Decline and Fall

Something rather strange. I was ordering a small but beautifully machined item on Ebay … from China, of course. Such is the world to which we in the decadent West have had to become accustomed.

There is nothing strange about having to order manufactured items from the dominant producers in China. What was strange was that the Chinese seller priced the item in Australian dollars. If the customer wanted to pay in US dollars, the customer had to pay the currency exchange fee and take the exchange rate variability risk. Oh well!

Is this a canary in the coalmine? Chinese sellers unwilling to accept any more freshly-printed IOU US dollars? And apparently they don’t want any more Euros or English Pounds either! As for why the Chinese will accept those hardly widely-circulated Australian dollars – maybe China assumes they are going to end up owning Australia anyway?