It is enlightening to remember that at the Shangri-la Dialogue two years ago, Professor Xiang Lanxin, director of the Centre of One Belt and One Road Studies at the China National Institute for SCO International Exchange and Judicial Cooperation, described BRI as an avenue to a ‘post-Westphalian world.’
That’s where we are now. Western elites cannot but worry when central banks in China, Russia, India and Turkey actively increase their physical gold stash; when Moscow and Beijing discuss launching a gold-backed currency system to replace the US dollar; when the IMF warns that the debt burden of the global economy has reached $237 trillion; when the Bank for International Settlements (BIS) warns that, on top of that there is also an ungraspable $750 trillion in additional debt outstanding in derivatives.
Mahbubani states the obvious: “The era of Western domination is coming to an end.” Western elites, he adds, “should lift their sights from their domestic civil wars and focus on the larger global challenges. Instead, they are, in various ways, accelerating their irrelevance and disintegration.”...Asia Times
How Singapore, Astana and St Petersburg preview a new world order
Pepe Escobar
Western elites cannot but worry when central banks in China, Russia, India and Turkey actively increase their physical gold stash;
ReplyDeleteInstead they should laugh at such an obsolete, unethical and ultimately silly* understanding of fiat.
*.E.g: Why dig up gold at considerable effort and environmental cost in order to rebury it in central bank vaults?