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Winston Smith
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Comments by "Winston Smith" (@kryts27) on "Hints Beijing authorities gave to address a banking crisis and the collapsing Chinese yuan" video.
The CCP are poor capitalists. Capitalism is clearly at odds with othodox Communism, but the CCP also fails at free markets and imprisons or harasses their entrepreneurs. All the free enterprise changes that Deng Xiaoping put into place is now unravelling under Xi Jinping (partly because of Communist orthodoxy, but also because during the Jiang Zemin era, an enormous property bubble was allowed to accumulate; dwarfing even Japan's 1980's real estate bubble, so it had to be reigned in too late). China's economy seemingly has only one place to go now; on an ever downward spiral, until the CCP gets overthrown and private wealth investment can gradually heal the shattered China economy (and probably cities by then as well) caused by forced demographic decline, lockdowns, poor banking regulation and enforcement, enormous greed and corruption, Communist orthodoxy tyranny and eventually civil war. No easy way out of this dilemma. I call it the Russification of China.
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Clearly, banks in China cannot be trusted. Banks core operations are honesty and openess. Loosing this makes people put their hard owned savings under their floorboards and into their mattress etc. Not good for both banks and governments.
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