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Everything filtered through biblical classes. Thanks so much for tuning in. I know you have a choice on where you can listen each and every day and I thank you for taking the time to listen to the program. We welcome all of our audience.
Our number two. If you missed any parts of our number one, I encourage you to check it out. Don Janz and I had a great conversation this morning, talked a bit about the influence of communism on the Democratic Party.
We also had Gordon Chaps Klingenschmitt, Pray in Jesus Name. We got into the freedom and the liberty that you are supposed to have in Christ and we really got down deep into that folks in a way that I think would be a blessing to everybody listening to the program. My next guest to the program, he is an industry analyst with the Coalition for a Prosperous America.
He is a former staff foreign correspondent for the Wall Street Journal and a senior contributor to Forbes covering China since 2011. I want to welcome Ken Raposa to the program. Ken, welcome. Good to have you.
Thanks for having me on Pastor Greg. Well, there are a lot of key issues that are going on. One of those, let's talk first about what is going on in the Middle East where we have seen Saudi Arabia and Russia have entered into a military understanding.
They are going to be carrying out some military exercises. But there are some that are concerned that within the framework of that arrangement, of that agreement, that they are going ahead and moving more forward with the introduction of other currencies in the purchase of oil and the petrodollar may be a thing of the past. Sargis Singari was on with me on Monday talking about that.
Ken, can you speak to that with your background in foreign relations and understanding what is going on over there in that and of course the financial impact potentially of the US dollar not being used as the petrodollar or even reserve currency? Right, sure. I can talk about that. So briefly, what I will say is in the media biz, in radio, on TV, we like to talk about things that are outrageous or things that are aggravating and terrifying.
So I can tell you this much. They have been talking about pricing oil and other currencies forever. We already have that. We already have oil price in Euros. For example, Brent Crude is priced in, I believe, in Euros.
The Euros, I believe, is another oil contract that I think is priced in Euros. If it wasn't priced in dollars, it would be bad for the dollar. There would be less demand for the dollar. Some people would say that it would actually be good because the dollar would be weaker and a weaker dollar would actually mean that people who make things in the United States can actually more easily compete with emerging countries like Mexico or China because now things are actually things in the foreign markets would actually be cheaper. But Russia and China, let's say pricing oil in dollars, something other than dollars, whatever that might be, I would assume, I think your listeners should assume, that at some point in the future that does happen.
Wheels have always been in motion on this, but it's not a fifth gear wheel. This is a slow burn and I don't think it's going to happen anytime soon. But they've been talking, just know that this has been something that's been talked about, oh my God, I would say at least 20 years.
And certainly we've heard about these kinds of conversations. I think that the concern has to do with our withdrawal of missiles from Saudi Arabia, which recently took place, and the potentiality of Russia stepping in to that defense mode and what that might look like. China has been mentioned, as you mentioned, as another player in that particular role, but China, it appears to me, is having some issues, some hemorrhaging issues because of some very large concerns in Hong Kong that are considering a bankruptcy.
Can you speak to what that means relative to China's overall economy and what does that mean relative to China's assault on our financial markets? First, let me address the issue of Saudi Arabia, Russia, and China. These countries, let's take Russia and China for example, they view this through the lens of, look at the United States, they sell Lockheed Martin equipment, they sell Raytheon equipment, and we're the biggest defense contractors in the world. So Russia wants in on that. China wants in on that.
So a lot of it is almost in a weird way. You can think of it, in reality too, you can think of it as a business decision, right? Russia wants to sell not necessarily missiles or missile systems, but of course that's a very expensive item. They would love to sell that, but planes, they want to sell radar. They want to get in on the racket. China wants to get in on the racket. That's what powerful countries do, and they want in on it. Russia's always been in on it, but now China wants in on it as they become more of a defense power. As far as the bankruptcy you were talking about, there was this, you probably heard of this, maybe you might talk about this company here, it's called Evergreen or Evergrande.
I forget, I think it's Evergrande. And they're a big property developer, and they're a big wealth management firm, and they defaulted on money that they owed some of their clients, including some of their own workers. Chinese people are protesting in China, which is unheard of. You can see images of Chinese police going into Evergrande's office and putting people in bear hugs and putting them in cops because they're protesting against the fact that essentially one gigantic Bernie Madoff was created out of this company and people lost a lot of money. So that company is going bankrupt. Will there be other companies that go bankrupt in China? Yeah, of course there will be, and what China has done successfully is to risk off that by opening their bond markets to the likes of Goldman Sachs and others, Wall Street and City of London, who have happily bought those bonds. So China is offshoring their risk.
So if a company like that does fold, and bigger ones do fold, well you've got guys like that who own it. They're bondholders, so American investors in a way are left holding the bag as well. It would be really a sad display if Washington ended up having to bail out an American investment firm for going broke on a Chinese investment, but I wouldn't put it past them.
I wouldn't be surprised if that happens. And so relative to that, what does that do? We know about China's roads and bridges program, for example, and that they are calling to a lot of notes on a lot of the smaller countries all over Southeast Asia, but beyond Southeast Asia as well. If their economic engine begins to sputter, I look at it as the relationship between Hong Kong and China. Hong Kong was allowed by China to build into an economic powerhouse, right? I mean they were what, the number three economic power city in the world coming out of Hong Kong?
I think they are in terms of, let's look at the financial market, right? So I think Hong Kong is a top three or maybe certainly a top five exchange. What's happening is Shanghai is becoming a top exchange as well, and it will probably, if it hasn't already surpassed Japan on one day, might even surpass Hong Kong. So Hong Kong has always been a financial center, a place for the wealthy Chinese to wash their Chinese want for Hong Kong dollars, which is pegged to the US dollar, so it was a backdoor way of getting dollars. That's changing because of course the Chinese government is just treating Hong Kong now like it's basically just another mainland city. What will happen in the future, eventually Hong Kong, and that was always the plan, will just become another mainland China city. Whether it still has its own Hong Kong dollar or not, I don't know. Probably, especially if the system remains status quo as it is now, whereas China is able to use the Hong Kong dollar as a way to capture other currencies and capture American dollars because the exchange rate is pretty similar in terms of the way it's controlled. But Hong Kong's situation right now is something that Washington is certainly watching. I don't know what they can do, but Hong Kong is in trouble. It's not the Hong Kong that your grandma or that you grew up knowing, that's for sure.
Those days are done. China owns a great deal of American debt. How does a weakened dollar impact China's hold on that American debt? So China does own a lot of American treasury bonds, not as much as say you and I do, not as much as Japan does, but they do own an amount and like any other country, just like any other country, if American dollar became weaker, that's a lesson in financial markets. So if American dollar becomes weaker, then that would mean interest rates on bonds go higher. And if you're somebody like China who's holding a bond, let's say you bought it, all things being equal, at $100, it was paying you 5% interest. And now the interest rate is 8%, but you're sitting there with the $100 bond at 5, but you're losing money. You could have an 8% one. But why are you holding this $100 one at 5%?
What a bum. So you want to sell it. Like anyone else in the market would do, China Central Bank would do the same thing. They would sell or they would just take the loss.
It all depends. It's really more of a complicated financial decision. It's not something that China, I don't foresee, could use as an economic weapon against the United States. I wasn't thinking of it so much as an economic weapon. I was actually thinking that it weakens their position because part of their overall plan in taking on the American debt was to be able to manipulate our market.
But if our market loses its value, then that becomes kind of a worthless strategy. Let's talk about Huawei. I just recently did an interview with a gentleman that tried to be parked in their parking lot to go knock on their door and find out what they're doing. They've closed a $100 million facility there in Silicon Valley.
They are supposedly closed. But one of the things that was discovered there was that there was actually a Chinese general who was inside the plant overseeing operations at that plant. Of course, that company has tried to portray itself as, well, we're just employee-owned so the Chinese government doesn't have anything to do with us.
The general sitting inside the plant kind of defrayed that. But there's a $100 billion business there that appears to have been involved in espionage against the United States of America. And now we have the situation with Milley, who we know was in contact with China feeding them information. How serious is this espionage and what does it do, I guess, on the economic side in our relationship with imports and exports with China? Okay, so let's take the Huawei issue, right? So as far as Huawei declaring it's a private company, nothing to do with the government, it is a private company, but there's no such thing as a private company in China. There is always the CCP, the Chinese Communist Party, always has its hands on the lever somehow. Your grandkids, they got TikTok on their phone. It's owned by a company called ByteDance. ByteDance has a three-member board. One of the members is from the CCP.
So Huawei is just, it grew to be a giant in 5G because they, and they settled this case, but they stole source code from Cisco Systems. All right, we're going to take a quick break. We'll be right back. Ken Raposa is my guest, Coalition for a Prosperous America. We're going to get some more. We're going to dig a little bit more around this issue of China and talk a little bit more about, you know, how does America prosper in the current economic world climate that we're in.
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PatriotMobile.com forward slash chosen. Now back to Chosen Generation with your host, Pastor Greg. And don't forget you can get more Chosen Generation at www.ChosenGenerationRadio.com And welcome back to Chosen Generation Radio. Again, my guest is Ken Raposa, the Coalition for a Prosperous America. Ken, we were talking about China. We were talking about kind of the big picture, if you will. But how does that big picture and the economic war that we're really involved in, and China has declared an economic war, I believe, on the United States. But how is that impacting, you know, the guy that has the small business that's just trying to, you know, trying to make it every day, put food on the table?
How's he impacted by these maneuvers? Okay, so first I'll say China has declared an economic war on the United States, and they declared it many years ago. Now, the simplest way to think about this is not how it affects the pizza guy, okay, in his business, or the guy making a widget somewhere in Texas that goes into, you know, some machine somewhere run by, you know, Cummings.
You've got to think of it like this. Either China becomes more like the Western world, the capitalist democracies of the Western world, or the Western world becomes more like China. Now, look around you right now, and you tell me where you think we're heading, okay? Because if the Western world is going to become more authoritarian, more my way or the highway, more Orwellian jackboot on your neck, okay?
And the only way to say that we're not the CCP, again, CCP, Chinese Communist Party, the only way to say we're not like them is to promote diversity and inclusion and, you know, all that other stuff to show that you're nice. Then that's where you're heading, and then you ask yourself, well, how does that affect me on the number nine train in New York City going to work at Macy's? Well, because it doesn't affect your business at Macy's per se, because half the stuff you sell there is made in China anyway, but it affects your life.
It affects your day-to-day life, but it affects how the government is going to treat you, how the authorities are going to treat you, how the government is telling you what to do. This is the China model that's being imported to the United States, okay? So that's what's at stake, because a lot of guys, like I said, who work as the manager of Macy's or work at Neiman Marcus, it's not going to affect them. They're still going to have a store loaded with Chinese goods. It's not going to affect them at all, but it's going to affect them on a business side, but it's going to affect them in the sense that their leaders are having a China-style view of how to govern, okay?
And it's completely foreign to us, and I think that is the biggest battle of our time, and people don't realize it. People just think of it as, you know, it's us against China, but no, China has infiltrated enough of at least the ideology, at least the minds of our managerial elite. They're going with that process. They're going with that ideology. They're going with that policy.
They think China's a good model. Well, wouldn't you say that one of the telltale signs of that is the consideration, as I understand it, in this new budgetary deal that they're putting through, that essentially the IRS is going to get a report. If you have more than $600 in your bank account, the IRS is going to start getting reports on the exchange and what you spend and what you don't spend out of your account.
I mean, that seems pretty communistic to me. Yeah, well, you're talking about the budget reconciliation bill now in the House, which is also known as the Build Back Better Act. I don't really know what the IRS is up to. The IRS already knows a lot about us, so I don't know what they're up to on that one, Pastor Greg. Okay. Yeah, there's stories out that are talking about that the IRS is supposed to be able to monitor.
Here it is. Every financial account over $600 to be monitored by the IRS. In the latest move towards a complete tyranny, the Treasury announced a proposal to have the IRS collect all transaction data from every single financial account with a balance exceeding $600. Now, this would be on an annual basis, but that sounds to me a lot like what you described, and it's certainly $600 in your account.
That would touch pretty much the majority of Americans that have a bank account. All right. Thank you, Ken Raposa, for being here. We'll look forward to having you back, sir. Appreciate it. Appreciate it. You have a good rest of your weekend. Good weekend. Bye-bye. Bye-bye. Do you find yourself turning on the news and feeling hopeless, open borders, spending gone crazy, the prospect of more mandates, lockdowns, inflation, and the list goes on?
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