00:00People have been calling for the collapse of the Chinese economy for literally decades now,
00:04except it's never popped.
00:06And people have become desensitized to this news
00:08because they just assume the Chinese government will just kick the can down the road
00:12by printing cheap money, lowering interest rates,
00:15and continue to expand their GDP by this pre-sell strategy of selling real estate.
00:20But what I think people forget or take for granted
00:22is that this strategy only works if people have faith in their system.
00:27And that's really the biggest thing at stake for the Chinese government,
00:30just like it was for us here in the US
00:32when we realized that during the 2008 financial meltdown,
00:36which was caused by the collapse of real estate,
00:38that it was an illusion to believe that real estate could only keep going up forever.
00:43And there's an argument to be made that maybe the Chinese people are starting to realize that now as well,
00:47that real estate can't keep going up forever.
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