It is a sobering fact that the Chinese Communist Party (CCP), the greatest mass murderer the world has ever seen, is gaining in global influence even as U.S. influence weakens around the world. CCP state propaganda outlet Global Times snidely mocked this dangerous situation in a cartoon it tweeted on Monday:
#GTCartoon: US #dollar hegemony starts to crumble. @_ValiantPanda_ pic.twitter.com/o2GhIhBppq
— Global Times (@globaltimesnews) April 3, 2023
Global Times’s cartoon is insulting but not completely exaggerated. Russian President Vladimir Putin recently promoted the Chinese yuan for his country’s global deals. The yuan replaced the U.S. dollar as the most traded currency in Russia, Bloomberg News said on Monday. Brazil and China just agreed to use the yuan instead of the U.S. dollar in their mutual settlements. And Foreign Policy warned Monday that “China’s Neighbors Are Eyeing Up Yuan as Banking Worries Spread.”
The yuan hasn’t replaced the U.S. dollar yet as the global reserve currency, but the trend isn’t looking good—and the U.S. government doesn’t seem to be taking China seriously. In fact, Joint Chiefs of Staff Chair Gen. Mark Milley recently claimed that rhetoric around the CCP threat is “overheated,” even though he admitted that the Chinese army sees war with the U.S. as “inevitable.”
But the increasing global importance of the yuan versus the dollar is not the only instance the CCP sees of U.S. “hegemony” crumbling worldwide. Global Times published a piece titled, “Output cut by OPEC+ constitutes ‘gut punch’ to US hegemony, showing its irresponsible policies would ‘shoot on its own foot:’ observers.” Global Times was referring to the announcements from members of the Organization of the Petroleum Exporting Countries (OPEC), including Saudi Arabia, and non-OPEC Russia, that oil production would be cut. The announcement caused the global price of oil to shoot up on Monday. Global Times noted with glee that the production cut represents more than one million barrels per day (bdp). OPEC member states include African, Asian, and South American countries.
The CCP state outlet lectured about America’s “destructive monetary policy” and happily predicted that an “abrupt oil price climb-up could not only drain the US’ strategic oil reserves, exacerbate runaway inflation, [and] prompt foreign capital fl[ight] but also mire the Federal Reserve in a policy dead end.” Of course, Global Times is right to some extent that the U.S. government’s own policies have created an economic crisis, but, of course, the CCP is, as always, hypocritical. China saw mass protests starting in late 2022 and going into 2023 in opposition to tyrannical COVID-19 policies, including in the economic sphere.
But, most importantly, the CCP is happy not because justice is supposedly being served on the U.S. It is laughing because the U.S., under Joe Biden, is increasingly weak and ridiculous on the international stage, and because the yuan is gaining ascendency over the dollar internationally. Governments worldwide, from Asia to South America to Europe to Africa, are beginning to band together against the United States and line up with China’s projects and goals.
U.S. hegemony worldwide is starting to crumble, and unless something major happens, the genocidal CCP could soon fill that gap.
