China's Bitcoin Ban

The world is tired of the Eurodollar regime and America's 'exorbitant privilege,' especially China. China's apparent move to create a new monetary regime is only the latest example in a long series of attempts to 'break up' with the Eurodollar and supplant the U.S. But a centralized yuan-based (hybrid offshore-onshore), gold-backed oil contract is probably the last thing anyone wants. By banning Bitcoin and pursuing instead this backwards 'petro-yuan' regime, China has cut off its nose to spite its face.

U.S Current Account Balance