Older folks on here often like to ask those flexing about making money in the U.S. stock market: 'If everyone’s making money in the U.S. stock market, then who’s losing?' If you really want an answer, well, it’s obviously— 'Those who got stuck with the massive liquidity released by the Fed to support economic growth and prop up the U.S. stock market, but couldn’t expand their balance sheets in sync with market share or foreign exchange income due to exchange rate controls. At the same time, they’re unable to access the majority of advanced global financial markets because of foreign exchange restrictions, can’t participate in the valuation and redistribution of global production resources, don’t have a Hong Kong bank account, don’t use U.S. stock brokers, don’t trust crypto or RWA, think all dollar assets are scams, and believe the future of the world belongs to China.' You.