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In September 2021 the President Nayid Bukele introduced BITCOIN as Legal Tender in an attempt to solve El Salvador’s problems. Since that time the Crypto markets have CRASHED and the price of Bitcoin has fallen from around $50,000 to less than $20,000. This has left El Salvador on the brink of Collapse as El Salvador is a Net Importer and imports large quantities of Fuel & Food. The country has been running a negative Balance of Trade and has over £21 Billion in International Debt. China has now offered El Salvador a $21 Billion BAILOUT Deal raising international concerns about a DEBT TRAP. In this video I provide full details and discuss the potential implications of this deal for El Salvador, China and the Rest of the World.
For specific details please check out the CHAPTER list below.
Thanks for watching and please LIKE and SUBSCRIBE.
Chapters:
0:00 Intro
3:46 EL SALVADOR
6:44 EL SAVADOR ECONOMY
10:36 NAYID BUKELE
11:38 CURRENCY
13:35 BITCOIN
16:22 DEBT
18:19 CHINA
20:22 SUMMARY & CONCLUSION
#crypto
#elsalvador
#china
#Belt&Road
#globalrecession
#globalfinancialcrisis
#russia
#Evergrande
#China
#Recession
#Zhenro
#Bonds
25 Comments
Video Sponsored by Ridge Wallet. Get the best offer from now until December 22nd with my link: https://ridge.com/joeblogs
I am from China and here to help.
beware of China period!!!
Both China and The $Dollar
Are shit
Poverty is often correlated with lack of intelligence on the use of resources. Lo and behold, El Salvador. No geniouses born over there to write home about, not even the expats.
A shortsighted analysis of the causes of the economic situation of El Salvador, where the root cause is a natural disaster and not the devastating effects of colonization plus the subsequent influence of US in most Latin American countries. And the usual rant against China, the evil country, home of demons
I thought China was collapsing from all your previous videos. You do like the word COLLAPSE. BTW El Salvador is one of the fastest growing economies. It grew its GDP by 10% last year.
LOL Guatemala 😂 invested in the Ponzi scheme 😂, Hey! Don’t worry it’s just a bear market
All crypto currencies are a con
LoL , can't fix stupid , even ordinary people seen that scam 2019/20
You make it seem like they got into trouble due to the lower Bitcoin price because of the ftx fiasco. But they only bought a couple million of dollars worth, which is nothing for a country.
China bans btc and mining to mine it in secret
Joe! You cringe your face every time you do commercials. I've seen this on many videos now 🤷♂
But excellent content 😊👍
"Salvador" sounds so much better than "Salvachina".
And now we have another Chinese puppet…
Play stupid games win stupid prizes.
point break was a great movie …
A lot has happened to the price of bitcoin between you announcing the chart and me finishing this post.
3rd issue with crypto is the energy need and china ia energy short
Merci !
Funny how developing nations are flocking to China these days and the West still keeps wondering what they did wrong to deserve this.
The Chinese debt trap is an updated (and arguably slightly more benign) version of the world Bank/IMF Western debt trap that has kept much of the world poor and underdeveloped for well over 70 years.
When nations inevitably fold on loans China has (so far) been remarkably lenient, often simply writing off their debt. Also China has (so far) never seized foreign assets, though they are in the right to do so.
Compare this to the IMF's 'economic restructuring programs' over the decades where entire nations have been gutted and impoverished when they could no longer repay the West.
Some inaccuracies here. China is currently leading the world in every-day crypto adoption. The Chinese central bank uses Crypto and a significant percentage of the population have 'official' crypto wallets. Right now, China is about 5 to 10 years ahead of the West in terms of crypto adoption. There are several 'approved' blockchains in operation, within China. The West has much to learn (good and bad) from the Chinese crypto journey.
Fools !
This os just racist propaganda. What is wrong with the trade deal? It is with China. If you object to a certain term, state it clearly, criticise it, show your thoughts. If you object to it being with China you're just racist.
You missed one vital point!…………..the 1 million workers in the US are now sending bitcoin back home via a smartphone straight to a wallet, it is after all a decentralised payment system regardless of its value at any given time, they also no longer need to pay the extortionate prices charged by western union for that service! Ps …. Do another video when the value bounces back, Blackrock amongst many other hedge funds are standing by waiting to buy in at the final bottom btw.