> Meanwhile, in China, the government just prints money electronically when they need it
The only country in the world that just prints money when they need it is USA. No other country can do it — it'll just cause hyperinflation. China is not an exception. They can't print US dollars. And if they would print more Yuan, it doesn't mean that China billionaires would be able to buy more houses in LA - the exchange rate of Yuan to dollar will simply drop and they will be able to buy exactly the same amount of goods in US as before.
USA can print almost unlimited amount of money because they control almost all the world and bend most of the governments to buy US treasuries. This is why there're US military bases in many countries and if some country decide to stop accepting US dollar for foreign trade, the next day it's invaded by US military.
Although many people predict that this uncontrollable printing of US dollar will cause US economy to collapse sooner or later. You simply can't do that forever.
The only country in the world that just prints money when they need it is USA. No other country can do it — it'll just cause hyperinflation. China is not an exception. They can't print US dollars. And if they would print more Yuan, it doesn't mean that China billionaires would be able to buy more houses in LA - the exchange rate of Yuan to dollar will simply drop and they will be able to buy exactly the same amount of goods in US as before.
USA can print almost unlimited amount of money because they control almost all the world and bend most of the governments to buy US treasuries. This is why there're US military bases in many countries and if some country decide to stop accepting US dollar for foreign trade, the next day it's invaded by US military.
Although many people predict that this uncontrollable printing of US dollar will cause US economy to collapse sooner or later. You simply can't do that forever.