My god, even the best chance for socialism is hopeless because of the dollar. “it’s not doomer because the party could do something different” idgaf day after day it’s more dollars and less long term hope. Nothing China does can matter because all the green energy, all the bnr, all the poverty elimination, all of it is paid for with imperial currency and little to no interest in changing this arrangement from within. The party will talk about win-win arrangements and mutually-beneficial cooperation until the fucking nukes are flying.
I'm so far thinking of this as like the launch of the financial Prius. A hybrid dollar essentially, which is a transitional step towards a future without the dollar. It still relies on the dollar to function, but it starts to prove out the potential for alternatives that are not hegemonic tools of the US.
Not a ton of Prius sold at first except to institutional fleets that could make a case for saving money on fuel for their fleets, but it wasn't quite a entry-level vehicle comparitively. If the calculation was over a long enough time frame, it made sense for a lot of institutions to transition. This is partly why Saudi is where this is being done as far as I can tell.
Once the concept of dollar alternative has been normalized via this, then it starts to give credence to a lot of what BRICS+ is working towards. If this can work in Saudi, it can work almost anywhere that wants it. So I think it could snowball eventually, but there has to be a stepwise process of transitioning away from US dollar hegemony first to open the way.
Maybe this bloomer cope, but that's where I'm at so far from reading the different takes that have been posted.
I hope you’re correct