Friedman on the “Two Chinas” and How Putin Saves Face


George Friedman says there are two Chinas: one in Shanghai that trades with the rest of the world and another that is still effectively a third-world country, with people living in extreme poverty.

Most of you are familiar with George. He’s a leading geopolitical strategist, best-selling author, and the founder of Geopolitical Futures. He’s also a regular speaker at the SIC and my latest guest on Global Macro Update.

We’ve focused on China quite a bit here lately, discussing war risks and the dangers of investing in Chinese stocks. George paints a grim picture of the country, with security lockdowns, home inspections, and paralysis among its leaders. He says Xi Jinping may have already lost control, and the risk of civil war is real.

George and I also unpack the military stalemate in Ukraine and what it means for NATO, as well as the increasingly complex posturing in the Middle East.

You will also hear:

  • Why China’s military is on the defensive and won’t invade Taiwan

  • Which Middle East country George sees as the model for future success

  • What the US got right with Ukraine, and how it could help end the war there now

George is a longtime friend of all of us at Mauldin Economics, and it’s always fascinating to speak with him. I regularly read his work at Geopolitical Futures, and I encourage you to check it out. Click here for details on an exclusive, discounted offer from George for Mauldin Economics readers.

You can watch my interview with George by clicking the image above. A full transcript of our conversation is available here.

Best regards,


Ed D’Agostino
Publisher & COO

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