This video discusses the pros and cons of the US dollar as a global currency, as well as the positions of China and the US in the current global economic landscape.
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The Price of Dollar Hegemony: The video points out that the US dollar’s status as a global currency allows the US to directly purchase cheap goods, but maintaining this hegemony also requires immense military and intelligence spending. Additionally, the over-issuance of the dollar has led to high domestic prices in the US, making its manufacturing industry uncompetitive.
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China’s Position: The video states that with its sound infrastructure and high-quality labor force, China has solidified its position as the “world’s factory.” China’s independent and complete system, along with the world’s most comprehensive industrial chain, makes it fearless of US sanctions.
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US Suppression of Challengers: The video reviews how the US has dealt with other challengers, such as weakening the EU’s economic power by creating the Middle East refugee crisis and cutting off cheap energy supplies. However, the video argues that unlike the EU, China’s independent system makes it difficult for the US to easily suppress it.
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The Dilemma in the US: The video concludes that while US politicians continually create conflicts around the world to maintain dollar hegemony, most of the benefits are captured by the military-industrial complex, Wall Street, and Silicon Valley elites. The average American citizen, on the other hand, faces inflation, unemployment risks from high prices, and the possibility of a full-scale war with a powerful adversary like China.