GDP is often fake, especially in hyper-financialized economies like the West’s which just move money around a lot without really producing anything, and it’s a poor metric for development anyway even when it is real, but even by the West’s own rigged standards China is beating them handily - and not just China, look who else is at the top of the list.
Some time soon, when China and the BRI make it increasingly difficult for the west to service their loans with plunder from the global south, the west is going to realise that decoupling money from gold can only work for so long, especially when domestic taxes aren’t nearly high enough to pay back what was borrowed. And the whole system of imperialism will come tumbling down like a house of cards.
I’m not convinced that gold is necessary, i’ve never bought into the whole “fiat currencies are the devil, we never should have gone off the gold standard” thing, but yeah, the rest sounds about accurate.
I probably agree with that. It’s not so much that gold is necessary so much as pegging currencies to thin air is going to end in tears; and that gold backed currency is one workable solution (not always, though – what happened to the Spanish empire could happen again to gold-backed currencies after some asteroid mining).
Yeah idk, maybe in a capitalist economic paradigm you’re right. Maybe the idea of pegging currencies to various (not necessarily a single one) commodities is to some extent necessary since bourgeois states are so addicted to just printing money. But under a socialist planned economy money is essentially a voucher that represents a certain amount of labor. The reason why it has value is because it is backed by the state. Which is ultimately where all currency derives its legitimacy from.
Even a gold backed currency is still just a promise from the state. The only alternative is to literally use gold or silver coins again, but the problem with that is that’s not currency in the way we understand it today. The value of each coin would depend on the momentary market value its material. That is effectively just a barter system with extra steps. It is why “cryptocurrency” can never be an actual currency. Anything that is a speculative commodity simply won’t work as money.
Yep, getting off the gold standard was a short term decision that really only worked as long as the US has dollar hegemony. When that goes, so does the whole house of cards.
I don’t usually like to mix metaphors, but when the wolf gets to the last house in this fairy tale, the piggy inside is going to be upset when it finds out the builder skimped on the bricks and cement to cut costs and increase profits.
SwCC was (and still is) good actually.
Also look who’s on the bottom of the list.
Japan would better off returning to their Edo era agricultural economy at this point.
Japan: 2% in 20yrs
¯\_(ツ)_/¯Didn’t expect someone with Krishna Radha profile picture to not be a rabid sinophobe.
