Balaji Srinivasan

However, I would say that

When, just to address two quick points, let's come back up the stack.

When China prints money, it is also doing an asset seizure, right?

Because just like Keynesianism, the difference is,

They don't have a global reserve currency.

So it's basically just like a tax on their own people, number one.

So that's a big difference.

They're not exporting it to others.

And number two is with that tax, they've actually allocated it intelligently because they have better central planners than America does.

Why do they have better central planners?

It's because at every level, like the way the Communist Party works is you run a thousand person town and then you can run a ten thousand person city, small city, then a hundred thousand person and so on and so on.

It's like a it's like a giant corporation where you get promotions based on both patronage and your numbers.

And essentially the deal that Deng Xiaoping made after taking over China and making it capitalist in 1978 is that.

The guy who ran a million-person city could take 10% off the top and become a billionaire if he increased the productivity of that city by $10 billion.

So it's as if they had an informal equity stake via corruption, right?

Now... It's so wild.

It's wild, right?

And there's a book called How China Works on this.

Now, the thing is, like, corruption is bad.

What you prefer is the Singapore style where public officials are just incorruptible and they're paid well and so on and so forth because they're managing these giant budgets so you get highly competent people running them, right?