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and welcome this. It is Financial Survival Network. I'm your host,
Carrie Letts, and it's time for another triple Let's report. Haven't done one
in months, maybe maybe it's been a year. And the last one was
about the Second Amendment case in the Supreme Court where the New York stayed against
Rawn or Brewer. Can't remember the name in any events, we're talking about
China. I've been a China follower for two decades now. I visited the
country twice. I don't pretend to be an authority on it, but I
do follow other people who are authorities. And Gordon Chang has been saying it
was going to blow up, it was fake for better part of a decade.
So we give Gordon Chang the stop Clock Award. Yeah, it's easy
to say, well, you know, you look at an eighty year old
person and it's easy to say, well, you know, you're probably going
to die within the next decade, and the odds are you're going to be
right. But hey, the reasons that Gordon stated, huge borrowing, huge
debt bubbles, mal investment, housing, export driven, exploitative, mercantilistic model,
all these reasons and more. China is in the process of imploding.
Now now we'll talk about the reasons for the implosion. Like I said,
printing money, hyper inflation. They have been acquiring gold and other resources,
but they don't seem to have any inclination to want to back their currency by
it. You heard a lot about the bricks nations, and now they've dded
Saudi Arabia and Argentina who wants them, and a couple of other countries.
Charles Nanner seems to think that the bricks are going to be something I don't
because their largest economy is China's second. I guess the second largest is India
and then Russia. And these bricks countries have performed over the past decade since
the Great Financial Collapse horribly, especially China. China has had no real growth
during that time. So let's take a closer look because China is supposedly the
second the world's second largest economy, could be the first. That all depends
how you judge. It had a monstrous boom for forty years. They opened
up in nineteen seventy eight. In two thousand, I think it was two
thousand, they were allowed into the World Trade Organization. A phenomenal string of
economic growth. Although you know, there's as Churchill said, there's lies,
they're damn lies, and then there's statistics. Well, you know, you
can't believe the US government statistics, but normally you can drill down on them
and tend to get some glimmer of the truth. Chinese statistics are completely manufactured,
made out of whole cloth, so you can't believe anything that the Chinese
put out. Nothing. So, yes, they've had an impressive string of
success, economic success. Hundreds of millions of people have been lifted out of
poverty, abject poverty. And when you think of poverty, you can't even
imagine what it's like in these third world countries China included because China was once
a third World country. Now it was on its way to becoming the first
world country. Will see what happens. So what happened basically the current regime
there by g pretty much meddled in everything. They didn't understand the reason for
China's success over the past three and a half decades. They thought it was
just China is great, and know that might be the case, China might
be emerging great power. But it wasn't because China was great. It was
because they unleashed the power of individuals, of entrepreneurs. Everyone in China was
in business making money, and once they started to interfere in the economy and
really stop the process, that unleashed this tidal wave of wealth creation. It
was basically beforegone conclusion that this thing was going to bomb out. When you
look back when they first started their their economic success, they just come off
of the you know, the counter revolution, the great leap forward, and
most of China's economy was done to was done through state owned enterprise. Is
incredibly inefficient, corrupt, well, corruption is the rule of law in China.
Okay, everybody is getting something, everybody's on the take in a lot
of ways. It's not that much different from the United States. However,
in the United States, the entrepreneur, the driving force behind a project,
knows he's going to have to pay out somewhere between five to fifteen percent to
let us charitably say, grease the wheels. In China, you might be
paying the CCP, Chinese Communist Party officials, and local hanchas fifty percent.
So then you have to cut back on every single ass back to the project
in order to attempt to earn a profit, and that includes screwing subcontractors and
cheating on the specs of the job. But that's another thing that we're going
to get into. The point is that once the Chinese Communist Party again became
the dominant party in the country's economy, that's when things really started to head
downhill. And now we fast forward to today floods, natural disasters. I
mean, China makes Florida and California look like totally safe and secure places the
way things work there. They've just had these enormous floods. Beijing was getting
flooded along with a ghost city that she's personal project. So what do they
do. They don't like try to preserve people, save people, don't.
They go and they blow up dips and they flood the water. They let
the water create a path forward into lesser provinces and don't give any warning,
people are getting killed, their properties destroyed. It's just an unbelievable situation.
Haven't seen that happen in the United States yet. Maybe it will at some
point. You could argue what happened in Maui was part of some nefarious plot.
I haven't seen evidence to that effect, but it's certain. It certainly
is worthy of exploration. But in China there's no exploration necessary. It's like,
to save Beijing, we destroy the outlying provinces and the people are enraged.
And then when there's a disaster in China, it's not like the United
States, where it's on the news twenty four to seven until the next disaster
comes. No, you see a couple of references to it, and then
the CCPs totally censors it. So what we're seeing is the infrastructure. Everybody's
raving about the Chinese infrastructure. It's stayed in the art. It's amazing,
it's incredible, and they're building tunnels, bridges and all that, except the
under the corrupt model, all of the CCP half the money gets blown on
raft. In the United States, maybe it's fifteen to twenty five percent,
but the project gets done. When there's a bridge collapse in the United States
on a major highway or a minor highway. It's all over the media.
Everybody is outraged. We've got to do something about it. The America's infrastructure
is crumbling. Blah blah blah. Yeah, infrastructure has issues, for certain,
but the infrastructure in the United States is far outliving its expectant life.
In China, not the case. They have regular bridge collapses and then when
there's a flood, everything comes down. In Beijing. After the flooding,
sinkholes are opening up all over the city, all over the place. And
sinkholes are a common phenomena because they overpump, over exploit the groundwater, causing
subsidence. Subsidence of the soil causes building collapses. So you just have to
go onto YouTube. And a lot of this had been censored and really kind
of throttled for years. But now all of a sudden, I guess Google
leaving China. They don't have such an interest in the Chinese model enduring,
and now they're all over YouTube and all over Google as well, and you
need to go take a look at a few of them, just to see.
One show that I really love is China Fact Chasers these two guys had
written around the country in motorcycles, exploring ghost cities, poverty, all this.
Finally they had to flee China because their lives and their families were in
danger. But it's really a great show. It's part of a larger show.
I think it's called the China Show that they also do highly recommended.
But the point is their infrastructure, brand new infrastructure. They show pictures.
They go into a building and you know, every free stairwell in a high
rise in the United States has to have a fire hose, or at least
one per floor, depending on the size of the structure. In China,
they had a similar rule. Except when they did the inspection of these fire
hoses and they turned the thing to see the water pressure, turned the valve
on, nothing happened, and then they would like pull it off. They
just broke it off. Literally, it was connected to nothing. Storm grates
that are supposed to take away stormwater. They pull up in the grate and
it's the grates just there. There's nothing else there. It's what this China
Chaser's Guide calls China is the land of short cuts and facades. So they
go through safety theater, but there is no real safety there. And you
see these floods. One tunnel got flooded in a province a couple of years
ago, thousands of people died. You never read about it. The CCP
never admitted it. When there's a disaster, the CCP, rather than going
to the aid of their citizens, basically stifles them, shuts them down and
make sure that no bad news can get out there. But the people know.
The people know. The CCP looks like it's on its deathbed. In
China, every dynasty has ended with a great flood. Will it be the
collapse of the Three Gorges Dam could very well be, since I did my
report on it. There was actually a YouTube that came out that actually detailed
the shotty construction and the way they cheated. Shotty construction in China is called
tumfu drag construction. So the walls are made of tofu and it's got to
do when when you make tofu and you cook it, you have these dregs
that are useless. They don't have any flavor anyway. Tofu drag. That's
all you need to know. China is the tofu drag country. There structure
shot China does best when a Western company like Apple or whomever goes there,
sets up a factory, sets standards, and gets product, and then they
inspect the product and they throw out whatever didn't comply. Or when Tesla opens
up a factory in China, that's when China right now has done best.
And that's not too belittle the Chinese people, but the Western countries cannot tolerate
the level of fraud and corruption that the Chinese and the Asians do. That's
just the fact. Then we look at their real estate marketing. Nobody's buying
property. Foreclosures in China a whole different animal than here. It's like they
foreclose on your house and then you still got to pay the debt off,
so you know you're still on the hook. It's called recourse. In the
US, certain states are recourse, certain states are non recourse. But after
the gcf A foreclosure crisis, basically even the states where there's recourse, they
don't chase the debtor for it. In China, they'll lock you up.
They have debtors prisons in China. So China, their housing market is on
the it's collapsing before your very eyes. We had ever Grande and country Garden.
Now which was twice the size of Ever Grande. And the top ten
top ten real estate companies in China have collapsed or will collapse probably within the
next month. Then we've also got you know, the perils of Pauline here.
It just keeps getting worse and worse. The banks are on the balls
of their you know what, the banks have limited daily withdrawals. The banks,
a lot of them have collapsed, and there is no FDIC, there's
no Federal Reserve printing money out for the poor will begotten depositors. No,
they're just on their own, and they're starting to protest about it. So
banking industry is on its way out. It's bad here in the United States.
In the US, look, we've got a banking crisis that started and
as continuing to unfold, and hundreds of banks potentially will cease to exist if
the Federal Reserve doesn't and its policy here of ever increasing interest rates. This
remains to be seen. I don't know how much long are there going to
go. Nick Santiago on my show, has been detailing this. He was
spot on. He called for higher interest rates. He was about six months
early, but he knew it was going to happen higher interest rates. Well,
in China, they're cutting interest rates. They've got deflation, and so
you've got infrastructure collapse, real estate market which is anywhere from twenty five to
thirty percent of China's GDP. You've got banking collapse right and left that you
don't hear about. And of course export, the export boom is gone,
aarn investment is gone. There are investors are not putting money into China anywonger
for good reason. And their exports are down double digit month over a month.
You can expect that China is going to see mass unemployment right now,
their youth unemployment, the state says it's twenty plus percent. The reality adjusted
figures it's closer to fifty percent. Hey, you think we have useless degrees
in the United States, like puppetry, English literature, blah blah blah.
Well, advanced degrees in China have turned out to be useless. People getting
engineering, masters, doctorates, what are they doing. They're doing Uber and
door dash food delivery services. So you've got implosion of the educational industrial complex.
People are still trying to go to school, good schools there, but
they're seeing that the fruits of their labor don't exist, so you can expect
that mass dropouts, mass closures of Chinese universities. Hey, a lot of
times we like to issue in the West propaganda about the East, and it's
not true. It's unfounded, like Russia is losing the war. I don't
think Russia's winning the war. I don't think they're losing it. But if
you watch the Western propaganda, you expect that Zelenski will be a you know,
taking over the Kremlin next week, and it'll be putting a silver steak
or a wood spike through Putin's heart. I don't think it's quite that dire.
But clearly the intentions of the war by the Russians have failed because it's
still going on nearly two years later. But that's just an example of Western
propaganda propaganda. This is not propaganda driven. What's happening in China. What's
happening in China is clearly fact based. We're seeing it all over. So,
Gordon Chang, you were spot on, but you were just about fifteen
years too early. So it's always better to be right than to be wrong
at the right time. So if you just stuck with it, you would
have been fine. You shouldn't have been making predictions as to the timeframe,
but we love you anyway, Gordon. So what's going to happen, Well,
implosion of China is going to be. It's going to have effects felt
all over the country. The question is is the implosion going to implode because
of political instability, chaos, rioting, civil war or is it going to
be economic collapse that's going to happen no matter what. Is it going to
be an economic collapse that that just leads to a new regime and maybe things
can continue on somewhat. But it's going to affect you because so many of
the products you and I purchase are produced in China, all of your electronics,
all of the stuff. This microphone I can tell you was actually it's
a cloud microphone and it was produced in the United States, but I wouldn't
doubt if it's got Chinese components, particularly medications, all of the generic medications,
if they don't, half of them come from China and the other half.
A lot of the precursors to those drugs are produced in China. Of
a lot of building materials. So we're going to have this decoupling in this
deglobalization not so much a result of intent, but as a result of economic
collapse, and it's going to affect every single country in the world to a
greater or lesser degree, because China was the world's factory. And hey,
don't get me wrong, China makes a lot of products. I'm sitting around
my office here looking at all the great products we have. But they make
a lot of garbage too, And they have no respect for intellectual property right
now, intellectual property is considered a property class by most of the world,
and you're supposed to get royalties and they just rip it off. These are
facts. I don't make this stuff up. So point is, collapse is
coming. It could be here tomorrow, it could be here in six months.
The political situation, they cannot deal with it. They are in no
position to keep printing money, and they don't seem to want to because they
don't really care about their citizens suffering. Not that we do here in the
West. But at least our founding documents showed a care and a consideration for
the country citizens that current execution of these documents of our government clearly doesn't have.
But at least we had the right intention. They never had it in
China, so a lot of things. I suggest you buy at least six
months to a year worth of medications, even if you're not sick. Buy
up a bunch of antibiotics because they could be very difficult to get. The
other question is will a global health scare coincide with China's collapse? To keep
to keep the people, to keep the sheeple in their place. I just
don't know. I mean, I know, I hear more mask at choose
its type style masking taking place, even though we've got meta studies after meta
studies that show or it'd certainly question the efficacy of the prophylactic capabilities of masking
for upper respiratory infections. Don't know about that. That's the ambit of conspiracy
theorists. But just share with you a new shirt that I got. I
wish I had it here. I show you now. It says I identify
as a conspiracy theorist. My pronouns are told you so anyway, I'm telling
you now, it's just like the thirties, but I think the consequences are
going to be far worse. There are many more people in the world now.
The farm urbanization has taken people off the farms we have, like in
the United States, like two or three percent of our total population works on
farms, and they're productive. I'm not going to talk about the quality of
the so called food that they produce, but you know, hey, you
go to McDonald's, you get your big mac with cheese and fries and your
coke. Not that that's food, but it passes for food in many places
in the world. So these are just things you need to be aware of.
I'm telling you this is coming. It's not propaganda. Coincided with the
war Ukraine. Will China seek to divert attention by invading Taiwan? I don't
think so. China's targets to target rich environment. They can't attack Taiwan by
surprise. Taiwan will know it's coming. Taiwan's been digging in for decades now.
I'm not convinced that it's going to happen. I think saber rattling kind
of blackmailing the world is really the way to go for them, and that's
what they've been doing all along. But hey, what's going to happen?
I can't tell you. I don't know. It all depends whether it's a
peaceful transition in China or a violent transition. Tyrants are not known for voluntarily
letting go of power. So that's it for today. Spend another triple lets
report, carry Lets signing off. Thanks for listening to carry Lets's Financial Survival
Network, your solution to today's trying times. For the latest, go to
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