Danube Institute Podcast The Start of the Asian Century
Aug 1, 2023
David P. Goldman (Spengler), strategist, economist and columnist known for analysis of Asia and China. He discusses why May 2020 may have marked Asia’s rise. He explains China’s use of infrastructure to extend influence. He explores Chinese exceptionalism, tech advances like AI and 5G, renminbi internationalization, and how Western strategy compares.
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Preventing US China War Is The Central Strategic Task
- Avoiding war between the U.S. and China is the defining task of our era because such a war would be catastrophic.
- Goldman argues strength deters adventurism; weakness increases the danger of conflict through miscalculation.
Tech Leadership Translates Into National Living Standards
- Chinese technological gains in AI, telecoms and cryptography should worry the West because they can undercut living standards if China dominates key industries.
- Historical example: British decline after losing reserve status shows societal costs of relative economic fall.
China Is Gradually Internationalizing The RMB
- The renminbi won't instantly replace the dollar, but China is building RMB clearing mechanisms and denominating major trades to reduce dollar dependence.
- Incremental moves like RMB oil deals with Saudi Arabia hedge against sanctions and expand RMB's reserve role.
