Some older folks often like to ask those who post about making money in the U.S. stock market: 'If everyone’s making money in U.S. stocks, then who’s losing?' If you really want an answer, then it’s obviously— 'Those who, due to the Federal Reserve’s efforts to stimulate economic growth and prop up the U.S. stock market by releasing massive liquidity, are stuck with compressed balance sheets through exchange rate controls, unable to expand in sync with market share or foreign exchange income. At the same time, they’re restricted by foreign exchange controls, unable to access the vast majority of advanced global financial markets to participate in the valuation and redistribution of global production resources. They don’t have Hong Kong bank accounts, U.S. stock brokerage accounts, don’t trust crypto RWA, believe all dollar assets are scams, and think the future belongs to China.' You.