Gordon Chang

A lot of it is going out to Hong Kong, which is part of the People's Republic, but it's outside of China's currency walls. And then from there, it goes all over the world. It goes into the United States, goes into Europe, goes into... Southeast Asia. But money is leaving in really big numbers.

A lot of it is going out to Hong Kong, which is part of the People's Republic, but it's outside of China's currency walls. And then from there, it goes all over the world. It goes into the United States, goes into Europe, goes into... Southeast Asia. But money is leaving in really big numbers.

Wall Street Journal did a story not too long ago in October, which said that by their estimation, and these numbers are very rough because China doesn't tell us the truth. But the Wall Street Journal said that the amount of illegal capital flight in the four quarters ending in June of 2024 was $256 billion. That's a pretty big number because that's in addition to the legal capital flight.

Wall Street Journal did a story not too long ago in October, which said that by their estimation, and these numbers are very rough because China doesn't tell us the truth. But the Wall Street Journal said that the amount of illegal capital flight in the four quarters ending in June of 2024 was $256 billion. That's a pretty big number because that's in addition to the legal capital flight.

Wall Street Journal did a story not too long ago in October, which said that by their estimation, and these numbers are very rough because China doesn't tell us the truth. But the Wall Street Journal said that the amount of illegal capital flight in the four quarters ending in June of 2024 was $256 billion. That's a pretty big number because that's in addition to the legal capital flight.

So, we're seeing money leave China, which is a real indication. And we're seeing all sorts of very strange phenomena in the Chinese financial markets right now. So, this is a problem that is getting worse by the week. And as I said, it's not insoluble, but it is when you have someone who is ruthlessly determined to pursue misguided policies.

So, we're seeing money leave China, which is a real indication. And we're seeing all sorts of very strange phenomena in the Chinese financial markets right now. So, this is a problem that is getting worse by the week. And as I said, it's not insoluble, but it is when you have someone who is ruthlessly determined to pursue misguided policies.

So, we're seeing money leave China, which is a real indication. And we're seeing all sorts of very strange phenomena in the Chinese financial markets right now. So, this is a problem that is getting worse by the week. And as I said, it's not insoluble, but it is when you have someone who is ruthlessly determined to pursue misguided policies.

That's a really important question. There are a couple of things they can do. One of them is they leave. We have an unprecedented number of Chinese migrants from both our northern and southern borders. Some of those people are dangerous elements, but most of them are just people who are desperate to live in a free society.

That's a really important question. There are a couple of things they can do. One of them is they leave. We have an unprecedented number of Chinese migrants from both our northern and southern borders. Some of those people are dangerous elements, but most of them are just people who are desperate to live in a free society.

That's a really important question. There are a couple of things they can do. One of them is they leave. We have an unprecedented number of Chinese migrants from both our northern and southern borders. Some of those people are dangerous elements, but most of them are just people who are desperate to live in a free society.

The other thing that you do is you keep money offshore, and there are a number of illegal but simple ways to do that. The other thing is you buy gold. Gold is basically capital flight for the poor, because they can't get their money out, but they can get their money out of renminbi-denominated assets, local currency assets. So you buy gold, because gold has an international value.

The other thing that you do is you keep money offshore, and there are a number of illegal but simple ways to do that. The other thing is you buy gold. Gold is basically capital flight for the poor, because they can't get their money out, but they can get their money out of renminbi-denominated assets, local currency assets. So you buy gold, because gold has an international value.

The other thing that you do is you keep money offshore, and there are a number of illegal but simple ways to do that. The other thing is you buy gold. Gold is basically capital flight for the poor, because they can't get their money out, but they can get their money out of renminbi-denominated assets, local currency assets. So you buy gold, because gold has an international value.

I mean, its price is set by global markets, not by inside China. Yeah. So, there are those things that you can do. But the other thing you can do is, and this is really fascinating, you just opt out of society. You got a lot of young, middle-class Chinese who are really privileged, who have just said, I'm out of this country.

I mean, its price is set by global markets, not by inside China. Yeah. So, there are those things that you can do. But the other thing you can do is, and this is really fascinating, you just opt out of society. You got a lot of young, middle-class Chinese who are really privileged, who have just said, I'm out of this country.

I mean, its price is set by global markets, not by inside China. Yeah. So, there are those things that you can do. But the other thing you can do is, and this is really fascinating, you just opt out of society. You got a lot of young, middle-class Chinese who are really privileged, who have just said, I'm out of this country.

And they can't leave, many of them, but what they do is they, quote unquote, retire. That's the phrase that's being used now. They retire to the countryside and they become farmers. Or they just do nothing. They just sit in their rooms and opt out of society. So those are the ways that people are reacting. There is unprecedented gloom in Chinese society.

And they can't leave, many of them, but what they do is they, quote unquote, retire. That's the phrase that's being used now. They retire to the countryside and they become farmers. Or they just do nothing. They just sit in their rooms and opt out of society. So those are the ways that people are reacting. There is unprecedented gloom in Chinese society.

And they can't leave, many of them, but what they do is they, quote unquote, retire. That's the phrase that's being used now. They retire to the countryside and they become farmers. Or they just do nothing. They just sit in their rooms and opt out of society. So those are the ways that people are reacting. There is unprecedented gloom in Chinese society.