"And then January 23, Xi Jinping closed down all air traffic from Wuhan to the rest of China. But he allowed Wuhan air traffic to travel to the rest of the world. Essentially, Xi Jinping knowingly infected the rest of the world. … “If he’s going to go down, the world is going to go down with him,” essentially what he was saying."
" Think about this: we get 100% of our blood pressure medicine from China. 100%. There are 700,000 people in the United States who take blood pressure medicine every single day. We have a 13-day supply. This is insane. This has to change."
"I’m sure you’ve heard that the Chinese Communist Party decided that anyone that’s to move their supply chains out of China needs a permit to leave. I don’t know if you’ve heard that in the last couple of weeks. But for the last three years, really since the fourth quarter of 2016, when the Chinese completely closed off any kind of external foreign direct investment by rank and file Chinese and even the government—if you remember when they closed the door when they were having a serious currency devaluation problem—companies that do business in China, whether you’re Intel, or Sony, or BMW, or Chevron, those companies haven’t been able to get their dollars out of China, their dollar profits, since the fourth quarter of 2016. I know several of them have hired friends of mine that are former bureaucrats in U.S. administration who have relationships with Wang Qishan, with Xi, with his party, trying to get the money out. They haven’t been able to get the money out for four years, Jan, and now we’re being told that maybe you can’t get your supply chains out."
"I know of a company that I’ll leave unnamed, a very large public company, that has $10 billion in cash on its balance sheet as per its annual filing, and $1.5 billion of that money is in China. They haven’t been able to get it for four years, and I don’t know how they’re ever going to get it out, truthfully. And so, this is what I worry about: our pensions and all of the money that China has figured out how to coerce MSCI and the various index providers, the passive providers, to weigh China so heavily."
"People say, “Well, if we just disengage with China, it’s going to cost us 2-2.5% of GDP. To that I say, “They steal 2% of GDP from us every year in intellectual property, and they earn a return on that. It’s actually a better deal for us to just stop. I know that sounds hyperbolic, but it’s just a fact."Jekielek asked Bass about the California State Pension fund. I was shocked by the extent to which even our state pension systems were run by foreigners from hostile and unfree regimes.
"You are opening an entire new can of worms here by bringing up CalPERS. I’m sure you know, their chief investment officer is actually a member of the Chinese Communist Party. He is the deputy director of China’s currency administrator. You don’t get a top five job in China unless you are part of the party elite. He managed the entire currency reserves for the Chinese Communist Party when he worked at SAFE, and now he somehow has weaseled his way in to be the CIO of the largest pension fund in the United States and he is shoveling dollars to China. That itself needs a full-scale investigation. He has already admitted to being part of the Thousand Talents Program, which I’m sure your viewers know what that is. There are about 70,000 members of the Chinese Communist Party that are instructed to infiltrate other economies and steal all intellectual property methods, business methods, and any kind of secrets and report back to the Communist Party. In fact, they have an award every year for the best theft and they give 750,000-1,000,000 dollars and you get a plaque. Ben Meng, the CIO of CalPERS, is a part of the Thousand Talents Program and a member of the Chinese Communist Party. That begs the question to me: who is your fiduciary responsibility to? In theory, if you are a Communist Party member, there is no one higher than Xi Jinping, even whatever God you want to worship. Yet, if you are the CIO of a massive pension fund, you must have a fiduciary responsibility to the teachers of California."The bottom line is that globalism is deadly both to liberty, prosperity, and our very lives. Both parties have been following the global corporate money and rushing towards this sort of international integration for some time. And for some time, I have been warning of globalism's hidden costs. They are all wrong, and I am right. Not necessarily because I am smarter than them, but just because they are seeing it the way those offering them money want them to see it. There is no other philosophy of government that can stop globalism except its polar opposite, Localism. The others don't even recognize the problem, and therefore cannot provide adequate solutions. In the end, its either going to be Localism or Globalism with a boot stamping down on the face of all of mankind.
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