This is a summary of Kathy Hochul’s journey.

which is the fundamental issue behind "involution," deflation, overproduction, the property sector bubble, etc etc etc--a simply enormous amount of money sloshing around the system, deliberately kept out of the pockets of ordinary people, seeking (and struggling to find) a profitable home

on the other you can't really talk clearly about the chinese economy without starting from the recognition of the absurd scale of industrial/capital subsidy going on--the extent to which the CCP has structured the economy to suppress consumption and drive investment