less growth, then the worst case scenario would be tons of growth in the wrong direction, right? Yeah, it's accurate. So how do you think about that? In that context, what are the best, worst, and base cases for China's economy going forward? The best case is, and this is not going to happen anytime soon, is that the Chinese economy actually deleverages instead of just announcing a deleveraging campaign, which our data show was not actually deleveraging. It was a few years of slower, additional leveraging, but just to deleverage to the point where your growth can outpace your dead load. Because that's the real problem. When you have the other dynamic, it means that you're cutting down on productivity, and you're in the process of creating a zombie economy, which is what China's on the path towards right now. So what they do not want to do, as you said, is grow fast, because they can't support that other than with more and more and more credit. We have spent years trying to get people (48/57)
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