As a supplement to my text from yesterday, in which I put India and China in a small portrait, I would like to add this age pyramid once again. China will lose workers on a scale that we have never seen before. In my opinion, this process will set in motion such enormous deflationary tendencies that the fiat system on which the Chinese economy is based will come under such pressure that they may have to shoot the currency through the sky. In addition, there is immense government debt and high private sector debt (together about 250% of GDP). I don't know how this will translate into a new economic equilibrium with stable growth over the next 10 years. But we'll see.