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Do I have any money left? Basically, no. The company that I used to own, or maybe still do own, is in bankruptcy. If nothing had intervened, today it would have about $15 billion of liabilities and approximately $93 billion in assets.

There's even more bad news as China's economy exposes a deeper problem in shadow banking. The shadow banking sector is estimated to be worth at least $3,000,000,000,000, and that's in China alone. And it all started with real estate. The country is facing a financial meltdown. Every week, there is a new headline about its impairments.

Speaker 1: Well, the intersection with the global financial crisis specifically is a wild story that to be truly told, you need to put the evidence on screen as well. But the short version is that he had a company called Liquid Funding Limited that was domiciled in The Bahamas that was partially owned by Bear Stearns. And Bear Stearns, you know, is where he had come up for a long time. And Liquid Funding Limited was selling CDOs, the same types of CDOs that eventually caused the global financial crisis. It was capitalized at, I believe, dollars 100,000,000 and allowed to sell $20,000,000,000 with a B of CDOs. Speaker 1: And I actually just was looking at that statistic earlier today because this is the craziest story. And that little CDO factory that Jeffrey Epstein was running tied into Bear Stearns. And if you recall, Bear Stearns was one of the, you know, the first to collapse, right? That shut down in the months directly preceding Bear Stearns starting to collapse. And Jeffrey Epstein redeemed all of those CDOs, all of those assets. Speaker 1: The terms are I don't know the technical terms for what he did. But basically, he made a run on the bank on those exact assets that were the exact problem. And he was tied into the exact bank that was financially distressed. And then he wound that whole company, Liquid Funding Limited, up and disappeared. And later, JPMorgan, the bank that he later worked with after, you know, Bear Stearns was his early banking career, and then he later was doing all of his money laundering and banking and referring of people at JPMorgan, They came in, swooped up Bear Stearns for pennies on the dollar. Speaker 1: They also later spun Liquid Funding Limited back up. There's a whole There's a very overt financial paper trail that Jeffrey Epstein was better acquainted with the problem than almost anyone in the world because he was deeply enmeshed in Bear Stearns and knew the leadership of Bear Stearns very well. And he understood CDOs, he was selling CDOs. And then he just so happens to wind his whole shop up and close it down and redeem it all right at the moment when things are about to go bust. So, that's a wild rabbit hole, and it's very interesting. Speaker 0: I mean, what is that? I mean, that suggests Well, it doesn't suggest it's like direct evidence of, if I'm assuming we can verify what you're saying, that the biggest events in the world are actually not quite as organic or accidental as we're led to believe and that, you know, this is like puppet master stuff. Mean, it is. I don't know what to say. I don't want this to be true, Speaker 1: but Speaker 0: that's what it looks

We are facing potential lawsuits and financial burdens. If we owe $20,000, we will be finished. If it's $10,000, we will be in trouble. We have already made a purchase. Today, we need to borrow a significant amount, ranging from $30,000 to $50,000 or £50,000.

Funds under the guise of so called subscription based trust product investments transitioned from wealth management companies to the group's company's headquarters then were directed to various investments under the group. Hence, a closed loop of self funding and self investment within those four groups was formed. For years, the outlook continues, whenever the Zhongzhou Group and its wealth management platforms faced liquidity challenges, the company could reassure the market quite swiftly due to the company's enormous scale and its ability to juggle funds internally among various subsidiary companies and products. Quote, investors usually brought their explanations, end quote. The once popular p to p industry in China has now completely ceased operations due to regulatory oversight with the crackdown beginning in 02/2018.

China's property bubble has claimed its biggest casualty yet. Evergrande has been delisted from the Hong Kong Stock Exchange. It used to be the country's largest developer. Evergrande was buried under more than $300,000,000,000 of debt. It promised homes to millions of buyers but left behind empty towers and unfinished projects. It shattered confidence in China's property sector, and now the company is being liquidated. Evergrande's creditors face huge losses, and China's economy faces deeper troubles. The Hong Kong court had already ordered its liquidation last year. Evergrande was once China's largest developer. It is now the world's biggest property failure.

Speaker 0 questions systemic risk in the Chinese economy, referencing the 2008 financial crisis and the domino effect if a large bank fails. Speaker 1 says: 'the total amount of, the debt to the nonfinancial sector in China. It's about 370,000,000,000,000.' The shadow banking sector 'account for about 77% of it,' while 'The commercial bank themselves account for 65 percent' and are 'the backbone of the Chinese financial system.' Consequently, risk and losses may fall back to commercial banks as they are 'the lender to those shadow bank through those shadow bank to the to the developer child property developer and to the local government financing vehicle and also to some of those private enterprises with less than credit.' He adds that the 'market proport proport of the shuttle banking system to the formal banking system' signals risk; the Chinese government is 'unlikely to pay them out,' but will 'broker some of those SSLs and so on in restructuring.'

Evergrande, the world's largest property developer, has gone bankrupt, causing an 8% drop in indexes. This is part of a larger issue in China, where all public or listed property developers are facing default bankruptcy. China's economy heavily relied on real estate for growth, but now the sector is collapsing after an unregulated climb. The situation is comparable to the US financial crisis, but with three and a half times more banking leverage. China's regulators are trying to protect individuals from short sellers, but the situation is expected to worsen.

In the rest of the world, billionaires buy the government; in Beijing, the government owns the billionaires. The transcript argues that China proved this by erasing one man. In October 2020, Jack Ma was described as the closest thing China had to a “god of capitalism.” He was preparing to launch the Ant Group IPO, a $37 billion offering described as the largest public offering in human history. Ma was portrayed as richer, louder, and more globally respected than the bureaucrats managing the Chinese economy, creating “massive geopolitical” liability. On October 24, 2020, at the Bund summit in Shanghai, Ma delivered remarks that the transcript says publicly humiliated China’s state-owned banking sector, accusing them of operating with a “pawn shop mentality” and suffocating innovation. The transcript also says Ma openly lectured the Chinese Communist Party on how to run a modern economy and forgot Beijing’s “golden rule”: “The wealth is an illusion, the party is the only reality.” The CCP did not debate him; instead, the transcript states they “decapitated his empire.” Days after the speech, President Xi Jinping personally ordered the suspension of the $37 billion Ant Group IPO, and the transcript says Jack Ma then “simply vanished.” For three months, Ma was not seen in public, with “no arrest warrant, no trial, no press conference,” and “absolute silence.” While Ma was absent, the transcript says the state dismantled his leverage. It claims Alibaba was slapped with a record $2.8 billion antitrust fine. It further says the CCP forced Ma to surrender voting control of Ant Group. When Ma was allowed to be seen again months later, the transcript says he was broken and subdued, and that he became interested in philanthropy and studying agriculture. The transcript concludes that Ma was not disappeared because he committed a financial crime, but to broadcast a message to other oligarchs: “You are permitted to build an empire, but the state holds the detonator.”

23andMe filed for bankruptcy, and CEO Ann Wajiki is resigning. Shares dropped over 50% after the bankruptcy filing. 23andMe's database of human genetic information may be sold in bankruptcy proceedings. According to 23andMe's privacy statement, in the event of bankruptcy, merger, acquisition, reorganization, or sale of assets, personal information may be accessed, sold, or transferred. This means your DNA could be used in unforeseen ways, such as cloning or being sold to malicious actors who could use it to implicate you in crimes. Bioweapons are a possibility, as is insurance companies using DNA data to deny coverage. Instructions are provided on how to delete your data from 23andMe.

Jack Ma, the billionaire founder of Alibaba (reportedly the "Amazon of China"), has vanished after criticizing the Chinese government. Ma, one of the richest men in the world, disappeared from public view. He is one of four Chinese billionaires who have mysteriously vanished.

Do you remember Sam Bankman-Fried? He was seen as a genius, so powerful and wealthy that he attended meetings with prominent figures like Bill Clinton and Tony Blair while looking disheveled. Where is he now? I believe he is in prison, as noted in a Netflix series. That's right, he’s a crook. And who was responsible for his downfall? The Department of Justice.

This isn't a recession. This isn't even a crisis in the traditional sense. What we're witnessing is the complete unraveling of the economic model that powered the world's second largest economy for four decades. And the West, we're completely unprepared for what comes next. For forty years, China's growth seemed unstoppable. Double digit GDP increases, gleaming cities rising from farmland, a manufacturing powerhouse that became the world's factory. Western corporations moved their supply chains there. Emerging markets tied their futures to Chinese demand. Everyone believed the twenty first century would belong to Beijing. But beneath the surface, something was fundamentally broken. The property sector that once drove 30% of China's economy has imploded. Evergrande, with its 300,000,000,000 in liabilities, was just the first domino. Country Garden followed, then China, South City. Now even state backed developers are failing.