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Cake day: June 14th, 2023

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  • Debunking three myths about the end of presidential term limits in China

    using the justice system against any and all rivals!

    It’s always dizzying to see western liberals insist the Chinese state is riddled with corruption, then blow their tops the moment anyone in China is identified and prosecuted for corruption.

    I keep coming back to Guo Wengui, an outspoken Chinese billionaire ex-pat who claimed he was being persecuted for his liberal politics and not involved in a string of high profile scams. Six years after his arrival, he was up on charges in New York for the exact same set of fraud charges he’d fled Beijing to avoid. And - almost on reflex - Guo went back to the same playbook, insisting that SDNY prosecutors were pursuing him for his political views and not his defrauding of clients. Changpeng Zhao has a near identical story.

    This is a tale as old as time in western politics. From Fulgencio Batista to María Corina Machado and Reza Pahlavi to Wernher von Braun, y’all vacuum up the trash. The US, the UK, and France absorb foreign crooks under the auspices of political refugee status. And then these slimeballs go right back to defrauding people in their new host nation.

    I wonder how many more Chinese dissidents Keir Starmer and Donald Trump will rescue after this latest purge.







  • Also, the gold standard was based on trust too. You trusted that the government would honour your request to exchange dollars for gold.

    You also trusted that the supply of gold would not suddenly increase and devalue gold as a commodity. Or that demand for the specie doesn’t collapse because… let’s say, hypothetically, the world’s largest economy stops keeping it as a reserve currency.

    The former happened in the second half of the 16th century, in an event known as the Price Revolution.

    The latter was part of the Nixon Shock, following the unilateral cancellation of the direct international convertibility of the United States dollar to gold.

    Incidentally, Nixon exiting the Gold Standard could more rightly be pinned on Charles DeGaulle.

    In February 1965, French president Charles de Gaulle announced his intention to redeem U.S. dollar reserves for gold at the official exchange rate. By 1966, non-U.S. central banks held $14 billion in U.S. dollars, while the United States had only $13.2 billion in gold reserves, of which only $3.2 billion was available to cover foreign holdings.

    In March 1968, the London Gold Pool collapsed.

    In May 1971, West Germany left the Bretton Woods system, unwilling to sell further Deutschmarks for U.S. dollars.[10] In the following three months, the U.S. dollar dropped 7.5% against the Deutschmark, and other nations began to demand redemption of their U.S. dollars for gold.[10] On August 5, 1971, the United States Congress released a report recommending devaluation of the dollar in an effort to protect their currency against “foreign price-gougers”.[10] Also in August, French president Georges Pompidou sent a battleship to New York City to retrieve French gold deposits.[11] On August 9, 1971, as the dollar dropped in value against European currencies, Switzerland left the Bretton Woods system.[10] Pressure intensified on the United States to leave the Bretton Woods system. On August 11, Britain requested $3 billion in gold be moved from Fort Knox to the Federal Reserve in New York.[11] As Paul Volcker, then Undersecretary of the United States Department of the Treasury for Monetary Affairs, later put it:




  • UnderpantsWeevil@lemmy.worldtoLemmy Shitpost@lemmy.worldCurrency
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    1 day ago

    our money has no value anymore since it was taken off the gold standard

    Our money has value because it can be redeemed to pay down US-based debts, particularly tax debts. This is - and has always been - the real value of any currency. Go ask David Graeber for the details. But the TL;DR; is that we use coinage as a form of extortion. “You need to give us stuff to get coins which you can then pay us to avoid the threat of state violence.” Roman soldiers working overseas were paid in coins, while they were charged with collecting these coins as a tax, in order to integrate conquered economies into the Roman Empire. You had to provide goods/services to the soldiers so they could take them off you every taxation period.

    Literally, money is a protection racket.

    Also, who the fuck wants to eat a Big Mac? That shit’s disgusting.