Taking notes 1
The US dollar’s (USD) continued decline in international standing took the next inevitable step reflecting the systemic failure of capitalism. The predictable effects of unbridled capital accumulation in America manifests itself yet again in recent media reports that China and Japan are promoting direct currency exchanges to facilitate commerce and profits for their enterprises and boost bilateral trade. The move essentially is to replace the USD as a reserve currency and allows both East Asian economic giants to convert yuan and yen directly, and so by-passing currency conversion via USD. This also saves on currency conversion costs. The move effectively … Continue reading Taking notes 1