The Rise and Fall of China

Brad Stetzer: China changed the rules of engagement. We had a rule of conduct governed by gold and up until the late 1920s we had bread and woods, but really we had the Eurodollar system. And really I want to say, dovetailing at the end, we had this Chinese trade system. And I think that has changed every aspect of macro. So I've done a very long monologue there. I want you to reflect on that and just give me initially your comeback on that.