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☆ Yσɠƚԋσʂ ☆ ( yogthos@lemmy.ml )  to World News@lemmy.mlEnglish · 5 months ago

Russia and China Now Settle 95% of Trade Without Dollars as De-Dollarization Completes

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Russia and China Now Settle 95% of Trade Without Dollars as De-Dollarization Completes

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☆ Yσɠƚԋσʂ ☆ ( yogthos@lemmy.ml )  to World News@lemmy.mlEnglish · 5 months ago
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Russia’s Deputy PM said 95% of Russia-China trade now settles in rubles and yuan, while the dollar’s share has fallen to just 5%.
  • backalleycoyote ( backalleycoyote@lemmy.today ) 
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    5 months ago

    What are the milestones you’re looking for as it does so? What do you expect to see as that economy becomes the dominant force behind global trade?

    • Cowbee [he/they] ( Cowbee@lemmy.ml ) 
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      5 months ago

      De-dollarization, expansion of the Belt and Road Initiative, a transition from fossil-fuels to renewables, energy independence not just in China but in the periphery, revolution in the imperial core, a decrease in marketization and an increase in public ownership by ratio of the economy, etc. All of these are important milestones, but they do not happen overnight.

      • backalleycoyote ( backalleycoyote@lemmy.today ) 
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        5 months ago

        Are they in the process of occcuring?

        • Cowbee [he/they] ( Cowbee@lemmy.ml ) 
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          5 months ago

          Sure.

          • backalleycoyote ( backalleycoyote@lemmy.today ) 
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            5 months ago

            “Sure.” is a cop-out. It’s either a “yes”, a “no”, or at least discussion of what is succeeding versus where progress that has potential to occur is being over-cautiously avoided or ignored.

            • Cowbee [he/they] ( Cowbee@lemmy.ml ) 
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              5 months ago

              “Sure” means “yes,” but casually.

              • backalleycoyote ( backalleycoyote@lemmy.today ) 
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                5 months ago

                Eh, fair enough. Play with your food long enough and it’ll go bad or get stolen out from under you though. You’ve got an opportunity to undermine American imperialism and reshape the nature of the global economy. But if your attitude is a casual “we’ll get there whenever, someday, whatever”, you’re just creating space for America to course correct and rebound or for someone with resolve to provide the new direction.

                • Cowbee [he/they] ( Cowbee@lemmy.ml ) 
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                  5 months ago

                  That’s not my attitude, though, that’s your perception of my attitude.

                  • backalleycoyote ( backalleycoyote@lemmy.today ) 
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                    5 months ago

                    Indeed it is. Since you don’t provide any specifics then all I can do is probe the limits of what you mean by “casual” and see if I can come to a clearer conclusion based off your responses. Or you could just explain what “casual” means to you.

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