I watched a pretty incredible interview between Kyle Bass (Hedge Fund Manager) and infamous Chinese businessman Guo Wengui, also known as known as Miles Kwok, who made a series of accusations and predictions about the Chinese government. Pieces of it are crazy outlandish and sound like the backdrop to a Bond film. It was even filmed in an undisclosed airport hanger because he was fearful of extradition or assassination.
When I think of China I think of cheap labor, censorship, theft of American intellectual property — and tasty food, on-line gaming and Anime.
I heard about the fake numbers they publish, currency devaluation, state sponsored hacking, and chalked it up to maybe that’s what it takes to pull hundreds of millions of people out of poverty in short order.
This interview paints a darker picture of massive corruption by the Chinese Communist Part (CCP) and aristocrats. People like Wang Qishan and Fan Bingbing.
Kwok says the economy and banking systems are a complete shit show and total fabrication. They basically have two economies. The RMB economy of China is internal. And the economy of China in dollars is external.
And they are desperately in need of dollars because that’s how they trade with the rest of the world. Trump tariffs and trade war could not have come at a worse time for China.
Here’s a few of the most eye-opening statements:
- Chinese banking system is about 400% of GDP, and Kwok says that 50% of all loans in China might be bad.
- The CCP steals hundreds of billions of dollars from entrepreneurs and companies.
- Jack Ma had to sign over his ownership interest in Alibaba to 5 unnamed individuals.
- China’s censors everything to control information in fear of an uprising.
- China wants to weaken USD as leading global currency
He also predicts Jack Ma will be in jail before year-end.