 China, on the other hand, has taken a very different path. China has stuck to a zero COVID methodology. Now, the upside of that is that it could be that China, through the zero COVID policy, will manage to hold out while COVID in the rest of the world slowly evolves into something weak. And by the time China opens up, COVID will be so weak that it won't be an issue for the Chinese. But right now, China has the zero COVID policy, which is unreportedly, but looks like it is slowly crippling its economy. Slowly crippling China's economy. So for example, right now, there's a city of 13 million people, Qixi'an. Qixi'an is a city with the famous Terracotta Warriors. I think I told you yesterday or the day before that Qixi'an is a city that I gave a talk at. Historically, it is the capital of the Chinese ancient empire, 13 million people. It's shut down. People are not allowed to leave home unless they get special permits. Grosses are delivered. Grossy workers and all essential workers are working with N95 masks and with gloves. It's as if they're in hospitals. And they keep going city by city, shutting everything down. So what you have is the zero, and of course, the Chinese vaccine was very inefficient, very ineffective from the beginning. And China is in a real mess because they... Let's see. Let me just do something here. Because they will continue. They will not get natural immunity. They will not get vaccine immunity. They will continue. COVID will continue to attack. And as a consequence, this is going to be a continuing problem for China. So in spite of the fact that everybody hailed China for its success, suppose its success, in shutting down Wuhan and avoiding large numbers of deaths as a consequence of COVID. These rolling lockdowns of cities, of whole neighborhoods, of whole areas are doing damage to the Chinese economy, doing damage to the Chinese people. And there's no end to it. There's no end to it. So it'll be interesting. We will keep track of COVID's evolution in China. But that is not the only problem China is facing. It's not the only problem China is facing. China is facing significant economic problems. It is significantly increasing its regulation and control of the technology industry. Tech companies that seemed like they were on a roll, that nothing could stop them on our struggling. Many of those companies, some of those companies have left in New York. Stock has changed. But even in Beijing, Chinese technology stocks are struggling, have been struggling. Huge amount of value has been lost. Authoritarianism doesn't work. China is going to learn this the hard way. Authoritarianism doesn't work. You've got massive problems of real estate investment in real estate companies that are going bankrupt, but it's not just the companies. It's a lot of people who've put down money deposits on new apartments, who will never see those apartments, will never see those real estate projects. There are now a number of skyscrapers that will never be finished, that have been started and never be finished. They are China's facing real economic struggles, real economic challenges. Walmart, Western companies going to China right now, are facing the challenge of boycotts. What's happening is, because of the Biden administration saying that they would, all right, if companies are doing a business in, what's that district in China? Xinjiang, that is the district in Western China, where the Uggers are being put in concentration camps, and where there are accused massive violations of human rights against the Muslim occupants of these regions, many companies, many countries, including the United States, are putting sanctions on entities that trade with companies that produce in the Xinjiang area as a consequence. Walmart, for example, in China has said that it will start buying products from Chinese companies based, or doing business in, or producing product in Xinjiang. As a consequence, Walmart is being boycotted. So business for these American entities is not good in China because of these bonds. Pronounce Xing, Xingxiang, Xingxiang, all right? Doesn't look like, okay, I believe one of the women, all right, it's pronounced Xingxiang. And you've got Walmart thinking of leaving China, Walmart reducing its investments in China, and in general, Walmart is struggling in China, not just because of that, but also because consumption, Chinese consumers have not seen a full recovery, have not seen a real recovery as a consequence of, right, as a consequence of COVID. And of course, that's only gonna be hampered even more with lockdowns like what we're seeing Xingxiang and other parts of China. So China is starting to be a bit of an economic mass. The Chinese are gonna loosen monetary policy going into next year. That could suggest inflation in China, which would create all kinds of internal problems in China. And then the question is, what are the Chinese people, how are they gonna respond to economic problems? How are they gonna respond to less freedom, more and more encroachment on their privacy and on their freedoms, and very little economic growth? We haven't seen that combination in modern China ever before, and if there's going to be an uprising, if there's gonna be a backlash against this regime, it's going to come from the Chinese middle class who are used to at least some level of freedom that they definitely use to ever increasing opportunities to get wealthy, and suddenly they're seeing all of these being constraints. You're seeing stories, for example, from the Guardian, this is just a headline, from economic miracle to mirage. Will China's GDP ever overtake the US? Didn't see those kind of headlines, particularly in the Guardian. Guardian's a very left-wing newspaper. Two, three years ago, when everybody was just going gaga over the supposed miracle of state capitalism, state capitalism, capitalism in quotes, what the left viewed as proof that you can get massive economic growth and have central planning and have a big government. You're seeing China starting to restrict its companies doing overseas IPOs. You're seeing over and over again, right? You're seeing, oh, it was the funny story this week, the China complain to the United Nations that it had to shift the location of one of its satellites because of Elon Musk's satellites, that the satellites were not one of its satellites, the space station, the Chinese have a space station. They had to shift because it was gonna collide with one of Elon Musk's SpaceX's satellites, so it had a complaint to the United Nations about that. You go on and on about the worst relationship to China has with the US, the worst relationship to China has with the West more broadly, the more difficult it is for this administration to hide the low economic growth, the economic struggles, the stagnant living wages, the stagnant quality and standard of living that the Chinese engaged in. So everybody's so afraid of China. I just saw an op-ed in the Washington Post by Hugh Hewitt. You know, Hugh Hewitt, I guess he's a radio commentator on radio, at least in California, I think he's national syndicated, conservative. And it's all about China's this massive threat to America. It's not, China's poor as compared to us. We'll talk about military spending in a second. But China is not a military threat to the United States. China's not quote an economic threat to the United States. China's a country struggling. China's a country struggling to keep up. People say China's ahead of us on certain technologies. Maybe they are right now. It won't last. China's crackdown on technology companies won't allow that to happen. Yes, they have a lot of scientists. Yes, they have many, many more engineers than we do. Many multiples of the engineers we do. But they can't innovate. They can be creative. They can't think out of the box because the Chinese government won't let them. So China is no threat to the U.S. Not because we don't import. Indeed, we only seem to be importing more and more Chinese goods. We only seem to have a greater and greater appetite to buy Chinese goods. That was true during the Trump years when he put tariffs and yet trade deficit, which don't mean anything, only grew with China. We became more dependent on Chinese imports, not less dependent on Chinese imports under Trump. And that's continued to increase under Biden. That's not the issue. The issue is internally in China. The economy is collapsing. Not because of anything we're doing. Not because of anything we've done. Just look at the numbers. 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