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1:18 Winnie Pooh is not even banned in China, if you actually went to China or have relatives you will see tons of Winnie Pooh merchandises. My little niece and nephew in China were holding Winnie Pooh plushies whenever I connect with them through webcam. However Winnie Pooh is censored when it is used as a political statement in China. You just can't use Winnie Pooh to insult President Pooh.. I mean President Xi for instance, otherwise your online content will be censored.
In US and Canada, people has a fundamentally misunderstanding of economy, Stock market is not the economy. Indeed, stock market is a parasite of the economy. Fundamentally, financial service is a service business, no difference from the restaurant business. CCP has made many smart moves. They try to make the big developer to slowly default on their debt. Doing so, hot money just lost another pipeline to pump money into China. There is a fundamentally difference between TSLA investment in China and a hedge fund buying a real estate company's debt. CCP understand the danger of the money changers. You only mentioned CCP's attempt to limit the monopolistic power of big business, however nobody talk about many of their new small business initiatives, such as 1% sale tax with not refund policy. They have many policy coming out with simple focus -- making small business spent less time on compliance and taxes, more on running their business.
Patrick could have been serious….it really depends where u get ur info from…. Truck narrative is all over facebook at moment….there is a messaging campaign happening…. I noticed they plowed all their energy into anti-vaxx mandate….just an extension of their fuck trudeau…..it was a pedo thing for a while….what i find interesting is “illegal crossing is not a fuel at the moment….all anti-vaxx trucking
This guy is amazing. The ability to condense an hour's worth of information into 10 or 15 minutes is just really impressive and really great information
Nothing about Xi should be a surprise to anyone. If you look at the guy's history, you will see he is a True Believer in communism. That may defy belief, but you cannot underestimate the power of belief. He will go down with the communist ship, even if he takes all of China with him, unless the Shanghai faction manages to assassinate him before that. They haven't succeeded so far, but who knows if the Xiang faction will finally get lucky...
I agree with China reaction to the real estate market.previous leaders should have done this years ago you said. I was a real estate agent in 1987 in Canada and speculators and Hong Kong investors were pulling money out of China to speculate in North America housing market. Prices went so high that first time buyers had difficulty buying.Governments had to crack down on capital gains to control rising prices. So I better China crack down now instead of kicking the Can down the road..
"China almost as bad as Canada" lol, and I'm laughing as a super-locked down Australian! But, once again, great financial analysis all around. Exceptional insights Patrick.
It's amazing how your countries government have become authoritarian towards its citizens. I'm in the UK and Russel Brand bought it to my attention. I k ow this is completely off topic. But I'm curious to know what restrictions are in place in Australia and are people compliant?
@@bobdigi500 It varies between states. I'm in New South Wales which is middle of the road as far as Australian restrictions goes these days. As of right now in NSW: Mandatory check in to any place of business with a QR code, mandatory masks indoors, mandatory reporting of any positive COVID test result, Children have to have tests to go to school. Sates like Western Australia are completely closed off, I can't travel there if I wanted to visit my aunt and cousins - no chance. The main stream media also runs the vaccine cult narrative. I'm vaccinated, but horrified at the destruction of freedoms. Many people will say that Australians are descended from convicts, but they forget we are also descended from their jailers. Russell Brand is a good guy, his heart seems in the right place. He is usually right too in my experience.
Patrick, you are the most underrated financial wizard youtuber on the internets - your placement of comedy in your video's goes unmatched and content is rich and informative - thank you!
Wow, 15 minutes packed with deeply valuable economic information but also with great comedy, funny sarcasm and amazing post-production. Thank you Mr. Boyle, you are amazing !
Good day, citizen. You have been deducted 50 thousand social credits from your hukou. You will be rescued from your home in 5 hours time. Resistance is futile.
Imagine being the leader of one of the most powerful nations on the planet and yet the comparison made between you and a bear that can barely dress itself, feed itself poses a greater threat than an ICBM...
the irony of the excess housing situation in china is that the so called excess is in fact not an excess at all, as those units are unlivable. real housing demand is in the cities where units are all taken, since the citizens who need them are necessarily required to move to cities with limited housing just to get employment. compounding that problem is that they can't even apply for housing as their technical place of residence is NOT that city they're currently at, but rather a town outside it where there is a surplus of unusable living.
Super good content !!! As usual ! The story about the expensive lightning rod made me laugh. As a foreigner working in industry here in China, I saw many many stories like this. Especailly for safety and fire fighting. Actually, there is a special authorisation that is needed from the local safety and fire fighting bureau before beginning to use that installation. But the code is: complicated and in some cases non-existant or non applicable. So getting that paper is a nightmare... I personnally had a state of the Art made in US waste water treatment unit (300 k$ worth) which was super efficient. The local safety bureau never accepted this unit. Instead, they forced me to buy a local manufactured waste water treatment unit that never worked properly. So, I had installed a 3 way valve and whenever there was an inspection we switched to the locally manufactured waster water treatment and the official in charge was super happy and proud to tell me: you see, it works very well, much better than the one from US... :D
The proverbial "denial mind state" of communists. They became so obsessed with every "new invention" on the war front by the US, that at one point, Reagan and his military advisor plainly lied about the defense system called "star wars". The Kremlin couldn't afford to waste more money trying to compete with an imaginary technology, obviously. And hence the whole system collapsed, in corruption, mismanagement, self-complacency, and an oppressive regime.
I too live in the land of Red. Ironically xi, with all this turbulence and doing nothing to change the mindset you highlight, is helping the disorganized disunity of the west to remain superior in many sectors.
@@DavidKD2050 China is still very very poor, you know that. The system in place will not change that. Almost a century of communism proved it. I bet China first hang up the whole party than reach middle class.
@@olderchin1558 No, man. Being poor in USA and China means way different things. Even hobos and addicts in the USA (ie the bottomline) have better lives than the average poor Chinese. China just hide their true colors. ua-cam.com/video/M-XQSffVpfY/v-deo.html
Patrick has quickly become my favorite pundit for finance news. He’s so good at clearly and straightforwardly explaining otherwise very complex finance market messes. Thank you Patrick!
Here in Canada if you have COVID they seal up the entrance to your igloo for 2 weeks and you can't leave for any reason. When it happened to me I had to survive by cutting through the floor and fishing for smelt.
You must be a CCP Troll and spies go back to China and live with "Winnie the Pooh", and read his "Little Red Book" "Common Prosperity." Xi Hiter Jin Pig is so quality and embarrassed from the Wuhan Bio Lab Weapon he is scared to leave Chian.
@@davidhynes A lot of people talk about Chinese or Russian bots on the internet, but I'm almost sure that American bots exist too, you are an example of that.
Christopher Milne had named his toy bear after Winnie, a Canadian black bear he often saw at London Zoo, and Pooh, a swan they had encountered while on holiday.
I work in a Chinese TMT giant. When the Ant crackdown started most of us thought it was isolated to that particular company. The crackdowns never stopped and stock prices got pummeled. Tencent, Alibaba etc have fired 20% of staff already this year. Entire floors of conference rooms booked out for HR managers to fire. The TMT sector supports a lot of the new middle class, which is being destroyed between the crackdowns and zero covid lockdowns. Property prices in tech hubs like Shenzhen and Hangzhou are falling.
I enjoy the growth from you Patrick. I appreciate the more light approach and video edits compared to how it was in the beginning. I didn’t watch you for a while I’m younger and it was a bit too slow for me this is definitely more engaging. Keep up the good work!
A very large chunk of the Chinese economy (real estate development) has long been a house of cards. A huge externality was that local governments became completely dependent on an unsustainable model of expansive development growth. The chickens are now coming home to roost.
Patrick, where have you been all these years, glad I found you today. , I enjoy your vids and your style and mannerism in communicating business “Happenings”
I know there a saying "don't attribute to malice what can be attributed to idiocy", but I am wondering if this undermining of local governments is intentional with the purposes of increased centralization. What I've learned over the past decade is that there is actually a lot more state autonomy in China than what is portrayed in the media. On top of this you have the 5 military zones that hold a significant amount of power as well. If Xi wants to be elected for life, he needs to either coerce or beat these factions. I remember when Xi first came to power, his chief rival at that time was jailed for corruption. Then news came out that the rival walked out of jail and talked with one of the generals in charge of one of these military zones. Both he and Xi were 3rd generation politicians so their roots went deep. I don't remember the fallout for that but it made Xi's position look tenuous. Xi then had a mini cultural revolution where he cracked down on corrupt officials, but then it turned out all of those were his rivals (and also corrupt) so it was just him centralizing powers. This could be a continuation of his strategy. 1) appease the masses by saying you're doing them a service (controlling house speculation) 2) take revenue away from your competition (local governments) 3) place obligation of protecting assets into local government hands 4) when they fail number 3 or start charging fees in desperation, come in as the savior; jail who you have to, reform what's needed 5) president for life.
In fairness to the Central Government of China, it’s hard to govern when everyone below is lying about everything, from their debt and finances, to population and agricultural production. It’s like that scene in Independence Day when the President is explaining that Area 51 is just a crackpot conspiracy theory, and the CIA guy is like “Mr. President… that is not… entirely…. accurate…” When you as a central government are told province A has 20 million tonnes of coal in reserve, you feel comfortable banning Australian coal. Then you find out it’s more like five hundred thousand tonnes when the power starts failing.
@@derekwhittom1639 yes, CCP thought they had more coal than they had.... Idiocy knows no bounds as history can assert. There are many mistakes by CCP first being chosing communist ideology second being cultural revolution third being one child policy. Its the third mistake that looks to be the biggest Bitch. Lol
You are very close to the truth as it has more than one facet. It is an internal power struggle, coupled with factions who are trying to either remain in power or over throw Xi. He is taking care of "corruption" under many disguises while taking care of those who back him (not unusual in any group or govt.) but it has even more layers and it NEVER ENDS WELL. Is it too late to stop and do what they profess to care about? The average Chinese person is suffering and it will grow while this power struggle continues. Their hardships will continue and we would do well to check our own house as it were, because China isn't the only country that has issues that will be bubbling up from underneath. This isn't about people, this is about power and control. Care, love, compassion, good policy, abundance, freedom and equity those won't be given by those in power, but it is what we stand to loose. The things going on in China are like a canary in the coal mine.
How did you the numbers at 4:29? With the NYC avg. salary being (67K) and avg. apartment price at (1.2M) it didnt add up to me. These were the most optimistic nr. I could find.
So they have a ridiculous over built number of houses,but the houses are more and more expensive? They must be building in remote areas where nobody wants to live...
I could listen to you for hours. You are unfailingly informative, articulate and well-reasoned. Many thanks! Would have loved to have been one of your university students
Doesn't understanding China's GDP today require understanding previous years' GDP? Given the amount of mal-investment, how is that possible? Unquestionably, a large part of the economy has been dedicated to building housing that no one lives in and high-speed trains that few people ride. And a large part of local government has been funded by land leases for mal-investment. I think if you strip all the "bad" away, China's economy is smaller and has been growing at a much lower rate. China will be lucky to avoid a deep recession.
It's possible because there isn't any widespread mal-investment in the Chinese economy. This is just a stupid myth you people have concocted to cope with China's rise and the fact that the West's time in the sun is over.
@@duyataksis5210 u sure u know what ur talking about? U assume u know wut other ppl think it seems like I take everything china says or does with suspicion because they hide everything they do and have and do not allow anything to become public knowledge it seems like. China does no wrong, china is perfect, china is amazing. Meanwhile they ban a cartoon bear named poo because their authoritarian leader happens to resemble poo
China's lack of transparency can work both ways though. They know far more about their population's habits through social tracking than western economies. Even if the real estate sector goes to zero (which it can't, there's only so much 'livable' land) it is only 30% of their economy. There will be a bottom that will be attractive to those sitting on the sidelines for property purchases. China's ascendance is pretty much inevitable and undeniable.
@@Miscelanou sigh, you know why the collapse of China didn't work out for you for more than 20 years? Goto bilibili and search pooh. You will see. again, we don't even know how all those lies can be manufactured and spread, but we do know what it can bring, your failure.
the insane gap between demand and supply also originitated from China's underdeveloped capital markets and a lack of financial planning capabilities among Chinese people. for the last 2 decades, houses were treated as the best investment tools for the general public, who perceive other forms of investment such as stocks as scams to certain extent.
One of the thing that scares me it that i have yet to find any reliable mean of knowing how manya third parties are exposed to the Chinese corporate/real estate debt through let's say, OTC swap contracts. This could get horrible to say the least.
Hey Patrick, great video. Just for note, I suspect they banned Winnie-the-Pooh character because there are memes about Xi looking like the bear and he reportedly doesn't like that.
10:00 This! This is what I was concerned about when completion of the buildings was dumped onto the local governments. Aggravated by the absence of buyers for additional land sales, they no longer have a source of revenue to fund their existing operations right now far less to take on additional work (for no pay). In the end, the central govt will have to bail out someone even if it isn't Evergrande. The next question is how? What strategies can the central govt follow to get these projects completed especially if they want to refrain from 12:43 "flood-like stimulus." So either they will eventually have to resort to printing money, or they will throw all the chinese home-buyers and investors under the bus. The delegation of the properties to the l.gov bodies might simply be a delaying tactic and/or the l.gov bodies will be left holding the bag while being held responsible for keeping the peace.
55 million empty housing units and 93 million properties under construction. Gosh and I bet many of us watching this video live in a country where it's the complete opposite, a lack of available housing and new construction vastly under what is needed which inflates the price making it harder and harder to purchase a property and the cost of housing representing a big sum of people income.
In the US, we also have more empty houses than we do homeless people and I don't think it's a coincidence that a lot of the the apartments in rapidly gentrifying neighborhoods are owned by chinese investors. I live in a brownstone apartment in the Boston metro area and evenmy landlord is Chinese.
Celebrity culture and efeminate fashion are not a "perceived" societal ill , they are are and have been an actual sign of societal decay and degradation for the past idk 20, 30 maybe 60 years and have also been soo in the more distant past...
Intellectually brilliant! He does his homework and tutors his students well. I especially like that it's mostly facts and they speak for themselves. Not much opinion required. I'm incredibly grateful for this excellent channel.
China did what the USSR did before its collapse. They built to increase GDP, not to meet demand. A free-market grows based upon underlying demand which is sustainable. A totalitarian system (communism, fascism, etc...) builds based upon a small groups ideology and does not actually create a sustainable system. China is buckling under infrastructure maintenance that provides no real economic value.
They could setup breeding camps for women who refuse to have three children. The PLA would be given free 'entertainment' and the women only released once they reach the three child quota. In the past China has killed many, many millions of their own citizens. Allowing soldiers free range with Chinese women I suspect is well within their modus operandi.
China has the biggest population in the world. It doesn't have a demographic disaster per se - it has a problem with its economy being dependent on a very large population of slave workers.
@@neotropos This is not my data. Please read up. 2023 will be the first year that the Chinese population will actually go down. Their working age population is already in decline. This is the reason why the govt has allowed two and now three kids.
@@alburj1 Tbh it seems like china is sliding away from fast and volatile growth rate to sustainable and safe growth. In that process China's growth rate may fall but it's definitely not a collapse that's for sure
Can someone kindly show me the link of the mentioned article "historic mission of private enterprise had achieved all of its goals in china" at the beginning of the video?
Feifei yes I am curious also, 。。。and why would one anonymous post among many thousands, hell millions, be paid attention to ahead of so many others. m no thoughts of conspiracy here but there must have been something outstanding about it to catch everyone's attention.
Patrick, I know you have a very time consuming job. But please, I need more videos. I haven't been so interested in finance since I hated it in high school economics. Pls thanks
Also, just so you understand how they distribute wealth. One way is to take the farmers land (run down small apartment or houses) They then build up 30-40 floor new community. They then award each person an apartment based on the amount of space taken away. They get a new apartment and most people I know got 4-5 new apartments. They then sell the rest of the apartments. I know people who have been given entire apartments for free as they are poor. This usually helps the poorly educated farmers who cannot earn a living by now having 4 or so apartments to rent out for income, a home and a managed community, usually private and gated. Is there an uneven distribution of wealth? yes, without a doubt but many places have shared in it for free or their situation improved.
How come you didn't mention the underlying problem of debt-fueled malinvestment to prop up gdp growth figures? The lack of "organic" growth seems to be the root issue behind the debt problem and the red lines, and that kind of problem isn't self inflicted
Pshaw. Don’t you know that anything can be papered over by concrete-colored tissue paper and rubber rebar? Silly Westerner. Face is all that matters; ROI is for nubz.
@@DanSme1 i’m with you. You can’t purposely central-plan a debt-driven malinvestment scheme and then claim everyone buying into it is the problem. That’s what moral hazard is.
@@GowthamNatarajanAI yeah number show that now middle class in China 707 million people that some of them very easy can buy multimillion homes in Canada , California, Australia and American live in tents and cars in crazy big numbers
Patrick, with all due respect, what are you talking about with Canada? I'm not sure what that "stringency index" really refers to but it's been far more relaxed here compared to what I hear in the UK and Australia (emphasis on what I hear). Perhaps that index is conflating Quebec policy with the other provinces because I can personally assure you I've been able to go about my normal day as long as I'm wearing my mask and showing my vaccine status on my phone. We had a brief lockdown again when omicron was peaking but everybody besides Quebec is already out of lockdown.
China's economic growth is tied to its population growth and "retirement bomb" coming up. Its population is growing at less that 0.5% per year, meaning fewer workers to support an aging population. That's not an uncommon problem among nations, but China's state-controlled manipulation of birth rates with the one-child policy is coming back to bite it badly. It desperately needs extraordinary economic growth to overcome that problem, and it's not getting it.
The effect of the one child policy is massively overstated. Fertility had already begun declining long before its implementation. China was going to have low fertility regardless of that policy. In fact fertility rates actually stopped declining in the 1980s in the years after the policy was implemented before declining again in the 1990s. Look for example at Korea and Taiwan, which have fertility rates much much lower than China
There are important countries in top 20 by GDP in the world that are in a much, much worse situation than China in regards to aging population and they do not even have 1/10th of China's yearly economic growth. First major example that comes to mind is Japan and you know what they will do? Same thing as Germany and France; unrestrict immigration to allow immigration by a motivated young workforce from abroad. So I think that problem is a bit exaggerated.
China's population increased by 480k in 2021 - that's 0.034%. But they're going to compensate with later retirement - presently absurdly early - more sophisticated manufacturing, skilling up the work force. Compared to places like Italy and even Japan and Korea, China's population/demographic problem is fairly modest.
@@franticmower7300 Japan is seeing a flatlining of GDP growth but is experiencing per capita growth. China is looking at negative per captia GDP growth.
@@kokofan50 It is possible to find justification to say that a country is going to shit and you can do it for every single country but how a country will perform on the long term depends not on your wishes but reality and the reality is that there is not much stopping China becoming number one economy by the end of the century. In terms of negative GDP per capita; I think you can look at their performance from 2000-2022. They went from 1000$ in 2000 to 10000$ in 2022. It would be safe to say that a flatlining might occur eventually but there is no reason to think that a country which had positive per capita GDP growth even during the pandemic will have negative per capita growth in the future.
When a society sees an evolving trend that is about to harm itself, should it not correct it?Should it allow just the benefits. For example, the economic development is causing an increasing divide between the rich and poor, should the leadership allow this to continue. In the US, the rich has gain control over the leadership and the divide continues to grow. We have seen in history, like in France, what this divide eventually leads to. Leaders should not abdicate their duties, do harmful things that only preserve their positions. Their focus should be on the welfare of the people and country as a whole, not just on a particular sector..
The problems go a lot further for China ! An increasing avalanche of non Chinese company's are leaving China, in the car industry and electronics industries in particular. Due to supply chain problems, Coronavirus issues, and subsidies particularly from Japan, if you relocate to Japan. But also due to the rising cost of Chinese labour, which now exceeds many of China's neighbours such as Vietnam. Famous names such as Volkswagen/Audi, Cannon, Olympus, Sony, etc, are downsizing rapidly, or pulling out completely !!!
I dont konw why these are the problems for China. When I started working as and IT man almost 20 years ago. It was goldern time of western companies, IBM, CISCO and Oracle etc.During those day these companies has no competiors, you had to buy it and buy it in high price, but now it is different because the western companies become less competitive. Chinese are willing to buy thier local products. So if the market and demands are still there and these compnies are downsizeing rapidly, it means the local companies are growing. this should not be problems for china. It should be problems for the western.
Emperor Xi has a very fragile ego and likely a very small manhood. He simply can't stand the thought that anyone might be more powerful or successful than himself. Hence the crackdown on exceptional individuals.
The Chinese police also do this sort of local "revenue" gathering. They collect "cash" from various businesses that run just outside of the law. Protection money is paid but more like blackmail really. I lived in China on and off for the last 12 years. There are some fantastically innovative rackets on the go! Too many to go through here.
Always interesting. I would like an opinion on how accurate economic figures released by the Chinese government really are and whether investment analysts take them at face value.
The Chinese economic figures at the level of the provinces are often different than the Central Government Statistics. This discrepancy on its own should increase skepticism on the Stats from Beijing. Lastly may recommend book "End of an Era" by Carl Minzner which has some interesting information on this.
The economy figure is as real as what Joe told the Americans and still American are sleeping on the streets and you can’t find the Chinese living on the streets but was given a job by the CCP government and their housing ,the reason why the Chinese people are locked in their homes during Covid outbreak is because they are caught going out and transmiting the virus and not listening,moreover,the Urgyu Muslim are sent to camps is because some of them are extremist and caught committed bombing in Chinese cities.China are self sufficient and they have prove so until the European and Americans wanted their teas and their goods in late 1800 and did their dirty deeds opium war not surprising currently now the media war.Americans should mind their own business and not interfere in other countries Difference frames the world and geopolitics in conflicts is a better UA-cam channel to hear both sides of the story.
I think the line between Intelligence and ambition got all twisted up, and to find a middle ground between that is difficult in the best of times. They should go full German government, but those in power that benifit from the current system will never let that happen voluntarily...
Thanks a lot Patrick. One thing I'd like to ask: If there's graphs/graphics like the increase/decrease of Chinese exports over the months in your future videos, would it be possible to have them displayed a bit longer? I often find myself pausing the video for 3 to 4 seconds more just to take in the dense information contained in them. Thanks a lot.
I lived in Canada...and youre right.....this friday a huge trucker convoy is going to Ottawa to say hello to Trudeau....and by chance....he will remain at home because a fever!!!
Nah, the support is minimal. Probably 0.1%…..those PPC supporters for the most part. CPC arent even backing them….and Kenney is doing a “oh look im going to go hide now”
Just in case Patrick wasn't sarkastic. Winnie puh was banned after people regognized similarity between the yellow fellow and a certain leader of the people's Republic of China. No kidding. The 50 cent army can be a pain and several cases where voice actors, actors and you tubers got removed or banned for visiting a shrine or mentioning Taiwan (that is a country ) when reading their view statistics. Don't mess with winnie puh!
Chaynah going down is blessing in disguise for the world. So much debt from local government they need to start taking wealth away from private citizens.
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CAN YOU LOOK INTO LUCKIN COFEE? CAN THEY RELIST ON NASDAQ?
xi is pronounced just like u pronounce "she"
1:18 Winnie Pooh is not even banned in China, if you actually went to China or have relatives you will see tons of Winnie Pooh merchandises. My little niece and nephew in China were holding Winnie Pooh plushies whenever I connect with them through webcam. However Winnie Pooh is censored when it is used as a political statement in China. You just can't use Winnie Pooh to insult President Pooh.. I mean President Xi for instance, otherwise your online content will be censored.
In US and Canada, people has a fundamentally misunderstanding of economy, Stock market is not the economy. Indeed, stock market is a parasite of the economy. Fundamentally, financial service is a service business, no difference from the restaurant business. CCP has made many smart moves. They try to make the big developer to slowly default on their debt. Doing so, hot money just lost another pipeline to pump money into China. There is a fundamentally difference between TSLA investment in China and a hedge fund buying a real estate company's debt. CCP understand the danger of the money changers.
You only mentioned CCP's attempt to limit the monopolistic power of big business, however nobody talk about many of their new small business initiatives, such as 1% sale tax with not refund policy. They have many policy coming out with simple focus -- making small business spent less time on compliance and taxes, more on running their business.
@@novaponics
So even the CCP watch Patrick Boyle on UA-cam.
Had a laugh when he said, “almost as bad as Canada" with reference to China's zero tolerance COVID policy.
Yep, I caught that one. Brilliant :)
*cries inside* :) onLy oNe mOrE loCkDowN
Patrick could have been serious….it really depends where u get ur info from….
Truck narrative is all over facebook at moment….there is a messaging campaign happening….
I noticed they plowed all their energy into anti-vaxx mandate….just an extension of their fuck trudeau…..it was a pedo thing for a while….what i find interesting is “illegal crossing is not a fuel at the moment….all anti-vaxx trucking
I wonder how Trudeau is going to handle the tuckers protest.
As a Canadian, I loved that one, eh. ;)
This guy is amazing. The ability to condense an hour's worth of information into 10 or 15 minutes is just really impressive and really great information
Agree, he is profoundly talented probably genius!
the memes today are crazy funny.
Agreed
Nothing about Xi should be a surprise to anyone. If you look at the guy's history, you will see he is a True Believer in communism. That may defy belief, but you cannot underestimate the power of belief. He will go down with the communist ship, even if he takes all of China with him, unless the Shanghai faction manages to assassinate him before that. They haven't succeeded so far, but who knows if the Xiang faction will finally get lucky...
You are describing a summary... That's not that amazing of an ability...
I agree with China reaction to the real estate market.previous leaders should have done this years ago you said. I was a real estate agent in 1987 in Canada and speculators and Hong Kong investors were pulling money out of China to speculate in North America housing market. Prices went so high that first time buyers had difficulty buying.Governments had to crack down on capital gains to control rising prices. So I better China crack down now instead of kicking the Can down the road..
"China almost as bad as Canada" lol, and I'm laughing as a super-locked down Australian! But, once again, great financial analysis all around. Exceptional insights Patrick.
I was surprised when I looked up that chart that Australia was not number one.
It's amazing how your countries government have become authoritarian towards its citizens. I'm in the UK and Russel Brand bought it to my attention. I k ow this is completely off topic. But I'm curious to know what restrictions are in place in Australia and are people compliant?
Re: Canada, JBP launched this video yesterday. ua-cam.com/video/EdhFuMDLBDM/v-deo.html
@@bobdigi500 It varies between states. I'm in New South Wales which is middle of the road as far as Australian restrictions goes these days. As of right now in NSW: Mandatory check in to any place of business with a QR code, mandatory masks indoors, mandatory reporting of any positive COVID test result, Children have to have tests to go to school. Sates like Western Australia are completely closed off, I can't travel there if I wanted to visit my aunt and cousins - no chance. The main stream media also runs the vaccine cult narrative. I'm vaccinated, but horrified at the destruction of freedoms.
Many people will say that Australians are descended from convicts, but they forget we are also descended from their jailers. Russell Brand is a good guy, his heart seems in the right place. He is usually right too in my experience.
@@bobdigi500 Viva Frei does lots of videos on this topic. He's very disappointed in how many of his countrymen tolerate the extreme measures.
Patrick, you are the most underrated financial wizard youtuber on the internets - your placement of comedy in your video's goes unmatched and content is rich and informative - thank you!
Wow, 15 minutes packed with deeply valuable economic information but also with great comedy, funny sarcasm and amazing post-production. Thank you Mr. Boyle, you are amazing !
Unlike many of the younger traders under 35, Peter has been through and has seen a lot. I am retired and I can relate to his messages.
@@covercalls88 #Patrick
in Thailand we are in even worse situation. Industries destroyed.. massive rise in corruption.
Thanks!
Welcome!
Winnie the Pooh is banned because Xi Jinping looks like the character and people make fun of him (I think). 🤣🤣
i'm sure he knows that and was being sarcastic about it
Did you just say Winnie the Pooh? 🇨🇳🤬
There is no comparison. Winnie is good looking!
the bear was banned because people said that china's dear leader looks similar to it and dear leader got offended.
[redacted]
Good day, citizen.
You have been deducted 50 thousand social credits from your hukou.
You will be rescued from your home in 5 hours time. Resistance is futile.
Imagine being the leader of one of the most powerful nations on the planet and yet the comparison made between you and a bear that can barely dress itself, feed itself poses a greater threat than an ICBM...
@@MrZdixo1 It's a culture thing in East Asia. Similarly, Chinese people find it baffling that Americans value freedom more than life itself.
Once you ser it, you really can't unsee it
the irony of the excess housing situation in china is that the so called excess is in fact not an excess at all, as those units are unlivable. real housing demand is in the cities where units are all taken, since the citizens who need them are necessarily required to move to cities with limited housing just to get employment. compounding that problem is that they can't even apply for housing as their technical place of residence is NOT that city they're currently at, but rather a town outside it where there is a surplus of unusable living.
oh man, the brakes being slammed has to be the best visual analogy I've ever seen. Thank you for that
Super good content !!! As usual ! The story about the expensive lightning rod made me laugh. As a foreigner working in industry here in China, I saw many many stories like this. Especailly for safety and fire fighting. Actually, there is a special authorisation that is needed from the local safety and fire fighting bureau before beginning to use that installation. But the code is: complicated and in some cases non-existant or non applicable. So getting that paper is a nightmare... I personnally had a state of the Art made in US waste water treatment unit (300 k$ worth) which was super efficient. The local safety bureau never accepted this unit. Instead, they forced me to buy a local manufactured waste water treatment unit that never worked properly. So, I had installed a 3 way valve and whenever there was an inspection we switched to the locally manufactured waster water treatment and the official in charge was super happy and proud to tell me: you see, it works very well, much better than the one from US... :D
The proverbial "denial mind state" of communists. They became so obsessed with every "new invention" on the war front by the US, that at one point, Reagan and his military advisor plainly lied about the defense system called "star wars". The Kremlin couldn't afford to waste more money trying to compete with an imaginary technology, obviously. And hence the whole system collapsed, in corruption, mismanagement, self-complacency, and an oppressive regime.
I too live in the land of Red. Ironically xi, with all this turbulence and doing nothing to change the mindset you highlight, is helping the disorganized disunity of the west to remain superior in many sectors.
@@DavidKD2050 China is still very very poor, you know that. The system in place will not change that. Almost a century of communism proved it. I bet China first hang up the whole party than reach middle class.
@@DJVARAO I would love a crystal ball 🔮. Fascinating unprecedented situation. Such massive economies these days.
@@olderchin1558 No, man. Being poor in USA and China means way different things. Even hobos and addicts in the USA (ie the bottomline) have better lives than the average poor Chinese. China just hide their true colors. ua-cam.com/video/M-XQSffVpfY/v-deo.html
Patrick has quickly become my favorite pundit for finance news. He’s so good at clearly and straightforwardly explaining otherwise very complex finance market messes. Thank you Patrick!
Thank you Brody! I was about to make an almost identical comment, and you saved me the time... 👍
Here in Canada if you have COVID they seal up the entrance to your igloo for 2 weeks and you can't leave for any reason. When it happened to me I had to survive by cutting through the floor and fishing for smelt.
Even my pet caribou had to wear a mask. But as a Canadian I fully concur.
Anything for the queen and peterpan
You must be a CCP Troll and spies go back to China and live with "Winnie the Pooh", and read his "Little Red Book" "Common Prosperity." Xi Hiter Jin Pig is so quality and embarrassed from the Wuhan Bio Lab Weapon he is scared to leave Chian.
I used to go smelting as a kid. I guess the Coho they planted ate a lot of them.
@@davidhynes A lot of people talk about Chinese or Russian bots on the internet, but I'm almost sure that American bots exist too, you are an example of that.
WOW, that commercial paper dynamic was eye-popping! Nice Canada dig eh?!
Christopher Milne had named his toy bear after Winnie, a Canadian black bear he often saw at London Zoo, and Pooh, a swan they had encountered while on holiday.
50% loss of value of an apartment and then wanting/begging to give it away to eliminate Mortgage....................WTH.
You know how dire things are when you're almost as bad as Canada.
Nice editing, glad to see you expanding the creative team
That poor police officer on the bicycle had me crying! 🤣
I work in a Chinese TMT giant. When the Ant crackdown started most of us thought it was isolated to that particular company. The crackdowns never stopped and stock prices got pummeled. Tencent, Alibaba etc have fired 20% of staff already this year. Entire floors of conference rooms booked out for HR managers to fire. The TMT sector supports a lot of the new middle class, which is being destroyed between the crackdowns and zero covid lockdowns. Property prices in tech hubs like Shenzhen and Hangzhou are falling.
I enjoy the growth from you Patrick. I appreciate the more light approach and video edits compared to how it was in the beginning. I didn’t watch you for a while I’m younger and it was a bit too slow for me this is definitely more engaging. Keep up the good work!
In a "more equal" distribution, the people who are "more equal" will get more of the pie.
A very large chunk of the Chinese economy (real estate development) has long been a house of cards. A huge externality was that local governments became completely dependent on an unsustainable model of expansive development growth. The chickens are now coming home to roost.
Let them learn their lessons.
When will we learn, that central planning of the economy does not work.
A lot of important information succinctly put. (Oh, and great comedy bits but you have to keep a sharp eye.) Thank you for your hard work.
Why is Iron Ore still expensive
Patrick, where have you been all these years, glad I found you today. , I enjoy your vids and your style and mannerism in communicating business “Happenings”
I know there a saying "don't attribute to malice what can be attributed to idiocy", but I am wondering if this undermining of local governments is intentional with the purposes of increased centralization. What I've learned over the past decade is that there is actually a lot more state autonomy in China than what is portrayed in the media. On top of this you have the 5 military zones that hold a significant amount of power as well. If Xi wants to be elected for life, he needs to either coerce or beat these factions.
I remember when Xi first came to power, his chief rival at that time was jailed for corruption. Then news came out that the rival walked out of jail and talked with one of the generals in charge of one of these military zones. Both he and Xi were 3rd generation politicians so their roots went deep. I don't remember the fallout for that but it made Xi's position look tenuous. Xi then had a mini cultural revolution where he cracked down on corrupt officials, but then it turned out all of those were his rivals (and also corrupt) so it was just him centralizing powers. This could be a continuation of his strategy. 1) appease the masses by saying you're doing them a service (controlling house speculation) 2) take revenue away from your competition (local governments) 3) place obligation of protecting assets into local government hands 4) when they fail number 3 or start charging fees in desperation, come in as the savior; jail who you have to, reform what's needed 5) president for life.
In fairness to the Central Government of China, it’s hard to govern when everyone below is lying about everything, from their debt and finances, to population and agricultural production.
It’s like that scene in Independence Day when the President is explaining that Area 51 is just a crackpot conspiracy theory, and the CIA guy is like “Mr. President… that is not… entirely…. accurate…”
When you as a central government are told province A has 20 million tonnes of coal in reserve, you feel comfortable banning Australian coal. Then you find out it’s more like five hundred thousand tonnes when the power starts failing.
Hanlon's razor
Almost like the communist system is fundementally corrupt
@@derekwhittom1639 yes, CCP thought they had more coal than they had.... Idiocy knows no bounds as history can assert. There are many mistakes by CCP first being chosing communist ideology second being cultural revolution third being one child policy. Its the third mistake that looks to be the biggest Bitch. Lol
You are very close to the truth as it has more than one facet. It is an internal power struggle, coupled with factions who are trying to either remain in power or over throw Xi. He is taking care of "corruption" under many disguises while taking care of those who back him (not unusual in any group or govt.) but it has even more layers and it NEVER ENDS WELL. Is it too late to stop and do what they profess to care about? The average Chinese person is suffering and it will grow while this power struggle continues. Their hardships will continue and we would do well to check our own house as it were, because China isn't the only country that has issues that will be bubbling up from underneath.
This isn't about people, this is about power and control. Care, love, compassion, good policy, abundance, freedom and equity those won't be given by those in power, but it is what we stand to loose. The things going on in China are like a canary in the coal mine.
I have been hearing "The coming collapse of China" theory for decades. What's new?
he is the news, a 'China expertise'. Doubt if he can read in Chinese.
For decades even though chinas economy only became significant 2 decades ago huh? Sure buddy
Ask Gordon Chang
I cracked at the Monty Python “all is going well”
Love the “brake slammed” and the bike 😅😂🤣
I love your videos!!!
How did you the numbers at 4:29?
With the NYC avg. salary being (67K) and avg. apartment price at (1.2M) it didnt add up to me. These were the most optimistic nr. I could find.
One of the best channel about finance
Fantastic video. Keep up the good work.
That cop on his bike.😂😂 this guy is low key a comedian.
So they have a ridiculous over built number of houses,but the houses are more and more expensive? They must be building in remote areas where nobody wants to live...
Fantastic assessment and presentation Patrick. Subscribed!
Hugh, as usual, is a visionary to far ahead of his time. And as Hugh will tell you, markets all about timing. Love that guy.
Hugh who?
I could listen to you for hours. You are unfailingly informative, articulate and well-reasoned. Many thanks! Would have loved to have been one of your university students
You can see his lectures on UA-cam.
Sun Tzu says “in the midst of chaos, there is also opportunity.” No truer words ever spoken nor any situation more relevant than now.
Doesn't understanding China's GDP today require understanding previous years' GDP? Given the amount of mal-investment, how is that possible? Unquestionably, a large part of the economy has been dedicated to building housing that no one lives in and high-speed trains that few people ride. And a large part of local government has been funded by land leases for mal-investment. I think if you strip all the "bad" away, China's economy is smaller and has been growing at a much lower rate. China will be lucky to avoid a deep recession.
It's possible because there isn't any widespread mal-investment in the Chinese economy. This is just a stupid myth you people have concocted to cope with China's rise and the fact that the West's time in the sun is over.
@@duyataksis5210 u sure u know what ur talking about? U assume u know wut other ppl think it seems like
I take everything china says or does with suspicion because they hide everything they do and have and do not allow anything to become public knowledge it seems like.
China does no wrong, china is perfect, china is amazing. Meanwhile they ban a cartoon bear named poo because their authoritarian leader happens to resemble poo
China's lack of transparency can work both ways though. They know far more about their population's habits through social tracking than western economies. Even if the real estate sector goes to zero (which it can't, there's only so much 'livable' land) it is only 30% of their economy. There will be a bottom that will be attractive to those sitting on the sidelines for property purchases. China's ascendance is pretty much inevitable and undeniable.
@@Miscelanou sigh, you know why the collapse of China didn't work out for you for more than 20 years? Goto bilibili and search pooh. You will see.
again, we don't even know how all those lies can be manufactured and spread, but we do know what it can bring, your failure.
@@jctai100 it’s ascendence has slowed down and will steady out if anything it will just grow at a steady rate similar to the USA.
Common prosperity for CCP members not China's population 93 billionaires in CCP are unaffected and probably getting richer
55 million houses are but a small fraction of 1.4 billions population less than 1%.. New Houses in new cities are for rural areas local migrants.
Great video. Uncovered some hidden issues from my pov. The commercial paper issue is nuts
the insane gap between demand and supply also originitated from China's underdeveloped capital markets and a lack of financial planning capabilities among Chinese people. for the last 2 decades, houses were treated as the best investment tools for the general public, who perceive other forms of investment such as stocks as scams to certain extent.
Of those 55 million empty housing units, how many, if any are habitable?
One of the thing that scares me it that i have yet to find any reliable mean of knowing how manya third parties are exposed to the Chinese corporate/real estate debt through let's say, OTC swap contracts. This could get horrible to say the least.
You don't want to know. You will 😴 sleep 😴 better if you don't.
Hey Patrick, great video. Just for note, I suspect they banned Winnie-the-Pooh character because there are memes about Xi looking like the bear and he reportedly doesn't like that.
true!
Just a humble lightning rod salesman.
Contagion should impact Vancouver real estate ?
10:00 This! This is what I was concerned about when completion of the buildings was dumped onto the local governments. Aggravated by the absence of buyers for additional land sales, they no longer have a source of revenue to fund their existing operations right now far less to take on additional work (for no pay). In the end, the central govt will have to bail out someone even if it isn't Evergrande. The next question is how? What strategies can the central govt follow to get these projects completed especially if they want to refrain from 12:43 "flood-like stimulus." So either they will eventually have to resort to printing money, or they will throw all the chinese home-buyers and investors under the bus. The delegation of the properties to the l.gov bodies might simply be a delaying tactic and/or the l.gov bodies will be left holding the bag while being held responsible for keeping the peace.
I wonder if this is the commercial paper Teather (Hong Kong Based) invested in that backs their coin? (mentioned @ 12:00 min)
55 million empty housing units and 93 million properties under construction. Gosh and I bet many of us watching this video live in a country where it's the complete opposite, a lack of available housing and new construction vastly under what is needed which inflates the price making it harder and harder to purchase a property and the cost of housing representing a big sum of people income.
Worth bearing in mind that it’s unclear how much of that vacant housing is actually habitable, and how much of it is cardboard speculation fuel
In the US, we also have more empty houses than we do homeless people and I don't think it's a coincidence that a lot of the the apartments in rapidly gentrifying neighborhoods are owned by chinese investors. I live in a brownstone apartment in the Boston metro area and evenmy landlord is Chinese.
Thanks for what you do
Comedian John Oliver compared Xi to Poo and after that episode aired, Poo was banned in China.
Celebrity culture and efeminate fashion are not a "perceived" societal ill , they are are and have been an actual sign of societal decay and degradation for the past idk 20, 30 maybe 60 years and have also been soo in the more distant past...
Intellectually brilliant! He does his homework and tutors his students well. I especially like that it's mostly facts and they speak for themselves. Not much opinion required. I'm incredibly grateful for this excellent channel.
fact：winnie the poo is not banned in China
China did what the USSR did before its collapse. They built to increase GDP, not to meet demand. A free-market grows based upon underlying demand which is sustainable. A totalitarian system (communism, fascism, etc...) builds based upon a small groups ideology and does not actually create a sustainable system. China is buckling under infrastructure maintenance that provides no real economic value.
Great content. China is sliding down. Slowly but surely. The demographic disaster will get worse.
They could setup breeding camps for women who refuse to have three children. The PLA would be given free 'entertainment' and the women only released once they reach the three child quota. In the past China has killed many, many millions of their own citizens. Allowing soldiers free range with Chinese women I suspect is well within their modus operandi.
@@mbak7801 no, they will ban abortion and contraception
China has the biggest population in the world. It doesn't have a demographic disaster per se - it has a problem with its economy being dependent on a very large population of slave workers.
@@neotropos This is not my data. Please read up. 2023 will be the first year that the Chinese population will actually go down. Their working age population is already in decline. This is the reason why the govt has allowed two and now three kids.
@@alburj1 Tbh it seems like china is sliding away from fast and volatile growth rate to sustainable and safe growth. In that process China's growth rate may fall but it's definitely not a collapse that's for sure
Patrick, when factoring likely massive bad debts, what is the real GDP of China? $8 trillion?
how big is china's non-performing loans?
@@kimeli I think we are about to find out. Since lending standards are tied to connections and not risk, this should be fun to watch.
Can someone kindly show me the link of the mentioned article "historic mission of private enterprise had achieved all of its goals in china" at the beginning of the video?
Feifei yes I am curious also, 。。。and why would one anonymous post among many thousands, hell millions, be paid attention to ahead of so many others. m no thoughts of conspiracy here but there must have been something outstanding about it to catch everyone's attention.
Patrick, I know you have a very time consuming job.
But please, I need more videos. I haven't been so interested in finance since I hated it in high school economics.
Pls thanks
Winnie the Pooh was banned because he looks like their president.
Would love to see your take on the chinese issue of duplicated legal money bills
Also, just so you understand how they distribute wealth. One way is to take the farmers land (run down small apartment or houses) They then build up 30-40 floor new community. They then award each person an apartment based on the amount of space taken away. They get a new apartment and most people I know got 4-5 new apartments. They then sell the rest of the apartments. I know people who have been given entire apartments for free as they are poor. This usually helps the poorly educated farmers who cannot earn a living by now having 4 or so apartments to rent out for income, a home and a managed community, usually private and gated. Is there an uneven distribution of wealth? yes, without a doubt but many places have shared in it for free or their situation improved.
Thank you for sharing this
Another good one Patrick 👍
Congrats for the new designer!
How come you didn't mention the underlying problem of debt-fueled malinvestment to prop up gdp growth figures? The lack of "organic" growth seems to be the root issue behind the debt problem and the red lines, and that kind of problem isn't self inflicted
Pshaw. Don’t you know that anything can be papered over by concrete-colored tissue paper and rubber rebar? Silly Westerner. Face is all that matters; ROI is for nubz.
I think that's been covered (at least in part) by other videos on the channel, to be fair
Huh? How isn't central economic planning by the Communist government NOT "self-inflicted?"
@@DanSme1 i’m with you. You can’t purposely central-plan a debt-driven malinvestment scheme and then claim everyone buying into it is the problem. That’s what moral hazard is.
What did the central planners think would happen? That everyone would have turned up their nose at basically government guaranteed risk-free profit?
3:35 "it's only a flesh wound" visual reference. I died laughing. Great content but the subtle humor keeps me in stitches.
I love your videos, dear Patrick...
Awesome...
How do hedge funds get around other hedge funds who are clearly manipulating the market?
That's 15:14 minutes saying; "Don't get into China stocks". Thank you, Sir Patrick Boyle.
Yes because US have better system, no student debt ( education for profit ) and anyone can afford homes 🤡
@@Bekssss US is in a MUCH better place than china.
@@GowthamNatarajanAI have you been in China ?
@@Bekssss No. Individual opinion does not matter anyway.
Statistics and numbers matters. And US is much better than China.
@@GowthamNatarajanAI yeah number show that now middle class in China 707 million people that some of them very easy can buy multimillion homes in Canada , California, Australia and American live in tents and cars in crazy big numbers
"it's almost as bad as Canada" 😂🤣😂🤣
Come for the econ news - stay for the humour 😀
Patrick, with all due respect, what are you talking about with Canada? I'm not sure what that "stringency index" really refers to but it's been far more relaxed here compared to what I hear in the UK and Australia (emphasis on what I hear).
Perhaps that index is conflating Quebec policy with the other provinces because I can personally assure you I've been able to go about my normal day as long as I'm wearing my mask and showing my vaccine status on my phone. We had a brief lockdown again when omicron was peaking but everybody besides Quebec is already out of lockdown.
China's economic growth is tied to its population growth and "retirement bomb" coming up. Its population is growing at less that 0.5% per year, meaning fewer workers to support an aging population. That's not an uncommon problem among nations, but China's state-controlled manipulation of birth rates with the one-child policy is coming back to bite it badly. It desperately needs extraordinary economic growth to overcome that problem, and it's not getting it.
The effect of the one child policy is massively overstated. Fertility had already begun declining long before its implementation. China was going to have low fertility regardless of that policy. In fact fertility rates actually stopped declining in the 1980s in the years after the policy was implemented before declining again in the 1990s. Look for example at Korea and Taiwan, which have fertility rates much much lower than China
There are important countries in top 20 by GDP in the world that are in a much, much worse situation than China in regards to aging population and they do not even have 1/10th of China's yearly economic growth. First major example that comes to mind is Japan and you know what they will do? Same thing as Germany and France; unrestrict immigration to allow immigration by a motivated young workforce from abroad. So I think that problem is a bit exaggerated.
China's population increased by 480k in 2021 - that's 0.034%. But they're going to compensate with later retirement - presently absurdly early - more sophisticated manufacturing, skilling up the work force. Compared to places like Italy and even Japan and Korea, China's population/demographic problem is fairly modest.
@@franticmower7300 Japan is seeing a flatlining of GDP growth but is experiencing per capita growth. China is looking at negative per captia GDP growth.
@@kokofan50 It is possible to find justification to say that a country is going to shit and you can do it for every single country but how a country will perform on the long term depends not on your wishes but reality and the reality is that there is not much stopping China becoming number one economy by the end of the century.
In terms of negative GDP per capita; I think you can look at their performance from 2000-2022. They went from 1000$ in 2000 to 10000$ in 2022. It would be safe to say that a flatlining might occur eventually but there is no reason to think that a country which had positive per capita GDP growth even during the pandemic will have negative per capita growth in the future.
Wow! This video was superb 👌
When a society sees an evolving trend that is about to harm itself, should it not correct it?Should it allow just the benefits. For example, the economic development is causing an increasing divide between the rich and poor, should the leadership allow this to continue. In the US, the rich has gain control over the leadership and the divide continues to grow. We have seen in history, like in France, what this divide eventually leads to. Leaders should not abdicate their duties, do harmful things that only preserve their positions. Their focus should be on the welfare of the people and country as a whole, not just on a particular sector..
You know the Winny the Poo has nothing to do with the name right? I hope were being sarcastic lol
The problems go a lot further for China ! An increasing avalanche of non Chinese company's are leaving China, in the car industry and electronics industries in particular. Due to supply chain problems, Coronavirus issues, and subsidies particularly from Japan, if you relocate to Japan. But also due to the rising cost of Chinese labour, which now exceeds many of China's neighbours such as Vietnam. Famous names such as Volkswagen/Audi, Cannon, Olympus, Sony, etc, are downsizing rapidly, or pulling out completely !!!
I dont konw why these are the problems for China. When I started working as and IT man almost 20 years ago. It was goldern time of western companies, IBM, CISCO and Oracle etc.During those day these companies has no competiors, you had to buy it and buy it in high price, but now it is different because the western companies become less competitive. Chinese are willing to buy thier local products. So if the market and demands are still there and these compnies are downsizeing rapidly, it means the local companies are growing. this should not be problems for china. It should be problems for the western.
Hey Patrick. Great video! Hope you've been taking care of yourself.
Great content! And (strange as it sounds in an economics posting) great bravery!
Here is an idea for a video. How much of the current inflation is due to the tariffs both on china and Canada?
Emperor Xi has a very fragile ego and likely a very small manhood. He simply can't stand the thought that anyone might be more powerful or successful than himself. Hence the crackdown on exceptional individuals.
True. He can't 'bear' that at all.
The Chinese police also do this sort of local "revenue" gathering. They collect "cash" from various businesses that run just outside of the law. Protection money is paid but more like blackmail really. I lived in China on and off for the last 12 years. There are some fantastically innovative rackets on the go! Too many to go through here.
Commercial paper stamping,sounds a whole lot like what happened with US debacle of 2007-08,maybe a lot worse
Patrick... what do you think about financial institutions like Blackrock and in the UK, banks such as Lloyds bank becoming landlords?
Always interesting. I would like an opinion on how accurate economic figures released by the Chinese government really are and whether investment analysts take them at face value.
The Chinese economic figures at the level of the provinces are often different than the Central Government Statistics. This discrepancy on its own should increase skepticism on the Stats from Beijing. Lastly may recommend book "End of an Era" by Carl Minzner which has some interesting information on this.
The economy figure is as real as what Joe told the Americans and still American are sleeping on the streets and you can’t find the Chinese living on the streets but was given a job by the CCP government and their housing ,the reason why the Chinese people are locked in their homes during Covid outbreak is because they are caught going out and transmiting the virus and not listening,moreover,the Urgyu Muslim are sent to camps is because some of them are extremist and caught committed bombing in Chinese cities.China are self sufficient and they have prove so until the European and Americans wanted their teas and their goods in late 1800 and did their dirty deeds opium war not surprising currently now the media war.Americans should mind their own business and not interfere in other countries
Difference frames the world and geopolitics in conflicts is a better UA-cam channel to hear both sides of the story.
8 years to buy an apartment in New York? Under what bridge may I ask ?
I think the line between Intelligence and ambition got all twisted up, and to find a middle ground between that is difficult in the best of times. They should go full German government, but those in power that benifit from the current system will never let that happen voluntarily...
The narrative focus on growth is disturbing, I believed Patrick would have a wider point of view :(
Thanks a lot Patrick. One thing I'd like to ask: If there's graphs/graphics like the increase/decrease of Chinese exports over the months in your future videos, would it be possible to have them displayed a bit longer? I often find myself pausing the video for 3 to 4 seconds more just to take in the dense information contained in them.
Thanks a lot.
You mean 3-4 minutes, right? 🙄
I lived in Canada...and youre right.....this friday a huge trucker convoy is going to Ottawa to say hello to Trudeau....and by chance....he will remain at home because a fever!!!
Nah, the support is minimal.
Probably 0.1%…..those PPC supporters for the most part.
CPC arent even backing them….and Kenney is doing a “oh look im going to go hide now”
Just in case Patrick wasn't sarkastic. Winnie puh was banned after people regognized similarity between the yellow fellow and a certain leader of the people's Republic of China. No kidding. The 50 cent army can be a pain and several cases where voice actors, actors and you tubers got removed or banned for visiting a shrine or mentioning Taiwan (that is a country ) when reading their view statistics. Don't mess with winnie puh!
Hilarious.
Excuse me but this comment is extremelly disrespectful and uninformed! The name is Pooh.
@@tonybelu Yes, Pooh might be pissed being associated with Xi.
Chaynah going down is blessing in disguise for the world. So much debt from local government they need to start taking wealth away from private citizens.
the insert clips got me rolling 😂😂😂