COVID functioned as a perfectly-timed escape for the Chinese Communist Party in 2019-2020: with the Hong Kong protests at their peak and the current account heading toward zero, shutting off international travel and dialing back overseas school expenses—both dollar outflows—swung the current account by +$250B and let Beijing take over Hong Kong without firing a shot as everyone went home.
causalpending
Speaker
Kyle BassEvidence Quote
“It took their current account plus 250 billion because they shut off international travel for their population and they dialed back the school expenses. All of those are in dollars.”
Source
Global Macro Investing And Geoeconomics With Hedge Fund Investor Kyle Bass | Hoover Institution— Hoover InstitutionCreated: 6/18/2026, 2:17:47 PM
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