Why can ZIRP and NIRP plus trillions in CNY or USD do nothing? They are absorbed into real estate speculation, ever rising stock market prices and Digital currency exchanges plus NFTs lately. Everything is virtual, money too and products, soon people. Surreal world. If Russia, Saudis, Indians dropping out of USD/Eur/Yen in favor of gold backed and resource production backed currencies then bonds, stocks of developed countries will become worthless along with bitcoin, NFTs.
To get Rubles to buy gas Germans must sell Mercedes cars to average Russians on a regular basis. Instead of paying Euros 50,000, 4000,000 Rubles would be paid per car. Germans deposit this at Deutsche bank or exchange for Euros. The Gas company exchanges Euros for Rubles at Deutsche Bank and transfers to Russia for gas. If not enough Mercedes cars or other stuff is exported to Russia for hard currency, resource, gold based, petrocurrency then Germans freeze. But what about Kenya, Egypt, india. Dollars, Euros, local currencies all OK. The point being made by Russia and soon others being that currencies printed out of thin air with massive debt basis( more imports than exports or huge budget deficits) by historical imperialist, colonialists will be rejected over time and reasssessed. Germany might survive if Russian auto makers do not start competing effectively in the luxury segment. Essentially general fairness insists that traded goods are needed, competitive. Currencies are just paper. Value added high end production through technology, higher education could beat out a low end resource based state. Russia is becoming both, Saudis are not. German and Japan remain resource poor.
Resource curse makes oil wealth a danger, Saudis return post oil boom to camels like a Western ghost town after last gold is gone. Russia post fossil fuels could always sell something like wood or paper or minerals. The global economy and population will phase backwards down the energy dependence ladder towards middle ages as fossil fuels deplete. Our lifestyles are incredibly energy intensive. Avocados, Kiwis, Chinese clothing, Samsung phones all imports and 24/7 online. One google search uses lots of electricity. Globalization will decline as sailboats reemerge, canal barges replace trucks and spices, silk become valuable enough to export.
America will return to only regional significance as the oceans are too distant and dangerous to cross with heavy loads without petroleum or coal at least. Twentieth century was exceptional due to excessive petroleum usage allowing America, midst two oceans, to dominate shipping, military. Regionally sailing will be efficient in all continents as distances make mass global trade too expensive and dangerous. British Empire was by sea over undeveloped countries. Now the playing field has levelled and Europe after oil will freeze in the dark while India might be too hot as always. Could a populous India colonize Europe through masses and standardized armaments? Maybe this just the start. Colonialism could be reversed. Europe and America will age and decline rapidly and others will come to find ghost towns which they will inhabit. We can only guess so far. Russia, China, India want to turn the tables, enjoy Western advantages, but this can only be for a time, until general declines sets in for all of us. Green energy Fusion are pipedreams. We are too many, using too much. Mother earth is overburdened. Balancing out the unfairness of Western power monopoly is good to prevent further aggressive predation by Americam Military Industrial Complex but in the future this will all unwind gradually. Perhaps climate change will impact everything by 2100 or so. Reducing population and resource depedency long before is crucial.
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