From the perspective of the United States, this is actually necessary. To put it bluntly, this issue is akin to how oil-producing countries cannot develop their industries; replacing oil with the dollar makes it exactly the same.

However, for the U.S. to re-industrialize in a globalized market, even a 50% devaluation of the dollar would not enable it to compete with China. This is not just about wages; the establishment and migration of the entire industrial chain is extremely slow. Therefore, the U.S. must take a multi-faceted approach to rebuild its manufacturing sector:

• Devaluation of the dollar

• Establishing barriers through tariffs to create a small, enclosed market where everyone is equally subpar; perhaps the U.S. will become a relatively less subpar manufacturing country.

Of course, the flip side of this direction is that the dollar will no longer be the world currency. The world will be divided into those inside the wall and those outside. The demand for dollars outside the wall is not that strong because American products do not have strong competitiveness outside.

The question arises: a currency is still needed for exchange outside the wall. Currently, the RMB seems to be the best alternative. If the RMB can be linked to gold to some extent, that would stabilize it.

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