if you don't actually push yourself down to sit alongside your IC engineers and your IC designers and your IC PMs, you don't actually know that stuff. So you can't make good macro decisions without the micro.
My view is that an appreciation of China's REER is very much to be desired, but the real (haha) way to get there is through higher inflation domestically, and that means different macro policies.
here prices are adjusting in this interesting way that too many macro models don't allow for, right? So, that what what a what's happening is what would be called investment specific technical change where yeah, the price of capital is like falling relative to the price of consumption instead of like the standard doing the standard macro thing of saying there's just output.
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