The Economist reports: “China is ditching the dollar, fast”.
Over 30% of China’s trade in goods & services is now done in its own currency, RMB.
China settles over 50% of its total cross-border receipts (including financial flows) in yuan, up from less than 1% in 2010.
Didn’t Lenin call that rag “a journal which speaks for British millionaires”? Guess nothing’s changed in a century.
More, it started to come out in 1843, and in 1852 Marx said about it “the London Economist, the European organ of the aristocracy of finance, described most strikingly the attitude of this class.”
That sounds like… essentially, the same statement. (Though I think Lenin put it more succinctly, even if Marx’s phrasing was a better subtle insult to both the paper and its target audience.) Wow, that rag’s been essentially the same for nearly 200 years. How does a paper not fit to line a birdcage run for over 180 years straight, touting the same party line all that time? (The Trots are jealous, I’m sure.)
Because it always followed class interests of the capitalists, and they wouldn’t ditch such a useful thing.
Yeah, that’s about what I’d say as well. I was joking a bit there.
Marx statement is better because Lenin said “British millionaires” which is obviously outdated now, but Marx “aristocracy of finance” remain still relevant.
That’s a good point.