This just in, from Glenn Luk: “Today the U.S. trade relationship with the world can be described at a high level as swapping intangible assets for physical assets.

This gets expressed on the BoP both in the rising trade deficit and a rising offsetting surplus from overseas profits and related capital flows. It’s not a coincidence that countries that run large trade surpluses are mfg-oriented like China and Germany. Their comparative advantages are mainly expressed through the trade category on t…

" except for China gradually experimenting with increasingly more AI in their censorship bureaucracy”.

Unlike us, China has no covert censorship. Beijing publishes the rules and 80% of folks say they're fair and reasonable.

Over 80% say their government and media tell the truth, and they do. So there's not much to censor, really.