Yesterday we saw that Europe has turned into the world's retirement home. China's demographic collapse is likely to be unprecedented. In the coming decades, the population of the world's second largest country after India will shrink by hundreds of millions. This is the second year in a row that the total population has shrunk. The economic consequences are already clearly foreseeable: after the collapse of the completely inflated real estate market, the crash on the bond markets was followed by falling interest rates, a tendency towards deflation in the economy, which has become an exporter of deflation due to its international interdependence, a circumstance that leads to major problems in the Kenyan fiat economies of this world. Because remember: in a system built on frictional credit money, deflation is the killer! We are already seeing the reactions of Chinese politicians, essentially just reheating old recipes. Next year, China will have to create massive amounts of new credit like never before in order to boost its anemic economy.