Financial Warfare: Another View of FinTech
April 21, 2021
I usually ignore articles about big finance and international wheeling and dealing. I did read “China’s Digital Yuan Displaces the Dollar.” The headline struck me as misleading and somewhat deceptive. You will have to read the original write up and make your own decision.
I am not going to walk through the argument and the facts supporting the point of view in the essay. I will cite one interesting passage:
The $16 trillion of offshore dollar deposits at international banks won’t turn into the equivalent amount of Chinese Yuan. Instead, that $16 trillion will shrink to a small fraction of its present volume, because the Big Tech/fintech revolution will make them redundant. Instead, as Morgan Stanley analysts explained this week, “banks will lose their deposit base” as digital currencies replace their most basic functions.
Let’s assume that this assertion is correct.
From an intelligence perspective, consider these questions:
- What’s the impact of the US printing dollars to cover Covid et al?
- What happens if China takes direct action to add Taiwan to its collection of entities?
- What happens if Russia annexes Ukraine?
- What happens if these events occur at the same time?
I try to stick to online information in this blog. Therefore, one final question:
What happens if the cyber attacks based on SolarWinds, Exchange Server, Pulse Secure, and similar entities move into a new phase of active aggression?
Maybe Texas power problems on steroids? Thumbtyping and sucking down YouTube and TikTok content might become problematic. ATMs are online devices and possibly vulnerable.
Stephen E Arnold, April 21, 2021
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