alt Hacker NewsSo the rest of the world has the option of relying on China instead? How is that better?
Replies
The BRICS organization is precisely setup to not rely on the single actor, China included. They all have strong disagreements, but they all agree having a single global bully (USA) is bad for all involved parties.
A small third party at the junction of two giants is infinitely more powerful than a small third party obliged to be the client of one.
Competition is better for everyone
It can be better, if the alternative mechanism is designed with safeguards against hijacking by a single state. Naturally, the threat of sanctions can always bully banks or states into acting one way or another, but at least it would not be through the cutting off of money transfers between willing parties.
Of course, that's an _if_, not something to just take for granted.
TBH China is not currently bombing a foreign country for no reason and it is not threatening to invade its allies.
It’s not a particularly high bar, but of the big powers, only China currently meets it.
And I know you will say „but payment networks are not a warfare question, they are an economic question“ but that kind of breaks down when they are used to sanction ICC judges presiding over war crime cases.