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Japan is monetarily and militarily subservient to the US.
'You have to filter every idea through the Opium Wars no matter how irrelevant it is to the problem at hand.'
That is about as classic a sly misrepresentation of what I actually say as I have seen- The Opium Wars are a very good place to start for arrogant ignorant US exceptionalists who have no ideas whatsoever what China is, but it is only a starting point toward understanding and certainly not a filter.
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It always ends badly for everyone except the few people who live close enough to the printer to buy their way out of the consequences.
Compared to what? How did the non-money-printing scenarios end, for the nations (who?) who maintained them?
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In war fiat enables the combatant nation states to leverage all of their citizens monetary wealth toward victory.
The same applies in a trade war.
China and USA are already engaged in such a contest.
The dollar is losing because the dollar has been squandered upon inflating the price of non productive assets while the Yuan has been directed toward to building of productive supply chains and infrastructure.
USA cannot make useful things anymore.
It cannot make the hardware required for a modern war.
Rare earths for example.
To win you need to print and spend on useful things and USA didn't do that.
Trump is trying to turn that around now but its almost certainly too little far too late.
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Because China operates a mixed economy with state direction of strategic capital and a highly competitive private sector and labour market underneath that.
It is a hybrid of socialism and capitalism- state capitalism.
The private sector benefits hugly from such things as low cost electricity
Combining the best of both and demonstrably now out competing the wests crony capitalists.
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You do not seem to understand the concept of a symbiotic relationship which creates an advantage for the participants.
In this case the symbiotic relationship is a government and its people building an economy that is stronger than competing nations.
You need to understand fiat money can be a potent driver of growth IF it is applied diligently.
It can equally be a wasted and misused mechanism if it results in the allocation of too much capital toward speculative non productive purposes which do not ultimately compensate for the collective debasement of the currency that is incurred.
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