Bloody Shovel 4
Nemo nos Salvabit
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You fundamentally misunderstand pettis. His argument is that chinese yuan do not buy you and cannot buy you chinese stocks, and therefore dont act as a store of value. Even if you could buy their stocks, most of the stocks have low profit margins and would be bankrupt without subsidies. For currency to function it needs to have a purpose as a store of value alor as contravertable into a store of value. Chinese currency does not fit this. Third worpd currencies do not fit this. Supposing third world currencies or chinese yuan could be stabilized internationally, currency is still dependent on being controvertible into shares of capital, which meqns that chinese must willingly allow foreigners to take dividends out of china, or that third world countries must be willing to sell national assets to china and allow them to take assets out of theor countries. Clearly no country other than america is suicidal enough to let foreigners own the majority of their capital, thus no currency other than the dollar can possibly serve as a currency that facilitates investment transnationally. Europe conducts half of its international trqnsactions in dollars for precisely this reason. The owners of these business temporarily transact in euros and then invest their excess money into americs, which is the ultimate store of value, because no other country is willing or able to let foreigners take all of the dividends and profits abroad. You china watcher types are fundamentally unfamiliar with the functioning of basic capital markets. Look china is strong, but the fundamental question needs to be answered, who would willingly trade in a currency that cannot be used for anything more than temporary transactions? Chin does not llow foreigners to do this, no other country allows this. This is why transactions take place in dollars. People will only transact in yuan if they can buy reliable stocks with the money, or if china assumes direct hegemonic control over them (which might happen.) But the argument pettis makes is sound and china is aware of it
Twitter is very brown these days
Like a third world polling machine
I get wanting to preserve the ad-targeted slop-consuming neoserfs in the subcontinent and SEA but why not just contain them in their own spaces… Use AI bots to larp White accounts they can spar and ratio with the most plebeian democratic undistinguished dysgenic brownest biomass takes ever
You could farm controversy and engagement even harder this way and we know Elon’s not above this - win-win