There was something very interesting about Don Quixote's journey. While he roams the world in search of adventures whose main characteristic is the difference between what really happens and what the sad figure knight perceives to be happening, there is NO economic concern. Only Sancho Panza really cares about amassing a fortune. Eventually he succeeds in doing so, but that is not the main theme of the story. The beauty of Cervantes' work actually emerges precisely from the fact that Don Quixote wastes his energy and resources in crazy, illusory, ridiculous and therefore comic and tragicomic combats. Originally, capitalism valued the pragmatic Sancho Panza: he accompanies Don Quixote, but tries to save some money and never loses sight of his petty personal interests. But now everyone (including ordinary Americans who are supposed to emulate Sancho Panza) has gone berserk and is acting like Don Quixote. At the end of his journey, Cervantes' character regains his senses just before he dies. I suppose millions of Americans will die without realizing the bad trip and tragicomic journey they jumped on.

I recall a conversation I had with someone in 2016 who believed that Trump was incorruptible because "he has his own money to campaign with." So while I agree with this vid's premise that "a lack of confidence in the system" led to Trump, I think of equal importance is a lack of understanding about the system itself. The Financial Crisis Commission Report concluded that deregulation was the core driver of the 2008 crisis. The SEC was blocked from regulating the speculative instruments that allowed banks to abandon lending standards. Trump didn't run on an oversight platform, and in fact exacerbated deregulation along with passing massive tax cuts for the wealthy that created no new jobs. So, clarifying the narrative of what actually causes financial turmoil from a textbook standpoint is a significant hurdle that should be overcome.

China also raised its impoverished out of poverty. The people still have work to do, but the improvement can't be denied. That's the shovel digging in the ground literally.

I hadn't thought about single payer healthcare saving social security before. All those savings plans would be inherited instead of going to healthcare, nursing and end of life care.

Outstanding discussion more of this please

Two words ring true! MONEY POLITICS! NO REGARDS FOR US!

When it comes to our politics these days, things are always worse than what we think they are, unfortunately.

Money changers Money launderers What's the difference All play with other people's money

Some phenomena are so important that they cause very different people to transcend personality and ideological differences. Worth watching to the end.

I am not sure which is more disconcerting, the conversation about the potential loss of (presumably civil) freedom if/when the digital/crypto currencies are further brought into line (not that I feel they should be), or the calmness and and acceptance displayed during the conversation. A very interesting conversation, about which I understand too little.

Great discussion. Thanks for sharing. Just the item on the chinese issue is strange. Some are really good insight and some really off the chart.

“God wasn’t born in Detroit or Pittsburgh but he ended up vacationing in Davos” brilliant from Chanos

Very educational presentation Rob. While austerity tears 180 million working class families apart, the financial sector, Black Rock, Vanguard and Safe Street continue to make trillions for their shareholders in what is clearly an attempt to one day become the only and wealthiest private equity firm on earth. The financiers of this abominable, class war being perpetrated upon the working poor and the environment is unsustainable, and the $31 trillion national debt along with the $200 trillion dollar corporate and household debt is unserviceable.

Interesting that China's two sessions happening now is featured on CGTN China's KZfaq channel. Watched bits here and there. The main focus seemed to be education, more engineers,

Chanos is so overrated. Chanos & Company isn't doing well. In terms of AUM from $6 billion in 2010 to $405 million in 2020. Chanos does seem to be able to charm journalists because I never see them ask hard questions about his fund's poor performance and track record since Enron of a lot of bad calls. He has been predicting calamity for China since 2009.

Jim Chanos, one of the few sane investors with solid analysis in this market.

How does US book $$$Pentagon money? Does $31 trillion US debt have any consequences?

45:10 forward brilliant and interest point to investigate and understand.

Why does Jim Chanos recommend that China move on to the Western economic model which is failing so badly to deliver growth and subject to so much fraud as Jim so eloquently explained. The Chinese model has been peforming spectacularly with certain exceptions such as in the real estate sector which ironically happened because of lack of regulation. The latest crackdown on tech moguls is a very healthy development as it is workibg against the new wave of monopolisation which is now undermining America's economy. Last but not least, China's debt is not the same as Japan's was. Jim Chanos conveniently forgot to mention that a major proportion of China's debt has arisen from public investment in infrastructure, innovation, etc. all of which is generating major benefits to China's economy and society.

Governance is providing for peoples needs ,housing jobs stability and being able to have a sustainable future.Coprations and external government organisations for profit do not care for people's needs . Corruption in banking systems and corruption in industry means your government has been inflitrated by the latter which only damages your country further.Poitical parties should meeting the needs of people not thier own self interests.

@39:00 that is incorrect. The macroeconomics is Savings is an accounting record of past Investment, not _the_ accounting record. So, S ≠ I. Read your basics, Kalecki or Mitchell, et al., G - T = C + S - I + M - X. If the apartments do not deteriorate too much, the Chinese at least have built housing for future use. They're still idiots, because to focus on GDP alone is for knaves and fools. (I do understand the insanity of the realpolitik you have to show GDP↑ or "tsk, tsk, no votes for you".)

US has been involved in over 240 conflicts including three hot wars over last 25 years. Iraq was an illegal war. Would argue US has been externalizing forty years of bad decisions blaming others. Endless movies etc attacking our enemies dujour. China needs massive quantities of fossil fuels, Russian friendship in spite of hundreds of years of hate and animosity inevitable

😎

Rob to bad you allowed him to get away with his propaganda and defense of shareholders.

Americans really do worship Mammon(but go to a Christian church on Sunday).

@42:15 it is not a bad signal it is a good signal ! No one is above the law, not even the billionaires! Even munger said it was stupid for Jack Ma to confront the government !

The Chinese economy will not go into a Japanese stagnation mode but will continue to power ahead. Why? Because of its dynamic planning and public finance / innovation driven system which is a new and unique model not previously tried before. Japan failed precisely because it abandoned its old developmental model under US coercion and adopted a neoliberal model.

Your society has lost it values and ethics.

Stockholm Syndrome.

🤣🤣🤣they were good until they talked about China and then they become full of BS😝😝😝

👍👍👍🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦👌👌👌😃😃😃👏👏👏✌️✌️✌️

This was a great programme until it went on to China when all the American imperalist propaganda tropes came out. Sadly the moderator just went along with it.

Wasted hour listening to this commentary.

I think you can never understand China or any other Asian countries, because you have only American point of view.

I am no expert nor I consider my self to be one in any area, but, I wanted to mention that pointing out the Taiwan situation merely as being a threat from China is untrue, even if the consequences as described are in fact true. Taiwan was supposed to have been returned to China (or is supposed to in the future), and both Europe and US accepted that in the past. This is even clarified in Taiwan's Ministry of Foreing website: en.mofa.gov.tw/News_Content.aspx?n=1329&s=32322. So China is, in theory, within its own rights get part of its country back under its control, and it is because of Taiwan's current strategic value in the global supply chain that US is worried. The trouble is that the country that was supposed to ensure that happened peacefully, the US, now seemingly wants none of that! Due to economic reasons, obviously. It is unfair to say "China is threatening to invade Taiwan" or that "China wants to control Taiwan for this or that reason", because even tho the consequences of this happening might be true, it doesnt change the fact that it is legal, and to use an oversimplified and biased discourse like that does nothing to help the US or Europe face the challenges to come. It only serves to paint China as the "bad guy", and we gotta be careful with that simplistic rhetoric, for besides being untrue, it is in fact dangerous.