(My new American Thinker post)
If you remember that song "Rum and Coca Cola" the singer complained that both "mother and daughter working for the Yankee dollar." That was then. Today's version of the Andrew Sisters would be singing "mother and daughter working for the Chinese Yuan."
Welcome to China's plan. Open your eyes because they want to replace us. This is the story:
Communist China has been hard at this game all over the world.
In March, Brazil and China struck a trade deal to ditch the U.S. dollar and BRIC countries announced the formation of a new currency, effectively kicking the U.S. dollar out of trade with them.
Even our allies and economic partners are turning away from the United States economy for what they see as a better alternative to a rapidly devaluing U.S. dollar. France has made oil deals with China in yuan, while Malaysian Prime Minister Anwar Ibrahim said there’s no reason to continue to rely on the U.S. dollar.
How did this happen?
We’ve become our own worst enemy. And we have no one to blame but ourselves -- our own U.S. Treasury that is. The decisions of the Biden administration have decimated the value of our dollar. We cannot continue to spend more money we don’t have, only to throw more cash into our economy without considering the repercussions. The more money this administration prints, the higher the supply of the U.S. dollar, and the lower the demand for it.
From a trade perspective, we import about 75 percent of our everyday goods. When the value of our dollar is in freefall, countries who sell us goods demand more money in exchange.
How do you say “in your face” in Chinese?
Wait a minute. Weren't we told that the Biden presidency would enhance our relations with allies and make us more respected? I guess that China was not watching the CNN panel the night they were discussing this.
As the article points out, some of this damage was self-inflicted with the crazy spending that passed the U.S. Senate when Vice President Kamala Harris broke a 50-50 tie or when Senator Joe Manchin gave us the Inflation Reduction Act last summer. By the way, Senator Manchin is hearing it back home because inflation was not only not reduced but the law "could cost West Virginia 100,000 fossil fuel jobs."
The point is clear that China senses weakness and they are going for it. We can still reverse course and put the U.S. back on top. Time is running out however.
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