Korean War 70 years later Win Lose and A draw

1) All currency save for Chile is Fiat including the Chinese.
2) US national Debt is driven not by the conflicts but entitlement spending. US Defence spending represents about 15% of the Federal budget 60-80% comes under various mandatory social entitlement programs. Ergo the debt being sold to other nations is based on uncovered liabilities the vast majority of which is not discretionary spending but mandatory spending.

TerraN_EmpirE said:

1) All currency save for Chile is Fiat including the Chinese.
2) US national Debt is driven not by the conflicts but entitlement spending. US Defence spending represents about 15% of the Federal budget 60-80% comes under various mandatory social entitlement programs. Ergo the debt being sold to other nations is based on uncovered liabilities the vast majority of which is not discretionary spending but mandatory spending.

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TerraN_EmpirE said:

1) All currency save for Chile is Fiat including the Chinese.

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Although every sovereign currency, nowadays, is fiat, there is only ONE fiat currency that serves both domestic currency and world currency. And this currency is the only FIAT WORLD CURRENCY since 1492. So, we know what is going to happen when the issuer's status of King The World is no longer validated. That is, all of the greenbacks secretly printed to cover that country's war expenditures during the past seventy years will flood back to the issuer's living room from all over the world, killing its economy. The total amount of greenbacks secretly printed must be beyond anyone's widest imagination. You can feel it by just having a quick look at the difference betwn today's gold price and the official gold price set by the Brenton Woods Agreement.

TerraN_EmpirE said:

US national Debt is driven not by the conflicts but entitlement spending.

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(1) Every modern economy has entitlement spending program and the US entitlement program isn't a generous one in the world.

(2) One must wonder who paid the US war bills of three years' Korean War, and more than ten years' Vietnam War, if war expenditures were not reflected in the US national debt. Did China pay them for the US because China was a "loser" of these wars? Did the NK pay them for the US? Did the Vietnamese pay them for the US? If all the three war combatants against the US didn't pay the bills, then who paid the war bills for the US? Or, these war bills have never be paid, but have just be kept in the dark through accounting manipulations? If that's the case, then, there must be somebody in the Fed who has systemically faked Fed's balance sheets for seventy years. Nevertheless, you must have adequate entries in Fed's balance sheets for the Korean War and the Vietnam War, otherwise, the Fed's balance sheets can never be considered true and reliable.

(3) Bankers of Germany, France, Italy, and Japan must have solid reasons to believe the Fed had faked its balance sheets before deciding to ditch their dollar bills for gold before 1971.

Kings and Generals did a great vid about Korean War you guys should check it out

Just4Fun said:

FIAT WORLD CURRENCY since 1492.

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wrong. The British Pound Sterling was the previous standard currency and until 1971. The Gold standard wasn’t officially adopted until 1816 not 1492. Even than many nations also had a silver standard or a duelmetal standard based on Both Gold and silver.
In 1914 the UK left the gold standard it returned to a bullion based standard in 1925 and then again abandoned in 1931. An agreement between the British Government, the American government governments of Canada, Western Europe, Australia and Japan (Obviously under US occupation) the Brenton Woods agreement in 1944 was what began setting the float of the Pound Sterling vs the US Dollar.
Later agreements between the European powers Japan and Australia forming the IMF set floats vs the Dollar in the 70s reaffirming the Dollar as the standard.

Just4Fun said:

The total amount of greenbacks secretly printed

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So basically your argument is based on a conspiracy theory? IE the US can print all they want? Guess what the same holds for any other Fiat. The RMB for example was well known to be devalued relative to the dollar to encourage export. The exchange rates are based on agreements of trust if the US printed dollars without limits that would devalue the currency. This is the problem with counterfeiting and can be used as a method of economic warfare. If you print to much you cause your own market to collapse see The French Revolution or the German state pre World war 2 or Russian revolution. Print to much and devalue to much and people tend to get angry, Hungry and revolutions start.

1. Correct, however the US system hasn’t been allowed to be modernized the way it should have. The Current Social Security system hasn’t changed since it’s establishment. As you pointed out the birth rate has declined since the Baby boom yet like most developed nations the death rate has similarly declined with life expectancy on the rise this means that there are more pay outs vs Pay ins resulting in a imbalance. When Social Security was established there were 200/1 on pay in vs Pay out. This ratio made the system quite stable. Furthermore the payout age was set at 65 years this in 1935 was a full 4 years older than life expectancy. So the chances of actually collecting were lower. Today life expectancy is much longer and with retirement of the boomers the pay in ratio is not as stable.
   
2. The Tax payers of the nations involved. IE like World war 2 it was paid by the American economy however the ratio of conflict to economy was only 14.1%. Unlike the Second World War the US didn’t convert the whole of its economy to the conflict and being a regional as opposed to a global war the effects were smaller. But that doesn’t fit with your conspiracy theory. IE that the US is hiding the bills.
   
3. The German, British, Japanese and other bankers had solid reason to believe what they saw the US economy had finally recovered from the double whammy of WW2 and the global depression and it’s growth rates were very stable and continued to be such even at reduced rates. Furthermore at the time of the Korean War, Europe was deeply in debt as reconstruction was in full swing rationing was still common. The UK didn’t end rationing until 1954. The US by contrast had ended its rationing by 47 in whole but had already ended most of it by 45. The cold war was in the opening phases and the US glut of material from the Second World War meant that much of war material needs were in excess. 1945 US Spent something like 1.58 Trillion dollars (modern dollars) on defense this was also the highest point of US National debt at about 117% of GDP this percentage isn’t reached anywhere near again until the modern period. The next year that spending drops to 802 billion. 47 it’s down to 220.82 Billion. 48 it’s 154.5 billion, 209.5 by 49. The Korean War kicks off in June 50 but the spending is still only 218.03 billion. 51 bring it up to about 370 billion, 52 is its almost doubled 669.66 Billion. 53 the high point 716.38 billion. From this point on even at the hight of the Vietnam war the US doesn’t spend that much again it declines in spending from 53 on the highest level of spending being 1968 @637.5 Billion. The entire Cold War era from 45 to 91 boils down to 21.47 Trillion dollars for the US. All modern dollars.

No magic scheme no phantom dollars. The Nixon administration did end the gold standard, however it was not the first time this had happened the US withdrew from it earlier twice in world war 1. It like all the other nations in the conflict did so. From July 1914 Then it restored it in December 1914 only to withdrawal again from 1915-1917. It was abandoned again in 1933 only with partial restoration by the Bretton Woods.
I find it more than a little humorous that your lambasting of the US dollar being fiat yet every other form of modern currency is fiat. The US dollar isn’t forced down other nations throat’s it’s used because of trust. Some nations don’t trust there own currency so much that they move to dollarization having deflated or attempted to inflate there currency so much that the population losses faith and moves to use of Dollars as a official or unofficial means of stability. It’s the market that has chosen its coin of the realm based on choice. As long as people trust dollars that’s the currency they want, and if they don’t well so be it.
The US dollar is generally the second least messed with currency to the Canadian dollar. yet the world doesn’t use that much as the standard it’s #6 on the list two places above the RMB.
Gold standard runs into the same issues with any other commodities based currency, It fluctuates in terms of production with illegal mining, undisclosed production and needs for consumption by consumer needs and potential for exploitation.

TerraN_EmpirE said:

wrong. The British Pound Sterling was the previous standard currency and until 1971.

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Wrong what? Can't you pay a little bit attention to what you're talking? The British was no better than a beggar in 1492. I'm talking the dollar is the only fiat money that also serves as a world currency since 1492. Every world currency before the dollar was tied to precious metals, or it self was precious metal.

TerraN_EmpirE said:

So basically your argument is based on a conspiracy theory?

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I'm not talking about conspiracy theory. I'm talking about a conspiratorial reality. You must have some body who either paid the US war bills of the 3-yrs Korean War and the 10-plus-yrs Vietnam War on the US behalf, or who faked the Fed's balance sheets to hide the war expenditures over the past seventy years because there were no adequate entries about them on the Fed's balance sheets, which prompted European countries and Japan to ditch the dollar bills for gold before 1971.

1492 to 1971 must not have happened for you then except for supposed war bills you want to claim but cant produce.
The British pound became the world standard for a number of decades and in the 20th century went off the Gold standard a number of times. Until the US Dollar shifted to the top.

What ever this is OT.
This isn’t about economics its supposed to be the history of the Korean War.

China's victory in the Korean War has significant, profound, and lasting impacts and repercussions to the world, militarily, politically, economically and financially.

Those who insist the Korean War is a Draw apparently can't handle the fact that the PLA won this war MILITARILY by driving Douglas MacAuther and his boys, including agents from Taiwan, from the Yalu River to south of the 38th Parallel.

Those who refuse to admit that China's victory in Korea has profound global ECONOMIC and FINANCIAL impacts apparently can't explain how two-thirds of US gold reserve was depleted after the end of the Korean War, forcing the US default its dollar in 1971.

Those who nay-say the necessity of China's intervention in the Korean War for POLITICAL purposes apparently can't understand why the US attacks China, nowadays, ONLY through ECONOMIC or POLITICAL platforms, such as waging a trade war, or conducting media mud-smearing, rather than through MILITARY platform, such as using gunboat diplomacy and outright military intimidation, as it did to China when it invaded Beijing one hundred years ago. American imperialism had never its color and characters in the past seventy years, but its means to bully China has changed because it has lost the ability to fight and win a military war against China in Eastern Asia.

All these are directly, closely and precisely related to America's defeat by China in Korea. They are part of the Korean War history. Only the green toads inside a well in Taiwan can't understand it.

Just4Fun said:

China's victory in the Korean War has significant, profound, and lasting impacts and repercussions to the world, militarily, politically, economically and financially.

Those who insist the Korean War is a Draw apparently can't handle the fact that the PLA won this war MILITARILY by driving Douglas MacAuther and his boys, including agents from Taiwan, from the Yalu River to south of the 38th Parallel.

Those who refuse to admit that China's victory in Korea has profound global ECONOMIC and FINANCIAL impacts apparently can't explain how two-thirds of US gold reserve was depleted after the end of the Korean War, forcing the US default its dollar in 1971.

Those who nay-say the necessity of China's intervention in the Korean War for POLITICAL purposes apparently can't understand why the US attacks China, nowadays, ONLY through ECONOMIC or POLITICAL platforms, such as waging a trade war, or conducting media mud-smearing, rather than through MILITARY platform, such as using gunboat diplomacy and outright military intimidation, as it did to China when it invaded Beijing one hundred years ago. American imperialism had never its color and characters in the past seventy years, but its means to bully China has changed because it has lost the ability to fight and win a military war against China in Eastern Asia.

All these are directly, closely and precisely related to America's defeat by China in Korea. They are part of the Korean War history. Only the green toads inside a well in Taiwan can't understand it.

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Americans also like to say they militarily won the Vietnam War.

The fact is, the Korean War can be interpreted as a draw. China succeeded in their first objective, which was to push UN forces out of NK. However, after that was accomplished, Mao instructed Peng to take the rest of the peninsula. That was unarguably a failure. In the end, the Korean War ended on the same border it began on.

I don't think it is constructive to focus on who won and who lost. It has been far more instructive to look at the ramifications of the war over the last 70 years. The Korean War shaped the PRC is very profound ways, and none of those had anything to do with whether China "won" or "lost".

IMHO, in war, everyone loses. The only thing that matters is how you deal with the consequences.

Just4Fun said:

No comparability at all btwn Sino-US Korean War of 1950s and Rus-Jap war in 1904, except both Chinese and Japanese are Orientals and both Americans and Russians are Caucasians.

What Japan beat was a backward, agricultural Tsar Russia whose industrialization and social development were lower than Japan's. And Tsar Russia had never been accepted as an equal member of Western Dominance society, despite Tsar Russia had marital connections to many Western European royal families and despite Tsar Russia had defeated many Western Dominance members before. Still, Tsar Russia's social status in the Western Dominance society was higher than Imperil Japan due to racial factors.

What the backward, agricultural China beat was the incumbent King The World, a fully industrialized, fully developed Western dominant power with the best military hardware, best military technology, and the most advanced military logistic available in the world. And the US is considered as a pure blue blood heir to the throne of the Western Dominance society since 1492. Hence, you could say China's victory has destroyed the most valuable part of the Western Dominance society, and starts a new era.

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To say that Tsarist Russia at the time was not as argiculturally backwards at the time as you claim them to be. They are for all intent and purpose, considered part of Europe at the time. With parts of China and the whole eastern part of Europe under their dominion at time.
And most importantly Japan had a decisive victory over Russia, not a muddled mess which is the Korean Peninsular.