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To: robert b furman who wrote (2914)	11/28/2021 12:36:36 PM
From: Sun Tzu	1 Recommendation Recommended By research1234 Respond to of 10714

Hi Bob, I understand what you are saying and I actually agree. This is the kind of political discussion that has investment implications. So I welcome it, so long as it does not become a left vs right debate. My point to you is twofold: (1) So long as the USD is the reserve currency, the outcomes that you seek will remain illusive. See my previous post on the gist of the problem. (2) The current US regime on the whole, regardless of whether it is headed by the Democrats or the Republicans, is not a nationalist system in sense that it would put the interests of the majority of the Americans above all else. It serves big corporations. This was my point in quoting Jefferson. A solid chunk of each party sees the other side as traitors serving outside interests. What they fail to see is that both sides do it but from different angles...like blades of scissors that are seemingly in opposition but serve the same function. I do not say this as hurling mud at any politician or political party. I believe that every president has done his best to serve America. There is no reason why he would not. But at the end of the day, a president has no more choice in serving the US system than a soviet premier had in serving his. I leave you with another peace from the article: Chinese officials have said on numerous occasions that their reliance on the dollar system is a security risk for them. Having surpassed the United States as the world’s largest trading partner and world’s biggest importer of commodities, China increasingly has an interest in being able to acquire commodities and perform global trade without dollars, which as we see with trading partners like Russia, or with China’s yuan-based oil futures contract, they’re increasingly able to do with small steps at a time. At the same time, the United States faces increasing populism in its own country, as the persistent trade deficit becomes an increasingly political issue to fix. Plus, US officials have routinely pointed out the security risk of having so much critical supplies made outside of the country, which became even more apparent during COVID-19. The trap solution is for US policymakers to try to narrow the trade deficit by getting other countries to buy more American goods, but that’s like putting a Band-Aid on a gunshot wound. The deeper problem is that the global monetary system as currently structured simply doesn’t work well with that goal; it’s inherently designed at its core to run with persistent trade deficits to get dollars out into the world and enforce dollar-only global energy pricing.