Post #1044897
2026-04-09 12:38 UTC
This https://www.aljazeera.com/amp/economy/2026/4/8/in-strait-of-hormuz-iran-and-china-take-aim-at-us-dollar-hegemony is a move fit for the polycrisis! and this (quote below) is why I trust the multipolar (egalitarian) system can succeed, not why it has mountains to climb:
"Unlike the dollar, the yuan is not freely convertible due to Beijing’s strict capital controls, meaning that businesses and institutions cannot exchange it for other currencies or move it across borders at will."
#geopolitics #economics #anarchism #democracy #postcapitalism #InternationalMonetaryPolicy
Replies (2)
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@resl@mas.to 2026-04-09 13:58
Look, I understand that one possible outcome is a new world dictator, not a new world system. But do you understand that another possible outcome is a new world system?
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@severak@tiny.tilde.website 2026-04-09 15:00
@resl BTW - yuan not being freely convertible is what given us TEMU. It's speculated that TEMU was found as way how to circumwent this policy and export money from china by exchanging it into service and goods. However I cannot recall precise mechanism nor article which described it (altough I may find it in my booksmarks archive).