China’s Economic House Of Cards | Kyle Bass & Nick Glinsman

Today’s interview is something unlike any other that’s ever appeared on Forward Guidance. It concerns China, a country that once was the engine of global economic growth, but now is in the middle of its worst recession in over 20 years. Can China’s economy emerge stronger than ever? Let’s just say that today’s guests, Kyle Bass and Nick Glinsman, are not optimistic. Kyle Bass is the chief investment officer of Hayman Capital and Nick Glinsman is the founder of Malmgren Glinsman & Partners.
An important disclaimer: a guest today makes serious allegations that are solely his own opinion. Blockworks does not necessarily agree with these claims, some of which are unverified or unverifiable, and in no way endorses them. As always, nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
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Timestamps:
00:00 Intro
01:06 Kyle Bass’ 2023 Macro Outlook
04:20 Will A Global Recession Curb Energy Prices?
13:10 China's Economy
23:00 The Chinese Communist Party
28:46 Why Won't Beijing Reflate?
43:57 Russia and Putin
48:42 Uranium and the Fed
52:19 Outlook on Bonds in 2023

[@Riggsnic_co]

Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.

[@sherry_smith_penson]

My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.

[@martingiavarini]

It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance

[@hermanramos7092]

Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns

[@sherry_smith_penson]

@@hermanramos7092 How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings?

[@hermanramos7092]

@@sherry_smith_penson My consultant is ‘’Catherine Morrison Evans’’ I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can look her up online if you care supervision. I basically follow her trade pattern and haven't regretted doing so.

[@simonrobinson818]

Can we have Kyle and Nick back ? They are great.

[@brian13105]

I have subscribed solely because you had the courage to put this up.

[@deebil8099]

-10000 social credit score for you!😁

[@AustrianDuration]

Same

[@robynopenshaw5268]

Courage maybe? with a ridiculous disclaimer. All his guests share opinion

[@ericp1139]

What courage? Look anywhere on western platforms and China bashing is rampant. Courage would be to actually say something nice about China.

[@Joe-Mama978]

@@ericp1139China simp spotted^

[@springwater3164]

Everyone agrees China is one of the most important factors of the global economy, but I haven't seen too many finance commentators who understand the Chinese politics, their logics and priorities. Glad you've got finance experts who actually understand. There are lots of uncertainties due to a lack of credible information from China. Many pluck those statistics as they are in their models, simply because they haven't made enough effort to know how to interprete them properly. Kyle and Nick definitely have come closer to the right track of the Chinese way of thinking, though I think some of the conjectures are a bit too speculative. One thing I disagree with conspiracies is people often overestimate the intelligence and controls government have. There are lots of noise in the Western world, and there are lots of roadblocks in authoritarian regimes. It's tempting to assume the leaders of the countries know what's happening, have the correct perspective, and intelligence to keep things under control or even orchastrate complex schemes. But if you look close enough, they're far from being that smart and capable.

[@sandylee7144]

Yes. They're some of the few who're thinking on the right track. One of the biggest challenges in finance is people are imposing their personal political biases on the world. And the ability to read foreign political economics is a good demostration of objective analytical skill.

[@fickle1207]

A shame that we never have Chinese to talk about China on these channels, or Russian to talk about Russia. People just assume they know, even though they don't have the cultural context, not being able to keep abreast of the changing social dynamics, not having the appropriate source of information. Many financial analysts boast their scientific methodologies, but most of them are less than half rigourous with their assumptions on foreign issues.

[@springwater3164]

@@fickle1207 Agree. And frankly speaking, People tends to be less rigorous when dealing with different perspectives. And this is relevant because the facts are often driven by people with different perspectives, and information transmitted by people with different perspectives. So we see lots of smart experts with deep personal biases, which doesn't help us making the right decisions.

[@sandylee7144]

@@fickle1207 True. Imagine talking about the US impact on Europe without being on Twitter, KZbin and knowing English. It's hard to talk about the impact of China on the US without being on the key Chinese social media, knowing Chinese, and on the Chinese search engine (they don't use google).

[@andywong9847]

Who is smarter than you? How many people are out of poverty from your skill?

[@PedroCruz-nu9wp]

This is what we want!!!! Discussion, Opinions, Debate! Thank you for this amazing episode!💙

[@detectiveofmoneypolitics]

Yes, a debate is great insight from this content is great content Cheers Frank

[@rohitkothari3890]

✅️✅️

[@10000words1]

I have no love for the CCP, and generally agree with Kyle Bass's criticisms of that regime...but I need to call him out on this one. First of all, we don't know if the reported death stats in Asia are accurate. I am in Vietnam now, was in Thailand throughout 2021, and have spoken with many people who were sick and had loved ones who died. I suspect that the autocratic regimes in this region tend to under-report COVID deaths. Secondly, one of the greatest risk factors for COVID complications and deaths is obesity. There is certainly much less obesity in this area of the world than there is in North America and Europe. Finally, I actually am a geneticist (PhD), and I have no idea how to design a virus that would reliably kill people from one genetic background and not others. It would be a huge risk for a regime that values stability, more likely to backfire than not.

[@theonlyconstantischange123]

Who doesn't love the bioweapon narrative? And I'm no fan as well, but under reporting just seems way more likely. Regardless, enjoyed the rest of the discussion and probably will relisten. It's definitely essential for global macro analysis

[@fibonaccitimes]

You have no idea how to design it, but you don’t work in a level 4 biolab do you?

[@10000words1]

@@fibonaccitimes The biocontainment level is determined by the means by which a virus spreads, not the complexity of the virus genome. The viruses I have engineered are HIV-based (blood-borne, not air-borne) so only required safety level 2. Womp womp.

[@tastypymp1287]

You're a liar. You don't anyone, nor has anyone told you, about people getting sick or dying from a coronavirus.

[@wasdwasdedsf]

well theyh obviously underreport the cof in china. it stayed at the number just above 80k for years

[@xclr8er]

This is your best episode in my opinion. Speculation based on facts on the Geopolitics that affect us all. Great

[@chriskenney4377]

Jack: You may be skeptical of Kyle and Nick's arguments, but coincidences have to be given respect. Great interview, thanks.

[@tastypymp1287]

Jack is a blue pill normie. He's not ready to be unplugged.

[@accountfake1070]

Kyle is so wrong on Ukraine, its a joke. Its not like the evidence is not available. Everything he said was the Wests false narrative, pack of lies. He is so wrong on Ukraine, how can anything he said on China be taken as truth ?

[@accountfake1070]

@@tastypymp1287 Yet the lies or western propaganda Kyle is repeating is reed pilled ? Gimme a break.

[@tastypymp1287]

@Account Fake False dichotomy. Aquinas - don't throw the baby out with the bathwater. Sure, I recognise the blind patriotism. But that shouldn't lead to a conclusion that every utterance is thus wrong.

[@monteziggler3776]

Man, look at all these bots...great work Blockworks! This is the kind of crowd you want to attract?

[@ianando9459]

THE best podcast I have seen all year. Well done to all 3 X of you . From a fan in Qld Australia and a good friend of the mighty USA .

[@knomatik]

If 40% of China’s economy is real estate and it won’t come back in a reopening, won’t that create a continuing recession in the demand for materials? Could zero COVID be a red herring to buy time for them to figure out what to do about the collapse of real demand?

[@monteziggler3776]

You do realize that China is, as we speak, rapidly exiting Covid Zero? So, everything he said here has already been proven to be completely wrong, once again. Also, most legit China economists put the real estate sector at `25%. Kyle Bass exaggerates and cherry picks because he is working backward from the conclusion that China is evil and needs to be destroyed.

[@duanejackson6718]

I agree with both statements. I think China's saving Grace could be cheap energy, if oil prices will continue to stay down they may be able to continue with cheap manufacturing and dig their way out. If they don't a lot of Western investors will be on the hook for a lot of money.

[@JohnnyAmerique]

Probably, but some countries will be impacted much more than others, and in some cases (here’s looking at you, Canada) the effect will likely be entirely ameliorated by the industrial buildout happening in the USA and Mexico. Australia will probably fare the worst, as decades of huge demand from China for its commodities exports has crowded out everything (well, not literally everything but an awful lot especially in manufacturing) but mining.

[@sdfswords]

Yes to both, the CCP needs to first control the natives, they're restless!

[@deebil8099]

A lot of their printed money ends up being funneled into their real estate sector. China prints more money than every other country combined. Their real estate industry is a giant ponzi scheme that they will probably keep pumping up just to keep their GDP numbers up. Some estimate that China has 600 million residential BUILDINGS (not apartments). So a huge portion of these apartments aren't used for living but for corrupt officials to park their money in.

[@zincmemoir]

Great interview. Bass pulls no punches…ever!

[@accountfake1070]

So, repeating mainstream western government lies like the mainstream media is a good interview ? ok. Remain in the dark. I guess you believe the Iraq war was about weapons of mass destruction and not a change from using the dollar to Euros for oil ? Vietnam war was not a false flag of something which never happened in the Gulf of Tolkien ? The Jab is safe and effective ? Tens of thousands dead due to liars. But still beleive what you hear ? There are no words.

[@monteziggler3776]

Cause he is a clown that has already drawn his conclusion and works backward. His track record on China predictions are abominable. Anyone actually paying attention knows he is a joke

[@DonRua]

I used to be Chinese, now Hongkonger living in Canada. So I have earned my spot to speak. I follow your channel. Mr. Bass's opinion is different from the rest of the macro analysts. He is more insightful of the Chinese issues than Munger and Dalio combined. And those two have BILLIONS invested in China. Pls bring more people like him on your show. Thank you.

[@tastypymp1287]

You still are Chinese. You just live in Canada.

[@lowesteastside]

This is a great conversation. I will add one bit about the Tiananmen Square massacre death. In addition to ten of thousands students killed in the square itself, there were thousands more that were killed in their homes, which runs along the perimeter of the Tiananmen Square. Many of these people were killed on balcony, in the living room, kitchen and bedroom with strayed bullets. And these were not small bullets, they were calibers shooting from tanks, which penetrated walls within the condo. This is a fact that almost no one ever talk about. Look up Louisa Lim, former NPR Beijing reporter.

[@Leshic2]

Interesting... I read a comment, where a man described the story shared to him by his father. His father was there on business and stayed at a hotel close or next to the square. Said, before it all happened, the hotel relocated all the guests temporarily. When he returned, the square was clean and there was entirely new staff at the hotel. Nobody knew anything...

[@galencollins9057]

Kyle Bass is my favorite guest.

[@ffleischer]

Unexpectedly, an amazing episode with interesting perspectives, mini debates and food for thought. Thank you! More of Kyle and Nick.

[@danniezgocki1421]

To continue I have listened to Kyle Bass for a decade or two and he's always has the most interesting facts and as time goes on they prove out to be the truth. There are many other speakers with data that back up with Kyle and this other gentleman were saying. Don't discount it that's what they want you to think. Great great interview

[@mth469]

He's been dead wrong on the Japan will collapse theory

[@danniezgocki1421]

@@mth469 I mostly heard him talk about the collapse in China not Japan. Speaking of Japan if they don't allow immigration they're just going to die it's all old people there. Young people in Japan are not having children or getting married near as often.

[@mth469]

@@danniezgocki1421 About 5 years ago, he was betting big on an economic collapse in Japan that did not pan out. Yes they are a dying nation.

[@danniezgocki1421]

@@mth469 last year in Japan there was almost 600,000 more deaths than births. I had to look it up. China will be there pretty soon too I believe. Since they are allowing to have a second and a third child the birth rate is still declining in China. Nice of them to allow people to have children isn't it.

[@mth469]

@@danniezgocki1421 You are right. An entire army of people are dying in Japan every year. Not sure about China. They are fewer births but then they have a substantial population to begin with. A loss of 100 million would be bareable if not for the fact their economy like every economy is leveraged. Has any country that started this decline in birth rate ever reversed that trend?

[@8888cliff]

I'll watch anything w/ Kyle Bass, always useful and honest

[@accountfake1070]

🤣🤣 Kyle is so wrong on Ukraine, its a joke. Its not like the evidence is not available. Everything he said was the Wests false narrative, pack of lies. He is so wrong on Ukraine, how can anything he said on China be taken as truth ? 🤣🤣

[@monteziggler3776]

That says a lot about your level of intelligence!

[@Coondawgwoopwoop]

Man it’s fun watching these with the benefit of hindsight

[@brucekliewer2623]

Company’s that don’t move their supply chain out of China as fast as possible are foolish and will suffer. North American companies would be better of moving supply chains back to America or at least to central and South America. There is cheap labor and regional trade structures.

[@sunnygee3712]

Mr Bass is amog very rare few people who truly understand China. I believe he has got the big picture right despite some minor inaccuracies with details.

[@soycastillo4918]

I'm new to stock market /Crypto and would like to invest but I've go no idea on how to make good profits. Pls what's the best approach you'd recommend?

[@douglaswrenn7909]

How does this Bitcoin stuff work, I am interested and willing to invest heavily as I have heard too many testimonies

[@ernestelias9588]

Wow!! Impressive you trade with Mrs Evelyn Vera too! I thought people don't know her that well.... She's really awesome!

[@marcelogomes4990]

This is the kind of information that we don't get from most KZbinrs i will get in touch with her right now

[@attahsintim9068]

@@alexhurricane8467 Thanks. I will reach out to her on WhasApp immediately.

[@soycastillo3377]

I met Mrs Evelyn Vera last year for the first time at a conference in BELGIUM. I invested $30,000 and traded in one month, making close to $200,000.

[@Burdetski]

Kyle, is right, but what he has not noticed so far is the Chinese and Saudi Arabia agreement for Chinese to buy Saudi Oil in Yuan and the Saudi will keep the oil sale proceeds in Chinese bonds. The Japanese have noticed this and that is they will move by buying Saudi Oil in Yen >jpy< and will improve their yield on Japanese bonds so Saudi keep their proceeds in Japanese yen bonds and to both Asian countries will sell their products and investments in Saudi Arabia. I explained this on twitter just before BOJ tweaked their bond and pushed their currency competitive.

[@mannysingh4715]

Wuz ur twitter @

[@CemEke_CIO]

25bps more in yield is enough to convince one to hold capital in jpy?

[@sandymilne224]

NOBODY WANTS RMB! There is only so much room for Chinese toaster ovens in exchange for oil in those countries. But Chana NEEDS dollars so it can’t get around that without devaluing the RMB and all USD assets. That would be a really dumb move!

[@billhopen]

don't know who you are young man, Mr Blockworks.....but WOW GREAT GUESTS! super dialog for the coming year

[@discotex2236]

I'm so happy to hear something up to date from Kyle Bass. Recent developments here in Thailand have verified my own fears outlined in this episode. A Chinese national connected to the Triad gangs was arrested here for buying over 40 properties. Foreigners are not allowed to own land. A bribery scandal is emerging. My fear is thousands of Chinese with bags of money and bad ideas flooding into and influencing the direction of Thailand.

[@AGMI9]

not surprising really they are doing it all over the world

[@detectiveofmoneypolitics]

Economic investigator Frank G Melbourne Australia 🇦🇺 still watching this informative content with the fine balance between aposing views debating is heathy and be embraced as great content WOW you have just nailed it ! ! cheers. Frank

[@mike3271]

You have GOT to get these guys back on ASAP with everything going on right now!!!!!!!!

[@jampasurprenant1794]

I am new to your show, so far very interesting About the economy down All over the world , I enjoy listening and learning.

[@pdoc1547]

Is there some place we can hear the in edited version ?

[@jameshall3181]

Fascinating exchange. Loved the West Taiwan T-shirt!!! We are definitely headed for interesting times over the next few years. Completely agree that we have a major energy crisis by moving away from fossil fuels too quickly. The EU in particular shot themselves in the foot and a lot of people will suffer due to their inept leadership which, by the way, were elected by the people. So wake up over there and get your continent in order.

[@monteziggler3776]

Do you know that Taiwanese people hate the West Taiwan crap? Taiwan is Taiwan, China is China. The only people that cheer this nonsense are narcissistic white people who don't care one smidge about democratic Taiwan and just want to crap on China

[@zhenyaka13]

Hello. What is “RNB” or whatever Kyle is talking about at 35:11 Thank you.

[@mitchellmccallum9778]

I think Kyle has a point but what XJP & Politburo wants is 60's-70's Chona, not a war.

[@garyp7580]

Very much enjoyed this podcast. Learned as much as I could. The only point of view that made me feel uneasy is the open checkbook to Ukraine I don't fully trust the leader and can envision an elaborate kickback system to morally flexible politicians-lobbyist-contractors etc etc.

[@TaticalRemedy]

So glad you had them on.

[@lambertois11]

Kyle Bass & Nick Glinsman are both straight shooter and they have to courage to speak out loud about the elephant in the room (China CCP) !!!

[@mrkickback2010]

Thanks Jack. Kyle. Love that you have an american flag in background of every interview. You are a true patriot.

[@anthonyyoung6489]

These are the best guests you have ever had. Finally some people yelling the truth about China.

[@sampotter4455]

Re comments by Kyle Bass - fascinating theory about covid - totally right on Ukraine, no settlement, only full victory. Great discussion all around!

[@Zombietpizzaboy]

Rarely is my mind blown. But this has just stopped me in my tracks. I will now being downloading this report and verifying for myself.

[@JamesMullarneyIsAFraud]

Hey Jack, is your show available as a Podcast like Mikes is? I cant find it. This was a fantastic chat by the way.

[@BlockworksHQ]

Glad you enjoyed. Yes, Jack's podcast (Forward Guidance) is available on Apple podcast and Spotify, here are the links: podcasts.apple.com/us/podcast/chinas-economic-house-of-cards-kyle-bass-nick-glinsman/id1592743188?i=1000590440140 open.spotify.com/episode/3uQPvsGtYyuFCYWsD5OrSv?si=cfc58d5c56374af0

[@JamesMullarneyIsAFraud]

@@BlockworksHQ thanks! have subbed

[@chriscoffey1492]

I enjoyed this conversation SO much. I happen to agree w much of the “conspiracy” that KB hypothesized, but just having the edgy conversation, which previously was commonplace, is now bookended with warnings and all sorts of bs. Thanks for the guest/ conversation.

[@tastypymp1287]

Exactly. What's wrong with a conspiracy? I have to wonder exactly how many more have to be revealed to these people before they'll finally accept that they happen!!

[@exquisitine-hashgraphschwi1932]

Also agree, one of the best discussions I've heard on this channel. Clearly informed gigabrains putting numbers / statistics / facts behind opinion

[@wasdwasdedsf]

@@exquisitine-hashgraphschwi1932 asside from his msm copied opinions on russia... probably even thinks russia blew up their own pipeline. apparently they missed a part of the pipeline as i recall from a while ago... seems pretty hard to fail to blow up something of their own, ddi they forget where that part of the pipe was?

[@MyNameIsINTERSTITIAL]

@@tastypymp1287 word "Conspiracy" used to mean (before we entered Age of Post-Truth) "to think together". The Global Elite Fascists (the GEF) have 'altered' everything that used to be normal.

[@tastypymp1287]

@@MyNameIsINTERSTITIAL The world is inverted.

[@edwardk4198]

Most cogent point for me was saying that the energy crisis in Europe will be the tipping point for the European Union. Many have predicted the dissolution of this fragile union but Germany's folly will have enduring implications. Not sure what this means for the Euro as it is currently correlated more to the volatility of the dollar than endogenous factors.

[@user-pn1ce3dz5c]

Jesus. These guys are so out there. Watching this 6 months later, they can’t me wrong.

[@hagbardc623]

"there's no doubt they're moving on Taiwan." Kyle was dropping some big bombs in there, (pun intended).

[@timwhiting6721]

Smart people ! Thank you for the content

[@kurtjensen5798]

Kyle (21:28)"The only thing you can infer from this data is one of two things - the number of deaths in Asia are dramatically understated by a factor of 9-10 or the disease is designed to affect different genomes in different ways. I am a believer of the latter."

[@monteziggler3776]

How come Hong Kong had the highest death rates in the world during its outbreak earlier this year?

[@stevo-dx5rr]

Or, it could just affect different populations differently, no diabolical conspiracy required. I think his analysis here is garbage. He tells us to just look at the data, and the truth will set us free; nonsense.

[@jenniferrodriguez6120]

Great stuff !!!

[@michaelglenning5107]

Kyle Bass is the best analyst on CHINA and their capital flows.

[@toke182]

why the cut on the minute 10:35??

[@gbbakke]

I'm not going to throw the baby out with the bath water - there is some good info and interesting ideas in this interview, but there are also some absolutely wild conclusions drawn. More specifically, you can't say that the data out of China is unreliable to prove one point and then use that same data source to support other theories depending on which aligns with your narrative.

[@SamEbby]

china lies - it IS fake china data from the china overlords

[@ilirsvenfrancous9011]

If I understood correctly, Kyle is arguing Chinas numbers are bunk and he used the WHO data

[@wasdwasdedsf]

@@ilirsvenfrancous9011 well the WHO is an absolute disgrace as well. and he talked as if not common knowledge the asian countries have massively lower death counts. people have been talking about that forever, discussing how use of ivermec quite possibly helped japan and india plummet their big spikes. its like even lower in africa as i understand, so the gene thing is a bit illfitting for that part

[@monteziggler3776]

@@ilirsvenfrancous9011 Yeah but there are so many other factors you have to consider: more favorable demographics in SE Asia, undercounting, comorbidity in the West etc. He is either being specious or he is an idiot; leave it to you to choose. Also, Hong Kong had the highest death rates anywhere in the world earlier this year - how do we square that with the 'genome targeting'?

[@monteziggler3776]

Thank you. Good to know at least one sentient being watched this. I think most of the 'way to go Kyle Bass!' comments are from bots

[@AS-kq7hw]

Jack was a little bit along for the ride on this one, but I liked it. Probably could have used another 30 minutes (or more). Great discussion!

[@sandymilne224]

You could see clearly that Jack wanted to bring the discussion back from politics to economics. But Kyle warned everyone…!

[@bjohnstoneg3]

What a superb production. The debate, pushing boundaries and exploring fresh concepts whether you cynical or not is refreshing

[@ryanchiera566]

Why did you cut him off at 10:45? What did he say?

[@jamesmcdaniel1665]

To a point they made. Read recently that Russia had accepted China currency for oil, but China wouldn’t take it back in trade. China would only accept Dollars or gold. Made me wonder at the time, and now this conversation lends some perspective.

[@tlee7653]

Kyle Bass every chance you get. Good interview too, except for the wimpy preamble.

[@mariojorge9529]

Thank you very much!

[@nicholasstenta2470]

Why you guys don't have more views is beyond me. Keep up the good work!

[@ohthankg-dforthebourgeoisi9800]

It’s information dense! That’s why. 😂

[@anthonyyoung6489]

The Singapore investment visa is 10 million usd. Not 100 million. I was looking at that myself.

[@inquisitive8903]

What ??? It was 1 million usd a few years ago..

[@anthonyyoung6489]

@@inquisitive8903 10 million. I’m still looking at it.

[@inquisitive8903]

@@anthonyyoung6489 it used to be much less i used to track it before COVID. For US it was half a million USD n sg used to be 1 million. Now they've hiked it. But isn't sgd pegged to USD? What if there's a currency collapse due to debt n losing gsr status? What about aus?

[@inquisitive8903]

@@anthonyyoung6489 watch the dark side of Singapores success....i watched it yesterday. Interesting info.

[@TheMcBadie]

You could have interviewed David Llewelyn Smith from MacroBusiness 3 years ago to hear much the same assessment of China.

[@lfcatchall]

Great conversation, love to hear more. Hate that you were being rushed. Would like another interview where you're able to take your time and expand more on the various topics. Thanks so much Kyle and nick. Bye happy holidays.

[@lenr7068]

I slapped myself for not listening to this earlier. I feel for Jack. Kyle is a beast.

[@nicholasscholten4838]

Wow, I can't believe Bass just said that about Putin.... Not recognizing the coup of Ukraine by the US/Israel in 2014.

[@kibirkshtis]

Oh thanks Kyle, to know that we are going to be next :) full jokes aside, I am glad You even know us and care :) best from Lithuania.

[@jgwizo]

At times people fail to think and China changed world economics. Western corporations were unwittingly accepted technical transfer and joint ventures except Tesla and this can only be considered in contest of the joint venture of BHP / Delta in the Zimbabwe Platinum mines. When Australian corporation withdrew it was owned by its partner who paid a dollar and this African platinum mine is now owned by Zimplats and is now the biggest producer. If western corporations drive out they would see a repeat of Russian takeover.

[@pt0908]

Appreciate the honest takes. Leads me to ask the following: 1) How were covid deaths counted in different countries. Dying from covid is different from dying while happened to have covid 2) The data added China, who very well could have under-reported their death numbers 3) Non-asian countries tend to have more disease and co-morbidities, leading to higher death rates from covid

[@kennyh5083]

We're the one with the "economic house of cards" Homie! China produces %85-%90 of ALL our products! HELLO! EINSTEINS!

[@nonhnyc2661]

Please improve sound quality. Require all guests to have the proper equipment and make a quick test recording ahead of production.

[@edgehunter8175]

Simply awesome! I want more of this!

[@bitmau5]

You set a good example with that preroll disclaimer

[@tastypymp1287]

What?

[@johnnyglinko]

Thank you Kyle ! We need more voices like you

[@MyNameIsINTERSTITIAL]

This all makes SO MUCH SENSE !!! Fantastic content and interview.

[@cccccc3597]

Ouch, that hurts man. What a disclaimer !

[@seanmorgan2678]

I agree with everything Kyle said till the end when he talked about the only way is a Ukraine victory. I would love to hear what he thinks that would look like. I think he should stick to talking about what he understands like China.

[@freedomlife3623]

The world Russian wins will be very unstable, almost like WW2 again. Is that the world you want to live in?

[@LaddDentalGroup]

Awesome discussion!!

[@corbettroberts]

Stop blinking and keep Thinking, Great Interview!!!!!i!

[@kelleydavis7970]

has kyle ever considered the clinicial obsesity rate in Texas versus South East Asia as cause for difference in death rates , not genetic traits of races..?

[@JohnnyAmerique]

Unlike Europeans and Africans, East Asians often develop more serious metabolic disease without obesity presenting first. For instance, China has a significantly higher rate of type II diabetes than the USA does, even though the obesity rate is lower.

[@cobra_joe6237]

Great discussion guys.

[@ltkreg]

08:34 "... we think it manifests itself in the small regional banks ...: Very prescient if not just because this was taped back in December 2022,

[@ashokmehta9520]

Great interview!

[@crazytydoo]

Love the disclaimer at the beginning, you just know it’s gonna be a banger

[@onewhittaichi3633]

I don't think the next generation will have such a warish sentiment. But the old guard must pass.

[@tastypymp1287]

Oh they will. When they get hungry and cold enough.

[@samw6713]

Why the disclaimer on this one Jack?

[@LisaDougall]

I have no special insight as to whether any of the opinions expressed are correct or otherwise, however, I'm delighted that the content on this channel allows for alternate points of view. If we're to move forward as a society we need to stop silencing opinions that are in opposition to our own.

[@gcb2101]

Kyle, I see you have good taste in Whisky. Some very nice bottles of Japanese stuff. But if you want to keep them for the long term, you should put them into their boxes so they are not exposed to light. On the other hand if you plan to drink them, kanpai!

[@tmclean9]

Great interview Jack!

[@Zesty_Von_K]

watching 6 months later and pretty much nailed everything in the first 10 minutes

[@gstlb]

I read somewhere that the speechwriter who wrote the line about no limits to the relationship between China and Russia lost his job. That tells me that Xi regrets that statement and would delete it if he could.

[@michaelglenning5107]

Wow, the content on this video 6 mths on is spot on, except for the flood of Chinese imports.

[@RiversideInsight]

Amazing, what a great video

[@gregorymartin2697]

Terrific video! KB brings insights that cannot be found anywhere else. More, please.

[@joesmith9139]

These conspiracy theories were... Well, interesting. In my view the difference in number of infections and death toll can be perfectly explained by the cultural-social differences between the Western and Asian societies. I lived in Europe during the first covid wave in spring 2020. A significant number of people questioned the rules, and a lot of people were pretty vocal about their own theories regarding the situation. In my opinion, these are manifestations of the individualist approach to life that is going wild in the west. For instance, during lockdown I was in line in a bakery for bread. Ahead of me two policemen without mask, not respecting the distance requirements while queing. Then we moved to Asia in the summer of 2020. (Not to China.) The situation could not be more different. There everybody respects the rules. They trust their government so there is no need to create strange conspiracy theories. Also, they know their limits - a person who works as a taxi driver does not think that suddenly they know all about genetics just because they read an article on the internet. And lastly, they have a collectivist approach. They know they are responsable not only for themselves, but for those around them too. IMHO these cultural differences are enough to explain the outcomes related to covid, no need to take that walk on the wild side with those conspiracy theories.

[@sunnygee3712]

👍 Thank you all!

[@PedroCruz-nu9wp]

Just didnt understood why you cuted the video at 10:38... political pressure???

[@markbrzezinski8889]

I found this extremely interesting.

[@davekelsey2338]

Excellent!

[@billhuang8778]

I live in China and I dont agree with the two guests. China 's economic growth has been exceptional and it is the second largest economy in the world. The Covid has impacted the economic growth like other countries. Also some of real estate policy and anti monopoly policy in internet industries have also impacted the economy. The fundamental growth engine has not been damaged. The rising consumer needs and the strong export economy are going to continue drive growth. Plus the continued infrastructure build out for digital economy, China will continue to grow its econmy at a higher rate than the US and other industrialized countries.

[@joem0088]

In the web there are 2 big houses of cards. The US which produced GDP growth by massive deficit spending, thereby adding a mountain of debt, inflation, high interest rate. Numerous analysts predicts dire consequences within a year or two. Next to that the China house of cards as per this video. Which one do you think will crash first ? Or either one crash will bring the other one down too ?

[@louisbaltimore1389]

Question. Can people make money in the rigged economy of China? After taking into account technology theft?

[@Gemini73883]

Sometime around the aborted Ant IPO, China realised that the USD is an empty IOU backed with hot air!

[@analytic_panda]

foreign currency deposit in china commercial banks is down 20% this year; China signed a currency swap with HK, so it can access all HK dollar reserve around $400B. China should be able to manage its foreign currency account carefully, which means controlled foreign traveling and imports. If Feds stops its interest rate hike after spring, then China will escape from this round of dollar rise. The weak spot is HKD, not RMB.

[@Jensth]

Damn. Glinsman is good!