That’s hundreds of billions of dollars before we get to cash subsidies, IP subsidies, central direction, property right differences etc.

The Chinese approach is so different than the western approach that there isn’t broad consensus on how to quantify it, but it’s for sure more than the direct subsidies that something like the WTO was built to negotiate.

The bigger concern with the classic advice is that bonds have become more correlated with equities and our backtesting was all done during a time period where the American liberal international economic system was dominant so we aren’t sure that it will hold up to the new partitioned order.

The governmental/industrial coordination in China is quite literally un comparable to Western style industries so the western governments feel they have to protect their local industries.

This definitely hurts consumers in the short term, so the whole argument is about long term impacts.

The residential buyer is the source of much less repeat work, is harder to deal with, more price conscious and harder to collect from than the commercial buyer they could be working for.

Anyone that can competently market, manage, and execute that small job can do the same for better customers.

He just isn’t bothered by tight spaces or being underwater and he liked the regimented life the navy provided because it made up for his own lack of internal discipline.

I don’t know if he is normal or not on submarines but you certainly don’t have to be some guru to serve on them.

Books in that time were _luxury_ goods. Most people could not afford them. One of the ways that was changed was to introduce cheap, mass produced bindings that were lower quality than the bespoke artisianal bindings done by specialist craftsmen.

You can still get custom bindings done. There exists whole niches on the internet of crafters that will take a production run book and strip its binding and make you extremely high quality and custom bindings and covers.

B) we literally don’t know if it’s illegal or not yet. The reason investors like Delaware is that there is tons of decided case law and courts that are expert and fast at deciding these issues so you’d get quick predictable answers.

But those answers have lots of rights to minority shareholders which the modern dictator founders hated. So Texas made a play for them with the specific pitch that they will give much less support of minority shareholders.

But Texas is making a push very specifically around giving less shareholder protections.

It works how _i_ want, which is really refreshing.

This varies based on the maturity of my projects but most of my sessions live in VMs with very specific egress rules and permissions.