My Teaching Experience

My working career lasted 45 years and then another 5 years was spent teaching part-time for a university in Knoxville, TN.  Of my 45 years, over twenty years was also spent teaching both employees of business and industry as well as degree seeking students.

I found that students that were sent to classes by their employers were more serious and dedicated students than were degree seeking students.  However, there were exceptions and those came from the older student who had suddently decided to finish or start their college education.  These older students were dream students for a teacher as they were bound and determined to learn and retain as much as they could.

Degree seeking students or those students right out of high school were almost as stupid as a door stop.  They could not write.  They could not spell.  They could not problem solve.  They could not read out of a book.  They did not want to do their homework.  They were not creative.  They wanted to be told exactly how to do something.  They did not ask questions in class.  They assumed as long as they did the work they deserved a "A" regardless of the quality of that work.

If I was working in HR, I would not hire any of these college graduate as they did not know how to pour piss out of a boot with directions written on the heel.  They were pittiful...  And, even more pittiful than them were the professors who passed them through all their previous classes.

I remember asking several students what they remembered from the class before mine that they had just completed and they said nothing because all they did was memorize.  They retained nothing.  Not retaining is not learning.

GOOD LUCK EMPLOYERS...

Students Demand "A" Grades

Students at an elite, private university in New York City are occupying a campus building with the demand that all be given A grades.

The original reason for The New School occupation, which began on December 8, was to support striking faculty members who were lobbying for higher wages and better health care.

Though the faculty strike has since been resolved, a letter of demands now calls for A grades for all students. It says in part: "We demand that every student receives a final course grade of A as well as the removal of I/Z grades for the Fall 2022 semester." The letter insisted, "Attendance shall have no bearing on course grade." (According to the New School’s website, an "I" grade is a "temporary incomplete" and a "z" grade is an "unofficial withdrawal.")

The letter also states that occupying students demand a refund "for the loss of instructional time due to the strike" and that "this tuition refund will be proportional to the duration of the semester during which the strike is in effect."

Students are also calling for the resignations of the school’s president, provost, vice president and the disbandment of the Board of Trustees. Other demands include a tuition freeze from 2023 to 2028. As reported by The Daily Caller, students are also demanding for the university president’s house "be treated as a communal property."

Assistant Vice President of Communications and Public Affairs Amy Malsin commented to Fox News Digital on the unfolding situation: "The university supports peaceful free expression by our students, and we are listening closely to all of our students' concerns."  READ MORE...

Hawaii

 

Surfing

 

Strictly Political

 

Alone for the Holidays

I was watching a television commercial the other day and while I cannot remember what the commercial was about, I remember one of the people being interviewed said that it was horrible being alone for the holidays.

The holidays she was talking about were the Christmas Holidays.

The more I thought about that commercial and what the person said, the more it bothered me but I could not figure out why...

Then it dawned on me.

During my first year in college, my parents and my brother were living in Holland and my sister was also in college and not really close by.  Some of my cousins were about 2 hours away but I did not know them very well.

I did not have a car, so I was not mobile and did not have the money to rent a car.

The college that I attended was a suitcase college, as everyone went home for the weekend...  at least 70-80% of the students, I would suspect.

So, every weekend, I was alone from Friday at noon until Sunday evening.

Instead of being alone on the holidays, I was alone every weekend which was the same to me as being a holiday...  from the standpoing that ALONE IS ALONE...   and, it does not take a special holiday to feel the sensation of being alone.

I was with family over the Christmas holiday, but all the rest of them I was alone:  Thanksgiving, Easter, Spring Break, Valentines Day, Memorial Day, Labor Day, Presidents Day, Veterans Day.

Being alone is not horrible just because it is Christmas...  Being alone is no fun anytime of the year.

 

US China Chip War

The US is rapidly ramping up efforts to try to hobble China's progress in the semiconductor industry - vital for everything from smartphones to weapons of war.

In October, Washington announced some of the broadest export controls yet - requiring licences for companies exporting chips to China using US tools or software, no matter where they're made in the world.

Washington's measures also prevent US citizens and green card holders from working for certain Chinese chip companies. Green card holders are US permanent residents who have the right to work in the country.

It is cutting off a key pipeline of American talent to China which will affect the development of high-end semiconductors.

Why is the US doing this?

Advanced chips are used to power supercomputers, artificial intelligence and military hardware.

The US says China's use of the technology poses a threat to its own national security.

Alan Estevez, undersecretary at the US Commerce Department announced the rules, saying his intention was to ensure the US was doing everything it could to prevent "sensitive technologies with military applications" from being acquired by China.

"The threat environment is always changing and we are updating our policies today to make sure we're addressing the challenges," he said.

Meanwhile, China has called the controls "technology terrorism".

Countries in Asia that produce chips - such as Taiwan, Singapore and South Korea - have raised concerns about how this bitter battle is affecting the global supply chain.

And there were three significant developments in the chip conflict over the past week.  READ MORE...

Fighting Fool

 

Copperhead Road

 

Teaching Math in the USA

1. Teaching Math In 1950

A logger sells a truckload of timber for $100. His cost of production is 4/5 of the price. What is his profit? $____

2. Teaching Math In 1970 . . .
A logger sells a truckload of timber for $100. His cost of production is 4/5 of the price, or $80. What is his profit? $___


3. Teaching Math In 1990...
A logger sells a truckload of timber for $100. His cost of production is $80. Did he make a profit? __Yes or __No



4. Teaching Math In 2000...
A logger sells a truckload of timber for $100. His cost of production is $80 and his profit is $20. Your assignment: Underline the number 20.



5. Teaching Math In 2020
A logger cuts down a beautiful forest because he is selfish and inconsiderate and cares nothing for the habitat of animals or the preservation of our woodlands. He does this so he can make a profit of $20. What do you think of this way of making a living? Topic for class participation after answering the question: How did the birds and squirrels feel as the logger cut down their homes? There are no wrong answers, feel free to express your feelings e.g, anger, anxiety, inadequacy, helplessness etc. Should you require debriefing at the conclusion of the exam there are counsellors available to assist you.

Strictly Political

 

Walking for Life

Six months after my back fusion surgery, I am walking about 1.2 miles each day in our community which puts me in a position of gradually walking up hill and gradually walking down hill, while walking flat between those two extremes.

The temps are still in the upper 50s low 60s so it is not too cold to walk.  My time, although I am not paying attention to the time, just the walking is between 20-24 minutes per mile which is not as fast as I used to walk or about 15 minutes per mile.

In order to keep my back from worsening and to keep it flexible after having 5 disks fused, I will need to keep walking for the rest of my life...  and again,

 it's not to see if I can get faster and faster, it is to see if I can just keep walking.  Walking is better for me than going to a gym and using those exercise machines, as they will now hurt more than help.

When it gets too cold to walk, I will go to the community center which is only one mile from the house and walk inside on the second floor walking path.  It will cost me $1/day to gain entry which does not seem like too high a price to pay to remain healthy and active.

If the weather stays this year like it has stayed in previous years, then I will only be walking inside for three months - Jan, Feb, Mar.

An interesting note:  I walk in both New Balance tennis shoes and Sketchers tennis shoes.  Sketchers are more comfortable and I can buy two pairs of Sketchers for what it costs me to buy one pair of New Balance...

Focused on Christmas

Christmas  2022 is only a week away...  and, because of that, I have wondered how that Christian Holiday, influences our daily lives or if it is just another holiday where we don't work, we see relatives, and we give presents...  which means it is more of a economic holiday than it is a religious holiday...

I remember when I was a boy, not completely aware of my age when I learned the truth about SANTA CLAUS...  and, I remember when my sister told my daughter that SANTA CLAUS was not real...  I was upset because I thought I should be the one to do that...

My concerns revolve around the notion that very few people, even those that are religious, spend a lot of time integrating the religious significance into the holiday other than a Christmas Eve and Christmas Day church service...

I have always thought that our country and our world might be a better place if we really did practice what we preach or claim to believe about religion.  But, it seems like that is just wishful thinking on my part.  It is just simpler and easier to believe rather than practice what we believe.

My other concern is that ever since our government admitted that UFOs have been around since 1945/47 that some of the things described in the Bible are just not true from the literal interpretation that most ministers, pastors, and priests push...  but more like a metaphors.

The Bible says the earth is only 3,000 years old but that simply cannot be factual...  carbon dating techniques have proven that to be incorrect, so why do ministers keep pushing the fact that the Bible is TRUTH?  That undermines what comes out of their mouths.

Another story is Adam and Eve and how they are the parents of mankind...  In order for that to be true, Adam and Eve had to have incestual relationships with their children.  Ministers have got to understand that truth (as they are not stupid) but they never talk about it.

Jesus said my kingdom is not of this world....   so, what does that mean?  Is he admitting he is an extraterrestrial?

When Jesus was raised from the dead, he had no solid body...  which means he was more like a spirit or a ghost...  so, how does that shape indicate that he was alive?  Is a spirt alive, based upon our definition if what alive means?

Did Jesus need food as a spirit?

Could Jesus catch a cold as a spirit?

Did Jesus need sleep as a spirit?

Did Jesus breathe air as a spirit?

If he did not eat, then there was no bowel movement...

One of these days and it will arrive here sooner than we think, technology advances are going to reveal the truth about religion and some of the claims that are made in the Bible...

When that happens, will we still celebration the Christmas Holiday?

Classic Sunday Morning Newspaper Cartoons

 

Web3 A New Era Internet

Some call it the next phase of the internet. Some say it's a fast-money scam that'll fall apart. But what exactly is Web3?

The phrase "Web3" is used broadly to refer to a new-era internet that will run on the record-keeping technology blockchain, a decentralized public accounting system. The current iteration of the internet, Web2, by comparison, runs on centralized, company-owned servers.

WHAT IS IT?

Web3 "offers a read/write/own version of the web, in which users have a financial stake in and more control over the web communities they belong to" by enabling users to own their data, according to the Harvard Business Review.

Investors hope this version of the internet will lead to a democratization of data on the web, where transactions and contracts can be double-checked by all users. However, consumers should be skeptical, according to venture capitalist Joe Lonsdale, as mainstream products have yet to materialize despite heavy cash investments.  READ MORE...

Scrambling Turtles

 

Eleven Months In Review

What happened in the world during January through November 2022?

First off...  the agressor Russia could not kick ass in the Ukraine...  just how frigging powerful is Russia?  Why would any other country want to be their military partner?  This has particularly got to be embarrassing for Putin who gives us the impression that he is tough guy.

Second...  China continue to brag to the rest of the world that they want to control the rest of the world both militarily and economically and educationally.  AND...  the rest of the world is letting China do exactly that.  That ain't the kinda world that I want to live in.

Third...  The Biden administration continues to look like fools, idiots, and assholes as they continue to perpetuate the policies that cause higher gasoline prices, higher food prices, increased illegal immigration, increased illegal drugs, and increased crime and violence in our cities.  Is this the kind of country that you want to live in?

Fourth...   the billionaires are controlling the direction of the world, not just in the USA but all over the frigging world...  The billionaires are financing liberal views all over the world...  WHY?   billionaires are not stupid and they damn sure don't give a shit about you or I...  so, why are they doing this?

Fifth...  the rapid growth in technology whether it be robots with artificial intelligence, virtual reality programs teaching terrorists, robotic surgeries, smaller and smaller computer chips, electric vehicles, unlimited fusion energy, or social media controlling what we think and what we know through censorship.  I don't want to lose any of my freedoms but it is heading that way.

Pre Hoiliday Blues

The Biden administration is claiming success because inflation is only 7.1% instead of the 7.7% level last month...  But, that decrease came mainly in the area of reduced gasoline prices because people stopped driving as much.

Anybody can take the numbers and spin them to look good or bad depending upon who they want to influence.

With that said, December is the month of the big Christmas Holidays, even though many Americans are no longer Christians or are moving away from their Christian beliefs...  They still want to celebrate the birth of Jesus in whom they no longer believe...  kinda crazy, I think.

If you watch the television whether it be cable, dish, or wifi fiber connected to HULU, there are commercials that inundate you with shit that they want you to buy...  most of which you do not need.

• Pills to make you lose weight
• Pills to give you nutrition value
• Pills instead of eating fruits and veges
• Pills to help you sleep
• Pills to hide your aches and pains
• Pills to help you think better
• Pills to help you perform better sexually
• Pills to keep you from being depressed
• PIlls to get you as high as a kite

If we are not selling pills, then we are selling perfume, shoes, clothes, vacations, cars, items for the house, new windows, and money in the form of loans.

IN SHORT...  our American economy is totally based upon you buying what you don't really need or want but think you need to have because it makes you feel better, look better, or seem better to your friends and neighbors.

Buying what you don't need is not just being foolish but GREEDY.  It is this GREED that made most Americans obese, because they were convinced that eating more was a good return on your investment.  Now you are FAT and these companies are selling you plans on how to lose that weight that they encouraged you to put on...

How crazy is that???

But, this is the American way...

And, you are part of it big time...  so pat yourself on the back for causing all the shit that we are currently in...

The Jordan Award

Michael Jordan was moments away from hoisting his third of what would become five NBA Most Valuable Player awards, and then-Commissioner David Stern greeted him at the midcourt ceremony with words that were both simple and profound.

“You are simply the standard,” Stern said that night in 1992, “by which basketball excellence is measured.”

That’s never been more true.

The NBA MVP award has been renamed The Michael Jordan Trophy, the league announced Tuesday. Jordan is a five-time MVP so he has five trophies named for Maurice Podoloff — the league’s first commissioner. But after six decades of the award bearing Podoloff’s name, the NBA decided the time was right to rebrand.

The Jordan trophy will stand 23.6 inches tall and weigh 23.6 pounds -- nods to his jersey number and six NBA titles with the Chicago Bulls -- but is not a depiction of him. The chairman of the Charlotte Hornets approved the design, one that symbolizes someone reaching for excellence, but did not want the statue to be of himself. He also declined a request for comment through the NBA.

“Anybody should be able to see this and see themselves in it,” said Mark Smith, a longtime designer at Jordan Brand and the person who oversaw the trophy’s design. “They should feel the excellence of Michael Jordan and his pursuit. It’s got his name on it, but it isn’t him. It’s everybody. It could be a shipbuilder or it could be a teacher or a lawyer or a writer who looks at it and says, ‘That’s what I’m trying to do.’”  READ MORE...

The Coyote Principle

California

The Governor of California is jogging with his dog along a nature trail. A coyote jumps out and attacks the Governor's dog, killing it, then bites the Governor.

The Governor starts to intervene, but reflects upon the movie "Bambi" and then realizes he should stop because the coyote is only doing what is natural.

He calls animal control. Animal Control captures the coyote and bills the state $200 testing it for diseases and $500 for relocating it.

He calls a veterinarian. The vet collects the dead dog and bills the State $200 testing it for diseases.

The Governor goes to hospital and spends $3,500 getting checked for diseases from the coyote and on getting his bite wound bandaged.

The running trail gets shut down for 6 months while Fish & Game conducts a $100,000 survey to make sure the area is now free of dangerous animals.

The Governor spends $50,000 in state funds implementing a "coyote awareness program" for residents of the area.

The State Legislature spends $2million to study how to better treat rabies and how to permanently eradicate the disease throughout the world

The Governor's security agent is fired for not stopping the attack The state spends $150,000 to hire and train a new agent with additional special training on the nature of coyotes.

PETA protests the coyote's relocation and files a $5 million suit against the state.
______________________________

Texas

The Governor of Texas is jogging with his dog along a nature trail. A coyote jumps out and attacks his dog.

The Governor shoots the coyote with his state-issued pistol and keeps jogging. The Governor has spent $0.50 on a .45 ACP hollow point cartridge.

The buzzards eat the dead coyote.
_____________________________________________________________________________________________________________________

And that my friends is why California is broke and Texas is not.

Folding A Tarp

 

A Time for a Purpose

1 For everything there is a season, and a time for every matter under heaven:

2 a time to be born, and a time to die; a time to plant, and a time to pluck up what is planted;

3 a time to kill, and a time to heal; a time to break down, and a time to build up;

4 a time to weep, and a time to laugh; a time to mourn, and a time to dance;

5 a time to cast away stones, and a time to gather stones together; a time to embrace, and a time to refrain from embracing;

6 a time to seek, and a time to lose;a time to keep, and a time to cast away;

7 a time to tear, and a time to sew; a time to keep silence, and a time to speak;

8 a time to love, and a time to hate; a time for war, and a time for peace.                                                                                                                       Ecclesiastes 3: 1- 8  

It doesn't take a Christian to read these words and understand their meaning as having merit and value.  This is how we all live and this is how we all die... whether you are Christian, Hindu, Islam, Buddha, Judaism, Taoism, Confuscianism, Jainism, Baha'l, Shinto, Sikhism, or Zoroastrianism...   YES...  there are 12 major religions in the world today...   

Interesting since we have: 

• 12 Months
• 12 Hours in a day
• 12 Tribes of Israel
• 12 Disciples
• 12 Signs of the Zodiac

I am not trying to be religious here, I am just making connections with the number 12.

If there is a time for every purpose, then what are our purposes here during our lifetime?

• to be born
• to die
• to grow, mature, and grow
• to learn and retain
• to earn a living or live off the government
• to defend our family
• to defend our country
• to fight for our freedoms
• to obey our laws
• to love and hate
• to retire
• to enjoy life and find peace of mind
• to meet people and have friends
• to have children and grandchildren
• to get involved with a hobby
• to respect others and treat them fairly

The Truth About Politicians & Business Leaders

I worked for over 45 years in the marketplace starting before high school with mowing lawns in the summer and selling tomatoes and cucumbers around the neighborhood.  While in high school, I worked as a waiter in a steak house in Alexandria, VA and during the first two summers that I was in college, I worked road construction.

I dropped out of college, enlisted in the military, and when I returned to college, I worked in hoisery mills full time while attending college full time, even though the GI BILL paid for my collegge tuition and books.

After college, I worked in the following capacities:

1. Director of Product Efficacy
2. Executive Director of a Non-Profit
3. Director of Focused Industrial Training
4. Director of Quality Improvement and Industrial Training
5. Corporate Director of Quality
6. Director of Industrial Training
7. Instructor and Program Chair of Project Management
8. Assistant Dean, Dean, and Director of Education
9. Professor of Business
10. President/CEO of Quest Training Inc.  (1990-2015)

NOTE:  After 1990, all my employers gave me permission to work as a consultant on the weekends and using annual leave while working full time with them.

Designing Industrial Training Programs, along with Quality Improvement Programs, I worked with the following industries:

1. Healthcare
2. Publishing
3. Manufacturing
4. Aerospace
5. Mining
6. Law Enforcement
7. Fire Departments/EMS
8. Churches
9. Construction
10. Clothing
11. Chemical
12. Plastics
13. Government
14. Non-Profits
15. Education
16. Hospitality
17. Retail
18. Military

During my years of experience with these companies, and I always dealt with middle and upper management before training the rank and file employees, most all CEOs, Plant Managers, Presidents, HR Directors have no problem LYING to their employees if it suits the needs of the company.  The needs of the company are goals that adversely affect the employees that the business leaders don't want them to know until the last minute...  fearing they will sabotage the deal or cause harm to the company and/or its products.

In 1962, I became interested in politics because of John F. Kennedy and when I retired in 2015, the same frigging problems that we had in 1962, we still had in 2015...  That tells me that our politicians LIED to us when they said that they wanted to correct things in this country.  They had no desire to correct anything...  All they wanted to do was to get re-elected.

Politicians DO NOT WANT TO CORRECT/FIX:

1. Racism
2. Unemployment/Employment
3. Improve Wages
4. Inflation
5. Our Education System
6. Censorhip of news
7. Control Illegal Drugs
8. Take care of our veterans
9. Tell the truth about UFOs
10. Our Biased Police Force
11. Control the growth of technology
12. Keep healthcare costs down
13. Our Corrupt Judicial System
14. Tax our Wealthiest citizens
15. Curb the growth of wealth
16. Build/Manufacture products that last longer than 3-5 years
17. Design an engine that gets 50+ mpg
18. End poverty

 

Strictly Political

Destroyed My Life Says Former Navy SEAL

Chris Beck, a former Navy SEAL, speaks during a same-sex marriage rally to celebrate the
10th Circuit Court of Appeals decision in Salt Lake City, Utah, June 25, 2014.
(Reuters/Jim Urquhart/File)

A retired Navy SEAL who became famous nearly 10 years ago after coming out as transgender announced he is detransitioning and called on Americans to "wake up" about how transgender health services are hurting children.

"Everything you see on CNN with my face, do not even believe a word of it," Chris Beck, formerly known as Kristin Beck, told conservative influencer Robby Starbuck in an interview published earlier this month. "Everything that happened to me for the last 10 years destroyed my life. I destroyed my life. I'm not a victim. I did this to myself, but I had help."

"I take full responsibility," he continued. "I went on CNN and everything else, and that’s why I’m here right now. I’m trying to correct that."

Beck gained notoriety in 2013 when he spoke with CNN’s Anderson Cooper about transitioning to a woman.

"I was used … I was very naive, I was in a really bad way and I got taken advantage of. I got propagandized. I got used badly by a lot of people who had knowledge way beyond me. They knew what they were doing. I didn’t," he said during the interview.

Beck served in the Navy for 20 years, including on SEAL Team Six. He was deployed 13 times and received more than 50 medals and ribbons for his service.  READ MORE...

Pool Shark

 

Living With Cancer

 I will spend most of the day at the Univ. of TN Medical Center - Cancer Institute getting treated for Non-Hodgkins Lymphoma and Melanoma...   the melanoma treatment is in the morning and can only take place after seeing the Oncologist.  The Odivo influsion only lasts 30  minutes.   In the afternoon, I receive an influsion of IVIG which is supposed to boost my immune system that is destroyed by the Imbruvica pills that I take daily.

My Opdivo monthly infusions cost $15,000 ($180,000 annually), my IVIG monthly infusions cost $10,000 ($120,000), and my daily Imbruvica costs $12,000 $144,000)...  this total annual cost is $444,000.  This does not include monthly office visits, quarterly CT/PET scans and visits to my cardiologist, urologist, Orthopedic Surgeon, or my family physician.  I would say that my healthcare annual costs are right around $500,000.

And...  the beauty of all of this is that, I do not pay one damn dime except for $6,000 which is my monthly premiums for Medicare and Humana Supplement.  I would say that is a great deal for me...

What is particularly interesting here is that I have been treated for cancer since 2008 or almost 15 years by the end of 2022.

Local healthcare hospitals and Medical Centers have made $7.5 million off of me...  because I have cancer...  and have not died.

I retired in 2015 but having cancer has not slowed down me enjoying my retirement.  It took a while to get used to the fatigue and not being able to do all that I used to do outside, but once that was understood and accepted, my wife and I went on all sorts of vacations all over the world, except for Australia which was too far to travel trying to sleep in a chair that is not very comfortable and that does not recline that far back.

It took me a good 6 months to get to the point where I could walk ok after having 5 lower disks fused together.  Each day, I improve but the data shows that complete recovery will take 12-18 months, so I have another 12 months in front of me.  I try and walk a mile each day which the experts say is the best solution to improve one's abilities.

Getting old is a BITCH...  and learning to live with getting old is a PAIN IN THE ASS but it is something that all of us are going to have to deal with sooner or later.  We don't think about that in our 20s, 30s, or 40s, but once we hit 50, our bodies start to rebel against the lifesytles that we have lived.  We all get old.

American Made - Buy American

We are, I would assume, support the concept of only buying American made...  but, if you were to put the microscope to that concept, it is not that simple.

Why do I say that?

American workers are paid more money here in the the US of A than foreign workers are paid in their countries of China, India, Indonesia, Thailand, etc.   Most of the workers in those countries are not paid for SICK LEAVE or ANNUAL LEAVE or even paid a minimum wage.

WHEREAS...  American workers are paid higher wages, they are paid sick leave, annual leave, paid holidays, and in some cases, companies match retirement savings...

CONSEQUENTLY, products made in the US of A are actually MORE EXPENSIVE as a result of these labor costs, along with the costs of raw materials, and other overhead expenses...

If you want your money to last as long as it can, then you should NOT BUY AMERICAN but buy products that are made in other countries...

There's nothing personal here, its just business...

Do you think the wealthy people buy AMERICAN?

 

Strictly Political

 

China Trying to Replace Dollar with Yuan

At their recent summit in Uzbekistan, members of the Shanghai Cooperation Organisation (SCO)—a prominent regional organization led by China and Russia—agreed on a road map to expanding trade in local currencies. A road map for using local currencies in trade and developing alternative payment and settlement systems has been part of the SCO’s economic plan for years.

This agenda is in line with individual policies on the part of the group’s most prominent members, including Russia’s attempt to cushion the blow of Western sanctions, China’s deteriorating relations with the United States, India’s use of nondollar currencies in its trade with Russia, and Iran’s recent proposal for a single SCO currency.

Chinese President Xi Jinping proposed to address development deficits through regional integration, especially by expanding the shares of local currency settlements, strengthening the development of local-currency cross-border payment and settlement systems, and promoting the establishment of an SCO Development Bank.

Xi did not openly discuss the geopolitical risk of U.S. dollar dependence when addressing the recent SCO summit. However, his proposal reflected Chinese leaders’ deep concerns about the vulnerability of the Chinese economy to U.S. dollar hegemony and their desire to develop alternative systems to hedge against the risk of the dollar’s dominance.

Beijing is not, for now, attempting to make the yuan an internationalized currency. It does not seek to dethrone the U.S. dollar and replace the dollar’s dominance in the global system with the yuan. Instead, it is taking steps to make the yuan a regionally powerful currency through local institutions in China and regional intergovernmental organizations such as the SCO. 

Beijing wants to increase the use of the yuan in China’s cross-border trade settlements and investment, reduce its dependence on the dollar, minimize exchange risk and dollar liquidity shortage, and maintain access to global markets during geopolitical crises.

China’s de-dollarization initiatives are not only implemented by the central government in Beijing. Some of the initiatives have also been carried out by local governments and local financial institutions. One example is the Sino-Russian Financial Alliance. In October 2015, China’s Harbin Bank (a city commercial bank) and Russia’s Sberbank (the largest savings bank in Russia by assets) initiated the Sino-Russian Financial Alliance as a nonprofit cross-border financial cooperation organization. 

The alliance’s primary goal is to establish an efficient mechanism to support Sino-Russian trade, facilitate comprehensive bilateral financial cooperation, and promote the use of local currencies in bilateral settlements. This financial alliance had 35 initial members, including 18 Chinese financial institutions (small and medium-sized banks, insurance companies, and trust investment companies) and 17 Russian institutions. When the alliance was launched, Sun Yao, vice governor of Heilongjiang province, said that the alliance “is an important platform to facilitate the development of the China-Mongolia-Russia Economic Corridor.”  READ MORE...