The United States has indeed taken a hard stance, especially when Powell hinted at the start of interest rate cuts. Our game with the United States has now entered the countdown to the final victory stage, and the current United States is betting on its national fortune, also fighting a desperate battle, not hesitating to blow up its own inflation, just to first plunge us into the whirlpool of infinite deflation. Why have we printed so much money, with an M2 of 330 trillion, yet we are still experiencing deflation? Didn't economists say that excessive money supply would definitely lead to inflation? Why are clothes, shoes, and bags so cheap, and why are new energy vehicles so cost-effective? Our consumption is just weak and cannot be lifted. Why is the whole world experiencing inflation, while we alone are in deflation? Because we and the United States are just two sides of the same coin; the more serious the inflation in the United States, the more deflation we experience, our common people become increasingly embroiled in competition, and our economic structure becomes increasingly fragile. Thirty years ago, the world was not like this; it was the period of highest global integration and also the fastest economic development period to date. At that time, there was a saying that we all lived in the same global village. Trade at that time was just trade; it did not make America great again, nor did it create the concept of prioritizing American domestic interests. Thus, whoever had good and cheap goods could dominate the global market. Since we joined the WTO, we Chinese have taken up the banner of global economic development, supporting half of global trade with the strength of one country. We hardworking Chinese people produced a massive amount of goods with our cheap labor advantage, supplying almost all consumer goods for Americans, while the United States only needed to print dollars. The U.S. enjoyed our high-quality and low-cost products, and the dollars we earned flowed back to the U.S., buying U.S. treasury bonds. While the U.S. printed money to buy goods, we still had to lend them money to spend, and the money spent came back, which is why the U.S. stock market keeps rising. American citizens enjoy high salaries, buy high-return stocks, and live the American dream, with one person able to support a family, owning a big house, several cars, a wife as a full-time homemaker, and two kids, leading a life that is simply too enjoyable. It is not difficult to see that the good days of Americans over the past 30 years could not have been realized without our Chinese products. So the question arises: the United States has used our products, and the brand merchants have earned the bulk of the profits, while we still have to lend them dollars back. When we have built up our wealth, what if we are unwilling to be the big loser anymore? If we no longer lend them money, they will flip the table. This is also why Biden, in just three years, has allowed the U.S. debt limit to exceed nearly 37 trillion, at an extremely high cost to make global capital flow back to the U.S. in the form of dollars, just to ensure that our products cannot be sold, thereby accelerating overcapacity and even dumping, resulting in extensive competition among workers and transmitting corporate debt to local governments. This local debt will then be passed on to residents. This year, the Trump administration has significantly increased tariffs on various countries, which is essentially blocking our products from transshipment trade. Driving out illegal immigrants is aimed at reducing their expenses, and the fundamental purpose is to accelerate our deflation. The entire economic schools of thought in Europe and America firmly believe that as long as we keep our real estate down and prevent it from rising, then our monetary adjustment tools will malfunction. Only widespread financial crisis in China, coupled with deflation spirals caused by overcapacity, can completely collapse our economy. Only then can they possibly solve the problem from the root, allowing them to acquire assets with dollar capital. We have established the world's strongest supply chain over the past 30 years; even if they face their own inflation explosion, they would rather not buy our products, encircling and intercepting our products while trying every possible way to pull us into the deflation trap. However, our high-level officials do indeed have high-level insights that we have long been aware of. The first is to counter competition; the core issue of deflation is that there are too many products being produced. Therefore, it is evident that we should work less overtime, reduce competition, and increase production.
Free time allows the public to consume, and natural deflation can alleviate it. Don't think that this time we are just treating the symptoms; we are serious this time. Because once vicious deflation forms, prices will continuously decline with asset prices, dragging down the wages of the public along with it, and that will truly follow the path of the United States. The second point is to establish a nationally unified market, which means removing local protectionism, allowing resources, funds, and talents to flow freely. The oil, minerals, electricity, and labor from the central and western regions must be transported to the eastern regions, while the benefits of new technologies and financial systems in the east must be shared with the central and western regions. The current overcapacity is caused by uneven resource distribution. New energy, even if cars become cheaper, how many families in China still do not own a car? Don't think that supply-side reform is just to save the profits of a few industries like photovoltaics, steel, and automobiles. The real starting point is to promote deep reform of the internal distribution mechanism and prepare enough ammunition for the ultimate confrontation. The third point is the positive confrontation of monetary discourse power. Over the past year, we have significantly increased gold purchases and vigorously developed Hong Kong's offshore financial market to ensure that a large amount of capital remains in Hong Kong with returns. Recently, our A-share market has repeatedly hit new highs, with trading volumes continuously breaking 20 trillion. Isn't it the same principle? Although we always say our capital market is not mature, as long as we lock enough international funds here, the U.S. will have no ammunition to use. It should be known that the foundation for the future development of most industries is AI and artificial intelligence, which no longer requires labor but rather enormous computing power. The industrial background behind computing power is no longer oil but electricity, and our current power generation capacity is already 24 times that of the United States. Seeing this, you will understand that the essence of the Yarlung Tsangpo River project is to become a world monopoly-level power generation country, and our unique ultra-high voltage technology can export electricity just like oil used to be. In the future, the renminbi will be anchored to electricity, computing power, and our Chinese products. In comparison, the dollar, which is bound to oil, will inevitably decline slowly. This is why Trump is eager to promote Bitcoin; national funds and U.S. dollar digital currency are urgently trying to find a new issue for the dollar. Speaking of this, the outcome of the China-U.S. game has become very clear. After all, Trump has talked to us for more than 90 days and still hasn't gained any significant advantage because we are truly unafraid. The cyclical nature of history tells us that the decline of empires is always accompanied by the illusion of currency, while the rise of a new order often emerges from new productive forces and the binding of new energy. The U.S. is betting on the last breath of dollar hegemony, while we are betting on the resilience and productivity of 1.4 billion people. The story of the dollar has been written for half a century, and the next chapter will undoubtedly be continued by the renminbi and electricity.
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