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And a lot of them will be bad. where do they borrow that money from? through these off balance sheet subsidiaries. across the world? yeah. here s the important point. has anybody across the world raised a red flag and said, hey, wait a second, maybe we need to take a closer look at just pouring money china s way, letting them borrow for these infrastructure projects? or is that still considered a safe loan? i think china still has free access to capital. i know people view it as a safe place. but remember one important difference here also. our 93% of debt, as you have talked about much on the show disappeared into consumption. their 80, 100, whatever it is is building bridges, building high-speed trains. they re investing in the future, we re investing in math books. they are building a lot of stuff that will be useful to them. wow. we talk about the chinese holdings of u.s. treasuries over $1 trillion. let s talk about their foreign exchange reserves. 3.2 trilli ....