The situation is complex.
Since the end of the 1990s, a virtuous circle has seen China sell cheap goods to the West in return for its fiat currency, which is then sent back to importers in return for government debt.
Disruption to supply chains, inflation and now the risk of asset confiscation is now changing the status quo.
Hayes identified “storable commodities, gold and Bitcoin” as the potential exit outlets for Beijing.
We must agitate for self-interested flags to save part of their current account surplus in Bitcoin so that Bitcoin farm-to-table economies sprout around the globe.