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  • LOU: COME DMIS

  • LOU: COMM DMIS

  • LOU: COMMUNMIS

  • LOU: COMMUNISS

  • LOU: COMMUNIST CHINA WINING

  • ABOUT PRESIDENT TRUMP'S INSIST

  • TENSE THAT THE CHINESE TRADE IN

  • A FAIR AND BALANCED MANNER AND

  • QUIT STEALING THINGS, AMERICAN

  • THINGS, AMERICAN STUFF,

  • $600 BILLION OF IT A YEAR.

  • THE CHINESE AMBASSADOR TO THE

  • UNITED STATES TELLING REUTERS,

  • QUOTE, IN THE LAST CENTURY WE

  • HAD TWO WORLD WARS AND IN

  • BETWEEN THEM THE GREAT

  • DEPRESSION.

  • I DON'T THINK ANYBODY SHOULD

  • REALLY TRY TO HAVE A REPETITION

  • OF HISTORY.

  • NOW THAT'S PRETTY CUTE AND

  • DESPERATE WHINING FROM A COUNTRY

  • HIDING BEHIND THE WORLD TRADE

  • ORGANIZATION AND THEIR SPECIAL

  • MARKET STATUS AS A DEVELOPING

  • NATION, AN EMERGING NATION, BY

  • GIVING THEM PREFERENTIAL

  • TREATMENT AS THEY STEAL HUNDREDS

  • OF BILLIONS OF DOLLARS A YEAR IN

  • AMERICAN INTELLECTUAL PROPERTY.

  • THE PROSPECT IS THAT THERE WILL

  • BE A HIGH STAKES MEETING BETWEEN

  • PRESIDENT XI JINPING AND

  • PRESIDENT TRUMP AT THE G20

  • MEETING IN ARGENTINA.

  • OUGHT TO BE INTERESTING.

  • TO TAKE THAT UP NOW, THAT

  • MEETING WHEN XI

  • MEETING BHEN XI

  • MEETING BETN XI

  • MEETING BETWEXI

  • MEETING BETWEEN XI AND TRUMP,

  • DR. MICHAEL PILLSBURY, DIRECTOR

  • OF THE CHINESE STRATDY AT THE

  • HUDSON INSTITUTE, THE AUTHOR OF

  • \"THE HUNDRED YEAR MARATHON.\"

  • IT IS GREAT TO SEE YOU MICHAEL.

  • I WANT TO SAY FIRST AND

  • FOREMOST, IT'S REALLY

  • EMBARRASSING TO HEAR THE CHINESE

  • WHINE LIKE THIS AND UTTER SUCH

  • GIBBERISH IN OFFICIAL FORM FROM

  • THEIR AMBASSADOR.

  • THE PRESIDENT'S TARIFFS ARE

  • WORKING, AREN'T THEY?

  • >> YES.

  • THERE IS A SENSE OF DESPERATION,

  • I THINK.

  • THEY DO SCARE PEOPLE.

  • WHEN THE CHINESE AMBASSADOR

  • RAISES THESE THINGS, YOU AND I

  • KNOW IT'S NOT TRUE BUT THERE ARE

  • PEOPLE WHO ARE SCARED.

  • LOU: WHO WOULD BE SCARED?

  • IT'S SURE AS HECK NOT PRESIDENT

  • TRUMP.

  • IT'S SURE NOT JOHN BOLTON.

  • >> NO.

  • PRESIDENT TRUMP, AS I THINK YOU

  • KNOW, HE'S BEEN ON TO THIS SINCE

  • THE YEAR 2000.

  • HE PUBLISHED A PIONEERING BOOK

  • USING SOME REALLY HARSH LANGUAGE

  • ABOUT TECHNOLOGY THEFT, A WHOLE

  • SERIES OF --

  • LOU: SO WHO IS AFRAID?

  • >> I'M SORRY TO TELL YOU THAT

  • GOLDMAN SACHS CROWD IS UPSET AND

  • \"THE WALL STREET JOURNAL\" TODAY

  • HAS A MAJOR EXPO SAY.

  • THE FORMER BOSS OF STEVE MNUCHIN

  • AND TODAY THERE'S A NUMBER, I

  • THINK IT'S 50 TIMES HANK POLSON

  • CALLS STEVE MNUCHIN.

  • LOU: YOU'RE A CHINA HAND.

  • I'M A POLITICAL HAND.

  • AND I JUST -- IT'S REALLY

  • STRAIGHTFORWARD.

  • LOOK WHO WAS CONCILIATORY WITH

  • THE CHINESE AND THE TRADE TALKS

  • LEADING UP TO WHAT WAS THE

  • PRESIDENT'S DECISION IF THEY'RE

  • GOING TO IGNORE HIM, YOU KNOW,

  • MNUCHIN WASN'T EXACTLY DIRECT

  • AND CLEAR.

  • HE WAS A LITTLE AMBIGUOUS IN HIS

  • DISCUSSIONS WITH THE CHINESE.

  • AND THE RESULT WAS THEY DIDN'T

  • DO A DAMN THING BECAUSE THEY

  • DIDN'T THINK THE PRESIDENT WAS

  • SERIOUS.

  • THAT'S GOLDMAN SACHS STYLE.

  • >> I TELL THE STORY IN \"HUNDRED

  • YEAR MARATHON\" OF 1993 WHEN BILL

  • CLINTON STARTED OUT REALLY

  • AGAINST CHINA AND NANCY PELOSI

  • WAS WITH HIM, HALF OF THE

  • CONGRESS, BOTH HOUSES REALLY

  • STARTED LEGISLATION AGAINST

  • CHINA.

  • BUT THE CHINESE SPLIT THE

  • CABINET AND THEY BROUGHT THE

  • TREASURY SECRETARY, ROBERT

  • RUBEN, BROUGHT THEM OVER --

  • LOU: DID YOU SAY GOLDMAN SACHS

  • AGAIN?

  • I'M SORRY.

  • >> IN THIS CASE IT WAS CITI

  • CORP.

  • >> IT WAS CITI CORP AFTERWARDS.

  • IT WAS ALSO THE CEO OF GOLDMAN

  • SACHS.

  • YOU DON'T WANT TO MISS A GOLDMAN

  • SACHS OPPORTUNITY LIKE THAT.

  • LET'S TURN VERY QUICKLY TO WHERE

  • WE ARE.

  • AND THAT IS A.

  • >> SATURDAY NIGHT.

  • LOU: I APPRECIATE THE COMPELLING

  • DRAMATIC LANGUAGE.

  • BUT WE GOT A DECISION TO MAKE.

  • ARE WE GOING TO BE AN

  • INDEPENDENT FREE NATION OR ARE

  • WE GOING TO BE PART OF A SUPPLY

  • CHAIN IN A GLOBAL ECONOMY RUN

  • FROM THE UNITED NATIONS?

  • >> A LOT DEPENDS ON THE POWER OF

  • PRESIDENT TRUMP.

  • I'M BETTING ON HIM.

  • I THINK HE SOLVED THIS PROBLEM

  • INITIALLY 18 YEARS AGO.

  • LOU: ABSOLUTELY.

  • >> I THINK HE'S QUITE

  • DETERMINED.

  • BUT A PRESIDENT CAN'T RUN EVERY

  • LITTLE THING.

  • HE'S GOT TO TRUST THE CABINET

  • AND --

  • LOU: I THINK HE'S NOT TO NOT

  • TRUST THEM.

  • THAT'S THE REAL ISSUE.

  • NOT TRUST THEM.

  • >> I'M SORRY

  • >> I'M WORRY

  • >> I'M WORRIED.

  • THE CHINESE ARE SMART.

  • THEY'VE BEEN TELEGRAPHING TODAY

  • SOME OF THE CONCESSIONS THEY'RE

  • GOING TO MAKE.

  • THE BASIC IDEA IS TO SAY CHINA

  • IS GOING TO OPEN UP ON ITS OWN

  • FOR ALL COUNTRIES AND IMPLY THAT

  • AMERICA IS NOT A SPECIAL

  • CONCESSION.

  • THIS IS PROBABLY NOT GOING TO

  • WORK BUT I'M LOOKING FORWARD TO

  • SATURDAY NIGHT AREN'T YOU FOR

  • THE DINNER AND THE ONE-ON-ONE

  • SESSION.

  • LOU: WHAT I'M REALLY LOOKING

  • FORWARD TO IS WHEN THE CHINESE

  • FINALLY REALIZE, AN AWARENESS

  • THAT THIS PRESIDENT IS NOT GOING

  • TO BE PLAYED AND THAT THEY'RE

  • GOING TO HAVE TO ACTUALLY QUIT

  • STEALING OR STUFF AS A CONDITION

  • TO TRADING WITH US.

  • LET'S HOPE IT'S NEAR AT HAND.

  • >> SOME CHINESE STILL THINK HE'S

  • BLUFFING THAT'S THE PROBLEM.

  • THE GOLDMAN SACHS CROWD --

LOU: COME DMIS