This is CBS, I in the world. I'm John Bachelor with my colleague and friend

Gregory Coppley, editor and publisher of Defense and Foreign Affairs.

Strategic unhappiness describes many states existential literary.

It also describes the People's Republic of China.

If I read a new document from Gregory on his Defense and Foreign Affairs

publication, or watching the world month by month.

I report to you, Gregory, the People's Republic of China is struggling

at the consumer level. The consumers are not satisfying

the demand by the central government, the Chinese Communist Party, to shop.

I'm told anecdotally that they are shopping for gold, physical gold, which they hide in their backyards or in the wallboards,

anywhere they can keep it because they do not trust the Yuan, which is going to be devalued,

they believe, or their assets that used to be involved

in real estate, which are now growing weeds in many instances.

But they trust physical gold. Also, a young woman just returned from China.

She speaks Mandarin and she was there to learn it many years ago to Shanghai.

She tells me, she's not an American, she's a European, she tells me that the

shopping was great, 30 to 40 percent off, all the clothing she could buy, and the shopkeepers are very unhappy with the lack of traffic.

At the same time all the taxis are gasoline engines.

So much for net zero. There are lots of be with B yds but they the opinion is they can't

take the punishment of the road so you drive a gasoline engine taxi. There was lots of

people in Shanghai.

However, when I asked her about building cranes,

...