“Look, we are in a cold war.  They’ve been fighting it since 2001,” says Kyle Bass of Hayman Capital. 

Mr. Bass also wonders why we give China all the asymmetries, e.g., we let them broadcast anything in our country, but we can’t in theirs.  China’s banking system is 4X more levered than ours, and 40% of the leverage is in real estate.  Additionally, Evergrande and Country Garden have $500B of debt.  When we had our financial crisis, we lost $800B and recapitalized the whole thing.  Mr. Bass also mentions the high youth unemployment there.