Well, it is just because the middle class in China, mainly in Shanghai and nearby, has almost replaced the middle class in the west. It has been like this for t

Well, it is just because the middle class in China, mainly in Shanghai and nearby, has almost replaced the middle class in the west. It has been like this for the past +15 years or so. Money is a relative term. Every government can print and use money. I think the more important one is purchasing power for goods and services. In other words, someone needs to produce goods and services, and then you buy with your money and start to feel happy after all. I think there are two critical things to say on the production side. 1-) China is not producing goods as before the pandemic. Another one is China's zero-covid policy, like bringing down the entire city for just one covid case. 2-) Europe's energy problem. I'm not an expert on this, but Europe's reliance on Russia's cheap gas could be Europe's competitive advantage in the markets. So, when it is gone, I might expect purchasing power could drop significantly for Europeans.