This is CBSI on the world.

I'm John Batchel.

My colleague Chris Regal, the CEO of Scholar.com, is traveling.

He's in Europe.

We're going to start in Eurasia because Chris has helped me to understand these last years

that the Eurasian story is about the People's Republic of China dealing with a

troubled economy profoundly, nothing to do with Donald Trump, nothing to do with the U.S.

problems, entirely to do with the model that they've developed, which was a Ponzi scheme of

real estate now collapsed and probably unreliable

for many decades. However, the manufacturing story was always China's miracle, the output.

That has not come back the way it was in the earlier years of this century. And therein lies

the problem because the consumer class that dominates the American story

and the European story to an extent does not exist in China in any fashion that can help.

Therefore, export, export, export is everything.

That is why the tariff war that we've witnessed these last weeks

are so damaging to the Chinese Communist Party's future because it turns people out from

the factories. Unemployment rises. Disorder rises. The collapse of the property market

means that savings poured into those

buildings where nobody lived or lost or can never be recovered easily. And the warning everywhere,

not only in the United States, been in Europe, of Chinese dumping intellectual property theft

and just generally troublesome economy that does not obey many of the

WTO rules I'm familiar with is no longer something that they can snap their fingers and have

...