and that the economy is basically stagnating over time. And that means that getting positive growth at all in the next decade from now is going to be very, very difficult. COVID sped that up. The problem here is that I think that that's happening around the rest of the world too. China is just farther ahead on the curve on this. So I think that the idea that China will be growing at anywhere near the rates it has been is quite ludicrous. I think the idea that they're going to be able to grow at half the rates they've been claiming is quite unlikely. I think we're looking at an extraordinarily low growth model coming out of China, at which point it's going to make it harder for the party to operate. And it's making it harder for the party to backstop everything. So they have some real headaches going through. China can get out the other side. They can come out the other side. But the longer they wait to restructure the system and to stop relying on bad debt and stop relying on an (54/57)
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