Lenin said of capitalism, "They will sell us the rope by which we will hang them." It took a while, but with these idiotic sanctions based on nonsense USA claims about Putin, the Chinese have moved ahead in Credit Card issuance.
Stable prosperous independent countries make for more long term relationships. Let's see how the Russians and Chinese do in South America.
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There are already 20,000 cards in circulation in Russia, and a second order of 100,000 cards is planned for September. In Russia many banks accept UnionPay cards, but not merchants, that’s the next step...At the same time, as Argentina decides to default rather than endure whimsical USA rules, the Chinese and Russians help out by buying in. The USA federal policy is to "bankrupt and control" countries which is not unattractive to people who want to "lead" countries which the USA bankrupts then controls. Maliki had a fun time for a few years, and made the news. Better than being an under secretary at some ministry in a peaceful Islamic republic.
In terms of total world trade turnover, China UnionPay is the leader in debt cards, with over $5.3 trillion in payments, or about 47 percent of the market share, whereas Visa has 40.6 percent, and MasterCard only 12.2 percent, according to the Nilson Report.
Stable prosperous independent countries make for more long term relationships. Let's see how the Russians and Chinese do in South America.
Feel free to forward this by email to three of your friends.
1 comments:
Not sure what to make of China and Russia in their business prospects, don't they have a lot of corruption and graft in their economies that can be just as stifling to business? (i'm not saying that there isn't any of that in the West though). Maybe their business environments are closer to a "free" market than the US.
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