"The digital yuan is the largest threat to the west that we've faced in the last 30-40 years." Damn I don't remember the last 30-40 years being THAT chill
@Tony Montana The "dominance" of the dollar is not related to my wellbeing as an American. I'm working class. We used to have a very strong manufacturing sector where I grew up, but the dollar's status as the world trade currency arbitrarily makes American exports more expensive, killing American jobs and forcing my friends and family into hardship. "The west" to him doesn't mean America, it means the people who dominate the global financial system.
They said the same thing about the Euro supplanting the dollar 20 years ago. Also, no one outside of China is going to want a digital currency that is tracked and controlled by the Chinese Communist Party.
Yeah the bit at 2:17 was what made me realise just how US-centric this video's perspective is. It's a whole video of "what if we did something ridiculously overcomplicated instead of just catching up with the technology the rest of the world is already using?"
They have only one thingy to consider. That is whether it will have any impact in the rich elitists. They will drag their feet if it does. The slow implementation can be inferred as they finding ways to circumvent it for themselves. Don't think they care for the masses.
@@bnco No, the private banks hate this CBDC. Because it threatens their existence. You see, private banks are like the middle-man, they borrow from the central bank (FED) with cheap interest and lend it to other businesses with much higher interest rate. Inshort, CBDC would massively weaken the private banks and strengthen the Government. That is why China adopted the CBDC, to have more control.
@@Commievn well digital yuan will meet massive force from bank giant from the west. You know those shady banker that cause monetary crisis in 2008 😂they are still alive kicking and healthy with billions of money they cheated
Never will it be fee free. A CBDC will just be another way for governments to tax more and manipulate money like they've always done. It's nothing like de-centralized crypto at all.
12:49 China can hardly be more digital than it is already. The vast majority of transactions are already be done through Wechat Pay or Alipay (Chinese equivalent of Venmo or Apple Pay). There are loads of people who still rely on cash today, like unbanked citizen, and senior citizen that are not comfortable with smartphone technologies. The rest of the population is already fully digital. This won't have changed in 5 years.
Most people had electronic payment system, Alipay or Apple pay and what nots. In addition they can also carry cash though not in stash but minimal sum in case. It gives one a much wider choice.
More like Democracy... if you oppose them, they will surely instill in you some Democracy that will shock and awe your a55e5 to the stone age, plus claiming whatever resources you have as re-education fee... IMHO
More like the access it gives you to the goods produced in the US economy. money is backed by GDP not by trust. It boogles my mind why people cant understand that and just go around the place saying trust , trust ,trust.
Crypto mining is not "banned", main focus is to reduce electricity consumption because China has relatively cheap power plants but they run on coal, and Chine wants to reduce ecological impact on their population. Mining is still possible, just little less profitable.
@@JohnSmith-iw4qs as far as I know Chinese govt has banned govt/public companies and institutions from using crypto currencies, but private enteties are not affected, as far as I know. There is something about reducing electricity production from coal powerplants, but I forgot details.
@@brendonchen2550 there are several facts that need to be evaluated. 1. In last 40 years 700 MILLION Chinese were raised from utter poverty (less then $2/day). Standard of living is still getting higher, those "empty cities" are getting filled with population with larger and larger salaries and standards. It is normal that power consumptions is STILL on the RISE. Even in Europe, EU energy consumption will RISE 30% in next 20-50 years. Germans decided in 2011? to shutdown all nuclear powerplants but in stead had to fire up COAL powerplants! Nord Stream 2 and Turkish (should have been South) Stream gas pipelines are not build just because, without them Europe will be starved for energy in all forms. Reason USA wants to block EU from getting energy is in part to limit EU competitevness by reducing available energy sources. So if Europs needs stil grow, why not in China? 2. In 2013-2017 two huge gas pipelines Russia-China were agreed, one is worth $400bn for 30 years, gas from Vladivostok, and smaller one on western Russia-China border. In addition, Tajikistan and one ,ore country? signed contract for gas deliveries to China via future gas pipeline, and China is already negotiating with (very interested) Taliban for exploration and infrastructure deals (Pakistan is deal broker). If Taliban welcome China then large Iran-Afganistan-(Pakistan)-China is possible. China needed any kind of electricity in the past, first coal, now both natural gas (also for industry and individual private consumption), nuclear and wind/solar powerplants are the focus. 3. At least 50% of world installed solar panels/powerplants are installed in China and Chinese govt is HEAVILY subsidising EV's and EV producers. There are ~400? EV car producers in China, it is a biggest EV market in the world. Many Chinese buy EV as their FIRST car (another indicator of booming standard). 4. When you write "CO2 emmisions", do you count CO2 produced to build stuff for USA, EU and rest of the world as created by China or by other countries consumption? Is it fair to say China is the cilprit when it is driven by West/World consumerism? If there was no World market then CO2 created to satisfy it would never be produced...
0:33 NO even if you go to a 5th tier city in China, the digital payments is everywhere used by millionaires to beggars(i mean literally beggar carrying payment QR code)
Telling that to the white folks, they won't understand you at all... They only think that the digital Yuan is a threat to the USD. That is what they are fed with everyday by these fake media narrative.
Since 2 thousand years ago up until 200 years ago China used to be the center of global economy, China today is not rising, they just went back to what they used to be.
@@instinctively_awesome8283 Well, bitcoin's (and indeed all crypto) constant volatile state is mostly due to factors which include but not limited to: basic economic supply and demand, investor and user sentiments, government regulations across the countries that use crypto currencies, pump and dump practices and media hype. All of these work together to influence price volatility, which is why it's pertinent one (esp someone new) follows the guides of an experienced market pundit who already knows all the market maneuver. It betters your chance at maximum profit by more than 100%.
@@tradekings5433 was about to say same thing about the volatility till i read your comment. You easily outlined the market challenges and how to circumvent it.
@@tradekings5433 you have any idea how one can find a sound adviser that may aid or probably give guides on how to stay above these challenges in one's investmnt
@@kyleharris3592 becouse for china USD is worthless... gold have a technical value... If china could accept USD as payback, USA print as manny them to pay back all depth to china.
To China, a digital currency that is under the control of its central bank plays very well to its centralised economy management ecosystem. The benefits are fast allocation of resources while the drawbacks include amplified impacts of mistakes in the allocation.
The government provides financial aids, asking the person to buy books and taking courses. But they use money to buy cigarettes, s*x toys, stuff... Currently, there is no way to prevent this. China's Digital Currency is the solution.
Mistake in allocation? Why do you think your country is so poor? Did you ever think it might be as good as China's if your country could've allocated a few trillion away from its military every year that maybe everybody on the US would be a lot better off? Xi Jinping enjoys more than 90% approval rating and it's easy to see why if you've ever been to that country. Just ask your athletes or Americans living in China what they think.
@@microtasker The digital yuan IS NOT Block Chain Technology, It is NOT Cryptography Technology. Its a Fait currency in digital form . 2 completely different things.
0:56 That's not that case at all. Cryptocurrencies use *cryptography* to securely *decentralize* transactions. CBDC's are just digital money controlled by *central* banks. That's literally the opposite of cryptocurrency. *Decentralization via cryptography* is the entire point of cryptocurrency.
@@waywardgeologist2520 Exactly. Crypto and CBDC are different in almost every technical and philosophical way. CBDC seems like a dream for government and regulators.
You can control crypto as well. You have to pay taxes for it and every transaction has to be reported to the IRS now. So either way they know what you are buying and the FBI is only getting better at confiscating your crypto…
Not exactly. Blockchains enable decentralization, it doesn't enforce it. There are plenty companies that use centralized blockchains. Based on that you can implement a CBDC as a cryptocurrency. That being said, all traded cryptocurrencies to date are exactly by definition what you are describing. But the idea of a cryptographically stored and validated ledger that facilitates the value of a single currency cannot be centralized is not true. The only difference between centralization and decentralization, is that a decentralized cryptocurrency uses the public network to validate transactions requiring complete transparency of the blockchains to the public domain, the centralized version is that only the private network does and because the validation is done in the private network, the public domain only requires a subset of the ledger.
And what's worst, that digital money isn't decentralized. Whoever controls it, can control your life. Can't buy and sell freely anymore. Worst if you are blocked access .
The problem is that the US dollar became this widely used initially because of the relative stability of it in the world wars, China (removing all the safety problems that arise because of using a Chinese currency) is probably not gonna be as stable in any worldwide emergency situation and are probably gonna suffer more in any emergency because their economy is so reliant on exports and trade.
DIGITAL CURRENCY idea is not originated from China. It has been circulated for years in the West, but China is the first adopted it. Now, EU also will release Digital Euro. And so do some other countries will release their digital currency soon. It is not about Yuan VS Dollar, but about the trend. In a few years ahead, there will be another digital money beside Digital Yuan
@@WANDERER0070 so Western free media is biased? But state-run media channels are not?? 🤣👍 Look majority of the most powerful countries (G7+) in the world do not like China. China's success was not made by trading with small economies like NK. Chinas success was made by the West. Check the history.
Yes. This is a big reason. But also the mining in inner Mongolia was literally causing power outages in Beijing and they've been powering off crypto mining during the coldest winter months for years to reduce power grid load. It was inevitable China was going to shut off mining for good. If America reported the reality of China instead of propaganda, the mining ban wouldn't have been a surprise. The fact that China let mining continue past 2017 would've been more shocking.
Pollution is a great concern too. Crypo mining generally based on inner Mongolia and northern China (electricity is generally cheaper here) was wasting a large amount of energy and heavily polluting the environment. Besides I think the use of Bitcoin and stuff has never been legal in China (i might be wrong on this point)
China bans most forms of freedom. The CCP banned Google. BTC actually encourages green energy production. Battery technology is not advanced enough to make business sense to store and transport energy from rural regions into the urban centers where a bulk of energy demand is at. Because BTC operations can exist anywhere in the world miners can utilize power sources that are inaccessible at odd times. Miners incentivize utility companies to expand their renewable energy capacity long before battery technology is ready to make it viable to run the world 100% on clean energy. It is estimated that 50% or more of BTC mining energy is currently green. Don't believe the media FUD.
@@KASPA-KEY When did google start representing freedom. Google literally steals your data and sells it to advertisers or any highest bidder. As for bitcoin mining, as long as the energy produced is from renewable, that is fine but guess what, majority of energy production is still done by coal around the world. A quick search at your freedom friendly google could show how polluted bitcoin really is.
@@KASPA-KEY Knowing some truth doesn't mean you have to hate things. Did I every say I hate google or BTC? Or did I just give you some commonly known facts. I even said BTC mining done using renewable is fine. Also, stop comparing socal media with freedom. That is just insulting actual freedom. When did freedom start to be controlled by some billionaires in silicon valley. Honestly, I don't want to be like you and over read your likes and hates but i am curious how you support BTC because it protects your identity and data at the same time support social media who steal your information and sells it.
Cause the US systems currency is just as corrupt as the Chinese Mafia’s. Just a little more under the rug & leverages being slightly greener so they can bully other poor nations.
@@ricecakeboii94 US is corrupt sure but these guys are like 5-10 more corrupt? And these guys can't take criticisms at all. China: Aha! You buy winnie the pooh plushy! We nuke your house we know your gps coordinates ha!
That's why there is Ethereum, polkadot & Cardano. We will finally, as humanity have really true money based on mathematical principles alone that can not be printed or altered by any central power. No matter their rank or name.
@@vashsun4908 >be me >need to buy a new vacuum >decides to go to local business and get vacuum immediately instead of waiting 2-5 business days for shipping >uses bank notes located in my wallet >supported my local economy by going to local business instead of giving money to the International Megamillion Mccorporation >life is content >tchau
@@gkheng dump* yes. But he is not wrong, if more and more country dump the U.S dollars, it will cause hyperinflation and the effect will be detrimental. Of course it won't be as worst as Venezuela or Zimbabwe. But most U.S citizen, especially the middle-class, will see their quality of life drop extremely fast.
@@Commievn Could the United States rescue itself by using the the Special Drawing Rights of the International Monetary Fund as a back up currency if it got the European Union and others to agree? Similar to getting Saudi Arabia to agree to only trade oil and gas in US dollars, or western Europe to accept the US dollar as the sole international reserve currency for international trade over the hypothetical international currency the Bancor proposed my John Maynard Keynes? In other words, could the USA postpone or avoid bankruptcy and the collapse of the dollar by going over to a global currency?
There are many fundamental flaws with having everything digital. Things like stolen money, no digital device, will central government track all payments? Too many questions. There is a reason why so many Germans use cash as well.
Credit cards with ties to physical money allow for that tracing for sure. Pure digital opens doors to a lot of fraud but cybersecurity is too far behind with most companies and banks for it to be remotely safe.
The US hasn’t advanced in technology because the people with power are dinosaurs still living in the 90s…they don’t want innovation they want to keep things as they are because they are complacent
If bitcoin miners are going to relocate from China to Texas, what happens when a mining farm suffers a power failure, how do the machines react, do they just restart or a loss.
@@producermichael3480 great question diatom, I think when the new location is active, they ping the rigs to the old location and transfer the logs and data
@Jonathan Eric As a beginner investing started trading with Cynthia donald with just about a thousand bucks. my portfolio is worth much more than now within just weeks of trading with her
@@bobspizza7444 Yeah when just one person own several % of bitcoin, but to say there is no manipulation shows complete ignorance Satoshi, who if he is dead he heirs could crash the market buy selling there stash,
@@danielparson4574 what happens if most Bitcoin is acquired and then Satoshi sells. Yes I'm sure there would be a dip or huge correction. Read the genius block insight of his/her/them thinking It's quite fascinating
I think China’s main focus is to avoid sanctions and US interference. Displacing the US dollar $ will depend on cost of transfer and trust. Most people will go for cheaper cost of transfer including AMERICANS. Trust can easily be built if Cbdc transfer is fast. If Digital Yuan gives fastness, trust and far cheaper transfer cost, then bye-bye US $
And where would such “trust” come from??? The yuan is one of the most opaque currencies in circulation. As well I think you overate adoption yes American sanctions have been abused in the last 50 years but there is hardly a country that views China as incapable of doing the same. especially given its track record of being offend over things as simple as maps and subsequently threatening to cut of its customers base or recall diplomats. This digital attemp will further cement china’s grip on China but outside of China it will fall pray to the same issues it’s paper counter part is dealing with
@@alfredolumba7936 Through trade to generate credit, China is now a major trading partner of more than 100 countries in the world.For example, your country can receive Chinese digital currency to trade with China. This will be much more convenient than using U.S. dollars to trade with China
@@alfredolumba7936 China’s population is 1.4 billion, middle class becoming bigger and bigger. Let’s take tourism as an example, with most Chinese not used to paper money anymore, it’s likely that major tourism locations, shops etc. will allow payments in digital yuan. It’s an easy advantage over other shops that don’t offer that. All the tourists and business people visiting China will use it too(in the future there just won’t be an other option) and I haven’t even mentioned trade yet! The 1.4 billion users alone will make sure that it will become an international currency..
At 2:05 Kyle Bass talks about the USA having allies, is it so? And at 4:54 he says that the digital yuan is the largest treat to the west... Many think it's the USA.
The US is the greatest threst to the west? Is that what you're trying to say many think. Because if you are saying the US is the greatest threat to the west, you could not be more mistaken
A very intentionally outdated report to present the USD favourably. At 5:01, the reporter said that "currently" 62% of the reserves are hold in USD. False. That was in Feb 2019, more 2 years ago before the pandemic. Today the USD represents just 55% of the total reserves in 2021 Q1 and keeps decreasing in each quarter. Source: data (dot) imf (dot) org/?sk=E6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4
China literally kicked out the middle man to be the middleman, Anyways I came here to learn how to trade after hearing on the radio about the importance of investing and how one man gained $340,000 in just two months after investing $150,000. Somehow, this video has helped clarify some points, but I'm perplexed, I'm a novice, and I'm open to suggestions.
Now is not the time to be confused about investments, many people make so much profit from trading crypto, Nft's, stocks, and other financial markets. All you need to do is get the services of a financial advisor. Begin from there.
Trading on your own without prior experience can be risky; you could lose all of your money. I recommend that you seek professional assistance because you will not be afraid of losing money and will also learn more.
@@ej372 George Wesley Oliver, a qualified broker, and a very reliable portfolio manager I know comes highly recommended. He has made a lot of money for me and I have successfully withdrawn money from my account, therefore he is really trustworthy and genuine.
@@sophiaadam9966 I know George Wesley Oliver, and he's not like other brokers who start telling you stories and making excuses for why the trade didn't go as planned after you've paid them.
We live in a country where it is believed that asking citizens to show an ID to vote is disenfranchising those that don't have the means to get an ID. What will those disenfranchised do if they need a cell phone to buy basic goods?
Sorry, China is already complete digital. Very very few cases require cash payment, we are talking less than 0,1% of the total transactions. I personally didn't have or use any cash for the last 3 years.
I get yelled at whenever I try to use RMB cash. I have no choice because I can’t use WeChat pay very easily. They have restrictions on it if you aren’t one of their citizens. It doesn’t always work for me. I have to keep trying and trying to transfer a few hundred RMB.
@@jasonleetaiwan I am a foreigner too and never meet any kind of restrition or problem since China start use wechat pay and Alypay. It might be you do something wrong or some other issue maybe.
@@beppeadr It may have been because my account was new so they wanted to make sure I wasn't doing something wrong with it. I left Shanghai shortly after that and haven't been back due to Covid.
No, the US used its status of as the world's reserve currency to imposed unilateral sanctions on foreign nations and to export its inflation by its irresponsible printing of fiat currency.
They won’t. For other countries to accept the Yuan as a reserve currency, China would have to be more transparent about it… Last I checked, China did no such thing as transparency.
@@WANDERER0070 Do you think that after the pandemic companies will still rely primarily with China? They are slready starting to diversify to countries like Vietnam and India. So, it’ll be harder for China to leverage that in the future.
Digital yuan could not dethrone dollar, most of the people around the world don`t trust yuan because of the CCP, yuan digital currency will revolve only inside China because Chinese people have no choice but to swallow what their CCP govt. imposes. And besides, CCP govt. isn`t sustainable, it might collapse sooner or later, and do you think people outside China would take the risk of putting their money in unreliable CCP`s digital currency?
Answer: No. The regular Yuan is already not trusted due to manipulation from the government in everything from exchange rates, to the stock market, to the numbers they provide about their economy in general. An even less transparent currency would be even less accepted internationally. The reason the US Dollar has the position it does as the international currency is due to trust in the stability of the government and that assets are secure and trusted in the country. This is important to note because any currency that the Chinese Communist Party concocts will be entirely unable to fulfill the same purposes that are so vital to a currency to be accepted as the world's reserve and transactional currency.
I read the comment section just for these knowledgeable comments that possess rational reasons behind any argument. Well mate ,I too back your reasons. I believe trust is the biggest and most important driver in the financial system. One who does gain it, will reign supreme.
China has been stopping using cash many years ago, no shoppers/restaurants/shopping mall accepts cash any more, that is why it can advance to digital currency
I agree with the downsides mentioned of getting rid of paper money, but I don't agree that if things are going digital that we should just leave it up to big tech firms like Apple so that they can have room to innovate. If privacy is your concern with digital currency then your concern about privacy should increase 10x when big tech firms are the ones leading the way.
Everything,I go to pay for something already been in line for say q0 minutes and then there is people r just gonna pull out their credit card ,they can't find it.This is going to be the same BS MONEY WILL ALWAYS BE KING
@@binqian2022 doesn't matter, dollar is stable and transparent. And also usa has largest economy and helps other countries if they use dollars to export.
Physical money has this amazing property of not being trackable unless you're at the right time and place of the transaction. It's a basis for privacy and other rights
lol, China's been mostly digitized for the last 5 years. so being fully digitized in another 5 is not really that fast. I haven't used physical cash in years!
Well that's a great story. You have every single move monitored: what you buy, where you go, with whom. Social credit rating, nice. Enjoy 1984. Maybe you will understand why the rest of the world isn't so hot on uncle Mao's ideology. We've had Hitler in Europe, we don't need another one
@@closeencountersoftheweirdkind It's adorable that you think you're not being as monitored over there. do you carry a cellphone with you? credit card? debit card of any kind? heck you're commenting on this platform, which you had to log into to do so... but I'm sure they're just gonna be nice and not track every single thing you do simply because you live in Europe
... Except that the Fed isn't made up of elected officials. So really you as an everyday citizen have absolutely no say in monetary policy. At least with most major cryptocurrencies, users get to vote on monetary policy.
Dumb question, CNBC. Currency is not about paper money; even the US dollar is almost entirely electronic, and of course allows the use of Venmo, Paypal, electronic transfers, crypto purchases, etc... A Chinese state-sponsored payment app doesn't change anything. Don't pretend to be a business channel if you can't do basic homework.
4:00 That map of the eurozone is a bit odd. France is different from the other countries? 5:00 According to IMF data, in the first quarter of 2021, 59,54% of world currency reserves were in dollars, not 62%. 6:35 The European Central Bank has launched instant payments in November 2018 without a CBDC, allowing instant payments between any bank in the eurozone, showing there is no need for a CBDC for this purpose. Several european fintechs offer bank accounts in several currencies allowing fast and cheaper transfers between countries.
Hows this different than today? Y’all act like credit cards and bank accounts aren’t superior in this society. Who keeps all their money in cash on them (unless it’s dirty), everything’s already digital.
It's alot different mister brainwashed. I use cash, I don't of hidden bank fees. Credit cards and bank card ARE NOT SUPERIOR. Just more convienant to alot. And the real truth is we have a choice currently. If all currency is digital we will instantly become slaves to the system. How do you not see this? Every unit of currency will be tracked, monitored,and taxed. If you are deemed to owe money to a government agency or anyone. They can just take it whether it's a real thing you owe on or a b.s. local government saying you owe some. You will lose freedoms faster than you can imagine.
@@bobspizza7444 sweden is already there. We don’t need no stinking cdbc, blockchain, bitcoin or whatever bs. They claim that it takes days and fees to transfer money but for some reason i can pay for my meal in a different country instantly by credit card. And there will surely be fees to use digital money too. I don’t understand this discussion at all.
6:21 Another lie. Maybe simplification. The reason Bitcoin uses so much power is because the algorithm that generates it is designed in such a way that there is a finite amount of bitcoin that can ever be mined. It used to use very small amounts of processing power to mine the first bitcoins, but now you have to have more and more processors to calculate the dwindling supply.
Plenty of lies about bitcoin. This limit can be changed. The mysterious founder can change the code and raise the limit! Him and his cabal have full control of bitcoin and can abuse it if they want to. Or some maffia gets a hold of him. Bitcoin is not safe.
@@TheBooban If Satoshi changes the limit, which changes the entire algorithm, the current blockchain won't accept it. They would have to create a new currency. Hence all the other variations of cryptocurrencies. The Bitcoin code is open source, if anyone attempts to modify it, everyone who uses it can see the changes. This is completely different to a central bank controlled currency.
to be fair... I suffer a catastrophe of that type 10 years ago (January 2011 Rio de Janeiro floods and mudslides)... Believe me... money was the least of our problems... it took 2 days to clear road to help can come to my city... 5 to light return... about 10 days after... things were pretty normal.... food and water were being distributed and the biggest crisis I see was smokers withdraw... as was a non essential and a lt of places that may have were flooded or simply vanished in the mudslides.. add the stress and chaos of the situation and people got desperate for tobacco....
Considering your plastic debit card has more odd of lasting against a flood than your paper dollars… / and if your house is flooded to the rooftop i dont think paying cash is your greatest worry.
It seems like the US sees everything as a competition even though the Digital Yuan is just a domestic venture. Fact is the US dollar will always be the global currency for quite some time and RMB will probably remain in circulation domestically. That said, the US is really showing its cracks and the insecurities it bears are most evident in this video
The is CNBC they’re a liberal news outlet that’s run by extremists like CNN is. They don’t represent what your average American thinks and wants. American’s love paper cash, and won’t fall for this scam. Also digital is useless after a hurricane or other natural disaster so this elitist child are insane. Also we have large populations of Amish and Mennonite in America who don’t use computers or complicated electronics. This would be an absolute disaster if this was put in.
Usa now only consist of 25% of China export. 75% of export goes to over 140 countries. By doing settlement with yuan, the traders save lots of fees cos no longer need to convert to usd and then convert from usd to yuan. Each transaction is in millions and the traders can safe tens of thousands to hundreds of thousands by bypassing swift usd. The yuan circulation will goes wider as many countries now can choose yuan for transaction between countries as they need the yuan to order more products directly from China. Usd will suffer heavy blow. Cuba, north Korea, Iran can then choose to trade using yuan. 140 countries that do not depend on usa import export, will change to Yuen to start trading with Iran, Cuba,n. Korea.
your version of the world , is white countries,japan ,and korea that is very likely to change when it comes to japan ,and korea in the future i can see some white countries will sink into poverty .i do not want to see anyone in the world to be in poverty
donald trump taught non white people a big lesson .pl do not talk about the world talk about your kind their are 200 countries in the world,and only some europeans,korea,and japan
What the difference when America has wrecked havoc on the world economy with the 2007 GFC? And now they're printing 20+% of USD supply in merely a few months, debasing the reserve currency of the world which is essentially stealing wealth from the entire world's savings through currency debasement of the USD and inflation.
The biggest problem I can see is that most countries who aren't keen to accept each other's currency, assuming that happens, are willing to accept USD. For instance, if I went on holiday in Bali and then flew over to Thailand, I could not go to the markets with the Rupia and try and buy something at Baht prices. But I could take USD and bargain with it. Basic but that's basically how it works as far as I can tell. Criminals will take USD over anything else. Even Bitcoin. This is the same issue with XRP until all countries use the ODL from the XRP ledger. Until then USD is keen and it will take a long time to get all countries to change that. That doesn't mean it won't happen but it won't happen overnight.
The Yuan isn't in global circulation. If they did people might independentally invest abroad and the CPC doesn't want that. Doesn't help the Yuan is way over printed, highly munipulatited, extremely opaque, and not used outside China. How is allowing China to know every transaction going to change that?
@@bin.s.s. That still doesn't change the fact that back in 2015-2026 when they thought about having a more regular currency it led to 1 trillion in capital flight. How can a controlling global currency be pegged to another currency.
lol China tried that 15 years ago and still struggling. Problem is when country is run by a dictator and all information coming out of China is censored. Nice try.
@@lj4516 not rooting for it, just being a realist. The US is going downhill because the government is too beholden to the upper class, they aren't going to make the necessary changes needed to revitalize the country.
DIGITAL CURRENCY idea is not originated from China. It has been circulated for years in the West, but China is the first adopted it. Now, EU also will release Digital Euro. And so do some other countries will release their digital currency soon. It is not about Yuan VS Dollar, but about the trend. In a few years ahead, there will be another digital money beside Digital Yuan
@@hughjazz8416 The way I see is that they use each other. Soviet Union won't collapse if China don't cooperate with US from Ping Pong diplomacy and President Nixon's state visit. US won't be able to wage middle East counter-terrorism war without cheap imports and export its inflation. Apple/Amazon won't have trillion dollars market cap valuation without China trade. US won't be able to climb out of its 2008 subprime hole without China picking the bill via US treasury debt purchase. Of course, China gets development in return, but it wasn't due to American Altruism.
1. Soviet collapsed 91, Nixon visited China in 72 trying to save the country from communism, in the 1970-2000 China has no international influence - so they weren’t the reason for Soviet collapse, it was just a matter of time before the country could not sustain itself. So your wrong. 2. Middle East war has nothing to do with China, and if anything China is the currency manipulator - trying to get the upper hand on its trade. Wrong again. 3. Apple and Amazon are trillion companies because they are the most innovated and are great investments overall. No one buys into a company stock because of trade with China lmao. Wrong another time. 4. US got out of the crisis with its new push on QE and bailing out companies on the taxpayer, adding to the deficit. Plus it’s just apart of the business cycle. It was not due to Treasury notes being bought from China. American investment is what built China - which could have happened to any other country. China took the good out of capitalism and added there mix of authoritarianism. China steals everyone’s ideas and when Trump took office trying to fight the rouge regime, they didn’t like the taste of their own medicine and slapped tariffs back on us - like they didn’t already have them to begin with.
@@hughjazz8416 1. Wrong. Soviet Union collapses due to war in Afghanistan. US supported Mujahideen by funneling weapons through China. 2. Wrong. Middle East War has everything to do with China. China is largest holder of US debt to fund war. 3. Wrong. Workers making iphones in China work under sweatshop condition. Apple's success is partly due to exploitation of Chinese worker. Look up suicide net and foxconn. 4. Wrong. Look up the news on Hillary Clinton pleads China to buy more US treasuries in 2009 right after 2008. Yes, not only tax payers, China also bails US out of subprime crisis.
that’s what happens when you get old and have no neuroplasticity and/or will to learn anymore.. quite sad really. if you were still able to use your brain you might appreciate world changing innovation a bit more
Lol not just bitcoin there are more crypto/ digital assets are more far superior than bitcoin and it will help the world economy into a better place especially to our climate. BLOCKCHAIN is the INTERNET 2.0 in 1990’s.
The only bad thing if usa adopts this digital dollar is western union and moneygram and other remittance will be out of business and jobs no more fees to pay third party and privacy and what if your phone battery dead or don't have a smartphone how you gonna pay the unbanked will be more unbanked because they can't afford phone and need to be educated to be able to use phone
1:32 😂😂😂 yeeaaa because y'all care soo much about that... Only those who are asleep would ever believe that they're tryna figured that out lol. The only thing they're tryna figure out is how to convince people that it's safe from them violating your privacy.
I don't know why people are scared, countries will not use the Yuan as their reserve currency (as they don't now) even if they digitalize. People use the USD as reserve because of these 3 reasons: stability, transparency, and strong economy. So if China made a digital Yuan it doesn't change any of those.
When the Graphics department is on vacation.
I like the aesthetic lol
I like this better ..easy on the eyes
+John Robert Villegas ..... paper graphics easier to decipher, especially ppl who think like 5 yr. olds
This aesthetic is pretty cool imo. 😂
🤣🤣🤣👍👍👍
"The digital yuan is the largest threat to the west that we've faced in the last 30-40 years." Damn I don't remember the last 30-40 years being THAT chill
Well Kyle Bass is also a clown so I would take whatever hilarity he spews with a ocean's worth of salt
@Tony Montana The "dominance" of the dollar is not related to my wellbeing as an American. I'm working class. We used to have a very strong manufacturing sector where I grew up, but the dollar's status as the world trade currency arbitrarily makes American exports more expensive, killing American jobs and forcing my friends and family into hardship.
"The west" to him doesn't mean America, it means the people who dominate the global financial system.
Not to the west. More particularly to the US. Period.
Yeah, it really isn't a big deal. Especially since around 90% of all forex transactions are in USD.
They said the same thing about the Euro supplanting the dollar 20 years ago.
Also, no one outside of China is going to want a digital currency that is tracked and controlled by the Chinese Communist Party.
How are rappers gonna flex money on music videos now, by showing their phones?
They'll just keep buying cars and chains and watches with money that isn't theirs...
Yeah instead of having it in money they'll have it on digital phone wallets 😂😂 all u see is phone flying everywhere with a digital dollar 😂
I mean, if there’s a one good reason to switch to a CBDC, I think this is the best one.
How will they make it rain at strip clubs with crypto?
@@broketostoke it’s all rented
It's weirdly written like no single person is aware of how money works...
Jesus did.
except, this is not money... it's currencie
They don't.
@@altumurnemtzra2026 Its a scam. Anyone can delete your entire account and self driving cars don't work for free.
ruclips.net/video/1oruUFENLyM/видео.html
people in the US are still using cheques , that says alot
What are cheques? Sounds like a Mexican dish.
@@ncabcabin fancy word for checks
I still have a pad of cheques/checks, last used more than 10 years ago, will give to my kids as inheritence, to be exhibited in museum.
Yeah the bit at 2:17 was what made me realise just how US-centric this video's perspective is. It's a whole video of "what if we did something ridiculously overcomplicated instead of just catching up with the technology the rest of the world is already using?"
The only people using checks in America are old people and scammers and sometimes poor people who don't have bank accounts
While the world is already doing it. US is still discussing should they do it.
I think this country is totally conflicted on starting an American digital currency 💱
They have only one thingy to consider. That is whether it will have any impact in the rich elitists. They will drag their feet if it does. The slow implementation can be inferred as they finding ways to circumvent it for themselves. Don't think they care for the masses.
If I were a Bank, I’d be lobbying Congress not to allow this.
It the bank that is lobbying set it up
@@bnco No, the private banks hate this CBDC. Because it threatens their existence.
You see, private banks are like the middle-man, they borrow from the central bank (FED) with cheap interest and lend it to other businesses with much higher interest rate.
Inshort, CBDC would massively weaken the private banks and strengthen the Government.
That is why China adopted the CBDC, to have more control.
CBDC or digital currency will drive banks out of business. Their services are not needed anymore, except probably as lenders.
@@Commievn well digital yuan will meet massive force from bank giant from the west. You know those shady banker that cause monetary crisis in 2008 😂they are still alive kicking and healthy with billions of money they cheated
How are you going to not allow Chinese from using the CBDC?
Success is about focusing Your energy on what creates results and using what you already know
Assets that can make you rich!
I.Crypto
2.Stocks
3.Shores
@@alansanders218 You are right ma'am
Yeah, let's have the banks and govt make and control computer money! What can possibly go wrong?
Nothing. Just don't buy that winnie the pooh plushy or your acccount will go negative.
@@Xi_Jinping_is_Pooh Endians the superpooper are everywhere
@@Manish-ud4sl
Your name sounds like indian, are you one? LOL
Or are you pakistani which looks exactly like indians?
@@Xi_Jinping_is_Pooh india no.1 superpower jai hind💪
If you are loyal you can eat if not you starve. Protest if you dare.
Never will it be fee free. A CBDC will just be another way for governments to tax more and manipulate money like they've always done. It's nothing like de-centralized crypto at all.
People will not pay more taxes
More people will pay the taxes
@@ihatehandles3 But their government will force them to, sadly
@@ihatehandles3 what will prevent them to not charge more taxes?
what?
you know you have to pay taxes on crypto and every transaction must be reported to the IRS.
How is that anonymous?
Crypto markets, notoriously free of manipulation xD
12:49
China can hardly be more digital than it is already. The vast majority of transactions are already be done through Wechat Pay or Alipay (Chinese equivalent of Venmo or Apple Pay).
There are loads of people who still rely on cash today, like unbanked citizen, and senior citizen that are not comfortable with smartphone technologies. The rest of the population is already fully digital. This won't have changed in 5 years.
Most people had electronic payment system, Alipay or Apple pay and what nots. In addition they can also carry cash though not in stash but minimal sum in case. It gives one a much wider choice.
what about for cross border instant transactions then? thats the next gen of digital payments.
Lies again? Cheap ass
What insures the wealth of a dollar, trust? Haha, more like the US military and police force.
More like Democracy... if you oppose them, they will surely instill in you some Democracy that will shock and awe your a55e5 to the stone age, plus claiming whatever resources you have as re-education fee... IMHO
China is maintaining the credit of the U.S. dollar
More like the access it gives you to the goods produced in the US economy. money is backed by GDP not by trust. It boogles my mind why people cant understand that and just go around the place saying trust , trust ,trust.
@@戚文玮 Actually, not.
This must be why they banned crypto mining.
Crypto mining is not "banned", main focus is to reduce electricity consumption because China has relatively cheap power plants but they run on coal, and Chine wants to reduce ecological impact on their population. Mining is still possible, just little less profitable.
@@LjubomirLjubojevic or maybe you can easily transfer money out of the country with crypto. That one thing the ccp doesn't want people to do.
@@LjubomirLjubojevic really? Their c02 emission is its highest of all time . Hmmm
@@JohnSmith-iw4qs as far as I know Chinese govt has banned govt/public companies and institutions from using crypto currencies, but private enteties are not affected, as far as I know. There is something about reducing electricity production from coal powerplants, but I forgot details.
@@brendonchen2550 there are several facts that need to be evaluated.
1. In last 40 years 700 MILLION Chinese were raised from utter poverty (less then $2/day). Standard of living is still getting higher, those "empty cities" are getting filled with population with larger and larger salaries and standards. It is normal that power consumptions is STILL on the RISE. Even in Europe, EU energy consumption will RISE 30% in next 20-50 years. Germans decided in 2011? to shutdown all nuclear powerplants but in stead had to fire up COAL powerplants! Nord Stream 2 and Turkish (should have been South) Stream gas pipelines are not build just because, without them Europe will be starved for energy in all forms. Reason USA wants to block EU from getting energy is in part to limit EU competitevness by reducing available energy sources.
So if Europs needs stil grow, why not in China?
2. In 2013-2017 two huge gas pipelines Russia-China were agreed, one is worth $400bn for 30 years, gas from Vladivostok, and smaller one on western Russia-China border. In addition, Tajikistan and one ,ore country? signed contract for gas deliveries to China via future gas pipeline, and China is already negotiating with (very interested) Taliban for exploration and infrastructure deals (Pakistan is deal broker). If Taliban welcome China then large Iran-Afganistan-(Pakistan)-China is possible. China needed any kind of electricity in the past, first coal, now both natural gas (also for industry and individual private consumption), nuclear and wind/solar powerplants are the focus.
3. At least 50% of world installed solar panels/powerplants are installed in China and Chinese govt is HEAVILY subsidising EV's and EV producers. There are ~400? EV car producers in China, it is a biggest EV market in the world. Many Chinese buy EV as their FIRST car (another indicator of booming standard).
4. When you write "CO2 emmisions", do you count CO2 produced to build stuff for USA, EU and rest of the world as created by China or by other countries consumption? Is it fair to say China is the cilprit when it is driven by West/World consumerism? If there was no World market then CO2 created to satisfy it would never be produced...
0:33 NO even if you go to a 5th tier city in China, the digital payments is everywhere used by millionaires to beggars(i mean literally beggar carrying payment QR code)
🤣😂
Telling that to the white folks, they won't understand you at all... They only think that the digital Yuan is a threat to the USD. That is what they are fed with everyday by these fake media narrative.
@@Aramsa-Khan exactly
Since 2 thousand years ago up until 200 years ago China used to be the center of global economy, China today is not rising, they just went back to what they used to be.
That was India, not China. China was second.
@@TheFourthWinchester Nah it’s China, not India
It was China, not India.
Compare the discoveries and inventions in China vs India between 0AD to 1800AD. 10 times more inventions in China.
Digital currency is the future of finance, anybody still in doubt of that isn't in touch of reality.
True, and bitcoin is at the core centre of this not-so-distant future.
@@Robertgriffinne I guess so, but still don't have a firm grasp of how bitcoin works and what drive its volatility that is always constant.
@@instinctively_awesome8283 Well, bitcoin's (and indeed all crypto) constant volatile state is mostly due to factors which include but not limited to: basic economic supply and demand, investor and user sentiments, government regulations across the countries that use crypto currencies, pump and dump practices and media hype. All of these work together to influence price volatility, which is why it's pertinent one (esp someone new) follows the guides of an experienced market pundit who already knows all the market maneuver. It betters your chance at maximum profit by more than 100%.
@@tradekings5433 was about to say same thing about the volatility till i read your comment. You easily outlined the market challenges and how to circumvent it.
@@tradekings5433 you have any idea how one can find a sound adviser that may aid or probably give guides on how to stay above these challenges in one's investmnt
What’s the difference between digital or physical money?? Isn’t credit & debit a digital currency already??
If Visa and Mastercard were run by the Central Bank, then your hypothesis makes sense, but they're not, are they?
You will deposit money to the government so they will monitor all your transactions by default
Do you know why goods are sold in USD from China? If not research!
I think the difference is in the way they operate.
@@kyleharris3592 becouse for china USD is worthless...
gold have a technical value...
If china could accept USD as payback, USA print as manny them to pay back all depth to china.
These people really understand limited elements of what is going on. This phenomenon is way deeper than they realize right now
Ok so explain
To China, a digital currency that is under the control of its central bank plays very well to its centralised economy management ecosystem. The benefits are fast allocation of resources while the drawbacks include amplified impacts of mistakes in the allocation.
Solid point; it's also the reason why they banned Bitcoin. They have no control over it.
The government provides financial aids, asking the person to buy books and taking courses. But they use money to buy cigarettes, s*x toys, stuff... Currently, there is no way to prevent this. China's Digital Currency is the solution.
but mistakes would be detected and corrected faster too.
Mistake in allocation? Why do you think your country is so poor? Did you ever think it might be as good as China's if your country could've allocated a few trillion away from its military every year that maybe everybody on the US would be a lot better off? Xi Jinping enjoys more than 90% approval rating and it's easy to see why if you've ever been to that country. Just ask your athletes or Americans living in China what they think.
@@microtasker The digital yuan IS NOT Block Chain Technology, It is NOT Cryptography Technology. Its a Fait currency in digital form . 2 completely different things.
I'm most excited about the threat of digital currencies to banks
Yeah if it decentralized
Exactly
If banks don't exist the economy will fail, people won't be able to take out loans for houses and small businesses wont have loan to start up etc.
@@Jemz35 central banks will still be there, and people will still be able to lend to each other only this time without banks playing middlemen
lol what a cheap thought
0:56 That's not that case at all. Cryptocurrencies use *cryptography* to securely *decentralize* transactions. CBDC's are just digital money controlled by *central* banks. That's literally the opposite of cryptocurrency. *Decentralization via cryptography* is the entire point of cryptocurrency.
And being centrally controlled means they can shut off an account at any time. CBDC are an ultimate tool for complete control.
@@waywardgeologist2520 Exactly. Crypto and CBDC are different in almost every technical and philosophical way. CBDC seems like a dream for government and regulators.
You can control crypto as well.
You have to pay taxes for it and every transaction has to be reported to the IRS now. So either way they know what you are buying and the FBI is only getting better at confiscating your crypto…
Not exactly. Blockchains enable decentralization, it doesn't enforce it. There are plenty companies that use centralized blockchains. Based on that you can implement a CBDC as a cryptocurrency. That being said, all traded cryptocurrencies to date are exactly by definition what you are describing. But the idea of a cryptographically stored and validated ledger that facilitates the value of a single currency cannot be centralized is not true. The only difference between centralization and decentralization, is that a decentralized cryptocurrency uses the public network to validate transactions requiring complete transparency of the blockchains to the public domain, the centralized version is that only the private network does and because the validation is done in the private network, the public domain only requires a subset of the ledger.
US videos feel so weird when they use black white people and not just people.😅
It’s way of showing how the black and Hispanic minorities suffer inequalities in the US society. If people don’t see it, it will never be addressed.
There is nothing ashamed of 🤷🏻♂️
They are showing those disparaging statistics for a freaking legitimate reason.
@@lostinmuzak equal opportunities does not mean equal outcomes.
What are you talking about
The problem is the whole world is moving into that direction whether we like it or not.
And what's worst, that digital money isn't decentralized.
Whoever controls it, can control your life. Can't buy and sell freely anymore.
Worst if you are blocked access .
@@silverhawkscape2677 Bartering is still an option.
But US government can sanction them if they go different direction
It's like facts they don't care of your feelings. -said by someone popular in US
US is moving to a digital currency as well.
The problem is that the US dollar became this widely used initially because of the relative stability of it in the world wars, China (removing all the safety problems that arise because of using a Chinese currency) is probably not gonna be as stable in any worldwide emergency situation and are probably gonna suffer more in any emergency because their economy is so reliant on exports and trade.
Plus their economy stands at the whims of a globally unpopular dictatorship
Was thinking this
DIGITAL CURRENCY idea is not originated from China. It has been circulated for years in the West, but China is the first adopted it.
Now, EU also will release Digital Euro. And so do some other countries will release their digital currency soon.
It is not about Yuan VS Dollar, but about the trend. In a few years ahead, there will be another digital money beside Digital Yuan
@@jonjeskie5234 western fake news don matter to China economy bro,and China has 150 friendly countries to trade with..go ahead and decouple LLL
@@WANDERER0070 so Western free media is biased? But state-run media channels are not?? 🤣👍
Look majority of the most powerful countries (G7+) in the world do not like China. China's success was not made by trading with small economies like NK. Chinas success was made by the West. Check the history.
This channel literally just copied a video from Polymatter
It's about China.... So it's okay.... I guess
It took more than two days to make this video, so I don't think so
So this is why they've banned crypo mining?
Yes. This is a big reason. But also the mining in inner Mongolia was literally causing power outages in Beijing and they've been powering off crypto mining during the coldest winter months for years to reduce power grid load. It was inevitable China was going to shut off mining for good. If America reported the reality of China instead of propaganda, the mining ban wouldn't have been a surprise. The fact that China let mining continue past 2017 would've been more shocking.
Pollution is a great concern too. Crypo mining generally based on inner Mongolia and northern China (electricity is generally cheaper here) was wasting a large amount of energy and heavily polluting the environment. Besides I think the use of Bitcoin and stuff has never been legal in China (i might be wrong on this point)
China bans most forms of freedom. The CCP banned Google. BTC actually encourages green energy production. Battery technology is not advanced enough to make business sense to store and transport energy from rural regions into the urban centers where a bulk of energy demand is at. Because BTC operations can exist anywhere in the world miners can utilize power sources that are inaccessible at odd times. Miners incentivize utility companies to expand their renewable energy capacity long before battery technology is ready to make it viable to run the world 100% on clean energy. It is estimated that 50% or more of BTC mining energy is currently green. Don't believe the media FUD.
@@KASPA-KEY When did google start representing freedom. Google literally steals your data and sells it to advertisers or any highest bidder.
As for bitcoin mining, as long as the energy produced is from renewable, that is fine but guess what, majority of energy production is still done by coal around the world. A quick search at your freedom friendly google could show how polluted bitcoin really is.
@@KASPA-KEY Knowing some truth doesn't mean you have to hate things. Did I every say I hate google or BTC? Or did I just give you some commonly known facts. I even said BTC mining done using renewable is fine.
Also, stop comparing socal media with freedom. That is just insulting actual freedom. When did freedom start to be controlled by some billionaires in silicon valley.
Honestly, I don't want to be like you and over read your likes and hates but i am curious how you support BTC because it protects your identity and data at the same time support social media who steal your information and sells it.
Why would anyone trust mafia’s money over system’s money?
SMH. The only difference is how big their guns are.
@@donnyvu1220 And in one click you get negative account. If see your transaction buying that winnie the pooh plushy.
Cause the US systems currency is just as corrupt as the Chinese Mafia’s. Just a little more under the rug & leverages being slightly greener so they can bully other poor nations.
@@ricecakeboii94 US is corrupt sure but these guys are like 5-10 more corrupt? And these guys can't take criticisms at all.
China: Aha! You buy winnie the pooh plushy! We nuke your house we know your gps coordinates ha!
@@ricecakeboii94 whatever, US currency is still the most popular one in the world now!
I would never trust the government over my personal and financial data!!
Now, Apple/Amazon on the other hand...
That's how I feel
That's why there is Ethereum, polkadot & Cardano.
We will finally, as humanity have really true money based on mathematical principles alone that can not be printed or altered by any central power. No matter their rank or name.
Lol at least people can choose not to use those methods
@@jarjarbinks6018 Can you? Tell me how you gonna avoid google?
@@vashsun4908
>be me
>need to buy a new vacuum
>decides to go to local business and get vacuum immediately instead of waiting 2-5 business days for shipping
>uses bank notes located in my wallet
>supported my local economy by going to local business instead of giving money to the International Megamillion Mccorporation
>life is content
>tchau
Soon only hipsters and rappers will be hording stacks of cash.
Given the speed of how US print usd, hell yes! More and more countries will dumb usd
dumb ? dump? haha
@@gkheng dump* yes.
But he is not wrong, if more and more country dump the U.S dollars, it will cause hyperinflation and the effect will be detrimental.
Of course it won't be as worst as Venezuela or Zimbabwe. But most U.S citizen, especially the middle-class, will see their quality of life drop extremely fast.
But but the us has mostly itself to blame. It's way too reckless in QE
That is the reality. USD is becoming trash.
@@Commievn
Could the United States rescue itself by using the the Special Drawing Rights of the International Monetary Fund as a back up currency if it got the European Union and others to agree? Similar to getting Saudi Arabia to agree to only trade oil and gas in US dollars, or western Europe to accept the US dollar as the sole international reserve currency for international trade over the hypothetical international currency the Bancor proposed my John Maynard Keynes? In other words, could the USA postpone or avoid bankruptcy and the collapse of the dollar by going over to a global currency?
There are many fundamental flaws with having everything digital. Things like stolen money, no digital device, will central government track all payments? Too many questions. There is a reason why so many Germans use cash as well.
Credit cards with ties to physical money allow for that tracing for sure. Pure digital opens doors to a lot of fraud but cybersecurity is too far behind with most companies and banks for it to be remotely safe.
The US hasn’t advanced in technology because the people with power are dinosaurs still living in the 90s…they don’t want innovation they want to keep things as they are because they are complacent
Then try that flaw to learn and upgrade the security.
Thank you, have been watching your channel for couple of weeks ago and it's really make sense and it really help me through..
Like you said, those are the only two I see holding at this time.
If bitcoin miners are going to relocate from China to Texas, what happens when a mining farm suffers a power failure, how do the machines react, do they just restart or a loss.
@@producermichael3480 great question diatom, I think when the new location is active, they ping the rigs to the old location and transfer the logs and data
I love your videos as they provide me daily updates!!!,
thank you so much
@Jonathan Eric As a beginner investing started trading with Cynthia donald with just about a thousand bucks. my portfolio is worth much more than now within just weeks of trading with her
I'd vote against a digital dollar, knowing that governments love to keep a tab all my spending
The govern won't tag everybody, not that they can't. They tag money launderer. That what they should.
Cryptos are future because of all the manipulation by federal banks everywhere in the world 😂
Yep no manipulation in crypto hahahahahahahahhahahahahhahaha
@@bobspizza7444 Yeah when just one person own several % of bitcoin, but to say there is no manipulation shows complete ignorance Satoshi, who if he is dead he heirs could crash the market buy selling there stash,
As opposed to being manipulated by a new grad in their cushy new wall street gig
@@danielparson4574 what happens if most Bitcoin is acquired and then Satoshi sells. Yes I'm sure there would be a dip or huge correction.
Read the genius block insight of his/her/them thinking
It's quite fascinating
You have to two choices:
Manipulation
Regulation
"If people really knew how money works ... There would be a revolution" -someone
Henry Ford
whats funny is the guy saying money is becoming unpopular . THATS FUNNY !
It’s true ! PHysical moNey is becoming unpopular, dirty, nasty paper
I think China’s main focus is to avoid sanctions and US interference.
Displacing the US dollar $ will depend on cost of transfer and trust.
Most people will go for cheaper cost of transfer including AMERICANS.
Trust can easily be built if Cbdc transfer is fast.
If Digital Yuan gives fastness, trust and far cheaper transfer cost, then bye-bye US $
And where would such “trust” come from??? The yuan is one of the most opaque currencies in circulation. As well I think you overate adoption yes American sanctions have been abused in the last 50 years but there is hardly a country that views China as incapable of doing the same. especially given its track record of being offend over things as simple as maps and subsequently threatening to cut of its customers base or recall diplomats. This digital attemp will further cement china’s grip on China but outside of China it will fall pray to the same issues it’s paper counter part is dealing with
@@alfredolumba7936 Through trade to generate credit, China is now a major trading partner of more than 100 countries in the world.For example, your country can receive Chinese digital currency to trade with China. This will be much more convenient than using U.S. dollars to trade with China
@@alfredolumba7936
China’s population is 1.4 billion, middle class becoming bigger and bigger.
Let’s take tourism as an example, with most Chinese not used to paper money anymore, it’s likely that major tourism locations, shops etc. will allow payments in digital yuan. It’s an easy advantage over other shops that don’t offer that.
All the tourists and business people visiting China will use it too(in the future there just won’t be an other option) and I haven’t even mentioned trade yet!
The 1.4 billion users alone will make sure that it will become an international currency..
At 2:05 Kyle Bass talks about the USA having allies, is it so? And at 4:54 he says that the digital yuan is the largest treat to the west... Many think it's the USA.
The US is the greatest threst to the west? Is that what you're trying to say many think.
Because if you are saying the US is the greatest threat to the west, you could not be more mistaken
Kyle Bass is he the guy who burnt his ass shorting renmenbi
Gov: Digitize it's own currency
Hackers: *Sinister smile*hehehe boi...
🤪
A very intentionally outdated report to present the USD favourably. At 5:01, the reporter said that "currently" 62% of the reserves are hold in USD. False. That was in Feb 2019, more 2 years ago before the pandemic. Today the USD represents just 55% of the total reserves in 2021 Q1 and keeps decreasing in each quarter. Source: data (dot) imf (dot) org/?sk=E6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4
Remember, whenever a news headline is phrased as a question, the answer is always "no".
China literally kicked out the middle man to be the middleman, Anyways I came here to learn how to trade after hearing on the radio about the importance of investing and how one man gained $340,000 in just two months after investing $150,000. Somehow, this video has helped clarify some points, but I'm perplexed, I'm a novice, and I'm open to suggestions.
Now is not the time to be confused about investments, many people make so much profit from trading crypto, Nft's, stocks, and other financial markets. All you need to do is get the services of a financial advisor. Begin from there.
Trading on your own without prior experience can be risky; you could lose all of your money. I recommend that you seek professional assistance because you will not be afraid of losing money and will also learn more.
@@sophiaadam9966 I'm certain I'll require the assistance of an exp ert. Is there anyone that can give me a solid recommendation that I can lookup
@@ej372 George Wesley Oliver, a qualified broker, and a very reliable portfolio manager I know comes highly recommended. He has made a lot of money for me and I have successfully withdrawn money from my account, therefore he is really trustworthy and genuine.
@@sophiaadam9966 I know George Wesley Oliver, and he's not like other brokers who start telling you stories and making excuses for why the trade didn't go as planned after you've paid them.
We live in a country where it is believed that asking citizens to show an ID to vote is disenfranchising those that don't have the means to get an ID. What will those disenfranchised do if they need a cell phone to buy basic goods?
Underlying message: trust the federal reserve bank, trust digital, defend america against china
？
He is summarizing the video
I guess
Lets do this!
@Simon Whittaker it’s like Zhina is threatening the very foundation of the civilised world rather.
Sorry, China is already complete digital. Very very few cases require cash payment, we are talking less than 0,1% of the total transactions. I personally didn't have or use any cash for the last 3 years.
I get yelled at whenever I try to use RMB cash. I have no choice because I can’t use WeChat pay very easily. They have restrictions on it if you aren’t one of their citizens. It doesn’t always work for me. I have to keep trying and trying to transfer a few hundred RMB.
@@jasonleetaiwan I am a foreigner too and never meet any kind of restrition or problem since China start use wechat pay and Alypay. It might be you do something wrong or some other issue maybe.
@@beppeadr It may have been because my account was new so they wanted to make sure I wasn't doing something wrong with it. I left Shanghai shortly after that and haven't been back due to Covid.
@@jasonleetaiwan That can be easly the reason.
0:03 Paper money was developed in China over thousand of years ago. Did the US steal the paper money?
No, the US used its status of as the world's reserve currency to imposed unilateral sanctions on foreign nations and to export its inflation by its irresponsible printing of fiat currency.
They won’t. For other countries to accept the Yuan as a reserve currency, China would have to be more transparent about it… Last I checked, China did no such thing as transparency.
If you want to trade w China youll have to accept it,,simple..
@@WANDERER0070 Do you think that after the pandemic companies will still rely primarily with China? They are slready starting to diversify to countries like Vietnam and India. So, it’ll be harder for China to leverage that in the future.
Ultimately, the only question that matters is who "owns" it or who corrupts it. How does it inevitably fail, not how it is pitched to work.
They only way the us will do it if they can continue to control Americans and if they can corrupt it
I invested in CBD
They really made their research! PH's GDP is very reliant in remittances and making it an example for remittances is very spot on
You brought Kyle Bass who has been losing money betting against China for the past decade?
I really really want to know how has he done
@@bronzedisease He bet against the Hong Kong currency peg to the USD, and has been losing money for a decade on that trade
@@Fire-ci4se It must be a rather miniscule position otherwise how the hell does he keep his job
@@bronzedisease He made a ton of money predicting the 2008 crash , so he has cash to burn probably
CNBC Chinese National Broadcasting Channel 😉
china is doing it, others are still trying to figure out how it works. 😂
Digital yuan could not dethrone dollar, most of the people around the world don`t trust yuan because of the CCP, yuan digital currency will revolve only inside China because Chinese people have no choice but to swallow what their CCP govt. imposes. And besides, CCP govt. isn`t sustainable, it might collapse sooner or later, and do you think people outside China would take the risk of putting their money in unreliable CCP`s digital currency?
Answer: No. The regular Yuan is already not trusted due to manipulation from the government in everything from exchange rates, to the stock market, to the numbers they provide about their economy in general. An even less transparent currency would be even less accepted internationally. The reason the US Dollar has the position it does as the international currency is due to trust in the stability of the government and that assets are secure and trusted in the country. This is important to note because any currency that the Chinese Communist Party concocts will be entirely unable to fulfill the same purposes that are so vital to a currency to be accepted as the world's reserve and transactional currency.
probably one of the few comments of someone who understands how reserve currencies work
Meh US dollar is everywhere because US rules by its military budget
@@MrJakeFan you probably have no idea how global economics works do you
I read the comment section just for these knowledgeable comments that possess rational reasons behind any argument.
Well mate ,I too back your reasons.
I believe trust is the biggest and most important driver in the financial system.
One who does gain it, will reign supreme.
While it's not perfect, CASH will always be KING!
exactly that why it will never go away too flexible and people know it
No you forget that Gold and silver is always king not the fake cash print money
@@Smiler2724 you can't carry that around
America is a master of exporting our inflation. The US dollar will stay forever relevant, at least for a long, long time.
😂😂 American Dream
China has been stopping using cash many years ago, no shoppers/restaurants/shopping mall accepts cash any more, that is why it can advance to digital currency
I agree with the downsides mentioned of getting rid of paper money, but I don't agree that if things are going digital that we should just leave it up to big tech firms like Apple so that they can have room to innovate. If privacy is your concern with digital currency then your concern about privacy should increase 10x when big tech firms are the ones leading the way.
Thats why u need state-run companies
Everything,I go to pay for something already been in line for say q0 minutes and then there is people r just gonna pull out their credit card ,they can't find it.This is going to be the same BS
MONEY WILL ALWAYS BE KING
If we lose the dollar supremacy, the federal debt will be a big problem as we cannot keep printing dollars without the inflation.
You get inflation both ways
@@MubashirullahD The effect of inflation will be higher if we lose the dollar supremacy.
@@thomaskim5394 We barely print anything to begin with. That's not how we control inflation.
@@linusmlgtips2123 How do you the UD government is able to spend dollars they do not have?
as long as there is petrodollar, non of this will work as prompted by experts in this video.
US now is crude oil exporter, fyi
@@binqian2022 Still imports most of its oil from SA and Russia tho
@@binqian2022 doesn't matter, dollar is stable and transparent. And also usa has largest economy and helps other countries if they use dollars to export.
@@hj-bf1os Largest economy bubble for sure
@@binqian2022 bubble or not for now they are no 1. And imports a lot, more than china.
I dont understand the concern of the government having a record of transactions when banks already do this…
What if that Government is a corrupt communists controlling entity?
What you do with your money should be no one else's business!
Physical money has this amazing property of not being trackable unless you're at the right time and place of the transaction. It's a basis for privacy and other rights
lol, China's been mostly digitized for the last 5 years. so being fully digitized in another 5 is not really that fast. I haven't used physical cash in years!
Well that's a great story. You have every single move monitored: what you buy, where you go, with whom. Social credit rating, nice. Enjoy 1984. Maybe you will understand why the rest of the world isn't so hot on uncle Mao's ideology. We've had Hitler in Europe, we don't need another one
@@closeencountersoftheweirdkind calm down douglas
@@closeencountersoftheweirdkind It's adorable that you think you're not being as monitored over there. do you carry a cellphone with you? credit card? debit card of any kind? heck you're commenting on this platform, which you had to log into to do so... but I'm sure they're just gonna be nice and not track every single thing you do simply because you live in Europe
@@jpbrown7668 Sssh. Don't pop his "free mind" bubble.
@@jpbrown7668 how long did you live in China? I lived there for 8 years. There is no comparison.
... Except that the Fed isn't made up of elected officials. So really you as an everyday citizen have absolutely no say in monetary policy. At least with most major cryptocurrencies, users get to vote on monetary policy.
Dumb question, CNBC. Currency is not about paper money; even the US dollar is almost entirely electronic, and of course allows the use of Venmo, Paypal, electronic transfers, crypto purchases, etc... A Chinese state-sponsored payment app doesn't change anything. Don't pretend to be a business channel if you can't do basic homework.
4:00 That map of the eurozone is a bit odd. France is different from the other countries?
5:00 According to IMF data, in the first quarter of 2021, 59,54% of world currency reserves were in dollars, not 62%.
6:35 The European Central Bank has launched instant payments in November 2018 without a CBDC, allowing instant payments between any bank in the eurozone, showing there is no need for a CBDC for this purpose. Several european fintechs offer bank accounts in several currencies allowing fast and cheaper transfers between countries.
Hows this different than today? Y’all act like credit cards and bank accounts aren’t superior in this society. Who keeps all their money in cash on them (unless it’s dirty), everything’s already digital.
It's alot different mister brainwashed. I use cash, I don't of hidden bank fees. Credit cards and bank card ARE NOT SUPERIOR. Just more convienant to alot. And the real truth is we have a choice currently. If all currency is digital we will instantly become slaves to the system. How do you not see this? Every unit of currency will be tracked, monitored,and taxed. If you are deemed to owe money to a government agency or anyone. They can just take it whether it's a real thing you owe on or a b.s. local government saying you owe some. You will lose freedoms faster than you can imagine.
@@bobspizza7444 sweden is already there. We don’t need no stinking cdbc, blockchain, bitcoin or whatever bs. They claim that it takes days and fees to transfer money but for some reason i can pay for my meal in a different country instantly by credit card. And there will surely be fees to use digital money too. I don’t understand this discussion at all.
In core, it is outside of USA “controlled” international financial system like SWIFT.
@@coltzhao SWIFT has been dead for years. We use IBAN now.
6:21 Another lie. Maybe simplification. The reason Bitcoin uses so much power is because the algorithm that generates it is designed in such a way that there is a finite amount of bitcoin that can ever be mined. It used to use very small amounts of processing power to mine the first bitcoins, but now you have to have more and more processors to calculate the dwindling supply.
Plenty of lies about bitcoin. This limit can be changed. The mysterious founder can change the code and raise the limit! Him and his cabal have full control of bitcoin and can abuse it if they want to. Or some maffia gets a hold of him. Bitcoin is not safe.
@@TheBooban If Satoshi changes the limit, which changes the entire algorithm, the current blockchain won't accept it. They would have to create a new currency. Hence all the other variations of cryptocurrencies. The Bitcoin code is open source, if anyone attempts to modify it, everyone who uses it can see the changes. This is completely different to a central bank controlled currency.
Soon you wont be able to NOT NEED A BANK tp have money....the banks are trying to own every cent u have
Fr thats the way I see it
Do we need physical money? Asking those people in flooding areas of German.
to be fair...
I suffer a catastrophe of that type 10 years ago (January 2011 Rio de Janeiro floods and mudslides)...
Believe me... money was the least of our problems...
it took 2 days to clear road to help can come to my city...
5 to light return...
about 10 days after... things were pretty normal....
food and water were being distributed and the biggest crisis I see was smokers withdraw... as was a non essential and a lt of places that may have were flooded or simply vanished in the mudslides.. add the stress and chaos of the situation and people got desperate for tobacco....
Considering your plastic debit card has more odd of lasting against a flood than your paper dollars… / and if your house is flooded to the rooftop i dont think paying cash is your greatest worry.
Anything anyone makes becomes a threat to the US. US economy seems so fragile!
It seems like the US sees everything as a competition even though the Digital Yuan is just a domestic venture. Fact is the US dollar will always be the global currency for quite some time and RMB will probably remain in circulation domestically. That said, the US is really showing its cracks and the insecurities it bears are most evident in this video
The is CNBC they’re a liberal news outlet that’s run by extremists like CNN is. They don’t represent what your average American thinks and wants. American’s love paper cash, and won’t fall for this scam. Also digital is useless after a hurricane or other natural disaster so this elitist child are insane. Also we have large populations of Amish and Mennonite in America who don’t use computers or complicated electronics. This would be an absolute disaster if this was put in.
I'm sure the Roman empire and the British empire had the same thought :) big empire just like the us will always collapse one way or an other.
Cool! I will try it out when I am China for the winter Olympics!
There's already a digital currency out there and anyone can use it. It doesn't matter what your oppressive government says. It's called Bitcoin.
1:34 isn’t that so ironic???? I’m literally losing my mind over this it’s literally the opposite of privacy 😂
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Usa now only consist of 25% of China export. 75% of export goes to over 140 countries. By doing settlement with yuan, the traders save lots of fees cos no longer need to convert to usd and then convert from usd to yuan. Each transaction is in millions and the traders can safe tens of thousands to hundreds of thousands by bypassing swift usd.
The yuan circulation will goes wider as many countries now can choose yuan for transaction between countries as they need the yuan to order more products directly from China. Usd will suffer heavy blow. Cuba, north Korea, Iran can then choose to trade using yuan. 140 countries that do not depend on usa import export, will change to Yuen to start trading with Iran, Cuba,n. Korea.
What is missing in this piece is that how much the world will trust an authoritarian regime. Most recent havoc inflicted on DIDi is a reminder.
your version of the world , is white countries,japan ,and korea that is very likely to change when it comes to japan ,and korea in the future i can see some white countries will sink into poverty .i do not want to see anyone in the world to be in poverty
donald trump taught non white people a big lesson .pl do not talk about the world talk about your kind their are 200 countries in the world,and only some europeans,korea,and japan
@@ds-kj8fq
What is wrong with you?
What the difference when America has wrecked havoc on the world economy with the 2007 GFC? And now they're printing 20+% of USD supply in merely a few months, debasing the reserve currency of the world which is essentially stealing wealth from the entire world's savings through currency debasement of the USD and inflation.
Exactly
Blockchain based currencies are not currencies, they are risky investments. Secondly they are another threat to the environment. Great job!
China is talented. China is striving hard to prosper without disturbing others nations. That's a great thing thanks to China
2:14 "wtih" it just stood out straight away lol
I bet uncle Sam would love this digital currency!
@JJ R well, we the people have two: one local and one federal... did I answer your question?
The biggest problem I can see is that most countries who aren't keen to accept each other's currency, assuming that happens, are willing to accept USD. For instance, if I went on holiday in Bali and then flew over to Thailand, I could not go to the markets with the Rupia and try and buy something at Baht prices. But I could take USD and bargain with it. Basic but that's basically how it works as far as I can tell.
Criminals will take USD over anything else. Even Bitcoin.
This is the same issue with XRP until all countries use the ODL from the XRP ledger. Until then USD is keen and it will take a long time to get all countries to change that. That doesn't mean it won't happen but it won't happen overnight.
The Yuan isn't in global circulation. If they did people might independentally invest abroad and the CPC doesn't want that. Doesn't help the Yuan is way over printed, highly munipulatited, extremely opaque, and not used outside China. How is allowing China to know every transaction going to change that?
Just a single word: trade, when China has nearly half of the world's trade.
@@bin.s.s. That still doesn't change the fact that back in 2015-2026 when they thought about having a more regular currency it led to 1 trillion in capital flight. How can a controlling global currency be pegged to another currency.
Again, disappointing to see Eunice Yoon representing “China’s views” on this issue. Poor journalistic quality.
digital yuan bypasses SWIFT.
2:11 great editing guys!! (wtih) lol
The problem with most Stablecoins is that they can't survive a bank run
Well, banks are not supposed to last anyway, and the USD will collapse before 2025. Give all credits to Biden.
I wouldn't give a time frame.
It's inevitable. I give it 5 years that they will become the dominant currency.
lol China tried that 15 years ago and still struggling. Problem is when country is run by a dictator and all information coming out of China is censored. Nice try.
@@lj4516 not rooting for it, just being a realist. The US is going downhill because the government is too beholden to the upper class, they aren't going to make the necessary changes needed to revitalize the country.
DIGITAL CURRENCY idea is not originated from China. It has been circulated for years in the West, but China is the first adopted it.
Now, EU also will release Digital Euro. And so do some other countries will release their digital currency soon.
It is not about Yuan VS Dollar, but about the trend. In a few years ahead, there will be another digital money beside Digital Yuan
Digital euro is a better bet.
China doesn’t play chess, they play GO! And if you look at how they positioned themselves globally, they are clearly winning.
I don’t know. 4 years of Donald trump and they couldn’t even pull 1 US ally into their orbit. They’re failing.
Nobody wants to dethrone you. They are just sick of you and want to not have anything to do with you.
Then why don't they move all their Companies from China and stop exporting and buying stuff from there?, oh yeah, cuz then China will crumble 🤡🤡🤡🤡🤡
Digitized RMB will be backed by China exports.
Countries trade with China will buy directly from China without using any USDs.
China is only we’re it’s at because of the U.S.
@@hughjazz8416
The way I see is that they use each other.
Soviet Union won't collapse if China don't cooperate with US from Ping Pong diplomacy and President Nixon's state visit.
US won't be able to wage middle East counter-terrorism war without cheap imports and export its inflation.
Apple/Amazon won't have trillion dollars market cap valuation without China trade.
US won't be able to climb out of its 2008 subprime hole without China picking the bill via US treasury debt purchase.
Of course, China gets development in return, but it wasn't due to American Altruism.
1. Soviet collapsed 91, Nixon visited China in 72 trying to save the country from communism, in the 1970-2000 China has no international influence - so they weren’t the reason for Soviet collapse, it was just a matter of time before the country could not sustain itself. So your wrong.
2. Middle East war has nothing to do with China, and if anything China is the currency manipulator - trying to get the upper hand on its trade. Wrong again.
3. Apple and Amazon are trillion companies because they are the most innovated and are great investments overall. No one buys into a company stock because of trade with China lmao. Wrong another time.
4. US got out of the crisis with its new push on QE and bailing out companies on the taxpayer, adding to the deficit. Plus it’s just apart of the business cycle. It was not due to Treasury notes being bought from China.
American investment is what built China - which could have happened to any other country. China took the good out of capitalism and added there mix of authoritarianism. China steals everyone’s ideas and when Trump took office trying to fight the rouge regime, they didn’t like the taste of their own medicine and slapped tariffs back on us - like they didn’t already have them to begin with.
@@一國兩制-o8p nice try, China is very brainwashing - I guess that’s what happens when a few politicians run the media and internet of an entire country.
@@hughjazz8416
1. Wrong. Soviet Union collapses due to war in Afghanistan. US supported Mujahideen by funneling weapons through China.
2. Wrong. Middle East War has everything to do with China. China is largest holder of US debt to fund war.
3. Wrong. Workers making iphones in China work under sweatshop condition. Apple's success is partly due to exploitation of Chinese worker. Look up suicide net and foxconn.
4. Wrong. Look up the news on Hillary Clinton pleads China to buy more US treasuries in 2009 right after 2008. Yes, not only tax payers, China also bails US out of subprime crisis.
Bitcoin sounds like a bunch of shenanigans and tomfoolery if ya ask me. I miss the days when we used to play jacks and checkers.
that’s what happens when you get old and have no neuroplasticity and/or will to learn anymore.. quite sad really. if you were still able to use your brain you might appreciate world changing innovation a bit more
Lol not just bitcoin there are more crypto/ digital assets are more far superior than bitcoin and it will help the world economy into a better place especially to our climate. BLOCKCHAIN is the INTERNET 2.0 in 1990’s.
It needs to be integrated into Google Pay and Apple Pay. If it's a separate app it will not succeed.
"It might not be necessary anymore with CBDC" AHAHAHAHAHAHA
The only bad thing if usa adopts this digital dollar is western union and moneygram and other remittance will be out of business and jobs no more fees to pay third party and privacy and what if your phone battery dead or don't have a smartphone how you gonna pay the unbanked will be more unbanked because they can't afford phone and need to be educated to be able to use phone
1:32 😂😂😂 yeeaaa because y'all care soo much about that... Only those who are asleep would ever believe that they're tryna figured that out lol. The only thing they're tryna figure out is how to convince people that it's safe from them violating your privacy.
C a chef yoclaiõ ok porqué the guy put a frozen 🍕 in the oven! 👨🏽🍳👌🏽
Great data, 👑💎👏👏👏💯
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I don't know why people are scared, countries will not use the Yuan as their reserve currency (as they don't now) even if they digitalize. People use the USD as reserve because of these 3 reasons: stability, transparency, and strong economy. So if China made a digital Yuan it doesn't change any of those.
That was a good point. ' We trust AT&T AND CASH UP WITH OUR PERSONAL DATA ' But not our government who keep us safe......
You people just wait for China and Russia to take care of your data.You never experienced Communism. Good luck with that!!!