Chairman Xi for Congress

You are receiving this email because you signed up to receive our free e-letter Gilder's Guideposts, or you purchased a product or service from its publisher, Eagle Financial Publications. [Gilder Guideposts] [Technology Report]( [Tech Report PRO]( [Moonshots]( [Private Reserve]( Chairman Xi for Congress by George Gilder and Richard Vigilante 07/17/2024 SPONSORED CONTENT Sponsored Content [Unique Tesla Strategy Turned $1,000 into $9,770 in 20 Trading Days]( Hundreds of new traders have adopted this unique new way to trade Tesla shares. In 2024 it's shown opportunities to collect substantial gains in as little as 6 days. The next trade is scheduled for this Thursday. [Click here for details]( Should Chairman Xi ever wear out his welcome in Beijing, he could have a future as a U.S. Congressman. He would fit right in. Both Congress and the Chairman evidently believe that what the U.S. and Chinese economies need is more politicians. Left to their own devices, they fear, the entrepreneurs who made China and the U.S. into technological powerhouses would henceforth invest in all the wrong things. Congress and the Chairman, briefed by bureaucrats who have done all their assigned reading on last decade’s technologies, can do far better. Yesterday’s Wall Street Journal included a lengthy account of the Chairman’s plan for reviving the Chinese economy—which needed no reviving until the Chairman achieved dictatorial power by purging all opposition so as to more faithfully emulate his hero, Chairman Mao. The Journal explained that Xi seems focused on “steps to make China less dependent on Western technology, reduce reliance on other countries for semiconductors and other essential goods, and stake out a commanding position in industries he sees as critical for the future, including clean energy, electric vehicles, and advanced computing.” Not noted was which of all-too-many U.S. congressmen Xi was paraphrasing. Eliminating trade with the East, subsidizing cars no one wants, and pouring billions of dollars into the computing industry to make it less efficient and productive is precisely current American policy. The CHIPS Act will subsidize mis-investment by American (and Taiwanese, and European) semiconductor companies on a scale Chairman Xi can only dream of. [The Biggest Winner of the AI Boom Isn’t Nvidia…]( Nvidia (NVDA) has soared more than 1,700% over the past 5 years. For investors who missed out on the profits, America’s #1 Futurist says AI is converging with a ‘miracle material’ right now, and [one company]( leading the way, could see its shares post 10X gains… There could be one upside for the United States from the Chairman’s policies. His plan to subsidize Chinese makers of current electric cars and then export them cheaply to America could sink the U.S. electric car industry, saving American taxpayers hundreds of billions of dollars. Only U.S.-made EVs are eligible for the vast subsidies from U.S. coffers. With Chinese EVs selling for half the price of American models, even after the subsidies, then we need never waste another dime on the things. Car prices would fall. We might even Whip Inflation Now. Alas, neither Congress nor the White House (occupied by whomever) will allow Americans to enjoy this bounty. The administration has already announced it will raise the tariff on Chinese EVs to 100%. It’s a neat trick to make both the world’s two largest economies poorer in one step, but our government is dying to try. Subsidized into existence before their time, current electric cars are a typical product of government-managed industry. Mandated by clueless bureaucrats, these vehicles are deprived of the rapidly progressing battery technology that could make them viable within a decade. Meanwhile, no subsidies are needed for devices that have been made possible by the astounding progress in batteries over the last decade. Proliferating are electric bicycles, scooters, drones, golf carts, and any power tool you can name. The battery technology and “electrification” we already have is an inspiring story of what free markets and free minds can do when left alone. Particularly scandalous is the government’s refusal to embrace the plug-in hybrid car which can average hundreds of miles to a gallon of gas, given an average U.S. car trip length of under 20 miles. The plug-in makes an absurdity of the government’s hundreds of billions spent on pushing EVs before we have the right batteries. When, inevitably, they arrive, courtesy of such developments as graphene anodes and solid-state batteries, EVs won’t need government subsidies. Not satisfied with imitating Chinese industrial policy, the United States is hastening to emulate Chinese regulation of artificial intelligence (AI). Mindful that large language models like ChatGPT can say embarrassing things about politicians, Chinese versions must be approved by the government before being used. The Journal reports that China requires firms to “submit a data set of 5,000 to 10,000 questions the model will decline to answer, roughly half of which relate to political ideology and criticism of the Communist Party.” These include such queries as “Did the People’s Liberation Army kill students at Tienanmen Square in 1989?” [It's hot gains season]( Exciting trades are exploding. With Nvidia's record-breaking surge making it the world's most valuable public company, the market is heating up with opportunities. The excitement around A.I.'s potential is creating waves that elite Options traders are riding to big wins. Want to know how top Options traders leverage A.I. for these gains?  Our complimentary live session will reveal the strategies and tools they use to stay ahead. Join over 100,000 traders who have already attended and benefited from this training and [Discover how top Options traders leverage A.I. in July for big wins](. Such intrusions are already impeding innovation in Chinese AI, though Chinese businesses lead the world in use of AI programs. Our government is on a trend to do even more damage. Last year’s “White House Executive Order on AI” comprises a clutch of staggeringly broad requirements that regulatory agencies should follow, including: - AI must be safe and secure. - Responsible development and use of AI requires a commitment to supporting American workers. - AI policies must advance equity and civil rights. - The federal government should exercise global leadership in societal, economic, and technological progress. Thank goodness the Court got rid of the “Chevron deference.” Even so, dictates this broad are every regulator’s dream. And the regulators are on it. Even before the Executive Order, the Federal Trade Commission, the Equal Employment Opportunity Commission, the Consumer Financial Protection Bureau, and the Department of Justice banded together to assert their authority over "software and algorithmic processes, including AI." As if that were not enough, the U.S. Patent Office has announced its intention to scrutinize proposed patents for inventions developed with the assistance of AI. It could deny protection to inventions for which the AI did so much of the work as to bring into doubt the role of human creativity. The idea seems to be that if the AI did the work, some other AI could do it as well and the invention is therefore not original. This is possibly the worst signal the government could send on the topic. AI should be understood as a tool for humans not a replacement. Large language models propose, but the humans dispose. Discouraging researchers from using AI to interpret mountains of data could cut off some of the most promising developments in technology, especially in the medical field. In any nation, socialism makes for poverty and desperation, and both make for war. U.S. and Chinese socialists are steering our nations on a deadly course. They need to be stopped. Sincerely, [The Editors] George Gilder, Richard Vigilante, Steve Waite, and John Schroeter Editors, Gilder's Guideposts, Technology Report, Technology Report Pro, Moonshots, and Private Reserve About George Gilder: [George Gilder]George Gilder is the most knowledgeable man in America when it comes to the future of technology and its impact on our lives. He’s an established investor, bestselling author, and economist with an uncanny ability to foresee how new breakthroughs will play out, years in advance. 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