Chai Jing's program maintains its consistently high standard, but I have to coldly say that populism in China is currently raging, and this cannot be stopped by reflecting on history. The fundamental problem is structural; educated young people in China have lost their upward mobility, while the authorities refuse to establish an inclusive welfare system, leading to a widening wealth gap rather than a narrowing one. The generation that grew up in a golden era, initially having high expectations for themselves, is now mired in anxiety and anger due to disillusionment. This is the fundamental issue. In this context, the trade war provides sufficient reasons for outward hatred, and the high-profile promotion of military and technological advancements gives enough confidence and impulse for opportunistic military adventures. Coupled with the unprecedented penetration and incitement of short video self-media, the raging fire of populism is spreading at an exponential rate. A few well-produced, tear-jerking historical stories are, in the face of this level of historical torrent, no different from a mantis trying to stop a cart.

You can observe for yourselves whether this is the case: scholars or opinion leaders who were considered leftist a few years ago, like Yan Xuetong, Zhai Dongsheng, Hu Xijin, and Ma Dugong, are now on the right side of the spectrum; former classmates and friends who could rationally view China and the world have now seen a sharp drop in their intelligence, their minds filled with fake news, fake narratives, and fake history. They have consciously adopted a populist discourse system and way of thinking, beginning to view everything related to the West with a wary eye. In self-media, a competition has begun to see who can be more patriotic, more confident, more contemptuous of foreigners, and who can organize language in a way that incites collective excitement. The higher the tone, the more attention, applause, and economic benefits one receives; from an age perspective, a basic pattern is forming where the younger you are, the more populist you become.

My judgment is that the entire situation has completed a cold start, crossed the critical point, and entered an automatic positive feedback loop within network effects. Internet and crypto practitioners are very familiar with this process; once the so-called 'critical point' is reached, there is no need for special human push and resource support. The output of the network system will, in turn, stimulate and amplify the input, and the entire system can develop at an accelerating pace. Currently, unless the authorities take strong action to curb it, the trend is difficult to reverse. If this continues, even the authorities will be swept along by the momentum. We should not harbor any illusions; this trend is certainly pointing towards war, and there will never be a second outcome.

I am talking about China, but this trend also exists in the United States, the West, and other countries. As the new Prime Minister of Canada said in his inaugural speech, the system in which countries depend on each other and the world moves towards prosperity has come to an end.

In the face of global trends, we individuals are incredibly small and have a hard time shaking the overall situation. I once anonymously criticized on domestic self-media networks for spreading fake news, fake history, and creating xenophobic sentiments through populist rhetoric, but I now see the situation clearly; it has surpassed the extent that any individual effort can influence. For individuals now, we can only adapt to the situation and work on the level of spectatorship for self-preservation as a baseline. If we can also make some efforts to reduce the risk of war, that would be the greatest good. Within this overarching historical framework, I believe that crypto, especially the development of dollar stablecoin economies and RWA, now holds special economic and freedom-related significance. As long as people can still do business with each other, invest in each other, and make money together, there will always be a bit of rationality and a commitment to peace and friendship.