Victor Vescovo

Yeah.

Well, the whole industrialized world is below natural replacement rate, but China is really falling off a cliff even faster.

I think the world leader right now is South Korea, where they are already facing severe issues with depopulation.

But the issue there is if you don't have the population, you can't build

the level of military might you need to start imposing your will on other countries.

And it causes social instability.

If you have a mess at home, it's really hard to do too much with confidence on the international stage.

So I think China may have missed the best window to do something militarily with China.

Best time would have been during COVID, but I think now the US is deploying enough assets to make it even more

difficult for them in Taiwan as well.

And I think that we're certainly not out of the woods, but they are certainly not an unstoppable force.

And conducting a military invasion of Taiwan would be extraordinarily difficult.

Yeah, the model that they would most likely do is what they did with Hong Kong, which was slowly work the geopolitical stage, the treaties, hybrid warfare to effectively get control and then make it more and more assertive over time.

I think that's what they're going to probably realize that they're going to have to try to do with Taiwan, that a pure kinetic solution is –

going to be too risky for them.

And they are risk averse.

They don't roll the dice like Putin will with Ukraine.

They're going to think very methodically about it.

And I think they'll come to the conclusion that it's a low odds shot.

So they're going to have to do other methods.