Anti-GML Exhibitionists, page-38

Nope. Hot Copper doesn't want me to post that link from the Sydney Morning Herald Business section, so I paste below the guy's comments (he's boss of a suckcessful US hedge fund)

“Rising education leads to increased innovation and technology, which leads to an increased share of world trade and military strength, stronger economic output, the building of the world’s leading financial centre, and, with a lag, the establishment of the currency as a reserve currency. And you can see how for an extended period most of these factors stayed strong together and then declined in a similar order. The common reserve currency, just like the world’s common language, tends to stick around after an empire has begun its decline because the habit of usage lasts longer than the strengths that made it so commonly used.”Related ArticleWorld marketsWall Street is finally getting access to China. How long will it last?Today, Dalio is most concerned about the end of the American empire and the beginning of another Chinese empire, a transition he believes could lead to war. He writes that Americans misunderstand the Chinese and their own place in history:“300 years seems like a very long time ago to Americans, but for the Chinese, it isn’t long at all. While the prospect of a revolution or a war that will overturn the US system is unimaginable to most Americans, both seem inevitable to the Chinese because they have seen those things happen again and again and have studied the patterns that inevitably precede them. While most Americans focus on particular events, especially those that are happening now, most Chinese leaders view current events in the context of larger, more evolutionary patterns.”He believes any attempt by the United States to control or change China will only backfire:“Given China’s impressive track record and how deeply imbued the culture behind it is, there is no more chance of the Chinese giving up their values and their system than there is of Americans giving up theirs. Trying to force the Chinese and their systems to be more American would, to them, mean subjugation of their most fundamental beliefs, which they would fight to the death to protect. To have peaceful coexistence Americans must understand that the Chinese believe that their values and their approaches to living out these values are best, as much as Americans believe their American values and their ways of living them out are best.”