Yet another country joins the stampede to join the Chinese International Payment System (CIPS) system. Australia has now joined Britain, Brazil, Russia and some dozen plus more.
Talk about a blunt message to your ‘Best friend’.
Britain is now a Founding member of the group in a move guaranteed to set Capitol Hill on edge. Suddenly the playground bully is Johnny no friends as former friends rush to the new game in town.
Tokyo, obviously declined to become a founding member. A long time opposer of Chinese aspirations, memories of their own war crimes and ongoing animosity will prevent collaboration for many more generations.
The USA also declined to participate – what interesting times they are having (The wish for someone to live in interesting times is an old Chinese curse). The USA has a dilemma – it cannot join the ‘New’ best thing since bread was pre-sliced and indicate it’s own lack of faith in it’s own currency, and to admit that someone else has a better idea is not in the American psyche. After all, they still use Imperial measurements, Fahrenheit and hold a World series for a game nobody else plays.
The US Dollar will join the World Series of Baseball, gallons and inches as yet another glorious show of planned obsolescence from the museum of the obsolete, a reminder of long past glories consigned to a glass case adored by locals yet derided by tourists.
The USA has a plan to drop the dollar and replace it with a debit card. All transactions will be done via card (No doubt for ‘Patriotic security and anti terrorism’ reasons.). This will thus allow them to tax every aspect of an American’s life with zero avoidance. Cunning move to increase income when you’re broke. This currency will be called ‘The Liberty Dollar’ or something equally jingoistic yet separate from the ‘US Dollar’ in which their debts are denominated. STOP! racing ahead in the story! – Ahhh, too late – we both know the punchline.
The Chinese International Payment System (CIPS); China’s new alternative to SWIFT, the “Western” method of international money transfers, is coming online. And the BRICS banking system is gaining steam fast, another “rival” to the western banking system.