be Crying… (ZH) • N
[See the full post at: Debt Rattle July 1 2018]Giuseppe Leone Ragusa Sicily 1953
Awesome photo; obviously film. Giuseppe is now 81 yo. Still shooting.
Once upon a time I was a semi-pro photographer; I had my moments, but not enough moola or moments. 😉
We’ll be eating soylent green yet…I think the dollar is clearly losing favor as the world’s currency; SCO, BRI, and BRICKS are all willing and able to do business without using the dollars.
The U.S, is rapidly sanctioning itself out of the game.
The SCO is also a security agency somewhat akin to NATO with Iran awaiting admission in the next year (I think). Iran is an observer member now, with full membership having no obsticles.
While WS seems to think the dollar is secure in the forseeable future; the SCO represents (3 billion) 40% of the worlds population; not a small amount.
Things change, very quickly at times.Silly me, I has expected a comment on Thailand from you…
What Wolf Richter does is mostly stating how things are right now. And it’ll take time to change that. The range and complexity of dollar-denominated contracts and assets makes that inevitable. SCO or not, nobody wants the yuan as long as China is a system ‘closed upon itself’. That will really only change once Xi allows for a whole lot more freedom in that system. But he cannot afford to do that. yes, you could move to SDRs. But they are issued by the IMF. And that IMF is controlled by….
Raúl Ilargi Meijer
Silly me, I has expected a comment on Thailand from you…I’ve done a bit of free spelunking in my day.
I’ve been following this like stink on shit and it takes all my strength to stop from ranting and raving at the sheer stupidity and incompetence exhibited by the Thai government and their Chinese firedrill behavior.
So much time wasted, days and days. The last two days (of 8 spent in the cave) seem to be purposeful, well planned, and pushing ahead.
Dare I say; probably because Briton’s foremost, world expert cave diver, arrived here 4 days ago.
That entrance to the cave by the teenagers was even allowed escapes my rational mind.
These kids are in top physical condition (footballers) with their coach.
That and a water supply, may keep them alive if, in fact, they were able to get to high ground.
I can only hope they look to the Dharma to keep them calm and aware.V. Arnold, I was talking about the article on Thailand in today’s Debt Rattle, but yes, the cave story is quite a story. Don’t know enough details to assess that. And being quite claustrophobic, not sure I want to know.
Raúl Ilargi Meijer
Sorry, Thailand is transfixed by the cave story.
Yeah, the electronic junk story broke a week or two ago and people are not happy about it, but…who knows who’s involved in that bit of corruption.
It has to be understood that Thailand is culturally dependent on corruption; without it the government, any government, would fail catastrophically. Really. It’s the grease that makes the wheels turn. It’s sytemic.
No corruption, no government. Simple really; but it takes some years to understand the system.
Don’t get me wrong; not everybody is corrupt; one has to get above a certain status before it kicks in…Just to be clear; the entire electronic recycle scheme is a scam! Totally illegal under Thai law…
But then, there is reality…Guess it’s been a while. It’s Dr. Jekyll is the good one. Mr. Hyde is the villain of no restraint.
That’s why we have wikipedia, to check these things now that all the copy editors have been fired. https://en.wikipedia.org/wiki/Strange_Case_of_Dr_Jekyll_and_Mr_Hyde
Or if you prefer: https://www.youtube.com/watch?v=k7iaaCFgBHc
Thailand: good advertisement for lowering consumption and disposability.
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