Han-Xiongnu USA War of the Century

The Money War as the last Chinese-American showdown: Currency's front lines around the Dollar are where China face off the US until the end. 奉陪到底

Apr 12, 2025

…the Americans are eager to Make America White Again, and Supreme, but the Chinese will never turn back to become Anglophile Hongkie coolies again.

China’s Ministry of Commerce (above) to Americans, April 10, 2025:

谈，大门敞开；Talk, the gate is open.

打，奉陪到底。Fight, with you till the end.

Mao Zedong, 1953: Till the end we fight…!

MAO NING’S REMINDER TO BANANAS

Mao Ning’s analogical use of Mao Zedong is more than deliberate but calculated. Its audience can’t be White Man and Anglophone readers because 10 out of 10 know shit, and don't know the context in which Mao was featured above and below. But, to Chinese Anglophile dogs and Bananas, it will remind them of how Mao got rid of “capitalist roaders” that was the intended audience in his speech. This is the same specie brought forward to the present corps of liberal, White-imitation Chinese in the Communist Party apparatus in control of CGTN and Global Times: They are directly responsible for the present state of affairs, sucking up to the White Man, now dragging the entire nation into a war with Trump’s America. “Watch your step, lapdogs, because we are watching you. Go fuck your mama, dog!” See, Section 5 of this essay, THE DENOUEMENT.

**Stephen Miran at the Hudson Institute, Apr 7, 2025.**

Fig. #1

Fig. #2

PREPARING THE MONEY SHOWDOWN

China still does it. But the US no longer cares how much of its currency enters the economy not even to use that supply to regulate, for example, prices such as bond yields and interest rates.

It’s principal monetary tool the past decade is interest rates, the price Americans pay to use the Dollar; hence, the frequent Federal Reserve yada, yada about setting “interest rates targets.” Targetting arises from the rationalized but falsified belief that companies and people respond primarily to interest rates to produce, buy, sell, invest, save, whatever. Falsified because, as Richard Werner has shown empirically, it’s economic output changes that move interest rates, not the other way around. (See, “Are lower interest rates really associated with higher growth?” Keen, et al 2022.)

For this essay’s purpose, interest rate is not the prime consideration. Rather it is centered on the demand-supply and buy-sell circulation of the Dollar — the central plank in the coming Currency War the US has hatched. Rates don’t affect Company A in Country A selling or buying from Company B in Country USA. It’s the Dollar’s availability that counts because bills must be settled.

Interest rates would concern trades in Treasury bonds, bills and notes (collectively Treasuries). To central bankers of the world outside the US, rates are also not a critical consideration. They only worry if, in the bank’s books, they have the Dollars to, for example, repay a loan coming due tomorrow. Hence money supply, i.e. the Dollar’s availability (also variously called liquidity, circulation, M2), is the Thing. Nothing else.

To get to supply, two graphs above, two below, although dated, are a help to see comparative Dollar supply-demand trends over time. They provide readers a sense into the behavior and changes of money supply, that is, the Dollar’s movements.

Begin with the chart immediately below where money supply starts at M0, also called monetary base. This is physical banknotes and coins in one’s possession. A man’s world flow from those possessions that are the seeds of an economy’s total money supply. Add M0 to accounts in bank, time deposits, loans, credit cards, etc gives M1; add M1 to invested funds for pension for example, and in Treasuries, collectively money market funds, gives M2; add that to equity stocks, over-the-counter, usually speculative investment and myriad other funds as ETF (exchange traded funds) gives M3. M1 goes up, M2 must go up, usually by multiple times (Figures 2 and 4).

The difference between the two, M1 and M2 — which is also the reason for their differences in behavior — is called debt or credit created in M2.

Other than the government, banks also create debt, nobody else can, because they are licensed by the government. Credit is profit-making while sleeping; other people work, you wait in the bed. Treasuries are a form of debt, but publicly issued through which the US government owes citizenry and the rest of the world.

Last point to note before the essay proper below is in Fig 1, highlighting the vast difference in M2 money supply growth between China and the US although the Dollar, not the Renminbi, is the international currency and US is the bigger economy in Dollar terms. How so?

The lawyer-economist Ellen Brown has dwelled on this topic (“Quantitative Easing with Chinese Characteristics: How to Fund an Economic Miracle,” Web of Debt, 2025 Feb. 11.) Central to Brown’s thesis is that banking, in China, is treated like a not-for-profit NGO utility to serve an economy (and people) so that money supply must keep pace with expanding production, build a road here, a factory there, funding schools in between and so on.

In the US, however, money makes money. As profit center, money supply from printing banknotes serves banking balance sheets that in turn, through a process of monetization (also known as financialization), issues ever more debt to companies and fund managers to acquire assets and to personal credit cards to support consumption. Financialization generates credit card fees, credit charges, insurance policies, M&A, buy-ins, buy-outs, derivatives in futures and forward contracts, long put options and short sell, stock buybacks, medical premiums, all of which are counted as additions to GDP output even though in those processes — and this is the point about White Man Milton Friedman’s monetarism — not a single brick is laid, no factories built, and not a single nut and bolt produced. All such products are imported instead.

Abroad, the Dollar performs the same monetization functions through US private equity, mutual and assorted funds managed by, infamously, BlackRock, Vanguard and State Street backed by US banks lending ever more money, for example, to buy from Li & Sons 40 odd ports worldwide, Panama included

It is this perennial outflow of Dollars, underwriting debt, paying for ever larger increases in goods imports, in their turn supported by endless Treasury debt issuances that is at the center of Trump’s Tariffs and the coming Currencies war.

Of course, according to deal maker Trump, it is all China’s fault, ripping off his stupid mama.

Truthfully, it is because China has refused to participate in the dollarized world of Ponzi money scam. If it did China would never, never, ever progress. It would just end up like a continental auction block, everything under tianxia going to the highest bidder like was Russia from 1991 to 2000. Poor Ruskies, got hustled by Americans who paid with Dollars they only have to print while the rest of the World must work for it.

We Chinese were almost done in, too, until Xi Jinping stepped in 2013; done in by the like of Alibaba’s Jack Ma, Hang Lung’s Ronnie Chan and exiles in Hong Kong and London, Henry Wang, Victor Gao, all collaborating with George Soros et al. (Why is it always, pray tell, that Anglophile motherfuckers carry in their wallets Christian, English name cards?) We’ve the names of the other, principal provocateurs also ensconced in Hong Kong peddling the same scam but labelling it “market and financial liberalization.”

Trump Tariffs is punishment for China’s indifference to America, that is, its refusal to participate in a money supply fraud. Unless they are stupid, Americans (and their Hong Kong Anglophile underlings) probably know that tariffs won’t be enough to change China’s behavior which has to be the penultimate purpose. It can’t be punishment for punishment’s sake. Besides, tariffs will only hurt the US far, far more than it does China which, because it’s a 1.4 billion, continental-size economy, it can readily absorb at home what it can’t sell to Yanks. Tariffs to China will be no big deal: Chinese exports to the US is just around 2 percent of its annual GDP size currently at US$19 trillion.

So…?

White Man, having dieted from a biblical culture of wanting “dominion over the earth” has another way to destroy China. Here’s where the Currency or Money War enters the picture as is already laid out in Stephen Miran’s User’s Guide to Restructuring the Global Trading System.

The first shot across the bow in the Money War was fired most recently in Congress, lead by one Kevin O’Leary whose dick China’s White-lecherous prime minister Li Qiang 李强 had been sucking — until now, perhaps. Simultaneously, Treasury Secretary Scott Bessent has officially launched the Money War over Fox. O’Leary wants to shut down the US-to-China Dollar pipeline that moves US pension funds into China’s capital market. Bessent wants to shut down a parallel pipeline carrying Dollars from US stock exchanges into China.

This is where we are today….

Fig. #3

Fig. #4

Fig. # 5: Major foreign holders of US treasury securities, as at Dec 2024, in US$, billions)

THE CURRENCIES WAR

In a trade war, tariffs is the principal weapon the US government uses to attack China (and the World). Tariffs is the point where countries are most hurt by losses in export income, but this way of earning a living is terribly odd. The reason is that the income is denominated in the Dollar which, to be trite about it, is another nation’s currency that can’t be used at home not even to pay for toothpicks.

If a country, such as Russia or Timbuktu, doesn’t care for the Dollar, then it won’t care for income from the US and so are able to tell Americans to fuck off. Life goes on, nonetheless. But most nations, that is, their exporters and their governments do care — for reasons that make no epistemological sense.

Countries can always pay for mobile phones and laundry buckets with gold (who wouldn’t want gold?) or, if available, the equivalent sum in seller’s currency. They can especially pay with cocoa beans, sesame seed oil, fuel oil, copper, diamonds, etc, all of which China accepts from Africa, Asia and Latin America. And this pisses off the White Man to no end.

It also explains why the US just hates us Chinese: We don’t use its Dollars although we get piles of it selling things to Americans. After which the money is just locked away in Treasuries. China used to have the most Treausries of anybody else, about US$1.3 trillion worth, accumulated from c.2000-to-2010, but have been busy selling them since c.2015 (Fig. 5 & 6 below). This a tautological exercise, collect Dollar, keep Dollar, now sell Dollar. We don’t even use Dollars for investments in Timbuktu.

White bankers and their government officials are especially pissed because in China-World transactions the latter work outside the US money supply loop, that is, the Dollar’s circulation flow.

Without Chinese-in-Dollar participation while operating the world’s largest trading economy, US banks can’t make money lending, issuing L/C trade credits, for example, or writing insurance contracts in case the Brown Yemenis sink in the Red Sea the cargo heading for White Israel. (Three cheers to Ansarallah! Pssst…wanna to buy some DF21 missiles? All risks guaranteed or your money back, brand new, free with rocket fuel supply for 30 days, fully auto with free-installed satellite target guidance, just load and fire, ex-factory delivery in 10 days, CIF, payable at sight, in sorghum seed oil, no down payments, no hidden charges, no late fees. Sign and stamp here…)

That, thus, is the way with the World away from Americans: some 70 percent of the Dollar currency in circulation (M3) is outside the US, making the Fed the world’s de facto central bank and monopoly issuer.

If tariff is the weapon of choice in a Trade War, then the Dollar — or, more accurately, its circulation thereof — is the instrument of Currency War which, according to Miran’s plot, is Phase 2 of US global war going after China.

Next question: how, in God’s name, do you turn the Dollar into a weapon?

Credit for that must go to Miran, chairman of the White House Council of Economic Advisers (CEA) spoken of in earlier post. He correctly identifies that the spearhead of the Dollar’s potency or its lethality lies in America’s control of its use and in its (M3) circulation lodged (a) as reserves in central banks worldwide, and (b) as Treasuries.

Abroad, the Dollar may be held by foreign States but, since it is the US government that created the Dollar, it also controls its circulation and use thereof: for example, when Treasuries may be redeemed.

Up to a point, timing is important because of the interest rate cost associated with holding Treasuries. For example, in this Currencies War (caveat, this is just speculation), China could dump a billion worth of its Treasuries a day or two before the next tranche Treasury auction. This will squeeze demand from banks, the Treasury’s primary and wholesale customer. Just a few percent reduction from full subscription of Treasuries is enough sink bond prices and drive up interest yields. Fuck around and find out, FAFO, Donny boy.

There are other ways to break US control, especially abroad where the Dollar must transit in order to convert to local currencies. FAFO, Yankee?

On America’s side, the power of US control explains why its sanctions on Venezuela, Iran, Syria, etc are so potent, and so cruel: to buy even Panadol or sell crude oil, those transactions must transit US banks for remittance payments to clear. Under the thumb of the US government, the banks either comply or they are deemed to break US law.

This legal liability and extraterritorial reach typically extends to bank branches outside the US or US branches of foreign banks. Hence, if payments clearance is blocked, then no Panadol, no crude sale, not even flour for bread or milk for the babies.

Fig. #6: At his previous presidency in Dec 2019, with HSBC’s John Flint providing cover, Trump had Huawei’s Meng Wanzhou (below) kidnapped to Canada in order to extort from Chinese. Today, we know what Trump wishes to extort from us. For that purpose, let’s see who he will kidnap this time…

A case in point is Huawei’s Meng Wanzhou 孟晚舟 (above), and this must be said because it shows White Man’s level of unmitigated mendacity, deceit and cruelty. Against her, the US Justice Department (DOJ) invented the charge, by having White Man Reuters write up a hit piece, that Meng, in violation of US sanctions, sold Huawei mobile phones to Iran, Dollar remittances of which were passed through HSBC branches in California and Hong Kong. When that prosecution failed to hold up, the DOJ changed the charge to “wire fraud” (sic!), she lying to Hong Kong HSBC in order to open a US bank account! You can’t make this up about the White Man entrapping people in order fix up the Chinese. Scumbag Americans do it all the time. Equally sickening is that HSBC executives (alongside Reuters), people who made their money sponging on Chinese, squatting in China, was collaborating with foreign FBI and DOJ agents on Chinese territory in Hong Kong, lying outright to push the entrapment. This wasn’t just a case of abuse of licensed authority; HSBC had betrayed a nation that forgave it for financing the distribution of drug poison to Chinese for over a century! Predictably, the Hong Kong government, taking HSBC’s side, pretended nothing happen — the same sort of betrayal of trust seen in Li Ka-shing & Sons selling Panama and 40 ports to the US. HSBC was never punished, not ever, although it could be. For example, on account of banking laws that prohibit disclosure of client confidential information to third parties. HSBC executives, from the CEO down, first John Flint, succeeded by Noel Quinn, had acted on false pretenses, on falsifying information, and they had perjured themselves inside the courtroom and outside. They had literally chopped of a client’s head, walk pass the gates to hand it over to the enemy.

As Meng was hounded and threatened in courtrooms, while strapped to an ankle electronic detector, Hong Kong’s chief executive motherfucker, one named John Lee, was urging foreign bankers to park and to put even more money, preferably Dollars, in Hong Kong on grounds that these are safe and well-protected by British Common law, a law which it claims outright is superior to the stupid Chinaman across in Shenzhen. O! The injustice! O! The lies, repeated time and time again!

Anyway…, let’s return to Miran and the Dollar.

Fig. #5

Fig. #6

To deploy the Dollar as an instrument of law, Miran had better come up with a good argument. That rationale is called “public good.” This is, at root, an economic thesis, wherein Miran makes the Dollar analogous to, say, a public park, a road, or a school — something everybody uses without have to pay individually for its set up and its cost (other than through taxes).

Both the comparison and Miran’s public good argument is false, theoretically and empirically. How this Doctorate in Economics ever came up with it is anyone’s guess: he must have been sleeping all through economic classes. (Where on earth did he go to school?)

Miran’s justification follows the same syllogism that the US, Israel employs all the time — indeed, used by the entire White Race — to slaughter even women and kids in Gaza and Yemen. But the argument seems to appeal to Trump’s MAGA political base, explaining in turn why the term “public good” keeps popping in Miran’s User’s Guide to Restructuring the Global Trading System.

That he is invoking it to launch Trump’s Currency War is the novelty.

Ignore, for the moment, the veracity or the truth of it: Miran’s “public good” argument says that the US, out of the goodness of its heart, has given the world the Dollar with no charge, benefiting 8 billion people with a trade settlements mechanism and as reserve currency. It can be used to buy or sell anything under the sun. No nation, past or present, has ever done this for the World.

But, this benevolence and this gift of generosity has come at an increasing cost to its provider, the US. This cost is expressed in US trade deficits, ranging yearly from US$500 billion to a thousand billion (chart below). These deficits drain ever increasing quantities of Dollars (in M2) from the US. But, these Dollars return to the US — and here is Miran’s other problem with the existing monetary system — to make another round of profit from purchases of US Treasuries.

To make matters worse for the US, other nations suppress the exchange value or the exchange worth of their currencies with the Dollar. The inverse of a depreciated currency is the “overvaluation” (Miran’s term) of the Dollar that prices American goods, such as McDonald burgers, relatively more and, therefore, harder to sell abroad.

Miran’s deductive logic (Dollar repatriation follows Dollar outflows; overpriced burgers are harder sell; Dollar overvaluation causes trade deficit) is very compelling. But the premises (the Dollar’s global role) coupled to the intent (to benefit the world) and morality (US generosity), all bundled into the underlying claim (the Dollar’s origin as a public good), are not just false but complete lies.

Donald Trump, stupid Americans and those equally stupid YouTube bloggers wouldn’t be able to distinguish the chaff from the kernel, much less separate the empirical facts from the logic. But this is standard fare in White Man, Anglophone propaganda, weaving faulty logic into lies. Which explains, in its turn, why Trump is so riled up each time he talks about Tariffs, accusing China of “ripping off” (Trump’s word) his mama.

CURRENCIES WAR: TWO BATTLEGROUNDS

Justification taken care of, Miran’s tackles the meat in Trump’s plan to take on China. Centerpiece of that plan is contained in Chapters 3 and 4 of the User’s Guide (above), since dubbed Mar-a-Lago Accord.

In spite of his allegations that the world abuses the Dollar’s role as “public good,” Miran does not want the US to revoke foreign use of the Dollar. Rather, he wants to make nations pay for its use, for example, charging a “user’s fee” at rates of 1 percent upwards each time the Dollar is remitted abroad.

This pay-to-use the Dollar is a novelty but has the same flavor of a Mafia protection racket Trump invokes for continuing to station US military forces in Europe, Japan and South Korea. But it still doesn’t fully address the grievances around the Dollar Miran has concocted in Chapters 1 and 2 of the User’s Guide.

If the Dollar is indeed a “public good” then ending its provisioning as public or as a private good or both answers the problem. Doing that is easy, anyway; do it once, and it’s valid forever: throw up a cordon of capital controls around the Dollar, limit or ban outright its convertibility, fix the exchange rates with its major trading partners, or cancel the 1974 petrodollar agreement with Saudi Arabia. All these are within the sovereign rights and power of the US to carry out instead of starting a Dollar remittance extortion racket.

Why doesn’t Miran propose any of that? This question is asked only if one assumes his grievances are valid and genuine, his intentions are that of a patriot, and the Dollar’s role is what he says it is.

But we also know, as a matter of fact, it is none of the above. Miran simply made up the grievances as justifications for Trump to start the trade war, followed by a currency war. Because those wars have their own destination place — namely China’s destruction — then it is pointless arguing over justifications.

Miran’s logic is not inductive but deductive: That is, first decide on the object (or conclusion) satisfying his White bigotry. After which pile up arguments to reach that objective. Friedrich Nietzsche puts its very succinctly, Reason follows the Will.

This is why talking with White Man is also pointless. In his phenomenology world, rationalized to the nth degree, Whitey can make a goat look like a queen. Hence, in White Man’s homo-sexist gay language, there is no man, no woman but just a “It” (think Karim Bettache, the Whitey). And ‘It’ is not an existence of fact but simply White Man’s yada, yada reasoning. In similar tongue twisting language, Black can be made White, a tyrannical USA is democracy, self defense (in the South China Sea, for example, or Gaza) is aggression and terrorism. Even a Palestinian infant not yet able to walk can, with enough arguments by Whitey, be made a terrorist threat to Israel.

White people are a mentally sick Race and this is not an accident: Their rationalist supremo, the philosopher Immanuel Kant (1724-1804) says people must bow to Reason in all and under any circumstance. Only Reason (however defined) is the world’s supreme good. That being so, ethics, simple human decency and even their White God are considered secondary in motivating human actions because they are unconvincing.

All that is left to deal with White Man yesterday, today and forever, is power — unmitigated, brute, raw force. This explains China’s insistence to hang on to and to take on Whitey over the Tariffs, that is, we’d “fight till the end,” 奉陪到底 fengpei daodi. (Also see, YouTube on top of post: Mao Zedong in 1953 rallying our forefathers to continue take on the White Man’s UN, Americans in the main, in a post war Korean peninsular.)

The deployment of brute power in Trade and in Currencies is the penultimate US object in the User’s Guide. That power, exercised through Trade (Ch. 3) and Currencies (Ch. 4) serves its own objective, as the final act of suppression of the Chinese nation in totality.

But Miran is different from other US officials, past, present and future, including the current State Secretary Marco Rubio. Unlike them, he does not seek China’s destruction but plunder. Is there a difference? Are they mutually exclusive?

No. Choosing between destruction and plunder is purely a matter of taste and individual emphasis.

Americans, White people generally, are, to recall, a people who came from no roots in any sophisticated culture and civilization. One sees a photo line up of that 洋人 / yangren, baboon variation in every Trump Cabinet meeting (see Yang Jiechi 杨洁篪 in this). Hence, bundled in the same room, the differences in emphasis and tastes show: Miran is an economist, so his theoretical morality is in apolitical economics; Rubio is a Cuban street hireling who can do little else to be effective but kick groins; Trump is a New York hustler who lives a life trading favors, issuing threats in between, which he calls Deals.

The Trump Cabinet line up is a snap shot into the American Way, past and present — actually the 洋人 / yangren White Man’s Way once piracy became statehood.

Like Trump wielding a baseball bat to close deals, Miran uses the Dollar which he sees as having a global coercive power. This is as opposed to US military power that Defense Secretary Peter Hegseth prefers. The Dollar is, on the one hand, all encompassing and omnipresent whereas US military, on the other, is limited by geography, by reach across oceans, and by China’s own self-defense capability.

Is Miran right — that is, will it, can it be effective — in presuming a coercive ability in the Dollar? Are currencies even that, a form of Power in its Nature, especially deployed against the Chinese, a race superior to and far more polished and refined than the White Man in every facet of life? Has the Dollar even a baseball bat effect?

We’d have to wait for it to be tested, and tested because it’s so far theoretical, existing in Miran’s mind. A preliminary assessment of the power is found in two earlier essays:

DOLLAR AS A SOURCE OF US POWER

Miran’s User Guide doesn’t conclusively answer the questions cited earlier, i.e. the baseball effect and so on. In other words, Miran isn’t sure. So, tariffs are first deployed, as White people say, like an opening salvo, like armies lobbing shells on an enemy frontline before the infantry and tanks go in.

But currencies are, of course, not the equal of infantry and tanks. It hardly even qualifies as a weapon for the plain, obvious reason its use, or employment thereof, depends entirely on acceptance by a counterparty, in this case, China. Russia hardly uses the Dollar so the US can’t touch or sanction them.

The top trading partner with more than 150 of the 193 nations, China is, naturally, a different kettle of fish to Russians. Compared to a stand-alone autarkic economy that is Russia, this diversity is both a liability and an asset, a vulnerability and a strength because the Dollar trades on both ends.

Miran (and the US government) doesn’t seem to see the Dollar in the way described above. For example, they see the global use of the Dollar as a reserve currency is a source of US power. This, to them, is especially so once bundled with tariffs and US military presence in regions and blocs that Miran calls “security zones” (User’s Guide p.27).

To immediately lock in these regions to the US side, Miran identifies Japan, the UK, and “potentially Canada and Mexico” as candidates wherein tariff impositions, after its use as leverage, are graduated into trade-and-currency agreements. Collectively, these agreements are called the Mar-a-Lago Accord (p.27).

Unlike, however, multilateral agreements such as the Plaza Accord that was closed in September 1985 with varied major economies on a single piece of paper, the Mar-a-Lago is still multilateral but peddled separately, negotiated individually with different countries then custom-made or custom-written. That is, there is a template with which the US copy, paste, revise here, rewrite there, and then… here you are, stamp and sign!

What’s in the template?

Before that, clear for the confused Miran some important terminologies. He calls Mar-a-Lago Accord as the “21st Century version of a multilateral currency agreement” (p.29). Operative words: multilateral, currency. But, in the convoluted Miran mind, the Accord starts with currencies, as carrots, and end with tariffs as stick. (Sigh… this Whitey’s “stick and carrot” approach is so old-fashion, passe.)

A template for the Accord is split, one into a “multilateral approach” and the other “unilateral.” By unilateral, Miran obviously doesn’t mean the US signs an agreement to itself. Rather, he means it as a standalone agreement, exclusively bilateral, such as solely with Japan, the UK and Australia. Multilateral will be with the assorted White, European Union chihuahua states that you can put a dozen into a single trouser pocket, and with that useless bunch of Latin American vassal states, or with Arabs exclusively.

Recall:

(a) that the “Mar-a-Lago Accord”, actually “Accords”, is both and simultaneously a trade and currency agreement;
(b) that first and foremost the US desires to collect and tie up a bunch of nations to its financial, trade, monetary and military orbit; in other words, subservient as zuoguo 走狗 — running dogs;
(c) that its penultimate target is China, throwing up a trade and currency cordon around the Chinese economy, including the Belt-and-Road Initiative; and,
(d) that this is White Man warring against, and putting in their place those pesky Yellow Chinaman, Anglophiles and CCG Bananas included (Henry Wang, Victor Gao, Li Ka-shing & Sons, et al).

Now, pretend for a moment that you are economic advisor to Trump like Miran or a baseball thug like your boss Trump: What, pray tell, would you like to see in the “Accord”? Any preferences? More critically and more pertinently, where do you wish to go after tariffs?

To help with that decision here (below) are, in condensed form, the highlights in Miran’s focus, shaved of his yada, yada propaganda jargon. That is, below, are two critical areas or functions of money with which Miran pays most attention and to which he alludes, rather openly, as Currency battlegrounds (the subheading words are mine):

Frontline Domestic: Ending flow of Dollars at source in Treasuries and in US savings markets into Chinese capital markets, such as local and US insurers and multinational companies. This affects all Dollar flows in Treasuries and the savings markets that are, invariably, conducted and regulated by the Treasury department and stock markets.
Frontline Abroad: Ending Dollar flow in transit, before arrival at destination, typically remittances through the foreign exchange and equity markets, and managed funds and banks.

At home, the task of war is easy since the Trump team controls the government, institutions and the varied apparatus of State. One man Kevin O’Leary has proposed to Congress to stop Dollar flows to China from pension funds. From Treasury Secretary Scott Bessent, he has just announced an intent to kick out listed Chinese companies from US exchanges.

Abroad is where Miran comes in.

To limit the M2 money supply flowing out or, inversely, confine the Dollar’s circulation within US jurisdiction, he needs to lock up the currency at home, as much as is possible. A few suggestions have appeared in User’s Guide. Two jumps out of the page:

One, it is to limit how much a nation can hold in Dollars especially in Treasuries form and held inside the US. Miran does not define that limit, obviously to defer that to a “Mar-a-Lago Accord”. But to set and to regulate the limit, he uses two concepts, “term out” and “reserve selling.” Second feeds into the first: a central bank sell its existing Treasuries stocks, then convert the Dollar cash receipts into long-dated bonds that can’t be redeemed until 100 years later! To encourage this conversion to once-in-a-century “term out”, bond redemption is offered in part in gold.
The objective in the above, though unstated in User’s Guide, is inferential. Which is, to empty the asset side (namely reserves) of the world’s central bank balance sheets. Without Dollar liquidity, or rather locking it up in the US, sets a limit to the amount nations can trade with China. Hence, a US Mar-a-Lago deal would apply best to those with a hoard of Treasuries. Miran names the following: Japan US$1.2 trillion, India US$600 billion, Taiwan US $560 billion, Saudi Arabia US$450 billion, Korea US$420 billion, and Singapore US$350 billion. (p.30.)
The second ‘Frontline Abroad’ method is to cut the Dollar transmission flows among banks, chiefly between US banks and foreign ones. This is easily done, Miran thinks, using administrative or statutory powers such as those employed against Venezuela, Cuba, Syria etc. The quickest and most effective is to employ the International Emergency Economic Powers Act (IEEPA), currently used to justify the tariff imposition. Used against all nations, imagined friends or foes alike, Miran has suggested to impose a currency duty called “user’s fee.” It works like any duty, but it looks much closer to an inheritance tax but which Trump can’t call it that because only Congress has statutory jurisdiction over taxes and duties, not the President. So, call it a “fee”, levied for every tranche or remittance of Dollars leaving a bank in US going elsewhere. Miran wants the “fee” starting at 1 percent of sums remitted. How far up is also unstated but, obviously, pegged to terms of the Mar-a-Lago Accord.
Far more severe than “term out” and “reserve selling,” the “user fee” directly hits all transactions using the Dollar, affecting China the hardest since it is world’s largest manufacturing producer and trading nation. The fee will immediately raise transaction (remittance) costs, how far nobody knows yet so that, when push came to shove, it could choke of all trades with China completely. Unless, of course: (a) China and other nations stop using the SWIFT currency exchange regime, and (b) China devise and operate a trade payment’s system completely outside the Dollar. See, for example, China Launches $1.2 Trillion Digital Yuan System, Bypasses Western SWIFT: ASEAN plus 6 West Asia countries.

THE DENOUEMENT

Battle lines drawn, US battle formations established, the case for war is now clear cut and perhaps irreversible: Either we die, or Americans die. (See: In 离大谱！白宫首席经济学家荒谬提议：各国直接给美财政部开支票打钱. 观察者 Apr 9, 2025. https://www.guancha.cn/internation/2025_04_09_771504.shtml

Because the US permits no neutrality or taking no side, China’s cousins, friends and partners in Asia in particular (the two charts above) must consider carefully their options not just from an immediate set of circumstances but to take into account both the past and future.

Consider carefully because there’s no going back and because, though China will easily ride out this war, other countries are most adversely affected. Rest assure, speaking on behalf of the People’s Republic and 1.4 billion, we’ll do whatever is required to assist every nation that can’t fight back but need and want to. This has been our way for millennia, and neither our values — nor yours — have changed.

We Chinese (and other Asian civilizations) hadn’t come this far after 3,000 years to be stomped on by some Whitey barbarians. This is the Han-Xiongnu Yankee war of the century. We have won one before, why wouldn’t we desire to win this round?

To see who are our enemies and what they truly are, let them speak for themselves. Below is Miran, again, typical White Man who has learned to read and write but never, ever really got an education that cultivates the human in him. He was recently at the Hudson Institute, a nice sounding English name but is the crucible of barbarians with just one demonstrated intent: plunder.

The excerpt is from the White House, dated April 7, attention to be paid not to the sweet language but to the ultimate intent and their consequential result, Point No. 5 being the most apparent:

There are many options [for countries to support the Dollar system that is “fairer”, that build industries and that keep US strength]. Here are a few ideas:
First, other countries can accept tariffs on their exports to the United States without retaliation, providing revenue to the U.S. Treasury to finance public goods provision. Critically, retaliation will exacerbate rather than improve the distribution of burdens and make it even more difficult for us to finance global public goods.
Second, they can stop unfair and harmful trading practices by opening their markets and buying more from America;
Third, they can boost defense spending and procurement from the U.S., buying more U.S.-made goods, and taking strain off our servicemembers and creating jobs here;
Fourth, they can invest in and install factories in America. They won’t face tariffs if they make their stuff in this country;
Fifth, they could simply write checks to Treasury that help us finance global public goods.

Anglophiles in particular who are shocked by this level of brazenness and effrontery delude themselves. Delusion because Miran, Trump et al come from the same stock of White people that Anglophiles welcome into their homes, occupy their land, buy their real estate, profit their banks, even let them screw their daughters in the next door bedroom.

These are the same White people who commit war and humanitarian crimes in Gaza; their colleagues and forefathers, including those resident in Europe and Israel, slaughter Arabs and native Americans by the tens of millions. So why be surprised?

But let’s guess at the answer.

For two decades and more Chinese Anglophiles and Bananas (Henry Wang, Peking University, etc) have gone around the country preaching accommodation with the West. Their argument says that the more China trades and opens up to the West (finance, insurance, real estate, etc), the more likely that the US will see China favorably rather than as an enemy (or as “strategic competitor” or whatever). Trade creates bonds and friendships, so say Bananas in Hong Kong and Singapore. Two nations bound by a single Fate would help each other make more money and so let’s all get rich together.

Top Chinese propagandists for this line of argument and thought are Ronnie Chan and Henry Wang (no coincidence, the people most involved with Zionist, genocidal criminals), CGTN and Global Times. Urging imitation of the White Man in Singapore are the like of Lee Hsien Loong, also a Zionist, Israeli and genocidal sympathizer (see this and this). Prime minister Li Qiang leads peddlers that suck-up-to-White Man mantra inside China, meeting often with Elon Musk, most recently with other Whiteys and Americans. (See: 特朗普用行动证明新中国前三十年“闭关锁国”是伪命题 - 红色文化网, 2025 Mar.) Anglophile proposals (Henry Wang, Victor Gao) have gone as far as asking, with Jake Sullivan’s help, to move 50,000 Americans into China and opening up Chinese farmland to US investments including property development, like Trump suggests opening up Gaza. That is, simply stated, to sell China to White people and create an Israeli-like, extra-territorial apartheid settlement inside China. Bananas abroad (Jin Keyu 金刻羽, daughter born with a silver spoon in her mouth to Jin Liqun 金立群, president of Asian Infrastructure Investment Bank) constantly instigate for the opening up of finance and debt issued by western banks. They call it “financial liberalization.” White motherfuckers (Cyrus Jansen, Arnaud Bertrand) peddle the same liberal propaganda, redistributed by pro-Israel and pro-criminal editors in CGTN and Global Times.

And now…?

The more they trade with America, the more debt they acquire from US banks, the more they use the Dollars, the more Teslas and the more iPhones Elon Musk and Tim Cook bring into the US, the more that Miran, Trump, et al hate them and so to look for ways to fuck up these Anglophiles and Bananas. Which is fine by us, really. Except that the rest of the world, including the 1.4 billion Chinese, are dragged into a mess White-imitation Chinese and assorted Anglophiles have dragged us into.