China - Don't Say Deflation!
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- Опубліковано 27 сер 2023
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China’s economy has been struggling to reawaken from an economic shutdown that was officially ended last year. Chinese authorities are now reported to be pressuring economists and analysts within the country to avoid discussing any negative trends and to avoid using the word deflation, as concerns grow about the leaderships’ ability to stimulate the economy. In April consumer confidence fell back to the lows of 2022, according to China’s National Bureau of Statistics, which promptly stopped releasing the figure.
The Chinese government, facing an expected seventh consecutive monthly increase in youth unemployment, two weeks ago announced that it was suspending the release of that data. On top of this, the demographic problems brought about by the one-child policy are growing.
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Can you start doing a video shirt off, so we can see your progression?
Ripped Patrick
@@bosorotthe distinguished gentleman even training in a suit, unfortunately seems like there's no chance. It could be even possible that he has a special tailored sleep suit. 😂
You are as skinny as a rail..... you don't need to exercise in a business suit to be any more healthy.... that was a real riot!!!!
That workout B-roll was 12/10
I love how ignoring metrics magically makes problems disappear
When your citizens don't know about your problem, you are not in danger. The economics problems don't disappear, but the (political) problem of being overthrown is reduced.
In Chernobyl, the citizens didn't know either till it was too late.
their is some logic in not saying deflation is happening so it does not become a self fulling prophecy.
@matthewhungerford1861 same goes for a big part of inflation... falsified inflation... raising prices just because the news says inflation.
The earth also ceases to exist when I cover my eyes using that kind of knowledge 😅
It is so fun to see Patrick working out in a Suit. I am not sure if anyone got the humor there... but seriously... this is comedy gold. Bonus points for the deadpan expression when working out.
It was really funny!
I was hoping for an after-workout sauna shot ;) (in the suit)
So good!
The fact this isn't the top comment is concerning.
what do you mean? can't you see the joy in his face and movements? he totally enjoyed his workout. 🤣🤣
This video is a winner just for Patrick showing his class and professionalism by working out in immaculate business attire. 😂
Wait until he stands up
He dresses sharp, and I love it.
Manners Maketh Man
Hi, I am a worker with a Chinese "peasant identity" (under Chinese identity politics and household registration system, farmers are considered the lowest end of the population). After Professor Qin Hui's ideological enlightenment and awakening, I very agree with Professor Qin Hui's point of view: in the current context of globalization, the constitutional democratic system is being challenged by the autocratic Chinese model (that is, bad money drives out good money). Democratic countries around the world must deeply understand and understand the fact that since the CCP came into power in 1949, hundreds of millions of Chinese farmers have worked hard to pay public food, agricultural taxes The construction of water conservancy projects for free provided the CCP with the original financial accumulation at the beginning of the founding of the People's Republic of China. Under the family planning policy, Chinese farmers were forced to have abortions, ligation and ring fencing, and payment of fines for excess births. Farmers were restricted by the household registration system in rural areas and could not move freely, leading a serf like life. During the three-year period from 1959 to 1961, there were no natural disasters at all. It was entirely due to Mao Zedong's policies such as the "Great Leap Forward" and "Great Steel Refining" that local officials, in response to Mao Zedong's policies, falsely reported ultra-high grain yields and plundered the surplus food of farmers, which resulted in the tragic starvation of 40 million people in human history. The vast majority of these were farmers, At that time, not a single Communist official starved to death. After China's reform and opening up in 1980, the first generation of farmers went to cities to work as construction workers, sanitation workers, cleaners, and miners Waiting for the most tiring and dirty jobs, China joined the WTO in the early 21st century under the background of economic globalization. For example, the second generation of farmers entered red sweatshops as workers, manufacturing cheap goods for the world. Due to the lack of independent trade unions to fight for their legal rights, they could not enjoy social welfare benefits such as work-related injuries, unemployment, medical care, elderly care, housing, and children's education in urban areas, Their children were forced to return to rural areas for education due to their household registration as "farmers" and the "school district housing" system, resulting in the world's largest tragic situation of left behind children and elderly people living alone in rural areas in China. Nowadays, the first generation of farmers have become old and lose their ability to work. They are ruthlessly driven back to the countryside and struggle to make ends meet with a monthly pension of over 100 yuan. The minimum standard for urban household registration is over 2000 yuan per month, which is more than 20 times that of rural household registration. Communist Party officials enjoy privileges and benefits, and the annual medical and health expenses are as high as several million yuan. National level officials spend one billion yuan on tourism in a year. Due to the enormous sacrifices and contributions of these two generations of Chinese farmers, China has become the world's second-largest economy. However, the Chinese farmer group has received exploitation and negative welfare treatment time and time again in the process of national wealth distribution and redistribution, while civil servants and high-ranking officials within the Communist Party system enjoy privileges and high welfare treatment. The Communist Party government utilizes the advantage of low human rights and cheap labor to attract a large amount of international financial capital investment, making China the largest red sweatshop in the world. The reason why cheap goods made in China are popular worldwide is due to the "low human rights" and "negative welfare" of the Chinese "farmer identity" worker group. Even if they work overtime for extended periods of time every day, they barely survive with a meager income. To change the Communist Party government's use of the "low human rights" and "negative welfare" system of China's vast vulnerable group of farmers in unfair competition in the globalized trade market, democratic countries around the world have the responsibility to supervise and pressure the Chinese government to demand an increase in the human rights and social welfare protection of hundreds of millions of Chinese farmers and disadvantaged groups, in order to solve the problem of trade fairness under economic globalization. The trade sanctions imposed by the United States and anti-dumping measures by the European Union cannot solve the problem of trade deficits. If democratic countries believe that the human rights and welfare protection of hundreds of millions of Chinese farmers and vulnerable groups are not related to you, it will gradually lead to a decrease in the standards of wages and welfare protection for labor in democratic countries (such as left-wing political parties in the United States proposing policies to reduce social welfare protection), because although labor in various countries cannot move freely, But capital is profit driven and can flow freely. Which capitalist doesn't like a labor market like China without strong trade unions. If the human rights and welfare standards of Chinese "farmer identity" workers cannot be gradually raised to align with those of democratic countries, then the human rights and welfare standards of democratic countries' workers can only be gradually lowered to align with those of Chinese "farmer identity" workers (this can be seen from the documentary "American Factory"). Democratic countries around the world cannot turn a blind eye to the history of labor tears behind China's "peasant identity" after enjoying nearly 40 years of cheap goods and economic benefits made in China. Please stop having illusions about the CCP and implementing appeasement policies. While paying attention to the human rights of Xinjiang, Tibet, Hong Kong and people in exile, it is more important to pay attention to the human rights situation of all Chinese people, Only by constantly putting pressure on the CCP to improve the human rights of all Chinese people and the welfare protection of vulnerable groups, cultivate the rights awareness of Chinese citizens and taxpayers, help China establish free and independent trade unions, learn from the welfare accountability of Polish Solidarity Trade Union, force financial openness and budget transparency, will China gradually embark on the path of constitutional democracy. A free and democratic China is indispensable for the stability and peace of the world, and it is also a responsibility that democratic countries around the world cannot evade, because we are all citizens of the Earth. I hope that people with conscience around the world can work together to make constitutional democracy overcome dictatorship, let good currency overcome bad currency, and make this world more civilized.
The shot of him working out in the suit and tie generated a genuine lol.
Brooo same
lol had to go back just to watch the ad
I'm a jeweller/gem dealer, the chinese market has totally taken over, it's not just gold. It's mostly precious gems, sapphires/rubies/spinels - the demand for high quality stones is MASSIVE. Prices have gone up so much.
They scour auction sites and even physical antiques markets, in the UK and Europe - you can very rarely buy something at "normal" prices. Only if you're lucky. A friend I have from Sri Lanka (gem mining capital of the world) says many of them have actually moved to Sri Lanka, living there full time in order to buy straight from the source, and they often pay too much, driving up prices further.
That's my industry perspective if it's of any help to anyone. I'd concluded people are worried about the Chinese economy, with gems/jewellery being an easily transported safehold for wealth. But the gem/jewellery side is totally crazy at the moment, makes me wonder how bad it actually is.
Insane. So much money with nowhere to go, this is what happens. People would rather get something than nothing so they will overpay, and the result is market distortion in asset prices.
@@Julie-rg3mb They could pay us back for the technology they stole
I’d be curious to know if precious stones are included in Chinese capital outflow regulations.
I’d bet they aren’t. Yet.
Stones are also an easier store of value than buying overpriced New York real estate.
I’d be curious to know if precious stones are included in Chinese capital outflow regulations.
I’d bet they aren’t. Yet.
Stones are also an easier store of value than buying overpriced New York real estate.
I make watercolor paints from rocks, gems, etc. and can attest that prices have gone up, some have doubled -- not so much for ground/dust but it's still noticeable on top of inflation. Back to foraging for pigments on hikes until things calm down.
I am not surprised that China has not returned to its pre-covid level of economic activity. I say this because the Chinese (who are traditionally big savers), lived off their savings for the last 3 years of Covid induced economic hardship as the social safety net is threadbare in China. So they must first rebuild their savings before there is any increase in the level of domestic consumption. So many Chinese got little or no govt. support over the last 3 years that they are in NO position to spend on white goods or buy houses. Instead they must build back up the family nest egg!
If they can get a job first.
@@lombardo141Has America sorted mass shooting?
@@ishtiaquealamin6147has china figured out it’s child trafficking yet ?
Good point.
Yeah, my Chinese students have said as much. The government needs to pivot toward higher wages and a strong consumption based floor for the economy, but it seems like the gerontocracy at the top will resist that. It's a similar problem that nations around the world are facing, honestly, but cast in more stark relief.
My brother Patrick Boyle doesn’t usually workout, but when he does, he does it with class
Part of the increase in investing in gold may be related to the sheer amount of funny business going on with people's ability to access their cash in banks these days in China
Fear mongering. China isn’t Lebanon. Issue isn't getting money out of the banks, it's getting money out of China.
Gold is easier to sell in another country if no one wants to accept the Yuan. If China do war with Taiwan there will be a lot of sanctions, ergo no one wants their yuan.
The problem though, is that you can't pay bills with gold.
@@slappy8941 The issue going on in China right now, is that often, the bank won't let you pay your bills with your checking account either
No but you sell the gold into the currency that works and exit the currency that doesn’t.
The CCP says, "You must hit our growth target of xxx or else." So local governments borrow whatever it takes to build and reach that target, regardless of demand or need. Any government can achieve "GDP-On-Demand" as long as they're rolling in other people's money.
So they build great infrastructure in the middle of nowhere, but it’s useless after built…
Then someone have to take the loss, I guess the loss keep dragging on without hitting anyone until recently
Mao: "you make me so proud 😢😢"
US government has been on deficit spending over $1T to $2T T for decades only to have less than 2% GDP growth and deficit kept on getting bigger and bigger until the whole thing is collapsing 😅😂
@@oneviwatara9384irrelevant whataboutism about the US located. WUMAO DETECTED!
I wish you can be American president ....yeah !
I just came back from China. There are almost no foreigners in the country, and no foreign tourists whatsoever in many of the previously busy cities like Xi'an and Chengdu. I expected Shanghai to be much more affected by the lockdowns but many stores, bars and restaurants are still where they used to be or have been replaced by new businesses. However, even in Shanghai the amount of foreigners is much lower than before. No tourists, only a handful of people that still live there or are visiting for business.
Why travel to China? If you risk of spending 6 months in jail without trial or formal charges. Anyone can jailed in China for ransom or wrong accusation. China is becoming more like North Korea 😳 than free economy Hong Kong.
Who cares lol
Cheap time to visit?
@@steviewonder417whyd u comment then? ur like a 5 year old kid
@@AlexM-kj4yryes
Part of why I like your channel is that when something doesn't happen like you expect you acknowledge that you were wrong and explain why you were wrong. That sort of willingness to acknowledge things is a great strength.
It’s hard to do but so important especially in finance.
Hi, I am a worker with a Chinese "peasant identity" (under Chinese identity politics and household registration system, farmers are considered the lowest end of the population). After Professor Qin Hui's ideological enlightenment and awakening, I very agree with Professor Qin Hui's point of view: in the current context of globalization, the constitutional democratic system is being challenged by the autocratic Chinese model (that is, bad money drives out good money). Democratic countries around the world must deeply understand and understand the fact that since the CCP came into power in 1949, hundreds of millions of Chinese farmers have worked hard to pay public food, agricultural taxes The construction of water conservancy projects for free provided the CCP with the original financial accumulation at the beginning of the founding of the People's Republic of China. Under the family planning policy, Chinese farmers were forced to have abortions, ligation and ring fencing, and payment of fines for excess births. Farmers were restricted by the household registration system in rural areas and could not move freely, leading a serf like life. During the three-year period from 1959 to 1961, there were no natural disasters at all. It was entirely due to Mao Zedong's policies such as the "Great Leap Forward" and "Great Steel Refining" that local officials, in response to Mao Zedong's policies, falsely reported ultra-high grain yields and plundered the surplus food of farmers, which resulted in the tragic starvation of 40 million people in human history. The vast majority of these were farmers, At that time, not a single Communist official starved to death. After China's reform and opening up in 1980, the first generation of farmers went to cities to work as construction workers, sanitation workers, cleaners, and miners Waiting for the most tiring and dirty jobs, China joined the WTO in the early 21st century under the background of economic globalization. For example, the second generation of farmers entered red sweatshops as workers, manufacturing cheap goods for the world. Due to the lack of independent trade unions to fight for their legal rights, they could not enjoy social welfare benefits such as work-related injuries, unemployment, medical care, elderly care, housing, and children's education in urban areas, Their children were forced to return to rural areas for education due to their household registration as "farmers" and the "school district housing" system, resulting in the world's largest tragic situation of left behind children and elderly people living alone in rural areas in China. Nowadays, the first generation of farmers have become old and lose their ability to work. They are ruthlessly driven back to the countryside and struggle to make ends meet with a monthly pension of over 100 yuan. The minimum standard for urban household registration is over 2000 yuan per month, which is more than 20 times that of rural household registration. Communist Party officials enjoy privileges and benefits, and the annual medical and health expenses are as high as several million yuan. National level officials spend one billion yuan on tourism in a year. Due to the enormous sacrifices and contributions of these two generations of Chinese farmers, China has become the world's second-largest economy. However, the Chinese farmer group has received exploitation and negative welfare treatment time and time again in the process of national wealth distribution and redistribution, while civil servants and high-ranking officials within the Communist Party system enjoy privileges and high welfare treatment. The Communist Party government utilizes the advantage of low human rights and cheap labor to attract a large amount of international financial capital investment, making China the largest red sweatshop in the world. The reason why cheap goods made in China are popular worldwide is due to the "low human rights" and "negative welfare" of the Chinese "farmer identity" worker group. Even if they work overtime for extended periods of time every day, they barely survive with a meager income. To change the Communist Party government's use of the "low human rights" and "negative welfare" system of China's vast vulnerable group of farmers in unfair competition in the globalized trade market, democratic countries around the world have the responsibility to supervise and pressure the Chinese government to demand an increase in the human rights and social welfare protection of hundreds of millions of Chinese farmers and disadvantaged groups, in order to solve the problem of trade fairness under economic globalization. The trade sanctions imposed by the United States and anti-dumping measures by the European Union cannot solve the problem of trade deficits. If democratic countries believe that the human rights and welfare protection of hundreds of millions of Chinese farmers and vulnerable groups are not related to you, it will gradually lead to a decrease in the standards of wages and welfare protection for labor in democratic countries (such as left-wing political parties in the United States proposing policies to reduce social welfare protection), because although labor in various countries cannot move freely, But capital is profit driven and can flow freely. Which capitalist doesn't like a labor market like China without strong trade unions. If the human rights and welfare standards of Chinese "farmer identity" workers cannot be gradually raised to align with those of democratic countries, then the human rights and welfare standards of democratic countries' workers can only be gradually lowered to align with those of Chinese "farmer identity" workers (this can be seen from the documentary "American Factory"). Democratic countries around the world cannot turn a blind eye to the history of labor tears behind China's "peasant identity" after enjoying nearly 40 years of cheap goods and economic benefits made in China. Please stop having illusions about the CCP and implementing appeasement policies. While paying attention to the human rights of Xinjiang, Tibet, Hong Kong and people in exile, it is more important to pay attention to the human rights situation of all Chinese people, Only by constantly putting pressure on the CCP to improve the human rights of all Chinese people and the welfare protection of vulnerable groups, cultivate the rights awareness of Chinese citizens and taxpayers, help China establish free and independent trade unions, learn from the welfare accountability of Polish Solidarity Trade Union, force financial openness and budget transparency, will China gradually embark on the path of constitutional democracy. A free and democratic China is indispensable for the stability and peace of the world, and it is also a responsibility that democratic countries around the world cannot evade, because we are all citizens of the Earth. I hope that people with conscience around the world can work together to make constitutional democracy overcome dictatorship, let good currency overcome bad currency, and make this world more civilized.
I love the "working out in a suit and tie" bit during the ad read. Top-notch dry humor sir! You never disappoint.
I suspect he was born in a suit.:)
Hi, I am a worker with a Chinese "peasant identity" (under Chinese identity politics and household registration system, farmers are considered the lowest end of the population). After Professor Qin Hui's ideological enlightenment and awakening, I very agree with Professor Qin Hui's point of view: in the current context of globalization, the constitutional democratic system is being challenged by the autocratic Chinese model (that is, bad money drives out good money). Democratic countries around the world must deeply understand and understand the fact that since the CCP came into power in 1949, hundreds of millions of Chinese farmers have worked hard to pay public food, agricultural taxes The construction of water conservancy projects for free provided the CCP with the original financial accumulation at the beginning of the founding of the People's Republic of China. Under the family planning policy, Chinese farmers were forced to have abortions, ligation and ring fencing, and payment of fines for excess births. Farmers were restricted by the household registration system in rural areas and could not move freely, leading a serf like life. During the three-year period from 1959 to 1961, there were no natural disasters at all. It was entirely due to Mao Zedong's policies such as the "Great Leap Forward" and "Great Steel Refining" that local officials, in response to Mao Zedong's policies, falsely reported ultra-high grain yields and plundered the surplus food of farmers, which resulted in the tragic starvation of 40 million people in human history. The vast majority of these were farmers, At that time, not a single Communist official starved to death. After China's reform and opening up in 1980, the first generation of farmers went to cities to work as construction workers, sanitation workers, cleaners, and miners Waiting for the most tiring and dirty jobs, China joined the WTO in the early 21st century under the background of economic globalization. For example, the second generation of farmers entered red sweatshops as workers, manufacturing cheap goods for the world. Due to the lack of independent trade unions to fight for their legal rights, they could not enjoy social welfare benefits such as work-related injuries, unemployment, medical care, elderly care, housing, and children's education in urban areas, Their children were forced to return to rural areas for education due to their household registration as "farmers" and the "school district housing" system, resulting in the world's largest tragic situation of left behind children and elderly people living alone in rural areas in China. Nowadays, the first generation of farmers have become old and lose their ability to work. They are ruthlessly driven back to the countryside and struggle to make ends meet with a monthly pension of over 100 yuan. The minimum standard for urban household registration is over 2000 yuan per month, which is more than 20 times that of rural household registration. Communist Party officials enjoy privileges and benefits, and the annual medical and health expenses are as high as several million yuan. National level officials spend one billion yuan on tourism in a year. Due to the enormous sacrifices and contributions of these two generations of Chinese farmers, China has become the world's second-largest economy. However, the Chinese farmer group has received exploitation and negative welfare treatment time and time again in the process of national wealth distribution and redistribution, while civil servants and high-ranking officials within the Communist Party system enjoy privileges and high welfare treatment. The Communist Party government utilizes the advantage of low human rights and cheap labor to attract a large amount of international financial capital investment, making China the largest red sweatshop in the world. The reason why cheap goods made in China are popular worldwide is due to the "low human rights" and "negative welfare" of the Chinese "farmer identity" worker group. Even if they work overtime for extended periods of time every day, they barely survive with a meager income. To change the Communist Party government's use of the "low human rights" and "negative welfare" system of China's vast vulnerable group of farmers in unfair competition in the globalized trade market, democratic countries around the world have the responsibility to supervise and pressure the Chinese government to demand an increase in the human rights and social welfare protection of hundreds of millions of Chinese farmers and disadvantaged groups, in order to solve the problem of trade fairness under economic globalization. The trade sanctions imposed by the United States and anti-dumping measures by the European Union cannot solve the problem of trade deficits. If democratic countries believe that the human rights and welfare protection of hundreds of millions of Chinese farmers and vulnerable groups are not related to you, it will gradually lead to a decrease in the standards of wages and welfare protection for labor in democratic countries (such as left-wing political parties in the United States proposing policies to reduce social welfare protection), because although labor in various countries cannot move freely, But capital is profit driven and can flow freely. Which capitalist doesn't like a labor market like China without strong trade unions. If the human rights and welfare standards of Chinese "farmer identity" workers cannot be gradually raised to align with those of democratic countries, then the human rights and welfare standards of democratic countries' workers can only be gradually lowered to align with those of Chinese "farmer identity" workers (this can be seen from the documentary "American Factory"). Democratic countries around the world cannot turn a blind eye to the history of labor tears behind China's "peasant identity" after enjoying nearly 40 years of cheap goods and economic benefits made in China. Please stop having illusions about the CCP and implementing appeasement policies. While paying attention to the human rights of Xinjiang, Tibet, Hong Kong and people in exile, it is more important to pay attention to the human rights situation of all Chinese people, Only by constantly putting pressure on the CCP to improve the human rights of all Chinese people and the welfare protection of vulnerable groups, cultivate the rights awareness of Chinese citizens and taxpayers, help China establish free and independent trade unions, learn from the welfare accountability of Polish Solidarity Trade Union, force financial openness and budget transparency, will China gradually embark on the path of constitutional democracy. A free and democratic China is indispensable for the stability and peace of the world, and it is also a responsibility that democratic countries around the world cannot evade, because we are all citizens of the Earth. I hope that people with conscience around the world can work together to make constitutional democracy overcome dictatorship, let good currency overcome bad currency, and make this world more civilized.
@@YourHineynessit’s his exoskeleton.
People are also getting gold bars as 'bonuses' from real estate sales in China, since the ccp is not allowing price decreases, sellers turn to gold bars as bonus to buyers
They allowed price decrease but not to the extreme to prevent volatility. I dont see anything wrong. It is just another tool similar to what FED did.
@editg121 I think it shows where the demand for gold could be coming from, partly a way to sell more real estate? As for the restrictions on price decreases, they didn't exist before, regular people bought real estate to invest their savings, while the local government revenues came from selling the land itself to developers. Prices had gone up for decades before they crashed, with people spending huge percentages of yearly income on even a second house.
It all looks very unstable, I guess, especially given the other bad news in China, like the unemployment and the covid lockdowns.
The latest is, investors are going to dump gold stocks
In other places prices are stable, but the only buyer is the government.
It varies from city to city and year to year@@editg121
Ah, the wonders of central planning. I never understood why an economy that was so hostile to foreign businesses managed to keep getting foreign investors to prop it up.
lol cope dude. China went from dirt farmers into the second largest power in the world in 30 years. Central planning did that.
It gets better - recent law changes make it illegal to do due dillagence on a business opportunity. Hard to think of anything more anti-investment. CCP only cares about political control and not much else.
Because it was lucrative for awhile there. And money wins over all
@@Setixirit was lucrative for private investor the public markets have always lost money. Foreign equity is always a scam show a time it outperforms the usa for a decent period of time for any country.
Basically those who got suckered in early trying to hand the bags over to the next in line to show returns and so on.
Gold consumption in China is used primarily as an alternate payment method that can't be tracked by the government.
Example: Bribing government officials. Whether with gold bars or, as in the case of during Lunar New Year, a present of a Moon Cake inside a solid gold box.
Example: Buying and selling real estate. Because the government prohibits selling real estate for less than it was purchased, if someone needs to sell their real estate even for a loss, gold is used to compensate the buyer from the seller. The property is officially sold for the original purchase price, but under the table an amount of gold was transferred in the amount of the difference between the official sale price and the actual sale price.
I worry that a military adventure in Taiwan will act as a distraction from economic issues.
Which would be extremely ironic when China runs out of money during the invasion, because military officials have all embezzled funds and sold military equipment.
An invasion like that will take over a year of preparation that will be impossible to hide and the chances of success are low. It will be the first beach landing of that magnitude since WW2 and experts debate if it's even possible with today's modern weapons, where a single missile can sink a warship. China's economy will have to get REALLY bad for that plan to make sense.
You know China better than 90% Bloomberg writers already
It all depends on how tenuous Xi thinks his own position is.
@@dongately2817he has over 1000 body guard to protect him on every trip inside China. What do you think ?
The best part of this video is Patrick exercising in a business suit.
Time stamp?
@@basiccoder2166 6:23
@@KippinCollars thanks I was skipping ad section 😅
@@basiccoder2166 I did too until I saw that so I stopped and watched.
It's like seeing a deer walk on its hind legs.
I appreciate that Patrick doesn't dress down too much for the gym, though personally, I was really hoping for a 3-piece.
😂
The vest pinches
He did go down to a half Windsor knot from his usual full Windsor. 😁
Patrick working out in full attire is 😂
But somehow it's not surprising
@@1alayzzia It goes perfectly with the channel’s motif.
You know, I think we all expected this. He is, after all, UA-cam's finest financial meme advisor.
@dongately2817 And honestly, if we saw him wearing something else we might be a bit shocked! I bet his pajamas have a print of a suit on them.
Mate seeing you exercise in your suit gave me the laugh I needed today. 🤣
In conclusion of this excellent video: there are so many investment options around the world, why bother to tango with China.
The failing real estate companies deal a much greater damage to households than you can imagine. They are leaving millions of unfinished homes. While those homes are unfinished and unliveable, the buyers still have to pay the mortgage. In the US, if your home is unfinished, you either get all your money back, or at the worst, stop paying for it and accept the loss. However in China there is no way to escape from the mortgage even if the house is incomplete and eventually ruined.
The fallout of Evergrande, City Garden etc. not only leave big debt holes behind them, but the desperate victims who have nowhere to live yet still pay for 30 years of mortgage, dumping 50 times of their household income into a blackhole. How desperate is that and how would you imagine their "consumption" at all?
The D-word that should worry the CCP isn't deflation, it's depression, as in The Great Depression, China Edition.
Deflation can cause a depression
They might need to worry about the R word too. Revolution. People were only willing to submit to CCP authoritarianism if they were provided an economy they can live reasonably well in.
Prolonged deflation is what characterized the 1920/30 US recession turning into the Great Depression.
@@FireMarshallStevReally? Deflation caused it, huh?
Depression with Chinese characteristics.
Can you make a video that explains the US's downgraded credit rating from AAA to AA+? Who's the body who decides countries' credit ratings and how important are credit ratings in the grand scheme of things?
Also, great video as always, thank you so much for all the work you put into these!
I have been waiting for a video on this !
Rating agencies like Moody's, Fitch, S&P put out credit ratings for investors. Usually very lenient to US debt and companies
and why you don't look around , there is enough videos on this elsewhere.....Patrick Boyle decides what to discuss here...suggestion is one thing, whataboutism is different topic
@@jdrublebuble it warms my heart we both watched the same video and sought knowledge together
@@margiepowers815 namaste, youre such an open minded troll
I watch a lot of youtube, including a lot of economic and political analysis videos, and I would like to say that this video was one of the clearest, most nuanced and clearly evidenced based that I've seen in a long time. Even Patrick's delivery of the information was so easy to listen to and digest that I found myself totally focused and not looking to fire up another video. Subbed and belled, looking forward to other videos of similar quality.
Hi, I am a worker with a Chinese "peasant identity" (under Chinese identity politics and household registration system, farmers are considered the lowest end of the population). After Professor Qin Hui's ideological enlightenment and awakening, I very agree with Professor Qin Hui's point of view: in the current context of globalization, the constitutional democratic system is being challenged by the autocratic Chinese model (that is, bad money drives out good money). Democratic countries around the world must deeply understand and understand the fact that since the CCP came into power in 1949, hundreds of millions of Chinese farmers have worked hard to pay public food, agricultural taxes The construction of water conservancy projects for free provided the CCP with the original financial accumulation at the beginning of the founding of the People's Republic of China. Under the family planning policy, Chinese farmers were forced to have abortions, ligation and ring fencing, and payment of fines for excess births. Farmers were restricted by the household registration system in rural areas and could not move freely, leading a serf like life. During the three-year period from 1959 to 1961, there were no natural disasters at all. It was entirely due to Mao Zedong's policies such as the "Great Leap Forward" and "Great Steel Refining" that local officials, in response to Mao Zedong's policies, falsely reported ultra-high grain yields and plundered the surplus food of farmers, which resulted in the tragic starvation of 40 million people in human history. The vast majority of these were farmers, At that time, not a single Communist official starved to death. After China's reform and opening up in 1980, the first generation of farmers went to cities to work as construction workers, sanitation workers, cleaners, and miners Waiting for the most tiring and dirty jobs, China joined the WTO in the early 21st century under the background of economic globalization. For example, the second generation of farmers entered red sweatshops as workers, manufacturing cheap goods for the world. Due to the lack of independent trade unions to fight for their legal rights, they could not enjoy social welfare benefits such as work-related injuries, unemployment, medical care, elderly care, housing, and children's education in urban areas, Their children were forced to return to rural areas for education due to their household registration as "farmers" and the "school district housing" system, resulting in the world's largest tragic situation of left behind children and elderly people living alone in rural areas in China. Nowadays, the first generation of farmers have become old and lose their ability to work. They are ruthlessly driven back to the countryside and struggle to make ends meet with a monthly pension of over 100 yuan. The minimum standard for urban household registration is over 2000 yuan per month, which is more than 20 times that of rural household registration. Communist Party officials enjoy privileges and benefits, and the annual medical and health expenses are as high as several million yuan. National level officials spend one billion yuan on tourism in a year. Due to the enormous sacrifices and contributions of these two generations of Chinese farmers, China has become the world's second-largest economy. However, the Chinese farmer group has received exploitation and negative welfare treatment time and time again in the process of national wealth distribution and redistribution, while civil servants and high-ranking officials within the Communist Party system enjoy privileges and high welfare treatment. The Communist Party government utilizes the advantage of low human rights and cheap labor to attract a large amount of international financial capital investment, making China the largest red sweatshop in the world. The reason why cheap goods made in China are popular worldwide is due to the "low human rights" and "negative welfare" of the Chinese "farmer identity" worker group. Even if they work overtime for extended periods of time every day, they barely survive with a meager income. To change the Communist Party government's use of the "low human rights" and "negative welfare" system of China's vast vulnerable group of farmers in unfair competition in the globalized trade market, democratic countries around the world have the responsibility to supervise and pressure the Chinese government to demand an increase in the human rights and social welfare protection of hundreds of millions of Chinese farmers and disadvantaged groups, in order to solve the problem of trade fairness under economic globalization. The trade sanctions imposed by the United States and anti-dumping measures by the European Union cannot solve the problem of trade deficits. If democratic countries believe that the human rights and welfare protection of hundreds of millions of Chinese farmers and vulnerable groups are not related to you, it will gradually lead to a decrease in the standards of wages and welfare protection for labor in democratic countries (such as left-wing political parties in the United States proposing policies to reduce social welfare protection), because although labor in various countries cannot move freely, But capital is profit driven and can flow freely. Which capitalist doesn't like a labor market like China without strong trade unions. If the human rights and welfare standards of Chinese "farmer identity" workers cannot be gradually raised to align with those of democratic countries, then the human rights and welfare standards of democratic countries' workers can only be gradually lowered to align with those of Chinese "farmer identity" workers (this can be seen from the documentary "American Factory"). Democratic countries around the world cannot turn a blind eye to the history of labor tears behind China's "peasant identity" after enjoying nearly 40 years of cheap goods and economic benefits made in China. Please stop having illusions about the CCP and implementing appeasement policies. While paying attention to the human rights of Xinjiang, Tibet, Hong Kong and people in exile, it is more important to pay attention to the human rights situation of all Chinese people, Only by constantly putting pressure on the CCP to improve the human rights of all Chinese people and the welfare protection of vulnerable groups, cultivate the rights awareness of Chinese citizens and taxpayers, help China establish free and independent trade unions, learn from the welfare accountability of Polish Solidarity Trade Union, force financial openness and budget transparency, will China gradually embark on the path of constitutional democracy. A free and democratic China is indispensable for the stability and peace of the world, and it is also a responsibility that democratic countries around the world cannot evade, because we are all citizens of the Earth. I hope that people with conscience around the world can work together to make constitutional democracy overcome dictatorship, let good currency overcome bad currency, and make this world more civilized.
The thing that gets me is the "depression". Everyone is saying resession. Yet I thought they met the definition of depression.
"Depression" does not have a generally-accepted definition. Some characterize it as a large decrease in GDP (like 10%) sustained for more than a couple of years. China has not experienced negative growth on an annual basis since 1976 despite two non-consecutive quarters of negative growth in 2020 and 2022.
Euphemism? What did people call the Great Depression while it was going on?
@@DKNguyen3.1415 They called it "This really sucks!" My father lived through it as an adult BTW. Had gotten started in a career with GM, but over a period of months the effects spread from the East Coast to the West Coast and picked him off along the way (Texas). He talked about it like lava flow or something: Long before it gets to you, you can see it coming. Then it finally arrives.
@@DKNguyen3.1415The Big Unhappy
Finally someone sane with expertise to touch on this...
Country Garden has one million unfinished apartments mostly in second and third tier cities.
A collapse of Country Garden would wipe out the savings of one million households!
The gold purchases likely indicates, and is consistent with, the general loss of confidence by the Chinese in their own system. When things look bad, buy gold! is how they think.
Nah, it's just that "houses are for living not investing" policy has made the usual speculative crowd find for themselves a new idol.
When there is no trust in the banks and the financial systems. People tend to get physical gold.
@@lesterchua2677 working class people never trust investments and such. Those are hard-earned moneys of working class people; the only investments they approve of are into education and cars and housing - because that's how working class people see the world.
who is "they"
@@hendrikd2113the poors
That ad read was awesome, makes me rethink my workout outfit.
This was a truly wonderful analysis. Again, the people need you.
Michael is a well-respected economist and professor. He mentioned what was in the written article 2 years earlier in his classroom at Peking University. I should have listened :(
Hi, I am a worker with a Chinese "peasant identity" (under Chinese identity politics and household registration system, farmers are considered the lowest end of the population). After Professor Qin Hui's ideological enlightenment and awakening, I very agree with Professor Qin Hui's point of view: in the current context of globalization, the constitutional democratic system is being challenged by the autocratic Chinese model (that is, bad money drives out good money). Democratic countries around the world must deeply understand and understand the fact that since the CCP came into power in 1949, hundreds of millions of Chinese farmers have worked hard to pay public food, agricultural taxes The construction of water conservancy projects for free provided the CCP with the original financial accumulation at the beginning of the founding of the People's Republic of China. Under the family planning policy, Chinese farmers were forced to have abortions, ligation and ring fencing, and payment of fines for excess births. Farmers were restricted by the household registration system in rural areas and could not move freely, leading a serf like life. During the three-year period from 1959 to 1961, there were no natural disasters at all. It was entirely due to Mao Zedong's policies such as the "Great Leap Forward" and "Great Steel Refining" that local officials, in response to Mao Zedong's policies, falsely reported ultra-high grain yields and plundered the surplus food of farmers, which resulted in the tragic starvation of 40 million people in human history. The vast majority of these were farmers, At that time, not a single Communist official starved to death. After China's reform and opening up in 1980, the first generation of farmers went to cities to work as construction workers, sanitation workers, cleaners, and miners Waiting for the most tiring and dirty jobs, China joined the WTO in the early 21st century under the background of economic globalization. For example, the second generation of farmers entered red sweatshops as workers, manufacturing cheap goods for the world. Due to the lack of independent trade unions to fight for their legal rights, they could not enjoy social welfare benefits such as work-related injuries, unemployment, medical care, elderly care, housing, and children's education in urban areas, Their children were forced to return to rural areas for education due to their household registration as "farmers" and the "school district housing" system, resulting in the world's largest tragic situation of left behind children and elderly people living alone in rural areas in China. Nowadays, the first generation of farmers have become old and lose their ability to work. They are ruthlessly driven back to the countryside and struggle to make ends meet with a monthly pension of over 100 yuan. The minimum standard for urban household registration is over 2000 yuan per month, which is more than 20 times that of rural household registration. Communist Party officials enjoy privileges and benefits, and the annual medical and health expenses are as high as several million yuan. National level officials spend one billion yuan on tourism in a year. Due to the enormous sacrifices and contributions of these two generations of Chinese farmers, China has become the world's second-largest economy. However, the Chinese farmer group has received exploitation and negative welfare treatment time and time again in the process of national wealth distribution and redistribution, while civil servants and high-ranking officials within the Communist Party system enjoy privileges and high welfare treatment. The Communist Party government utilizes the advantage of low human rights and cheap labor to attract a large amount of international financial capital investment, making China the largest red sweatshop in the world. The reason why cheap goods made in China are popular worldwide is due to the "low human rights" and "negative welfare" of the Chinese "farmer identity" worker group. Even if they work overtime for extended periods of time every day, they barely survive with a meager income. To change the Communist Party government's use of the "low human rights" and "negative welfare" system of China's vast vulnerable group of farmers in unfair competition in the globalized trade market, democratic countries around the world have the responsibility to supervise and pressure the Chinese government to demand an increase in the human rights and social welfare protection of hundreds of millions of Chinese farmers and disadvantaged groups, in order to solve the problem of trade fairness under economic globalization. The trade sanctions imposed by the United States and anti-dumping measures by the European Union cannot solve the problem of trade deficits. If democratic countries believe that the human rights and welfare protection of hundreds of millions of Chinese farmers and vulnerable groups are not related to you, it will gradually lead to a decrease in the standards of wages and welfare protection for labor in democratic countries (such as left-wing political parties in the United States proposing policies to reduce social welfare protection), because although labor in various countries cannot move freely, But capital is profit driven and can flow freely. Which capitalist doesn't like a labor market like China without strong trade unions. If the human rights and welfare standards of Chinese "farmer identity" workers cannot be gradually raised to align with those of democratic countries, then the human rights and welfare standards of democratic countries' workers can only be gradually lowered to align with those of Chinese "farmer identity" workers (this can be seen from the documentary "American Factory"). Democratic countries around the world cannot turn a blind eye to the history of labor tears behind China's "peasant identity" after enjoying nearly 40 years of cheap goods and economic benefits made in China. Please stop having illusions about the CCP and implementing appeasement policies. While paying attention to the human rights of Xinjiang, Tibet, Hong Kong and people in exile, it is more important to pay attention to the human rights situation of all Chinese people, Only by constantly putting pressure on the CCP to improve the human rights of all Chinese people and the welfare protection of vulnerable groups, cultivate the rights awareness of Chinese citizens and taxpayers, help China establish free and independent trade unions, learn from the welfare accountability of Polish Solidarity Trade Union, force financial openness and budget transparency, will China gradually embark on the path of constitutional democracy. A free and democratic China is indispensable for the stability and peace of the world, and it is also a responsibility that democratic countries around the world cannot evade, because we are all citizens of the Earth. I hope that people with conscience around the world can work together to make constitutional democracy overcome dictatorship, let good currency overcome bad currency, and make this world more civilized.
大家好！我是中国“农民身份”的工人(在中国身份政治和户口制度下农民被视为最低端的人口)。经过秦晖教授的思想启蒙而觉醒，我非常同意秦晖教授的观点：在当前全球化背景下，宪政民主制度正在受到独裁专治的中国模式的挑战(也就是劣币驱逐良币)，全世界的民主国家必须要深入了解并明白一件事实：自从1949年中国共产党执政以来，中国的几亿农民辛苦种田向政府缴纳公粮、缴纳农业税、免费修筑水利工程、是他们为中国共产党建国之初提供了财政上的原始积累，在计划生育的政策下中国农民被迫人工流产、结扎上环、缴纳超生罚款，农民被户口制度限制在农村不能自由人口流动，过着农奴般的生活。1959-1961年三年期间完全没有自然灾害，完全是因为毛泽东的“大跃进”、“大炼钢铁”等政策，导致地方官员为了响应毛泽东的政策，而虚报粮食超高产量搜刮农民的剩余口粮上交国家，发生了人类历史上惨绝人寰的饿死四千万人的悲剧，这其中绝大部分都是农民群体，当时的共产党官员没饿死一个。1980年中国改革开放以后第一代农民进城从事建筑工、环卫工、清洁工、矿工...等最累最脏的工作，21世纪初在经济全球化背景下中国加入WTO，如是第二代农民进入红色血汗工厂当工人，为全世界制造廉价商品，由于没有独立的工会组织为他们争取合法权利，他们不能享受城市户口的工伤、失业、医疗、养老、住房、子女教育等社会福利保障，他们的子女因为“农民身份”的户口和“学区房”制度而被迫回农村上学，导致中国出现全世界规模最大的农村留守儿童和孤寡老人的悲惨状况。现在第一代农民已经年老失去劳动能力，他们被无情赶回农村拿着每个月一百多元的养老金艰难度日，而城镇户口的最低标准每月2000多元是农村户口的二十多倍，共产党高官享受特权福利每年的医疗保健费用高达几百万元，正国级干部一年的旅游费用就有一个亿。因为这两代中国农民的巨大牺牲和贡献让中国成为全球第二大经济体，但中国农民群体在国家财富一次分配和第二次再分配的过程中得到的却是一次又一次的剥削和负福利待遇，而共产党体制内的公务员和高官都享受着特权和高福利待遇。共产党政府利用这些“低人权”廉价劳动力的“优势”吸引大量国际金融资本的投资，让中国成为全世界规模最大的红色血汗工厂。之所以中国制造的廉价商品畅销全世界，是因为中国“农民身份”的工人群体“低人权”和“负福利”造成的，就算他们每天超长时间高强度加班也只有微薄收入勉强维生。要想改变共产党政府利用中国庞大农民弱势群体的“低人权”、“负福利”制度在经济全球化的贸易市场进行不公平竞争，全世界的民主国家有责任监督和施压中国政府要求提高几亿中国农民和底层弱势群体的人权和社会福利保障，这样才能解决经济全球化下的贸易公平问题。美国的贸易制裁和欧盟的反倾销根本解决不了贸易逆差问题，如果民主国家认为几亿中国底层农民和弱势群体的人权和福利保障和你们没有关系，那将逐步导致民主国家劳工的薪资和福利保障的标准降低（如美国左派政党开始提出缩减社会福利保障的政策），因为各国劳工虽然不能自由流动，但资本都是逐利的可以自由流动，试问哪个资本家不喜欢像中国这样没有强大工会组织的劳动力市场。如果中国“农民身份”的劳工人权和福利标准不能逐步提高向民主国家劳工看齐，那么民主国家的劳工的人权和福利标准就只能逐步降低向中国“农民身份”的劳工看齐(这点可以从纪录片《美国工厂》就可以看出)。全世界的民主国家在享受了近四十年的中国制造的廉价商品和经济利益后不能视而不见这背后其实是一部中国“农民身份”的劳工血泪史，请不要再对中国共产党抱有幻想和实行绥靖政策了，在关注新疆、西藏、香港和流亡民运人士的人权的同时更加重要的是关注全体中国人的人权状况，只有不断施压中国共产党要求提高全体中国人的人权和弱势群体的福利保障、培养中国人的公民和纳税人的权利意识、帮助中国成立自由独立的工会组织、学习波兰团结工会福利问责、倒逼财政公开、预算透明，最终使得中国逐步走上宪政民主之路。一个自由民主的中国对于全世界的稳定与和平都不可或缺，同时也是全世界民主国家都无法逃避的责任，因为我们都是地球公民。希望全世界的有良知的人们一起努力让宪政民主战胜独裁专治、让良币战胜劣币、让这个世界更加文明。
Thumbs up for the extraordinary effort on sponsor content!👍
It's really hard to see where Chinese investors can put their money. The Chinese stock market has crashed twice, the real estate market is a cauldron, the P2P lending market has already tanked due to non payments. How soon 'till you see "banks" fall over?
until they mend their real economy I don't think many will find worthwhile investment vehicles. Maybe someone can convince them to buy up all of the US's commercial real estate lol.
I think you are actually on the money (pardon the pun). The only obvious destination is overseas real estate or other investments. @@appalachiabrauchfrau
@@appalachiabrauchfrau Its very hard for alot of Chinese people to get their money out of the county with the CCP being the way that it is.
Man. I would be super underdressed in Patrik's gym with my "I'm training to be a super saiyan" and "Come with me if you want to lift" t-shirts.
I do believe that was the most entertaining commercial I have seen on this channel, or most others, in some time. :) When does the Patrick Boyle (tm) line of fitness wear clothing come to market?
I really want a pair of those sprinting brogues. C'mon Patrick, get them on your merch store double quick!
It's surprisingly breathable....
Great show, lots of good data points and analysis.
Patrick has the best training gear.
Who is your tailor? Your suits are always perfection.
Excellent as always - thank you Patrick ❤️
You have such quality videos sir. Bravo.
We'd love a lot of deflation in the UK.
Energy prices - 150% inflation. Food prices - 50% inflation.
Energy prices are dropping sharply in the uk, just takes forever to get to consumer retail tariffs
@@edc1569 Yes, a sharp drop of 20% after increasing by 150%.
@@TomNook.
It is going to drop more - hopefully - as the price of gas and electricity on the market plummeted to pre-war levels.
inflation is a better problem than deflation 😊👍
@@contrasbeatshop In whatever imaginary world you live in.
Dude, the copilot commercial was the sh!t, hahaha.
13:53 Lovely Minsk, Belarus. This area under construction is used to be the International Minsk Airport-1.
If China wants to lower interest rates to engage in QE, such as engaging in negative rates, they will have to de-peg the Yuan. Insisting on a BRICS formulation, they will also have to de-peg.
@@-Nomad-Capitalist..
Patrick works out in his suit. Too cool for YT.
6:23 best ad for a fitness product ever! Can't wait to see you advertising that shampoo.
Enjoy your shows. Love your sarcastic humor programs,maybe time for another
When it showed you working out in a full suit, I spit my food.
Patrick, your ads are on another level. Curious how many people were staring at you at the gym while you exercised in that suit 😅
The JPM vid may be your best, but your suited up workout video is definitely the best sponsored ad yet
Thanks, an excellent report.
The strictly top down system in China disables decision making on any lower level, nobody would even dare to make suggestions. Fear is the key.
Strict top down compared to where you live, but much of this has nothing to do with governments
That sounds like the EU. Now I am very concerned indeed.
@@themsmloveswar3985 shut up
You are misinformed. China has a lot of local administration considering the nature of its national democratic system. China also after the Dengist reforms has very little red tape for small businesses. State owned enterprise is relegated to the biggest companies or just those dealing in critical infrastructure i.e. military manufacturing, energy sector, heavy industry. As a small businesses owner it seems I would have a much easier time in regards to red tape living in China than the U.S.
Lol idiot think Xi jing ping has all the time in the world to control everything in China
Chinese wages don't promote a consumption based economy. Especially when you have a housing market collapse. The focus of the portion of the population who owns a home on paying their mortgage down faster demonstrates a lack of confidence in the market.
Or so it appears to an armchair quarterback, like myself.
When you need to work at 9 but need to get a workout at 8 lol love the working out in a suit
Patrick, you are the most informative, and surely one of the most astute observers out there. Thank you for sharing these insights.
Belt and road to nowhere 😂😂😂
It is kind of maddening that the wealth transfers to consumers won't happen because they are politically unpalatable, even though everyone seems to agree that this is the only realistic way to avoid economic collapse and the attendant political instability that it would bring. I guess rich people in China are sitting there thinking "If I had to choose, I would rather almost all of my wealth be wiped out by a total economic collapse, than have some of it be given away to the poor!" Absolute madness.
China's problems seem like they could easily be transmuted into a wonderful boon for the average Chinese citizen, and it is very sad to see that this is unlikely to happen.
not transferring wealth the poor MIGHT cause a political uprising of some kind. Transferring the wealth is a guarantee of collapse for the dictatorship and subsequent prosecution for wrong doing.
Ahahaha the ad integration is perfect! Second place after the one with Patrick cleaning his oven in a suit
Exercise in suits and leather shoes, really??!😂
In a decade every economy will have two currencies. One for internal shenanigans, one for trade for external goods and services.
A new trading currency is the basis of the BRICS vision.
Because BRICS+whoever is dominated by authoritarian countries with disparate transparencies and fiscal disciplines, a dual-currency system is almost a requirement IMO for such a confederation to work. But I think there will be many well-managed economies (vs BRICS) which can avoid that indefinitely.
I think the greatest risk is social unrest as a result of these losses.
Your gym workout is a real inspiration
Thanks for your work, Patrick, I really appreciate and enjoy your videos.
Lol 9:53 this is the first time someone has compared traffic jams with economic growth 😆
Patrick, this is a great video. You explained things at a nice pace, since many other financial analysts just speak too quickly. The way you do it, makes it easier to follow and easier to digest and comprehend.
I was wondering about the university graduates since I heard that there were a large # who have not been able to gain employment, so am glad that you do cover this part.
However, I was wondering if the “let it rot” is also playing a negative part in the Chinese economy.
And from a export perspective, what I have been seeing online, Shein and Temu *seems* to be doing well in America though, but this is all my own non-expert opinion.
Temu has been reaching out to influencers to help promote their products. And many are doing huge hauls due to the cheap prices. But these are only 2 companies and the stuff they are selling is under a certain amount so they can get away from having to pay taxes. I know recently there is a call to ban Shein due to poor working conditions and some of the other unlawful business practices of Shein (Ie copyright, Racketeering, mishandling of customer data, etc.)
I wonder how much is actually being shipped though through these 2 companies?
But this is a very great video. Thanks for sharing.
A lot of people like Shein and Temu but a lot see the stuff on Temu as "Chinese crap" yknow? Stuff you don't need and will probably find at the dollar store. There's also a hefty "Alibaba/Wish already ripped me off, I'm not doing this again" vibe. People who aren't paid by Temu have done hauls or comparisons to the real products and they generally say the product is fine or trash, never "you gotta have this!" And Shein, if you're savvy...yeah, not a great company and I honestly haven't heard about them outside of one channel I hate watch and a documentary talking about their shitty work conditions.
Ahh, also with Temu it would be very difficult to gage how well they're actually doing because of all the free crap they throw at you. If you get people to join Temu and order, you get so much "free money" to spend (that's why the influencers love it.) And there's an absurd amount of promotions you're bombarded with when you join. So you'd have to look at their books, not just at how much product they're moving.
My two cents.
Hi, I am a worker with a Chinese "peasant identity" (under Chinese identity politics and household registration system, farmers are considered the lowest end of the population). After Professor Qin Hui's ideological enlightenment and awakening, I very agree with Professor Qin Hui's point of view: in the current context of globalization, the constitutional democratic system is being challenged by the autocratic Chinese model (that is, bad money drives out good money). Democratic countries around the world must deeply understand and understand the fact that since the CCP came into power in 1949, hundreds of millions of Chinese farmers have worked hard to pay public food, agricultural taxes The construction of water conservancy projects for free provided the CCP with the original financial accumulation at the beginning of the founding of the People's Republic of China. Under the family planning policy, Chinese farmers were forced to have abortions, ligation and ring fencing, and payment of fines for excess births. Farmers were restricted by the household registration system in rural areas and could not move freely, leading a serf like life. During the three-year period from 1959 to 1961, there were no natural disasters at all. It was entirely due to Mao Zedong's policies such as the "Great Leap Forward" and "Great Steel Refining" that local officials, in response to Mao Zedong's policies, falsely reported ultra-high grain yields and plundered the surplus food of farmers, which resulted in the tragic starvation of 40 million people in human history. The vast majority of these were farmers, At that time, not a single Communist official starved to death. After China's reform and opening up in 1980, the first generation of farmers went to cities to work as construction workers, sanitation workers, cleaners, and miners Waiting for the most tiring and dirty jobs, China joined the WTO in the early 21st century under the background of economic globalization. For example, the second generation of farmers entered red sweatshops as workers, manufacturing cheap goods for the world. Due to the lack of independent trade unions to fight for their legal rights, they could not enjoy social welfare benefits such as work-related injuries, unemployment, medical care, elderly care, housing, and children's education in urban areas, Their children were forced to return to rural areas for education due to their household registration as "farmers" and the "school district housing" system, resulting in the world's largest tragic situation of left behind children and elderly people living alone in rural areas in China. Nowadays, the first generation of farmers have become old and lose their ability to work. They are ruthlessly driven back to the countryside and struggle to make ends meet with a monthly pension of over 100 yuan. The minimum standard for urban household registration is over 2000 yuan per month, which is more than 20 times that of rural household registration. Communist Party officials enjoy privileges and benefits, and the annual medical and health expenses are as high as several million yuan. National level officials spend one billion yuan on tourism in a year. Due to the enormous sacrifices and contributions of these two generations of Chinese farmers, China has become the world's second-largest economy. However, the Chinese farmer group has received exploitation and negative welfare treatment time and time again in the process of national wealth distribution and redistribution, while civil servants and high-ranking officials within the Communist Party system enjoy privileges and high welfare treatment. The Communist Party government utilizes the advantage of low human rights and cheap labor to attract a large amount of international financial capital investment, making China the largest red sweatshop in the world. The reason why cheap goods made in China are popular worldwide is due to the "low human rights" and "negative welfare" of the Chinese "farmer identity" worker group. Even if they work overtime for extended periods of time every day, they barely survive with a meager income. To change the Communist Party government's use of the "low human rights" and "negative welfare" system of China's vast vulnerable group of farmers in unfair competition in the globalized trade market, democratic countries around the world have the responsibility to supervise and pressure the Chinese government to demand an increase in the human rights and social welfare protection of hundreds of millions of Chinese farmers and disadvantaged groups, in order to solve the problem of trade fairness under economic globalization. The trade sanctions imposed by the United States and anti-dumping measures by the European Union cannot solve the problem of trade deficits. If democratic countries believe that the human rights and welfare protection of hundreds of millions of Chinese farmers and vulnerable groups are not related to you, it will gradually lead to a decrease in the standards of wages and welfare protection for labor in democratic countries (such as left-wing political parties in the United States proposing policies to reduce social welfare protection), because although labor in various countries cannot move freely, But capital is profit driven and can flow freely. Which capitalist doesn't like a labor market like China without strong trade unions. If the human rights and welfare standards of Chinese "farmer identity" workers cannot be gradually raised to align with those of democratic countries, then the human rights and welfare standards of democratic countries' workers can only be gradually lowered to align with those of Chinese "farmer identity" workers (this can be seen from the documentary "American Factory"). Democratic countries around the world cannot turn a blind eye to the history of labor tears behind China's "peasant identity" after enjoying nearly 40 years of cheap goods and economic benefits made in China. Please stop having illusions about the CCP and implementing appeasement policies. While paying attention to the human rights of Xinjiang, Tibet, Hong Kong and people in exile, it is more important to pay attention to the human rights situation of all Chinese people, Only by constantly putting pressure on the CCP to improve the human rights of all Chinese people and the welfare protection of vulnerable groups, cultivate the rights awareness of Chinese citizens and taxpayers, help China establish free and independent trade unions, learn from the welfare accountability of Polish Solidarity Trade Union, force financial openness and budget transparency, will China gradually embark on the path of constitutional democracy. A free and democratic China is indispensable for the stability and peace of the world, and it is also a responsibility that democratic countries around the world cannot evade, because we are all citizens of the Earth. I hope that people with conscience around the world can work together to make constitutional democracy overcome dictatorship, let good currency overcome bad currency, and make this world more civilized.
The best in-video ad I have seen! ⭐⭐⭐⭐⭐
6:24 😂😂😂😂 one of the best ad segments I have ever seen 😂😂😂😂
Great analysis as usual
The best ad I've ever seen on youtube!😂
Thank you Patrick
imagine championing housing becoming more expensive. absolutely disgusting.
Interesting. You didn't strike me as someone who would wear a Submariner, Mr. Boyle!
He is always prepared. He knows that his iPhone fitness coach will often order him to do some swim laps (in a suit).
He's team Android.@@pushslice
Wow, this is a REALLY good video! I've been watching your China videos for years now, and I think your insight on the situation, and ability to explain it to us, has only grown since then. This video is really informative. Thank you for making it.
So, according to Michael Pettis (who seems to know what he's talking about), the best solution to encourage continued growth in the Chinese economy is a _wealth transfer_ from governments, rich individuals, and businesses to ordinary citizens??? That makes sense, but it's the kind of revolutionary talk that could get you burned at the stake in conservative parts of the West. Even just leaving people with more money in their pockets by charging them less would probably get you tarred and feathered.
It's brutally ironic that the leaders of the world's largest (allegedly) communist country have the same inherent distaste for raising the purchasing power of the poor as the mega-rich billionaires and technocrats of the west. They all seem to think that poor people will work less if they have more money.
Hi, I am a worker with a Chinese "peasant identity" (under Chinese identity politics and household registration system, farmers are considered the lowest end of the population). After Professor Qin Hui's ideological enlightenment and awakening, I very agree with Professor Qin Hui's point of view: in the current context of globalization, the constitutional democratic system is being challenged by the autocratic Chinese model (that is, bad money drives out good money). Democratic countries around the world must deeply understand and understand the fact that since the CCP came into power in 1949, hundreds of millions of Chinese farmers have worked hard to pay public food, agricultural taxes The construction of water conservancy projects for free provided the CCP with the original financial accumulation at the beginning of the founding of the People's Republic of China. Under the family planning policy, Chinese farmers were forced to have abortions, ligation and ring fencing, and payment of fines for excess births. Farmers were restricted by the household registration system in rural areas and could not move freely, leading a serf like life. During the three-year period from 1959 to 1961, there were no natural disasters at all. It was entirely due to Mao Zedong's policies such as the "Great Leap Forward" and "Great Steel Refining" that local officials, in response to Mao Zedong's policies, falsely reported ultra-high grain yields and plundered the surplus food of farmers, which resulted in the tragic starvation of 40 million people in human history. The vast majority of these were farmers, At that time, not a single Communist official starved to death. After China's reform and opening up in 1980, the first generation of farmers went to cities to work as construction workers, sanitation workers, cleaners, and miners Waiting for the most tiring and dirty jobs, China joined the WTO in the early 21st century under the background of economic globalization. For example, the second generation of farmers entered red sweatshops as workers, manufacturing cheap goods for the world. Due to the lack of independent trade unions to fight for their legal rights, they could not enjoy social welfare benefits such as work-related injuries, unemployment, medical care, elderly care, housing, and children's education in urban areas, Their children were forced to return to rural areas for education due to their household registration as "farmers" and the "school district housing" system, resulting in the world's largest tragic situation of left behind children and elderly people living alone in rural areas in China. Nowadays, the first generation of farmers have become old and lose their ability to work. They are ruthlessly driven back to the countryside and struggle to make ends meet with a monthly pension of over 100 yuan. The minimum standard for urban household registration is over 2000 yuan per month, which is more than 20 times that of rural household registration. Communist Party officials enjoy privileges and benefits, and the annual medical and health expenses are as high as several million yuan. National level officials spend one billion yuan on tourism in a year. Due to the enormous sacrifices and contributions of these two generations of Chinese farmers, China has become the world's second-largest economy. However, the Chinese farmer group has received exploitation and negative welfare treatment time and time again in the process of national wealth distribution and redistribution, while civil servants and high-ranking officials within the Communist Party system enjoy privileges and high welfare treatment. The Communist Party government utilizes the advantage of low human rights and cheap labor to attract a large amount of international financial capital investment, making China the largest red sweatshop in the world. The reason why cheap goods made in China are popular worldwide is due to the "low human rights" and "negative welfare" of the Chinese "farmer identity" worker group. Even if they work overtime for extended periods of time every day, they barely survive with a meager income. To change the Communist Party government's use of the "low human rights" and "negative welfare" system of China's vast vulnerable group of farmers in unfair competition in the globalized trade market, democratic countries around the world have the responsibility to supervise and pressure the Chinese government to demand an increase in the human rights and social welfare protection of hundreds of millions of Chinese farmers and disadvantaged groups, in order to solve the problem of trade fairness under economic globalization. The trade sanctions imposed by the United States and anti-dumping measures by the European Union cannot solve the problem of trade deficits. If democratic countries believe that the human rights and welfare protection of hundreds of millions of Chinese farmers and vulnerable groups are not related to you, it will gradually lead to a decrease in the standards of wages and welfare protection for labor in democratic countries (such as left-wing political parties in the United States proposing policies to reduce social welfare protection), because although labor in various countries cannot move freely, But capital is profit driven and can flow freely. Which capitalist doesn't like a labor market like China without strong trade unions. If the human rights and welfare standards of Chinese "farmer identity" workers cannot be gradually raised to align with those of democratic countries, then the human rights and welfare standards of democratic countries' workers can only be gradually lowered to align with those of Chinese "farmer identity" workers (this can be seen from the documentary "American Factory"). Democratic countries around the world cannot turn a blind eye to the history of labor tears behind China's "peasant identity" after enjoying nearly 40 years of cheap goods and economic benefits made in China. Please stop having illusions about the CCP and implementing appeasement policies. While paying attention to the human rights of Xinjiang, Tibet, Hong Kong and people in exile, it is more important to pay attention to the human rights situation of all Chinese people, Only by constantly putting pressure on the CCP to improve the human rights of all Chinese people and the welfare protection of vulnerable groups, cultivate the rights awareness of Chinese citizens and taxpayers, help China establish free and independent trade unions, learn from the welfare accountability of Polish Solidarity Trade Union, force financial openness and budget transparency, will China gradually embark on the path of constitutional democracy. A free and democratic China is indispensable for the stability and peace of the world, and it is also a responsibility that democratic countries around the world cannot evade, because we are all citizens of the Earth. I hope that people with conscience around the world can work together to make constitutional democracy overcome dictatorship, let good currency overcome bad currency, and make this world more civilized.
apparently to support high prices of real estate, some of the properties you buy are coming with gold in return...
Thanks again for this great video.
Great work! I vouch for most of the points made here as a Chinese. It's also refreshing to see commentaries on China that doesn't dwell on ideology and geopolitics, things that we can't really do much about. (Come on, what good would attacking Taiwan do a normal person?) "'Greatness' over productivity" is quite apt from our personal experience this decade.
Quick question, what's your stance on Uyghurs?
A lot to a normal person in Taiwan. And for the microchips also a lot, that will affect normal persons around the world big time
What is your position on organ harvesting and 'Crimes Against Humanity'?
Guys they're one person living in China who is unlikely to have major influence in any of the areas you're bringing up. Leave them alone.
@@PointsofDataCuriosity doesn't hurt, they're all questions and not orders. I've seen people shouting free Palestine to a normal Israeli, let them be.
Is the suit hiding your gains Patrick? ;) haha. Great video by the way!! :)
Must be leg day
They need to discuss things openly. Incentivising free speech is the first step they need to take to find out exactly how extensive their problems r. Am guessing the real situation is much worse than being speculated.
PB getting jacked in his suit… The final proof that he is actually Agent 47
The failure, yet again, of central planning (this time in China, but history is replete with examples) always makes me think of Mises' quote: “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design." . The more control the Chinese government seeks to enforce the worse it gets for them.
60 years of Westoids preaching that China is 5 seconds away from falling
>The more control the Chinese government seeks to enforce the worse it gets for them
yeah, the outsiders who can no longer profit from China due to crackdowns complain, whine, and write articles about how control will destroy China. Reality, however, is that China continues on, stronger than ever, while US empire crumbles
I don't think the Chinese government cares. The money it's made from everyone from us and our governments to its own people is a means to an end. Funding their grand plan... revenge for their 'great humiliation'. They've scores to settle.
But Ray Dalio wrote a whole book about the uprising of China and the demise of the US as a global economy. Am I supposed to assume that dictatorships don't do so well than freerer systems, that corruption still exists and it's actually not great that the government can demolish your home to build a road without asking? Because Ray says so.
You can position China as a declining power for the same exact reasons Ray positions USA as a declining power
Another great clip Patrick.
"...reduce that pain, rather than trying to avoid the unavoidable"
Thanks for these geopolitically relevant reviews of foreign economies. Could you also do an update video on the Russian economy following another year of sanctions?
Russia's economy is largely unplugged from the global economy these days. Not because of sanctions, but because how far everything is from everything else.
Riding a bicycle while wearing a suit. Typical Patrick
6:22 That ad reel was hilarious!
The clip of patrick hitting the stationary bike dressee to the nines is instant classic channel lore.
Patrick just got -9000 social credits 💀
17:18 You're right that servicing debt is more important than where it's owed but I disagree with the notion that internal vs external doesn't matter. Japan has mainly serviced it's high debt to GDP load in the last few decades because it's mainly to internal investors that are not likely to transfer it elsewhere while also willing to borrow it. External debtors are more likely to repatriate their funds elsewhere at the sign of trouble leading to a selloff in the national debt and making it harder to raise new ones, forcing them to offer high rates to find buyers of new debt.
Japan has no issue finding buyers for it's debt in the last few decades despite of it's continueing rising high debt-to-GDP ratio because there's so much confidence from internal investors during this time. The govenrment being able to service it matters in that but internal debtors does significantly reduce the risk of a run relatively speaking even if it can (did happen in Japan as you said). Sort if like how many of Japan conglomerates also like to prop up their other subsidiaries even if it may be more efficient not to do that.
Governments saying not to use certain economic words always makes the situation worse
I was in Monterrey in February. It’s booming.
Patrick running in a suit and tie is hilarious.
Patrick please do a video on Canadian real estate next!
North Americans bought a lot of items during the Covid lockdowns, such as electronics and entertainment products. Now that the lockdowns are over, most of these items still work fine and are years away from becoming obsolete. Currently, people are investing in activities like dining out, traveling, and leisure, rather than purchasing manufactured goods. This shift is negatively affecting Chinese exports. Over the next three to five years, consumption patterns will likely return to normal as new products emerge and older ones are discarded. This anticipated shift will provide some relief to China, but the country also faces significant structural challenges that need to be addressed.
Thanks again,
Boyle at the gym in a suit. I make poster for my bedroom.
Great analysis again, thank you.
Definitely follow Michael Pettis (as linked above) for excellent insights on the Chinese economy.
Thanks Patrick