China is considering the worst-case scenario.

News with Rick Sanchez –

China fights back against US plans to weaponize dollar

– Flash Points –

1 – The US has weaponized the dollar, and continues to do so.
2 – China is fed up with US overreach and interference.
3 – China plans to create an alternative currency / payment system.

– Synopsis –

China has made a “bold declaration,”  hinting that it will no longer tolerate US overreach / interference in global affairs. Instead, it intends to develop a “global currency to compete with the US dollar.”

Preparing for the Worst

As the Chinese see it, the Trump administration has taken things too far, not only by“weaponizing the US dollar,”  but also by “threatening”  to do more of the same. China fears that the US may decide to cut off its access to the US-dollar payment system, particularly the SWIFT network.*   

The Chinese consider its plans to bypass the dollar and create a new global currency as necessary, and only defensive in nature. It’s simply preparing for a worst-case scenario.    _{(Image source)}

All in Favor of Independence 

Owing to China’s heavy reliance on the US-dollar-based payments system, it is vulnerable to any sanctions or assaults by the US. Therefore, as correspondent Christy Ai noted, China is “trying to shift away and be less dependent on the US dollar.”

In fact, it has already begun conducting some trade with India and Russia in their local currencies.

_{* SWIFT = Society for Worldwide Interbank Financial Telecommunication}

– Insight from Outside –

China is clearly preparing for economic warfare – albeit not in an aggressive manner. It believes that it may soon be subject to unjust US sanctions – just as Russia, Iran, Venezuela, and various other countries ­have been. Such sanctions, which amount to economic warfare, can severely destabilize or even destroy the economy of the target nation.   _{(Image source)}

Suicide by Dictat

While China’s fears may be understandable, they may be unwarranted. As Christy Ai noted, cutting China off from the US-dollar payment system would be “economic suicide”  for the US.    

Nevertheless, China will not remain complacent amidst the rising geopolitical tensions. It clearly realizes that any decisions and choices made in the White House these days may not be the wisest or even the most reasonable. And it will surely prepare for all possible outcomes.   _{(Image source)}

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