Arthur Hayes

Are you getting UBI?

Kind of.

It's your parents.

It's the savings of one child policy.

You have essentially two parents, you have grandparents, and so you have all these people contributing to you as this little emperor, right?

So you're just living off of your extended family.

And it works for now.

Now, Xi has a problem, well, maybe he'll have a problem, maybe he won't, I don't know, of dissatisfaction because he doesn't care about employment.

He believes that AI is the future.

Now, when they get to that future, what will this Chinese state's policy be about taking care of the population?

Will they...

increased the amount of social services that they provide.

You'd be very surprised to know that the amount of social safety net in China is less than Europe and the United States, which is why the savings rate is so high in China.

But Xi believes that the future is this AI manufacturing techno country with basically a homogenous Han Chinese population.

And that's what he is creating.

And right now, it looks like it's succeeding.

This might be the future where, again, most people go to university, don't have the job that they went to university for.

But everything else is so cheap.

Their services are so good.

It doesn't really matter.