Geopolitics Decanted with Dmitri Alperovitch

China's Peak Is Behind It: Credit Has Stalled, Deflation Is Coming

China's share of global GDP peaked in 2021 and has fallen every year since; credit growth has dropped from 18% to 5%, and real growth may be just 1.5%-2%. The US has now outgrown China five years running. The supply-chain-dominance narrative doesn't survive the data — the future looks more like Japanese-style deflation.