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The following transcript is from a recent interview with Jim Rickards.
[Jim Rickards]: “They just lie, so I wouldn't rely on the Chinese to do anything they say. And the Chinese will barely be able to take care of themselves, let alone dominate the world. The United States and China, President Joe Biden, President Xi Jinping, a lot of folks are thinking their recent meetup was a big deal, but not so fast. [Interviewer]: Today we're joined by Jim Rickards, former adviser to the Pentagon and CIA, and a geopolitical mastermind. He's got some different words for you. So we've covered a lot of stuff here in the US with election predictions and what not. Today we want to cover this right, Jim. Why don't you get us caught up, what should we be thinking about this Biden-Xi meetup?” [Jim Rickards]: “So you have the leaders of the world's two largest economies, the United States Number One, China number two, two of the three largest nuclear arsenals, the US is second after Russia, China's third, although they're far behind the United States. So normally this would be a summit conference of, you know, the utmost importance, but we have a problem, which is our president is senile, physically disabled, cognitively in decline, not really able to negotiate in any sense of the word, can barely process, you know, sentences and paragraphs. If you look at his press conference, he had note cards.Okay, you know, doing a little outline or something, that's a little reminder, that's not a bad thing, but he was staring at the note cards, trying to find the reporters, getting pre-programmed questions, giving programmed answers, and was only up there for 20 minutes, not much of a press conference.
But in terms of what happened, I think the background is important. Biden had been trying to get the summit for a year, you know, through Tony Blinken as Secretary of State, Jake Sullivan, they sent Gina Raimondo, actually, who's the Secretary of Commerce, she seemed to have better dialogue with the Chinese than Biden, who was having none at the time.
Gavin Newsom, the governor of California, went to China, so there all these points of contact, and finally, finally, finally, they got a summit. But Xi, President Xi, was not even returning Biden's calls, you know, the White House would call, and he would blow it off, the only reason it happened was there was an Asian multilateral group meeting in San Francisco. It wasn't really about the United States, it was about this group, and they meet, you know, all over the world, or at least in their member countries, on a rotating basis, and it happened to be the United States' turn, they had it in San Francisco.
So Xi wanted to be there because of his interaction with the other Asian countries, you know, Malaysian, Indonesian, Thailand, and others, those are important relationships for him. So he's coming to the United States, kind of hard not to meet the president, but they had been blowing off Biden for a year, and not getting anything done. So finally, they had the summit conference, the most important thing on the agenda was not discussed, which was the application of artificial intelligence to command and control networks and nuclear missile systems and nuclear weapon systems. Obviously a pretty scary topic, but a pretty important one.
If you go all the way back to the early 1960s, there was a lot of talk about nuclear war fighting at the time, and there were two movies, one was a black comedy called, Doctor Strangelove, and the other one was a serious drama called Fail-Safe with, Henry Fonda.
But both of them involved nuclear wars set off either by rogue actors or accidents, that's been a problem ever since. I actually happen to know how the chain of command works in terms of how you actually push the button. I don't want to get into it in a lot of detail, but there are Marines ready to shoot rogue actors, and sailors ready to shoot the Marines.
I mean, it's pretty tightly controlled with deadly force, but if you introduce artificial intelligence into any of that, you can't really have any confidence as to how it's going to turn out. That's what they wanted to talk about, they didn't talk about that. Obviously, the United States and China are both working hard on artificial intelligence applications. The military is a big one, although there are many others, so that didn't get discussed.
They talked about fentanyl, now obviously that's a major crisis. 100,000 Americans a year are dying in fentanyl overdoses, and it's coming from Mexico, and the border's open, so there's practically no way to stop it. They used to make the fentanyl in China and then smuggle it into the US, now they make the fentanyl in Mexico, but you still need chemicals, what they call precursor chemicals, and other equipment to do it, that's still coming from China.
China made some pledges, but it's important to understand that they're communist ideologues, and that Xi is a hard-shell ideologue, he's the most powerful Chinese leader since Mao Zedong. They just lie, I mean, they say stuff, it looks good, they might even sign a letter or agreement of some sort, but they just lie, so I wouldn't rely on the Chinese to do anything they say.
And as far as they're concerned, this is payback for the Opium Wars of the 1830s and 1840s. At the time, the UK had a trade deficit with China, they were buying a lot of stuff in China, they wanted silks and tea and porcelain and other goods, and the Chinese didn't really want anything from the British.
He said, ‘We don't need anything that you guys make.' So UK was running a trade deficit, and this was a mercantilist system where you had to settle up in gold or silver, and China actually liked silver, but seeing the precious metals drain out of the UK reserves, they said, ‘We got to do something about this. What do we have that the Chinese will have to buy?'
And they said, ‘Opium,' because they controlled Afghanistan, and the Chinese said, ‘You're crazy, we don't want opium.’ They sent the Royal Navy and blasted open Hong Kong Harbor and got, you know, a large percentage of the Chinese population addicted to opium. Well that settled the trade deficit, but not exactly a good for the Qing Dynasty.
So here it is, 100, almost 200 years later, about 180 years later, and the Chinese are like, ‘Yeah, well, we'll sell you fentanyl, and you people will die, and that's okay with us.' So the idea that China's actually going to do anything about it is nonsense. In terms of climate change, which is, you know, a hoax, we call it the green new scam, China makes pledges.
China is the largest CO2 emitter in the world now. The science is that CO2 doesn't make much of a difference, it's basically plant food. I mean, trees absorb it, it's not the cause of global warming, it's not even clear there is global warming. There is climate change all the time, but the reasons have to do with clouds, ocean currents, volcanoes, solar cycles, there are complex scientific reasons for it, but CO2 is not one of them.
But if you buy into that nonsense, then you want China to reduce their CO2 emissions. They're building like five new coal plants a week, so they don't have much oil, they have some, but not a lot, but they do have a lot of coal. So they talk a good game, but they don't do anything, and they don't care. It's not like they're incompetent, they just actually don't care, and they lie. The really big issues were not discussed, other issues were discussed, no significant agreements were reached, and the Chinese lie about it, so they don't do it anyway, and Biden doesn't know any better, so I would say the whole thing was, you know, a show, you know, it looked good, you got a two-shot of Biden and Xi, just to top it off, and I'll wrap up, Matt, after Xi left, after the summit conference was over, Biden was doing another presentation, and Tony Blinken, you guys see this video?
Tony Blinken's sitting in the front row, he's the Secretary of State, and Biden calls Xi a dictator. Now, you spent a whole year trying to get a meeting, the guy blows you off, finally says, ‘Okay, we'll meet,' and then the meeting's over, and Biden goes, ‘The guy's a dictator.' Blinken cringes, he's like moving, he's like, ‘I can't believe he said that,' you know, after everything we went through. So again, Biden's just out there, barely mentally competent, saying whatever he wants, he's kind of a mean-spirited, nasty guy, you know, kind of punk from Delaware. It was either an event or disaster, take your pick.
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