Hello, fellow rebel capitalists hope you're well.

So an update on China, if you've been following this channel,

you know that their economy is in the state of collapse,

and I'm not exaggerating.

I mean, just last month month the real estate market in several major cities

the prices were down by 9% for the month not year-over-year for the month and real estate is 30% of the economy.

It's 70% of the net worth or the wealth

in the Chinese population.

So let's get into the recent update with Country Garden and they're

really struggling to make these bond payments and it's not just the dollar bond payments, it's pretty much all of them that they have had.

And they just made one, which the market sees as a positive, but I'm not making this up, they

made it, and therefore they get kind of a pat on the back like good job

But it was for six hundred thousand dollars

six hundred it wasn't even denominated a dollars. 600 grand. You kid me, Josh could make that payment for

heaven six. All right, let's get into this and you'll see that, man is just a what's actually I was going to say it's a slow moving train wreck but it's gone to a very quickly moving train wreck.

Country Garden has just days to avoid default on dollar bonds. So today's date is the fourth. I don't know what holiday it is, but at least I can get the date right.

And so tomorrow, the next day, this grace period that they have ends, you'd have to ask, well,

if they could make the payment, why do they need the grace period in the first place.

So it's likely that they're going to default on this $22.5 million of interest.

Interest.

It says nothing to do with principal.

It's not paying down their debt. This is just making an interest payment.

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