Gordon Chang
speaker
524 appearances
9 recordings
2 series
first heard Nov 2024
last heard 23 May
Gordon Chang’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in May 2026 with 1.
Appearances
So even if he is removed, there's a real possibility that another conservative could be elected. But we know the leftists control the electoral, the National Election Commission. They've been rigging elections since at least 2020, which means no matter what the South Korean people, how they vote, is probably going to get a leftist as a president.
And the leftist candidate is pro-China, pro-North Korea. He might even be a communist himself. If he's not, he's very close to it. This is really, really very dangerous for us.
And often corrected by Mike Baker. So, yeah. Thanks very much.
You can thank Xi Jinping for that, because he's causing problems across the board. And you mentioned his 2025 New Year's message, and there's so much in there to talk about, because it reveals, I think, a regime which knows its problems.
especially starting with the economy, because clearly he says, well, I've got a lot of confidence we'll meet our 5% target, and then talks about a lot of, or at least hints at reasons why he's not going to make target.
Yes, he's not going to take responsibility. But the problem is that he's a neo-Maoist, and he has a vision for the Chinese economy, which certainly fits in with the 1950s, but is not really taking into account the reality of what's occurring in China right now. What he's doing is he's turned his back on consumption as the fundamental basis for the Chinese economy.
Consumption contributes somewhere like 40% of China's GDP. Most countries 60 to 65, US over 70. But that means that Xi Jinping has only one way to solve a very difficult situation, and that is to export more to the world. That means he's put his fate in our hands. And it also means that we can shut out him from the United States and other people can do that with their countries as well.
So he's really very difficult position right now. And he's subject to external concerns like no other Chinese leader before. But is that something that...
Yes, because we don't have political will. You know, just think about it, Mike. We're not protecting ourselves against Chinese cyber attacks. We've known these going on for decades. We've got the means to stop it. We don't stop it.
And so, you know, you can make the argument that the United States is one of the weakest countries in the world because we're just not defending ourselves from a known threat. Same thing with tariffs. But if we wanted to, if we had to, Yes, we could start shutting the Chinese out from our markets. But, you know, think about this.
We are financing the buildup of the Chinese military, which is configured to kill Americans. And, you know, future generations are going to look at our leaders. They're going to look at us and they say, who were these people?
Well, from his perspective, things aren't that bad because he's putting China on a war footing. He's manufacturing. He's making sure that China is self-sufficient. He's doing all sorts of things. And from his perspective, I think he probably likes it. The problem is that from a point of view of economics, he's driving China into the ground.
And that means that if he doesn't go to war soon, he's going to lose the ability to go to war. And that is something that means he can take us by surprise, because I'm sure at some point, he's going to see a closing window of opportunity.
Okay. First of all, what he's doing is he's incurring a lot of debt. China has a total country GDP to total country debt to total country GDP ratio of, I think, about 350%. You're in the danger point where you're getting to 200%. So China's in a very difficult position. He's got to have a debt crisis, and he can't really resolve it. His position is he's going to try to increase investment.
In other words, factories, high-speed rail lines, all those other things. The problem is that he's driving prices down in China by this excessive production. When you drive prices down, you have deflation. Things get cheaper. And Xi Jinping is quoted by the Wall Street Journal as saying, don't the Chinese people like it when things get cheaper? Well, of course, as consumers, we do.
But the problem is when you're a consumer, you don't buy things when things get cheaper because you're going to wait six months or a year until prices are lower. And so what we're seeing is a large portion of the Chinese economy consumption is now, I think, shrinking. And China is now in a debt deflation sort of cycle. We should know about this because that happened to us in the 1930s.
So the way to put it to Mike Baker, the economist, is China is looking at the Great Depression.
Yeah, it's big. It is very big. And it has a lot of money. It's not spending. And the other thing about the middle class, it's getting poorer. About 70% of the wealth of the Chinese middle class is property. Property prices are plunging because there's too much of it. Give you an example of how much is too much. or how far they're in it.
Last September of 2023, a former senior statistics official in China said that there were enough vacant apartments to house the entire Chinese population of 1.4 billion people. Although this official said there are other estimates that show that there are enough vacant apartments to house 3 billion people.
Now, the law of supply and demand doesn't work exactly in the same way as a command economy like China's, but it does apply. And that means property prices are going down, which means that 70% of the wealth of the Chinese people is shrinking.
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