By Nirmal P. Acharya

The BRICS summit in Kazan, Russia, is bound to further enhance the international status of the Renminbi. The currency war between China and the US is entering a critical phase and de-dollarization is really happening.

The renminbi is anchored in the world’s most powerful manufacturing in China, a market of 1.4 billion people, a vast territory accessible by land and sea, and even its splendid culture that has lasted for 5,000 years.

So where is the dollar anchored? Anchored in its military supremacy, presumably, and its LGBT ideology.

The US is still living the dream that it is the absolute power of the world. Habitually issuing all kinds of instructions to China. These instructions include not doing business with Russia, buying US bonds and holding them for a long time, cannot upgrading industries, cannot developing high technology, being tolerant of Tibet independence activities, Xinjiang independence activities, Hong Kong independence activities, Taiwan independence activities, and so on.

China cannot fully follow US instructions. Thereupon, the US intercepted a Chinese merchant ship in the Indian Ocean, bombed the Chinese Embassy in Yugoslavia, sent military planes to patrol Chinese airspace and installed Chinese military planes, detained the daughter of the boss of the Chinese Huawei company, and so on. These are all things that really happened in the past.

Of course, because of China’s greatly improved power, the US now seems reluctant to confront China directly but hides behind to provoke various frictions and conflicts between Japan, India, the Philippines, South Korea, Vietnam and China, with the aim of launching its proxy war. At the same time, the US has from time to time assembled warships to carry out military exercises around China.

However, China is increasingly inclined to respond to the US with force rather than words. For example, a certain type of supersonic missile was recently test-fired directly in the direction of the US mainland.

The currency war between China and the US is actually a competition between the anchors supporting their currencies, that is, the cards in their hands. If the US military card can’t handle China, then the US has to hope that the LGBT card can subvert China. If the LGBT card is invalid, the US has no choice but to throw out the MCC card, which it ambushed in advance, toward the East.

While neighboring countries are taking full benefits and Indian PM Modi attaching immense importance to BRICS, most in Nepal, despite being sandwiched between two BRICS members remain oblivious and focused on who won last night’s game. Meanwhile, the MCC ‘gift from the American people to Nepalis’ even after years of ratification, there is no evidence that the Nepal government has received an official letter from the MCC endorsing the 12 IDs tabled by the Nepal government.

Source : https://www.peoplesreview.com.np/2024/10/23/mcc-and-the-currency-wars/