Podcasts about Yuan

Drs. Yuan and Callahan discuss data presented at ASCO 2025 about DESTINY-Breast06, SHR-A1811, and TQB2101, along with real-world data on rechallenging patients with T-DXd post grade 1 ILD.

Drs. Callahan and Yuan discuss data presented at ASCO 2025 on DESTINY-Breast09, PATINA, and MINI Trial, the utility of PFS-2 as an endpoint, and sequencing of treatments after first-line therapy.

BRICS Summit Preview: China To Move Towards Internationalizing Yuan, With Gold As Collateral This year's BRICS Summit is almost upon us. And if you're wondering what to expect, Vince Lanci reveals what's coming in this morning's show. Including how China will begin to unveil the infrastructure for their plans to internationalize the Yuan while using gold as collateral. To find out more, click to watch the video now! - Get access to Arcadia's Daily Gold and Silver updates here: https://goldandsilverdaily.substack.com/ - To get your very own 'Silver Chopper Ben' statue go to: https://arcadiaeconomics.com/chopper-ben-landing-page/ - Join our free email list to be notified when a new video comes out: click here: https://arcadiaeconomics.com/email-signup/ - Follow Arcadia Economics on twitter at: https://x.com/ArcadiaEconomic - To get your copy of 'The Big Silver Short' (paperback or audio) go to: https://arcadiaeconomics.com/thebigsilvershort/ - Listen to Arcadia Economics on your favorite Podcast platforms: Spotify - https://open.spotify.com/show/75OH2PpgUpriBA5mYf5kyY Apple - https://podcasts.apple.com/us/podcast/arcadia-economics/id1505398976 - #silver #silverprice #gold And remember to get outside and have some fun every once in a while!:) (URL0VD)Subscribe to Arcadia Economics on Soundwise

Chinas Rückzug aus US-Staatsanleihen geht weiter. Die Bestände fallen auf ein 16-Jahres-Tief. Peking will Risiken streuen, Gold kaufen – und den Yuan stabilisieren. Doch Experten warnen: Die wahren Zahlen könnten ganz anders aussehen.

Join Kelly as he sits down for a conversation with 2019–2020 alumni Jared and Yuané Loewen. Listen as the Loewen's share how God worked His will in His time from meeting as students, to maintaining a long-distance relationship during COVID while living in different hemispheres, to welcoming their first child during a challenging delivery. Through it all, they are quick to point out that it was only by God's faithfulness through Christ that they were brought through.www.instagram.com/thehishillpodcast/www.hishill.orgkelly@hishill.org

Dr. Christopher Yuan is an internationally recognized speaker, author, and trusted voice on biblical sexuality. His award-winning book, Holy Sexuality and the Gospel, was named 2020 Resource of the Year for Social Issues by Outreach Magazine. In it, Dr. Yuan offers a powerful and deeply gospel-centered message: our identity is not found in our sexuality but in Christ alone. He calls Christians to embrace holy sexuality—chastity in singleness and faithfulness in marriage—a vision that challenges cultural narratives and points to lasting truth rooted in Scripture.After graduating from Moody Bible Institute, Dr. Yuan earned a Master's in Biblical Exegesis and a Doctor of Ministry. He taught Bible for over a decade at Moody, and today his ministry has reached audiences across five continents, equipping churches to engage with grace and truth on issues of sexuality and gender.He is also the creator of The Holy Sexuality Project—a groundbreaking, first-of-its-kind discipleship video series designed to help parents and grandparents lead their teens in understanding, embracing, and celebrating biblical sexuality.Behind this ministry stands the quiet strength of his mother, Angela Yuan, who has walked through unimaginable pain. From a broken but redeemed marriage to years of tearful prayers for her prodigal sons, she clung to the promises of God. Through it all, the Lord poured out grace—teaching her to believe that He can change what seems unchangeable, and leading her into daily renewal and unwavering hope in Christ. Tune in for a powerful testimony!

Markets are still grappling with global trade and fiscal policies in flux and we were reminded this week that geopolitical risk is never out of the frame for too long. The broadening of hostilities in Israel and Iran necessarily extends the vigilance of policymakers for first and second order impacts on their economies, carrying with it potential implications for currency and interest rate markets, in particular. This week, we look at how all-important reserve managers and governments in Asia are considering all of these threats to stability and how currency and monetary policies are likely to adapt. We bring Dwyfor Evans, our head of macro strategy for Asia, back to the podcast for a broad discussion of the most relevant considerations.See omnystudio.com/listener for privacy information.

Regarding the late-Yuan era rebel leader and the greatest naval battle in medieval Chinese history.Support the show

Auch wenn der US-Dollar als Leitwährung ins Wanken geraten ist, steht für den Experten für internationale Geldsysteme Jörg Bibow fest: Zurzeit gibt es kaum Alternativen dazu. Der Euro etwa, inzwischen mit einigem Abstand die zweitwichtigste Währung der Welt, wird den Dollar so schnell nicht ersetzen können. Bibow erklärt auch, wie es um digitales Zentralbankgeld steht und warum der chinesische e-Yuan bisher weitgehend erfolglos geblieben ist. Folgen Sie Carsten Roemheld auf LinkedIn. Hören Sie hier Teil 1 zum Thema 'Die Dollar-Dämmerung'. Disclaimer: Wertentwicklungen in der Vergangenheit sind keine Garantie für zukünftige Erträge und Ergebnisse. Der Wert von Anteilen kann schwanken und wird nicht garantiert. Anleger werden darauf hingewiesen, dass insbesondere Fonds, die in Schwellenländern anlegen, mit höheren Risiken behaftet sein können. Die dargestellten Standpunkte spiegeln die Einschätzung des Herausgebers wider und können sich ohne Mitteilung darüber ändern. Daten und Informationsquellen wurden als verlässlich eingestuft, jedoch nicht von unabhängiger Stelle überprüft. Eine detaillierte Beschreibung der mit den jeweiligen Fonds verbundenen Risiken finden Sie in den entsprechenden Fondsprospekten. Fidelity übernimmt keine Haftung für direkte oder indirekte Schäden und Verluste. Weitere Informationen finden Sie unter www.fidelity.de.See omnystudio.com/listener for privacy information.

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China's price levels remained subdued in May, leaving ample room for further monetary easing and robust fiscal stimulus in the remainder of the year, analysts said on Monday.分析人士周一表示，中国5月份物价水平保持低位，为今年剩余时间进一步放松货币政策和实施强劲财政刺激措施留下了充足的空间。They said more policy support is needed to shore up demand in the world's second-largest economy, as policymakers navigate a more complicated and challenging external environment amid trade tensions with the United States.他们表示，在与美国贸易紧张局势加剧的背景下，决策者需要更多政策支持来提振全球第二大经济体的需求，因为政策制定者正在应对更加复杂和具有挑战性的外部环境。Their comments came as data released by the National Bureau of Statistics showed that the country's consumer price index, the main gauge of inflation, fell by 0.1 percent year-on-year in May, the same as in the previous month.他们发表上述言论之际，国家统计局发布的数据显示，5月份，作为通胀主要衡量指标的中国居民消费价格指数（CPI）同比下降0.1%，与上月持平。Wen Bin, chief economist at China Minsheng Bank, linked the subdued consumer prices to seasonal factors and a decline in oil prices, while noting the improvement in core CPI, suggesting the resilience of the domestic economy.中国民生银行首席经济学家温彬将CPI低迷归因于季节性因素和油价下跌，同时指出核心CPI的改善表明国内经济具有韧性。The core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the demand-supply relationship, increased 0.6 percent year-on-year in May, up from a 0.5 percent rise in April, NBS data showed.国家统计局数据显示，剔除食品和能源价格的核心CPI同比上涨0.6%，较4月份的0.5%进一步回升，被视为衡量供需关系的更优指标。On factory-gate prices, Wen said the decline reflected ongoing imported price pressures. "Although risk appetite increased early in the month due to favorable progress in US-China talks, with a slight rebound in commodity prices, excluding gold, commodity prices later dropped again as tariff threats resurfaced," he said.关于出厂价格，温彬表示，CPI的下降反映了持续的进口价格压力。他表示：“尽管本月初受中美贸易谈判取得积极进展的影响，风险偏好有所回升，除黄金以外的大宗商品价格略有反弹，但随着关税威胁再次浮现，大宗商品价格随后再次下跌。”China's producer price index, which gauges factory-gate prices, dropped by 3.3 percent year-on-year in May, widening from a 2.7 percent fall in April, the NBS said.国家统计局表示，衡量出厂价格的中国5月份生产者价格指数（PPI）同比下降3.3%，降幅较4月份2.7%的降幅有所扩大。Looking ahead, Wen said he expects CPI to rebound modestly but remain low in the near term, saying supportive macroeconomic policies would bolster core CPI growth.展望未来，温彬表示，他预计CPI将小幅反弹，但短期内仍将维持低位，并表示支持性的宏观经济政策将支撑核心CPI的增长。"A combination of incremental and existing policy measures are working in tandem to improve the supply-demand structure, which will support prices in relevant sectors. Increased travel demand during the summer will also drive up service prices."“增量与存量政策工具协同发力，将改善供需结构，对相关行业价格形成支撑。暑期出行需求上升也将带动服务类价格上涨。”As for PPI, Wen said conditions may gradually improve, though a return to positive territory will take time.关于PPI，温彬认为，尽管整体环境或将逐步改善，但短期内难以迅速转正。Considering base effects and current trends in consumer goods, energy, and industrial prices, Feng Lin, executive director of the research and development department at Golden Credit Rating International, said she expects consumer prices to remain flat in June, with the year-on-year drop in PPI likely staying around 3.3 percent.东方金诚国际信用评估有限公司研究发展部执行总监冯琳预计，考虑到基数效应以及当前消费品、能源和工业品价格走势，预计6月份CPI环比持平，PPI同比降幅仍将维持在3.3%左右。"With overall prices staying at low levels, promoting a reasonable rebound in prices will become an important macro policy goal in the second half of the year," she said. "This also opens up room for more proactive fiscal policies to boost consumption and investment, as well as further interest rate cuts by the central bank."她表示：“在物价总体处于低位运行的背景下，推动物价合理回升将成为下半年宏观政策的重要目标。这也为央行进一步采取更积极的财政政策刺激消费和投资，以及进一步降息提供了空间。”Yuan Haixia, dean of the research institute at rating agency CCXI, said that China continues to face a complex and challenging external environment while domestic cyclical and structural economic issues remain intertwined.中诚信国际研究院院长袁海霞表示，中国外部环境依然复杂严峻，国内经济周期性问题和结构性问题依然交织。While production remains relatively strong, domestic demand is only marginally improving and still weak overall as shown by subdued price levels, despite resilient external demand, Yuan said. "Policymakers should take advantage of the current policy window and intensify countercyclical measures in the short term."袁海霞表示，尽管生产保持相对强劲，但国内需求仅略有改善，整体来看仍然疲软，价格水平低迷是其主要表现，而外部需求保持韧性。“政策制定者应抓住当前政策窗口，短期内加大逆周期调节力度。”Yuan said that there is still scope for one to two more cuts in the reserve requirement ratio and interest rates during the remainder of the year, given the country's relatively high real interest rates amid low inflation and its ample policy space compared to economies like the United States and Japan.袁海霞表示，考虑到当前实际利率偏高、通胀较低，同时与美日等国相比，我国政策空间仍较为充裕，年内仍有1至2次降准降息的空间。On the fiscal front, stronger central government fiscal support is needed to expand domestic demand while around 1 trillion yuan ($139.22 billion) in additional fiscal funding could be introduced at a proper time to stabilize growth and improve expectations, she said.她表示，在财政方面，中央政府需要加大财政支持力度，扩大内需，同时可以适时新增约1万亿元人民币（约合1392.2亿美元）的财政资金，以稳定增长并改善预期。Yuan added that a balanced approach to encourage both consumption and investment is needed. Measures could include short-term cash subsidies, midterm tax reforms, and long-term improvements in income distribution to boost consumption. In parallel, investment priority should shift from physical infrastructure toward human capital, with a focus on raising investment efficiency.袁海霞补充说，需要采取均衡的政策措施，鼓励消费和投资。措施可能包括短期现金补贴、中期税制改革以及长期改善收入分配以刺激消费。同时，投资重点应从物质基础设施转向人力资本，并注重提高投资效率。stimulus/ˈstɪmjələs/n.刺激（措施）；促进因素resilience/rɪˈzɪliəns/n.韧性；恢复力countercyclical/ˌkaʊntərˈsɪklɪkəl/adj.逆周期的gauge/ɡeɪdʒ/n.指标；标准；衡量工具

Ist eine starke Währung ein Problem? Oder ein Segen? Während Euro, Dollar und Yuan gezielt geschwächt werden, bleibt der Schweizer Franken stabil – seit Jahrzehnten. Was bedeutet das für dich als Unternehmer, Investor oder Freiheitsliebenden?In diesem Video zeige ich dir, warum die Schweiz mit ihrer starken Währung, ihrer wirtschaftlichen Stabilität und ihrer Unabhängigkeit von der EU für viele Deutsche der letzte sichere Hafen geworden ist. Und warum sich Deutschland mit dem Euro vielleicht für den falschen Weg entschieden hat.

Learn how to finally experience the lasting transformation you're really after as told by Lin Yuan-Su.

Der DAX schafft ein Plus von 0,7 % auf 24.092 Punkte, trotz andauernder Zollunsicherheit und trüber Stimmung in der Autoindustrie. Laut ifo sank das Branchenklima im Mai auf -31,8 Punkte. Die OECD erwartet für Deutschland nur 0,4 % BIP-Wachstum 2025. Volkswagen einigt sich mit 20.000 Mitarbeitern auf freiwillige Kündigungen, bis 2030 fallen 35.000 Stellen weg. Rheinmetall ersetzt am 20. Juni Kering im EuroStoxx 50 nach kräftigem Kursanstieg. Telekom gründet bis Mitte 2026 einen eigenen Rückversicherer in Köln. TSMC verzeichnet trotz Zöllen hohe KI-Nachfrage, aktuell übersteigt Nachfrage das Angebot. Elektroautobauer Nio weitet Quartalsverlust auf 6,9 Mrd. Yuan aus, trotz 21 % Umsatzanstieg. Toyota nimmt Zulieferer Toyota Industries für umgerechnet 26 Mrd. USD privat von der Börse. Meta sichert langfristig Atomstrom für Rechenzentren. Börsenweisheit: "Investiere nie in eine Aktie, deren Geschäft du nicht verstehst." - Warren Buffett

Vince Lanci: 'Gold As Collateral For Internationalized Yuan' Is Agenda For BRICS 2025 Summit It's been a quieter period of news out of the BRICS regarding their de-dollarization efforts. But that doesn't mean that plenty isn't happening ahead of this year's BRICS Summit. Fortunately, Vince Lanci has uncovered what's on the agenda for this year's meeting, which includes the internationalization of the Yuan, with gold as the backbone collateral. And to find out more, click to watch the video now! - To subscribe to Vince's fantastic Goldfix service go to: https://vblgoldfix.substack.com/subscribe To read about the BRICS 2025 de-dollariation end game go to: https://vblgoldfix.substack.com/p/brics-2025-summit-gold-and-the-dedollarization To read about the BRICS gold vault network go to: https://vblgoldfix.substack.com/p/brics-2025-china-builds-global-gold To read about BRICS Clear go to: https://vblgoldfix.substack.com/p/unlocked-how-we-got-from-mbridge?utm_source=post-email-title&publication_id=456345&post_id=164299747&utm_campaign=email-post-title&isFreemail=false&r=196ba0&triedRedirect=true&utm_medium=email - Get access to Arcadia's Daily Gold and Silver updates here: https://goldandsilverdaily.substack.com/ - To get your very own 'Silver Chopper Ben' statue go to: https://arcadiaeconomics.com/chopper-ben-landing-page/ - Join our free email list to be notified when a new video comes out: click here: https://arcadiaeconomics.com/email-signup/ - Follow Arcadia Economics on twitter at: https://x.com/ArcadiaEconomic - To get your copy of 'The Big Silver Short' (paperback or audio) go to: https://arcadiaeconomics.com/thebigsilvershort/ - Listen to Arcadia Economics on your favorite Podcast platforms: Spotify - https://open.spotify.com/show/75OH2PpgUpriBA5mYf5kyY Apple - https://podcasts.apple.com/us/podcast/arcadia-economics/id1505398976 - #silver #silverprice #gold And remember to get outside and have some fun every once in a while!:) (URL0VD)Subscribe to Arcadia Economics on Soundwise

Ben and Albert are both members of Boston Glory, the professional Ultimate Frisbee team in Massachusetts. These guys both are major contributors to their teams current 4-0 start to the season. We talk shop, about the season and have a few laughs in between! Great episode and great listen!

I have had the pleasure of conversing with many people on Unstoppable Mindset who clearly are unstoppable by any standard. However, few measure up to the standard set by our guest this time, Katrin J. Yuan. Katrin grew up in Switzerland where, at an early age, she developed a deep curiosity for technology and, in fact, life in general. Katrin has a Masters degree in Business Administration and studies in IT and finance.   As you will see by reading her biography, Katrin speaks six languages. She also has accomplished many feats in the business world including being the founder and CEO of the Swiss Future Institute.   Our conversation ranges far and wide with many insights from Katrin about how we all should live life and learn to be better than we are. For example, I asked her questions such as “what is the worst piece of advice you ever have received?”. Answer, “stay as you are, don't grow”. There are several more such questions we discuss. I think you will find our conversation satisfying and well worth your time.   As a final note, this episode is being released around the same time Katrin's latest book is being published. I am anxious to hear what you think about our conversation and Katrin's new book.       About the Guest:   Katrin J. Yuan Boardmember | CEO Swiss Future Institute | Chair AI Future Council Katrin J. Yuan is an award-winning executive with a background in technology and transformation. With a Master of Business Administration and studies in IT and finance, Katrin is fluent in six languages. She is a six-time Board Member, Chair of the AI Future Council, lectures at three universities, and serves as a Jury Member for ETH and Digital Shapers. With a background of leading eight divisions in the top management, Katrin is an influential executive, investor, speaker and a "Young Global Leader" at the St. Gallen Symposium. Her expertise extends to AI, future megatrends, enforcing AI and a diverse data-driven approach.  Ways to connect Katrin:   Swiss Future Institute https://www.linkedin.com/company/swiss-future-institute LinkedIn https://www.linkedin.com/in/katrin-j-yuan/ Instagram https://www.instagram.com/katrinjyuan/ Youtube https://www.youtube.com/@katrinjyuan   Speaker Topics: AI Future Tech Trends | Boards | NextGen Languages: EN | DE | FR | Mandarin | Shanghainese | Turkish | Latinum Menu card overview https://www.futureinstitute.ch   About the Host:   Michael Hingson is a New York Times best-selling author, international lecturer, and Chief Vision Officer for accessiBe. Michael, blind since birth, survived the 9/11 attacks with the help of his guide dog Roselle. This story is the subject of his best-selling book, Thunder Dog.   Michael gives over 100 presentations around the world each year speaking to influential groups such as Exxon Mobile, AT&T, Federal Express, Scripps College, Rutgers University, Children's Hospital, and the American Red Cross just to name a few. He is Ambassador for the National Braille Literacy Campaign for the National Federation of the Blind and also serves as Ambassador for the American Humane Association's 2012 Hero Dog Awards.   https://michaelhingson.com https://www.facebook.com/michael.hingson.author.speaker/ https://twitter.com/mhingson https://www.youtube.com/user/mhingson https://www.linkedin.com/in/michaelhingson/   accessiBe Links https://accessibe.com/ https://www.youtube.com/c/accessiBe https://www.linkedin.com/company/accessibe/mycompany/   https://www.facebook.com/accessibe/       Thanks for listening!   Thanks so much for listening to our podcast! If you enjoyed this episode and think that others could benefit from listening, please share it using the social media buttons on this page. Do you have some feedback or questions about this episode? Leave a comment in the section below!   Subscribe to the podcast   If you would like to get automatic updates of new podcast episodes, you can subscribe to the podcast on Apple Podcasts or Stitcher. You can subscribe in your favorite podcast app. You can also support our podcast through our tip jar https://tips.pinecast.com/jar/unstoppable-mindset .   Leave us an Apple Podcasts review   Ratings and reviews from our listeners are extremely valuable to us and greatly appreciated. They help our podcast rank higher on Apple Podcasts, which exposes our show to more awesome listeners like you. If you have a minute, please leave an honest review on Apple Podcasts.       Transcription Notes:   Michael Hingson ** 00:00 Access Cast and accessiBe Initiative presents Unstoppable Mindset. The podcast where inclusion, diversity and the unexpected meet. Hi, I'm Michael Hingson, Chief Vision Officer for accessiBe and the author of the number one New York Times bestselling book, Thunder dog, the story of a blind man, his guide dog and the triumph of trust. Thanks for joining me on my podcast as we explore our own blinding fears of inclusion unacceptance and our resistance to change. We will discover the idea that no matter the situation, or the people we encounter, our own fears, and prejudices often are our strongest barriers to moving forward. The unstoppable mindset podcast is sponsored by accessiBe, that's a c c e s s i capital B e. Visit www.accessibe.com to learn how you can make your website accessible for persons with disabilities. And to help make the internet fully inclusive by the year 2025. Glad you dropped by we're happy to meet you and to have you here with us.   Michael Hingson ** 00:15 Hi. I'm Michael Hinkson, Chief vision Officer for accessibe and the author of the number one New York Times best selling book, Thunder dog, the story of a blind man, his guide dog and the triumph of trust. Thanks for joining me on my podcast. As we explore our own blinding fears of inclusion, unacceptance and our resistance to change, we will discover the idea that no matter the situation or the people we encounter, our own fears and prejudices often are our strongest barriers to moving forward. The Unstoppable mindset podcast is sponsored by accessibe. THAT'S A, C, C, E, S, S, I, capital, B, E, visit www.accessibe.com to learn how you can make your website accessible for persons with disabilities and to help make the internet fully inclusive by the year 2025 glad you dropped by. We're happy to meet you and to have you here with us.   Michael Hingson ** 01:20 Well, hi everyone. Welcome to another edition of unstoppable mindset. Our podcast has been doing really well. We've been having a lot of fun with it ever since August of 2021 and I really thank you all for listening and for being part of our family. And as I always tell people, if you know of anyone who you think ought to be a guest, let us know, and we'll get to that later on. Today, our guest is from Switzerland, Katrin J Yuan. And Katrin is a person who, among other things, is the CEO of the Swiss future Institute, and I'm going to leave it to her to tell us about that when we get to it. She is a executive. She's an executive with a with a pretty deep background, and again, I don't want to give anything away. I want her to be able to talk about all that, so we'll get to it. But Katrin, I want to thank you for being here and for finding us and for coming on unstoppable mindset.   Katrin J Yuan ** 02:20 Warm Welcome Michael and Dear audience, thank you so much for having me on unstoppable mindset. I'm excited to be here with you a bit about myself.   Michael Hingson ** 02:32 Yes, please, you and growing up and all all the scandalous things you that you don't want anyone to know. No, go ahead. We we're here to hear what you have to say.   Katrin J Yuan ** 02:43 My cultural background is, I'm looking Asian, grown up in Europe and Germany, and then later for my studies in Switzerland, in the French part of Switzerland. And now I'm being in here in Zurich. My background is Mba, it finance. I started with a corporate then in tech consulting. I was heading eight departments in my lab. Last corporate position there of head it head data. Now to keep it simple and short, I consider myself as an edutainer, community builder and a connector, connecting the dots between data, tech and people. I do it on a strategic level as a six time board member, and I do it on an operational level for the Swiss future Institute for four universities, being a lecturer and sharing knowledge fun and connecting with people in various ways.   Michael Hingson ** 03:44 Well, what? What got you started down the road of being very deeply involved with tech? I mean, I assume that that wasn't a decision that just happened overnight, that growing up, something must have led you to decide that you wanted to go that way.   Katrin J Yuan ** 03:58 It's a mixture curiosity, excitement, I want to know, and that started with me as a kid, how things work, what's the functionality? And I like to test do things differently and do it myself before reading how it should be done. What's the way it should be done.   Michael Hingson ** 04:21 So, yeah, yeah, I find reading is is a very helpful thing. Reading instruction manuals and all that is very helpful. But at the same time, there isn't necessarily all the information that a curious mind wants, so I appreciate what you're saying.   Katrin J Yuan ** 04:36 Yeah, totally. There are so many more things. Once you start, it's like one layer after the other. I like to take the layers, lip by layer, to go to a core, and I'm I don't avoid asking questions, because I really like to understand how things work.   Michael Hingson ** 04:55 Yeah, yeah. It's a lot more fun. And. And hopefully you get answers. I think a lot of times, people who are very technically involved in one thing or another, when you ask them questions, all too often, they assume, well, this person doesn't have the technical expertise that I do, so I don't want to give a very complicated answer, and that's all lovely, except that it doesn't answer the question that people like you, and frankly I have, which is, how do things work? Why do they work? Much less? Where do we take them from here? Right?   Katrin J Yuan ** 05:31 Absolutely, and breaking down complexity rather simplifying things, and tell us in an easy way you would maybe tell kids, your neighbors and non tech persons, and at the end of the day, it's the question, What's in for you? What is this for? And what's the value and how you can apply it in your everyday life? Yeah,   Michael Hingson ** 05:57 I grew up, of course, being blind, and encountered a lot of people who were and are curious about blind people. The problem is I usually have an assumption also, that if you're blind, you can't do the same things that sighted people can do, and that's usually the biggest barrier that I find we have to break through, that I have to break through, because, in reality, blindness isn't the issue, it's people's perceptions. And so that's why I mentioned the whole idea that people often underrate people who ask a lot of questions, and the result is that that it takes a while to get them comfortable enough to understand we really do want to know when we really do want you to give us good technical information that we can process and move forward with   Katrin J Yuan ** 06:47 exactly normally, in a room full of board members, managers, you call it, you name it, CEOs, investors, usually someone or even the majority, is very thankful that finally somebody asks also, dare to ask the simple questions to find a solution. And it's not only the what, but I find it interesting also the how you solve it, and to see and do things in a different way, from a different, diverse perspective. This is very valuable for those seeing and for those seeing in a different way or not seeing and solving it in your own very unique way, and   Michael Hingson ** 07:33 and that's part of the real issue, of course, is that looking at things from different points of view is always so valuable, isn't it? Absolutely,   Katrin J Yuan ** 07:42 this is why I also go for diversity in tech leadership boards. Yeah, because for me, I like to say it's no charity case, but business case,   Michael Hingson ** 07:57 yeah. Well, so you, you've, in a sense, always been interested in tech, and that I can appreciate, and that makes a lot of sense, because that's where a lot of growth and a lot of things are happening. What? So you went to school, you went to college, you got a master's degree, right?   Katrin J Yuan ** 08:17 Yes, correct.   Michael Hingson ** 08:20 And so what was then your first job that you ended up having in the tech world? I   Katrin J Yuan ** 08:27 was in the IT ICT for Vodafone in a country this last station was with Northern Cyprus. For me, very exciting. Yeah, to jump in different roles, also in different areas, seeing the world sponsored by a large company here in Europe. And that was very exciting for me to jump into white, into it and learn quickly. I wanted to have this knowledge accelerated and very pragmatic to see many countries, cultures, and also diverse people in many, many means, from language to culture to age to many, many different backgrounds.   Michael Hingson ** 09:09 So from a technology standpoint, how is Vodafone doing today? I know you've moved on from that, but you know, how is it? How is it doing today? Or is it I haven't I've heard of Vodafone, but I haven't kept up with it. That   Katrin J Yuan ** 09:22 was my very first chapter. So yes, indeed, I moved on, staying in the tech sector, but now I am completely here in Switzerland for another chapter,   Michael Hingson ** 09:35 and Vodafone is still a very sizable and ongoing company. It   Katrin J Yuan ** 09:39 is not in Switzerland, but yes, still in Europe, with headquarter, UK, in Germany and so on. Definitely. Yeah,   Michael Hingson ** 09:47 I'm, I'm familiar with it. And I was thinking Germany, although I hadn't thought about the UK, but that makes, makes some sense. So you, you obviously worked to. Learn a lot and absorb a lot of information. And I like the things that that you're talking about. I think people who are really curious, and who work at being curious aren't just curious about one thing and you talked about, you're curious about the technology and all the things that you could learn, but you are also very interested in the cultures, and I think that that is and the whole environment, and I think that is so important to be able to do what, what kinds of things, if you if you will, did you find interesting about the different cultures, or what kind of commonalities Did you find across different cultures? Because you, you had the experience to to be able to be involved with several so that must have been a pretty fascinating journey.   Katrin J Yuan ** 10:45 Yeah, CEO of a Swiss future Institute, and as university lecturer of four universities in Germany, as well as in Switzerland, mostly about AI data analytics. And also as board member, I have several demanding roles started already in young years. So one of the questions I hear often is, how did you make it, and how is the combination? And here my answer is, start early discipline focus. I'm highly self motivated curiosity, as mentioned earlier in the combination, and I did not expect success to come early. I expected to endure pain, hard work and to go forward and a mixture of discipline, hard work, step by step, and also to overcome challenges.   Michael Hingson ** 11:42 Did you find it to be a challenge with any of the cultures that you worked within, to to be able to be curious and to be able to move forward? Or were you pretty much welcomed across the board?   Katrin J Yuan ** 11:57 It's a mixture. It started with the obvious, the language. So when I was, for instance, on Northern Cyprus, that's the Turkish speaking part, not the Greek part, which is in the EU I accepted the opportunity given by the company at that time to learn Turkish. That was amazing for me. Yeah, as I felt like, if I'm the guest, the least I can do is adapt and giving, showing my respect and openness towards a new culture. And for me, culture starts with a language. With language you reach not only the people, but you really understand as there are so many, and those of you who speak more than one language, you might have find it especially comparing different expressions emotions. Typical expressions in different languages is not only translating, it's really understanding those people. Yeah, and that for me, definitely super exciting. It was a challenge, but a very welcome one, embracing that challenge, and for me, it was like, Hey, let's do an experiment. Being an adult, learning a complete new language, not like English, German, French, and both usually relatively close to each other, so related ones, but a completely new such as Turkish. So nobody spoke Turkish in my friend's neighborhood, closer family as we are, we are not. But I thought that, hey, let's simply start. And I started by learning eight, eight hours per week, so really intense, including the Saturday. So it was only doable that way, to give it a serious try to bridge and be open towards different cultures.   Michael Hingson ** 13:53 Well, the other part about it is, in a sense, it sounds like you adopted the premise or the idea that you didn't really have a choice because you lived there, or at least, that's a great way to motivate and so you you spent the time to learn the language. Did you become pretty fluent in Turkish? Then I   Katrin J Yuan ** 14:13 was there like five months, the first three months, it was rather a doing pain and hard work without having any success. So I didn't, didn't get it. I didn't understand anything, though I had every week the eight hours of Turkish, and it took three months, and that's super interesting for me to perceive like I love experiments, and I love experimenting, also with myself included, that is, it's not, it seems to be not linear, but rather jumping. So you have all the investments in the first where you don't see any immediate effect. Well, after the first three months, there was a jump. Um, and I remember clearly the first moment where I got it, where I understood something, and later on learning intensely, even understood some sort of jokes and etc. And there the meetings were all in Turkish. So it really helped to adapt to that one and get what they say,   Michael Hingson ** 15:20 so until you got to the point where you could sort of understand the language, how did, how did you function? Did you have somebody who interpreted or how did that work?   Katrin J Yuan ** 15:30 Well, they speak English as well, and of course, they adapted to me, such as to the other experts being there as well.   Michael Hingson ** 15:39 Yeah. Did? Did you find, though, that once you started having some effective communication in the language that that they liked that and that that made you more accepted? They   Katrin J Yuan ** 15:52 were surprised, because at that time, I was the only one from from the experts manager sent there and really accepted the whole education package for like, okay, it's free, it's education. Let's definitely accept it and give it a serious try, having the eight hours per week. So several were quite surprised that I did it and that I'm interested in learning a new language as a as an adult, where you could have said, No, that's, that's enough. Let's, let's all stay in our usual, the simple, the simplest way, which is, let's keep it and do it all in English, what we already can speak.   Michael Hingson ** 16:38 But they had to feel more at home when you started speaking their language a little bit. I remember in college, I took a year of Japanese. It just seemed fascinating, and I like to listen to short wave. I'm a ham radio operator, so I oftentimes would tune across stations, and I would find radio Japan and listen to broadcasts, and then I took a year, and I've been to Japan twice as a speaker, talking about the World Trade Center and so on. And although I didn't become in any way fluent with the language, I was able to pick up enough words, especially after having been there for a few days, that I could at least know was what's going on. So I appreciate exactly what you're saying. It makes it a whole lot more fun when people do relate to you. Which is, which is so cool. So, you know, I think that's that's a good thing. Where did you go after Cyprus?   Katrin J Yuan ** 17:34 I went back to Switzerland. Ah, familiar language, yeah, from the French and to the German speaking part in Switzerland, also with French, it's more or less the same. I learned a large part, also per University, and frankly, per TV. Watching television, if you first started, didn't get any of those jokes, yeah, I felt quite stupid. And then one day, you really break the wall, and then it's going all the way up, and you simply get it. You live it. You are widened, and you understand the culture and those people, and they will feel that you are bracing it, that you are not only polite or only there for a temporary of time, and then you're you're gone. Yeah,   Michael Hingson ** 18:22 you you demonstrate that you are really interested in them and curious about them, as I said, and that tends to definitely make you more relatable and make you more appreciated by the places where you are. So I'd like to go ahead and continue in, you know, obviously learning about you and so on. And I know we talked a little bit about other places where you've been and so on, but you've got, you've got a lot that you have done. So you work a lot with CEOs. You work a lot with investors and board members, and a lot of these people have a lot of different kinds of personalities. So what is your perception of people? What was your perception of working with all those people? And how do you deal with all of that going forward? Because everybody's got their own thoughts,   Katrin J Yuan ** 19:21 indeed, and in that context, what is normal? How do you perceive and how are you perceived by others? That was a question which raised my curiosity. Yeah, by time, it was not clear from the beginning, and for me, I found my answer in what is normal. It's super relative for only what you perceive and know. Got to know taught by your parents as a kid. And for me, looking looking Asian, yeah, looking different, yeah, as. A woman young, you're looking different. And that combination in Switzerland, it's yeah, it weighs some questions, and got me reflecting upon that question, yes, and this all how you deal and see and apply that difference and make that difference to be a value for yourself and for others. You bring   Michael Hingson ** 20:25 up an interesting point, though. You talk about what is normal, and so what is normal? How do you deal with that?   Katrin J Yuan ** 20:33 Normal is what you think is normal. There's no real normal, the so called norms. Does it fit to you, or you will make them fit to you, and you are unique in that setup you know, like what is normal considering beauty standards, it is what you use to know, based on culture, based on your direct environment, by based by your family, what you see is what you get, yeah. And based on some scientific stuff, like relatively high symmetric in in your face, but not too much asymmetric, yeah, just the right mixture, yeah. And so I learned to define, instead of being defined all the time, to define myself what is normal to me, to me, and to be very aware that the normal is quite relative my perception. Did   Michael Hingson ** 21:33 you find that there were times that you had to sort of change your view of what was normal because of circumstances, does that make sense?   Katrin J Yuan ** 21:43 Yeah, totally, and I respect it so much. Also, with your fantastic story yourself, Michael, where I can only say, Chapo, how, how you make your way all the way up. And it's, it's more than respectful. I have you have my admiration for that one for me, it was definitely food traveling, seeing myself, not so much as a small kid, I perceived like, Hey, we are all normal. Yeah, there was no difference as a small kid. But latest for me, when you got a bit older as a kid, between, in between kid and becoming adult, also from the environment, raising questions of how you appear, whether you appear differently from kids and so on. Yeah, the question was brought to me, so I had to deal with it in the one or other way. And I learned it's, it is interesting if you are finding yourself. It's not a point that you know in black, white, okay, that's me, but it's rather walking the whole path with all the stones, Hicks and up and downs, becoming you in all its essence and normal it was defines you, and I like to challenge myself wherever, and all these bias everyone has naturally, it makes us humans. That's the way that I, at least challenge myself to open that quick few seconds box again, after the very first impression, which is built unconsciously, and and, and some, some good moments and valuable relationships appeared not from the first moment, but because I challenge it, and even if we didn't like, for example, each other from the first moment, but then we gave it another opportunity, and even friendships were built with a second and third glance. And this is why I invite you to think about your own normal and to find and define yourself, not letting it be a standard defined by others.   Michael Hingson ** 24:07 I have ever since September 11, I always hear people saying and I read and I reacted to it internally. We got to get back to normal. People hate getting out of their comfort zone oftentimes, and that's, in a sense, so very frustrating. But I kept hearing people say, after September 11, we got to get back to normal. And I finally realized that the reason that I didn't like that statement was, normal will never be the same again. We can't get back to normal because normal is going to be different, and if we try to get back to where we were, then the same thing is going to happen again. So we do need to analyze, investigate, explore and recognize when it's need to move on and find, if you will, for the moment, at least a new normal.   Katrin J Yuan ** 24:58 Absolutely, I'm. With you. What's normal for you? Michael,   Michael Hingson ** 25:04 yeah, what's normal for me isn't normal for you. I think what's normal for me today isn't what it used to be. So for me today, normal is I do get to travel and speak, but when I'm home, I have a dog and a cat. Normal change for me a couple of years ago when my wife passed away. So it was a matter of shifting and recognizing that I needed to shift, that the mindset couldn't be the same as it was pre November 12 of 2022 and so it is important to be able to adapt and move on. So I guess for me, normal, in one sense, is be open to change.   Katrin J Yuan ** 25:50 That's beautifully said. Be open to change.   Michael Hingson ** 25:55 Yeah, I think it's really important that we shouldn't get so locked in to something that we miss potential opportunities, that that change, or that adapting to different environments will bring us   Katrin J Yuan ** 26:10 totally and you yourself, give yourself all the opportunities you have to evolve over time you will not be Exactly and that's good the way it is the same person, yeah? Because environment change, all the factors change, and we humans are highly adaptive, yeah, this is underestimated by ourselves many times. Yeah, but we are, and we make the best out of the situation, and especially with regard to hard moments where really, really, really hard, and nobody likes them, while being in that moment, but looking back and being overcoming it afterwards looking back, I like to say, when do you really grow? It's in the hard times when you grow this is where you endure pain, but you'll be become better, bigger, more resilient afterwards, right?   Michael Hingson ** 27:13 Very, very much. So Well, in your case, growing up, working, being in all the different environments that that you have. Have you ever had an unexpected moment, a hard moment that you had to deal with? And what was that? And how did you? How did you deal with it?   Katrin J Yuan ** 27:29 Sure, just sharing one earlier moment. I had an accident. I was on my way to dancing course and all chilly fun made myself pretty on the day, thinking only on superficial, beautiful moments, partying and so on. And then it crashed on the road, and in a matter of seconds, life can be over. So I woke up in the hospital and the intensive care, that unit, where you only find the hard cases, was, yeah, were really not beautiful to look at. Yeah, I find myself. And I was like, that was definitely a very hard lessons I learned in early years. So I had to relearn everything, and had to look two weeks long at a white wall with an ugly picture on it, and I had plenty plenty of time to think about myself and the world and what, what the heck I should do with the remaining time, and also my perception of normal, of wishes, of expectations, of different perspectives, and my my expectation on life. Yeah. Well,   Michael Hingson ** 28:56 what was an ugly picture? Did you ever come to appreciate the picture?   Katrin J Yuan ** 28:59 It was still ugly after two weeks, just checking.   Michael Hingson ** 29:05 So though you, you chose not to let that become part of your normal, which is fine. I hear you well, you, but you, you adapted. And you, you move forward from that, and obviously you you learned more about yourself, which is really so cool that you chose to use that as a learning experience. And all too often, people tend not to do that. Again, we don't do a lot of self analysis, and tend to try to move on from those things. But, but you did which is, which is admirable by any standard. Well, one of the things that I'm curious about is that you have a fairly good social media followings, and I'm sure there are a lot of people who would ask this, what would you advise for people. Who want to build their brand. What did you learn along the way, and what would you advise people to do if they want to build their own brand and and grow? I've   Katrin J Yuan ** 30:07 over 60,000 views, which is not bad for a non celebrity and a simple officer, worker, academic worker, here in Switzerland, and I like to invite people to think, imagine you were a product. What are you standing for? And don't try to cover your weaknesses. It's a unique you as a combination of all of your science, I like to speak about the 360 degree you and starting, and I know statistically that a bit more women are a bit concerned about, hey, how much should I really give and and get over visibility, and is it still in a professional way, and I don't want to waste My time and so on. Somebody told me, and I find this idea very simple and good people talk about you either way. Also, if you leave a room, either you let it the way, in a passive way, so accepting it, or you decide one day, and this is what I did, actively influence it. So I like to, rather if I may have a choice, actively influence and have some take on my life, my decisions, my normal the doings, the happenings and the starts with a perception in our world. Allow me it is very simple. What you see is what you get. Yeah, so the visibility, if you can use it, especially here, now with all the social media channels, from LinkedIn to Insta to YouTube, what you have in place, use it systematically for your business, not as a I don't want to waste my time, and you don't need to open up to everything your private life. If you want to keep that, that's all good. You can just open up enough to build up your brand for business. Yeah, and for me, it's really, really going, definitely, we monetize and open up for business, and so that our clients in Switzerland, Liechtenstein and Germany and Austria, and the dark region we call it, find us in, yeah, and thankful for that   Michael Hingson ** 32:37 interesting and I like something that that you say, which is, you don't need to open up your private lives, we get too nosy, and we get too many people who put too many pieces of information about their private lives, and unfortunately, that's just not a productive thing to do, Although so many people do it in this country now. We're, we're seeing a number of athletes whose homes are being broken into. And you can trace the reason that it's even possible back to a lot of social media. They're, they're saying they're not going to be there, or in some cases, they can't necessarily avoid it. Doesn't need to be social media when you've got sports figures who are playing in games and all that, but we focus too much on private lives rather than real substance. And unfortunately, too many people, also, who are celebrities, want to talk about their private lives. And I, you know, I don't tend to think that is overly productive, but everybody has their own choices to make, right? So   Katrin J Yuan ** 33:45 everybody has their own choices to make. Yeah, I recommend, if you like, stay with them consistently so you feel comfortable. How much you open the door is starting ultimately with you. I like to say in that context, you are ultimately responsible for all the things you do, but also with all the things you don't do. Yeah, and that's totally fine, as long as it's it's very much and that it's something you will feel that's, that's about you, yeah, and social media and visibility, and the business side, the professional side of using your whether Employer Branding, your personal branding, all the stuff, this is controlled by you, how much you give. Of course, you can sense how much, depending on how much you give, how much will come back. And if you don't feel like posting all the time, also with 40 degree fever out of a bat. Don't do it. It might be not sensible in your case, and not giving you back the outcome, the impact, the real consequence and effects it has. Yes, totally.   Michael Hingson ** 34:55 Well, social media hasn't been with us all that long, and I think we're still. So really learning how to best be involved with social media. And of course, that's an individual choice that everyone has to make. But what Facebook is only 20 years old, for example. And so we're going to be learning about this, and we're going to be learning about the impact of social media for a long time to come, I suspect,   Katrin J Yuan ** 35:20 absolutely and nowadays, fusion. Everything merged on the next level with AI, the perception what you get is what you see really fake news is only the beginning in text, in visual speaking of pictures and in videos, which is nothing else than a row of visual pictures in moving so our generation and the next and the next, from alpha to Gen Z, X, Y over and bridging generations, we will have to learn how to deal with it responsibly, both being potentially one of the actors in So, being a creator, creating your own content, and on the other side, accepting seeing, resonating, interacting with other content. What is real, what is fake? How do you deal with it, critically and responsibly for business, for society, yeah? Because whenever you do something, somebody else will see it. And that's that sense every one of us is a role model. So your behavior is not ultimately only what you say, but also what you do. Yeah, measure me and what I do, not what I say, and yeah, and others will see you and observe and that will have an effect, if you want or not. And therefore I am for a responsible way, behaving, reflecting and carry that on, spreading that information. Yeah. It all starts with you, I   Michael Hingson ** 37:01 believe is all too important to recognize it's due and judged by what I do, not by what I say. I think that is so important and one of the biggest lessons that we can learn from social media or anything. And it's nothing new. It's just that now it is such more a visible kind of lesson that we need to learn, because it's all about actions, and they do speak a lot louder than words, whether we like to think so or not. Yeah,   Katrin J Yuan ** 37:30 totally. And you said it, Michael, it's nothing new. Yeah, it's not reinvented, but, yeah, it's all transparent, too much information flooded by all channels, all these voices and people, experts are not commenting, resonating, multiplied, copied, bringing to other dimensions, and it's so easy, yeah, the real ones and the other ones. Yeah, so it's upon you to deal with it responsibly, yeah,   Michael Hingson ** 38:00 well, you have been associated with a number of boards. You've dealt with lots of board members. You're the CEO of a company and so on. So I'm curious to get your thoughts on the whole concept of, how do we work to make boards and board members more inclusive and more diverse? Or how do we open boards up to perhaps different things that they haven't experienced before?   Katrin J Yuan ** 38:31 That's a very good one, which means a lot to me personally. I like to say it's not a charity case, but a fact matters, numbers, business case so simple. That is, if you have, let's say, 10 people, high personalities in one room, a decision is very, very easily made. If you all think, look, behave the same, with the same skills, background, experiences and cultural wise, definitely, you will come to one decision quickly. But is this ultimately the best decision of a company and for your future? And have you shared all these thoughts from a different perspective, from a different angle. This implies a certain way, also with efforts with some time are not only easy peasy, but once you challenge yourself, you really grow. You really grow and come to an ultimately better decision, worthwhile, a more valuable perspective, yeah, and thinking of something you have never fought yourself, but another fraction does, and ultimately, the other voice is not only one minority speaking of an easy example of one to nine makes 10. Yeah, but scientifically, we speak here about the 33% and more, so more than three four people in a room, it would make sense to really have a strong voice here, and not only the one exceptional voice, but really a discussion among diverse peers reaching to the ultimate outcome in the best interest of a company.   Michael Hingson ** 40:26 How do we get people to adopt that kind of mindset and expand boards though to make that happen? Because all too often, people are locked into their own way. Well, we want board members and we want people who think as we do, and we don't want to really change, which is getting back to what we talked about before, with normal   Katrin J Yuan ** 40:45 I'm definitely with you, Michael, and if we had one short sentence answer on that one, I would be the first to raise the hand give me that solution. It's very hard to force externally. It's it's, ultimately, the best way is if you really come to that and you you get convinced yourself by your own experience, by seeing observing, by being open minded enough to learn from others. Yeah, that is not with age, with success, with power, with hierarchy, you name it, with title, with salary, package that you find one day, okay, I learned enough. I'm successful enough, I'm rich enough, I can afford and do what I what I wish, means, and I I'm not interested, consciously or unconsciously, and having another, maybe challenging other view which threatens or challenges myself, or which makes it a little bit more uncomfortable, but for the ultimate sake of getting to a better result. So there's a science dimension, there's a psychological cultural dimension, and definitely that's an individual one, but I learned the greatest people, men and women, like the really successful ones, they are quite on the steep learning curve, wherever they stand. And the really good ones, they want to become even better. Now this is for knowledge, learning never ends, and this is also for openness, looking the ball is wound from the 360 degree perspective. And this is ultimately also, as I said at the beginning, the business case to know from science. Okay, if I go alone, I might get the point quite quickly. Or if everybody is a little copy of you, it makes it so easy, isn't it, but if you really challenge, go through this is where you bring yourself and the others and the whole team, and again, the value of your company and listed company, your innovation, your value of the ultimate company, much, much further than it was yesterday, and this is where maybe, how much can we afford, looking at business as competition, looking at the latest technology, all these and also over culture and over borders, yeah, how much can we afford to stay the way we Are because we were that successful and maybe also privileged the last 20 years. I doubt so. So this is, again, plenty of real facts, numbers, arguments. Look at the statistics. It's a clear business case where we go and the smartest one goes first and state an example by yourself. Go through it and then you experience it yourself, the value out of difference and diverse and true means by living it and allowing it in your own circle.   Michael Hingson ** 43:54 The question that sort of comes to mind, and it's hard one to really answer, I think, but if you're on a board with a very strong leader or very strong persons, and you see that they're not necessarily willing to deal with diversity or real inclusion. How do you help them understand the value of doing that and becoming more diverse or becoming more inclusive in the way they think, by   Katrin J Yuan ** 44:21 raising questions in a polite, respectful way, you can do a lot. Everything you do is better than doing nothing, simply accepting on and in a passive way. I think everything else is definitely worth to try, fail, try, do better and try in a row. Repetition is also something which is psychologically therefore we have all these repetition jingles and advertising to some, to some extent, very useful, effective. So if you again, may hear it, not maybe only from one person, but for more than the 33% and. And you might hear it from your best buddy, you might hear it from peers, but you one day come and accept at least question it yourself, yeah, raising that question and you really want to get better, as we said at the beginning. Michael beautifully said, accept change or change. What is normal, yeah. And we are highly adaptive, again, as humans. So allow yourself to grow. There are two ways, either or if, if you should ever meet somebody who is rather not that open to it. So there are two ways and which will show by time. Yeah. But one is, your people only like to change when change becomes necessary, versus where an event happens, yeah, a very hard event, and where you will have face tremendous consequences, so you must have a change, yeah, and it's painful, and the others before, out of being convinced, touching the question before, how much can we afford to stay the way we are like forever, just because it has been like this in the Last 20 years? And I rather invite change doesn't happen overnight. Yes, that's true, but continues and little ones rather the hard cut at the end and and rather from yourself, interior and and intrinsically motivated, rather than being forced only by outside. That's way better. And smart people, yeah, are open, listening, learning, and therefore, do some effort. Make some effort yourself. Normally, it pays back 10 times.   Michael Hingson ** 46:51 You know, one of the best quotes I've ever heard that I really like, and I think it really ties in here, comes from the person who was our 35th president, who's now passed away, Jimmy Carter. He once said we must adjust to changing times while holding to unwavering principles. And my point in bringing that up is that change doesn't need to be that you have to sacrifice Basic Life Principle. I think so all too often, we don't necessarily learn some of those life principles as well as we should, but change is a good thing, and we do need to adjust to change any times, and it doesn't mean that we have to sacrifice the basics of life that we've grown up with and that we Experience   Katrin J Yuan ** 47:37 beautifully said exactly, I totally agree and to every new year, the new year resolution, stop smoking, becoming more sportive, all of sudden, all these long lists of changes and wishes, potential achievement and potential failures. Scientifically, I'm a bit nerdy. From the person, yeah, for me, no, it is positive. Is it shows that, rather than going for the big, hard cut change, use all these small steps and allow yourself to make these small steps towards change and habits, this is also shown and proven. Habits do not come overnight. They are not accepted. Whether, yeah, it's getting early bird, becoming all of a sudden Early Bird, because, yeah, you want to belong to that 5am breakfast club or something, whatever it is, yeah, make a combination over time in small steps, and reward yourself also, if you make a small step towards change. Now that's that's where magic happens. So you keep it over 234, months, and there become a good habit over time. But   Michael Hingson ** 48:49 also keep in mind why you want to make the change. That is what you don't change just to change. You change because there's a reason, and it's important to understand whatever it is the reason for wanting to change   Katrin J Yuan ** 49:04 having a goal and visualize it as much as you can. It's a strong one. And ultimately, do it for yourself, not for your partner, not because of somebody else, expecting do it for yourself. Yeah, becoming healthier working with a certain amount of discipline towards your marathon, or whatever it is in your life situation, yeah, definitely. Because if you don't have a goal, don't expect to ever learn that would be a pure accident, and that's rather impossible, yeah. But having a goal, you dramatically enhance your probability to reaching that one step by step.   Michael Hingson ** 49:45 Yep, absolutely. So you know what? Let's take a minute and play a game, just for fun. If you were a song, which one would it be?   Katrin J Yuan ** 49:55 A classic one, up to a certain moment, I will be. Surprise and a mixture, rather to the more modern, maybe new, classic one and a Big Bang to the end,   Michael Hingson ** 50:11 you have a particular one in mind. As   Katrin J Yuan ** 50:13 I love playing piano myself. I have two pianos at home, and I like to play from notes, sheets. But also come, come make my own compositions. I have one in mind, which is rather my own composition, starting from the classic, from a known one, such as Chopin, but going into a rather the individual one the end, yeah, it's a mixture.   Michael Hingson ** 50:40 Well, you've you've obviously been around a lot and so on. What's the worst advice you ever received? Stay   Katrin J Yuan ** 50:47 the way you are and come back in five years. You're not ready yet. Well, I simply didn't accept it. I think you're ready when once you feel ready, and that's not you're too young for it, or you are not ready because these things are lacking. And get the first reference, and get the first ones who trust yourself, and start trusting yourself going the first part, whether it's the first leadership role, but it's the first investment role, whether it's a first board membership role, whether it's becoming you, following your dreams, making your own company become reality all these I am convinced, at the end of the day, you are the ultimate producer of your life. So what are you waiting for? For me, it was the accident. Wake wake up. Call for me, where I fought like, Okay, two weeks staring at that ugly wall with that picture that made me somehow aware of my time. So I somehow subjectively really accelerate. I always think like, Hey, I don't have enough time. Let's make and really use the time given. And so, yeah, it's all about you define yourself, rather than letting others to define I   Michael Hingson ** 52:06 think that's really the operative part. Define yourself. You're the only one who can really do that, and you're the only one who can know how well you're doing it. So I think you're absolutely right, and   Katrin J Yuan ** 52:18 nobody knows you better. Nobody should know you better than yourself, because you spend all your time you know all these ugly, weak and really strong, really beautiful sides of yourself. You spend all the time, your whole life, if you like it or not, with you. So some people, however passive or with regard to responsibility, yeah, I would like to, but somehow I'm waiting somebody else who pushes me, who will give me before me that ball in my way, who tell me or who give me this one recommendation I was waiting a long time for. No, it should be you. You know yourself the best way start making use out of it. Yeah, and   Michael Hingson ** 52:59 you should really work to make sure you know yourself better than other people do. It's it makes your life a whole lot better. If you can do that. Let me ask this, if you could go back in time, what would you do?   Katrin J Yuan ** 53:09 I started quite early, and I've had some thoughts about skills, about what I could do, what I what I'm good at, and what I wish. Yeah, all that, and at some point I didn't dare to speak out. I accepted a lot, and I was actually quite silent for a long time. And in private life, I'm rather introvert. When they see me on stage as a speaker, as a lecturer at universities and so on, people tend to think I'm extrovert, but in private life, I'm quite introvert, looking back, maybe starting even earlier in a stronger pace than a faster pace, being more aware and not covering and myself in silence, in good moments, whether it's a meeting or in a lesson, if you know a Good answer, speak out. If you know a good question, speak out. Dare to speak out for yourself and for others. This took me some time to find my voice, many years, but now I somehow finally found it for myself, and I dare to speak out for myself and for others to make a little bit of change and to make dare to make things differently. So it has ultimately your individual impact, your outcome, your own responsible line. So this, this is something I would have wished for me and also for others. Believe in yourself, trust in yourself, speak out earlier, whenever you see and there are plenty opportunities. I'd like to finish on that one. It's like a muscle. It's not born, but rather, you can train it also, but leadership skills, or that entrepreneurial skills or to the skills to deal with difficult situation as you overcame dramatically, wonderfully. My. Yeah, everyone might face over a lifetime, individually with his and hers. Face it, grow with it, become better and share it with others. So you push, pull and get good people on your side. And it's not only you suffering, but the ultimate outcome is so much more than the one moment which was hard. So believe in yourself.   Michael Hingson ** 55:28 What's one thing that you really wish people would see that maybe they don't beauty   Katrin J Yuan ** 55:33 and difference? Yeah, think about it in all its means a bit deeper, and I dearly invite you. It starts with the looks, yeah, with the automatic, subconsciously quickly done, judging others. It's so easy. And yes, we know it's only human, but knowing about yourself, it's about freedom, and with freedom comes responsibility, and also knowing about your limitations and knowing about your weak spots helps you really a lot to grow over time. Knowing you is not only knowing you how to do the small talk when the sunny weather everybody can be a leader or do something in a good means, yeah. It's very, very easy, but I talk about what stormy weather when it comes to really tough situations, when it comes to darkness and different means, then observe yourself. How do you behave? And many, even adults, they don't know, they can't say, or they totally freak out or give up, or some, some, some ways, challenge yourself. Where are your limits? Have you never tried your limits before? Because you didn't swim out into the sea and see how much you can really swim well, better try out. You will find out and get to know yourself in all your dimension. This is definitely something, the beauty and difference accepting. And this is not only finger pointing to others. It starts with you. Yeah, because you are different. I bet you are in some ways, if it's not looking Yeah, being too old, too young, too man, too woman, too beautiful, too ugly, yeah, too fat, too skinny, and all these are, it's maybe your language, your culture, your skills, your different background, maybe you're never the new one, and maybe you are different in all beautiful ways. It is possible to be different. So allowing difference, seeing even inviting it to your circle, is something of tremendous value once you open the door and you nurture it over time, I wish more people could see it and use it on positive impact in this world.   Michael Hingson ** 58:04 I have been a firm believer pretty much my whole life, that life's an adventure, and we have to embrace it. We have to live it to the fullest, and when we do, we're much better for it. One of the things that it does for us is it makes us, by the definition of this podcast, more unstoppable. What makes you unstoppable?   Katrin J Yuan ** 58:26 Life is an adventure. I completely agree with that sentence. I like to say, for me, it's also one day I saw it's like one big game, either you don't play, or I play and want to win it, war, whereas I think there can be several who be the winners, not only one. It's not a one man, one woman show, yeah, it's the team, it's the community, it's the effort. What makes you unstoppable? It starts for me, definitely with your mind, unstoppable mind in every means, not with your body, because the body, the physics is limited, yeah, but our mind, spirit, brain, and what you feel here in your heart and what you hear have in your head is this, ultimately, you, changing, evolving Over time, becoming you, and this makes me unstoppable, knowing and I'm on the way. It's not a point, but rather a long, long path from our phone, knowing me, the skills, knowing what you have overcome, Michael, over time, everything. Why shouldn't you achieve and do and get, ultimately, to your next goal, because you, looking back, have achieved so much already becoming stronger and stronger. If we go back to the simplified game, if it was a video game, you get to the next level. Not only getting to the next level, you're becoming more stronger. Yeah, this is becoming you and. Yeah, I believe that you are the ultimate producer. It starts in knowing, trusting, believing in you, speaking out and helping, not only yourself, but ultimately pulling, pushing others. As a community, we share many things which, when shared, becomes multiplied much, much more worth, such as visibility, value, knowledge, trust and community and connections, all these wonderful things different than a cake, if you share, it becomes more so I don't see you are alone. I see you're not an island. You're not alone. Come with us. Follow and grow with us on the journey becoming, ultimately you and you will be unstoppable   Michael Hingson ** 1:00:49 your way. And I think that's a great way to end this conversation, because I think that you cited it and said it so well and eloquently that reality is, people can be more unstoppable, but they they need to take the responsibility to make that happen, and if they do, they'll be better for it. So Katrin, I want to thank you again for being here, and I want to thank everyone who listens to this for being with us today. This has been a fun podcast. It's been a great adventure, and I really appreciate having the opportunity to keep Catrin busy for my gosh, over an hour now, and just getting to be bedtime over in Switzerland. So thank you for being here, but for all of you, hope you've enjoyed this. I hope that you will give us a five star review wherever you are listening to this podcast or watching it, and also, if you know of anyone else who ought to be a guest, we certainly like you to let us know. Love to get your thoughts about the podcast, feel free to email me at Michael H, I m, I C, H, A, E, L, H i at accessibe, A, C, C, E, S, S i, b, e.com, or go to our podcast page, www, dot Michael hingson.com/podcast. Michael hingson is spelled M, I, C, H, A, E, L, H, I N, G, s, O, n.com/podcast, Katrin, if people want to reach out to you, how would they be able to do that?   Katrin J Yuan ** 1:02:20 LinkedIn, Insta, YouTube, you find me. Google me, what's   Michael Hingson ** 1:02:25 your what's your LinkedIn, ID, your handle on LinkedIn.   Katrin J Yuan ** 1:02:29 Katrin J Yuen, Swiss, future Institute. Opportunities don't happen. We create them. Stay, follow and grow with us. Thank you.   **Michael Hingson ** 1:02:41   You have been listening to the Unstoppable Mindset podcast. Thanks for dropping by. I hope that you'll join us again next week, and in future weeks for upcoming episodes. To subscribe to our podcast and to learn about upcoming episodes, please visit www dot Michael hingson.com slash podcast. Michael Hingson is spelled m i c h a e l h i n g s o n. While you're on the site., please use the form there to recommend people who we ought to interview in upcoming editions of the show. And also, we ask you and urge you to invite your friends to join us in the future. If you know of any one or any organization needing a speaker for an event, please email me at speaker at Michael hingson.com. I appreciate it very much. To learn more about the concept of blinded by fear, please visit www dot Michael hingson.com forward slash blinded by fear and while you're there, feel free to pick up a copy of my free eBook entitled blinded by fear. The unstoppable mindset podcast is provided by access cast an initiative of accessiBe and is sponsored by accessiBe. Please visit www.accessibe.com . AccessiBe is spelled a c c e s s i b e. There you can learn all about how you can make your website inclusive for all persons with disabilities and how you can help make the internet fully inclusive by 2025. Thanks again for Listening. Please come back and visit us again next week.

Did you know the drink that comforted people in China 5,000 years ago is still soothing souls today? From humble teacups to Hong Kong Stock Exchange debuts, Chinese tea has come a long way. As we raise our cups this International Tea Day, let's dive into how this ancient brew is now powering billion-Yuan brand IPOs. On the show: Heyang, Bob Jones & Yushun

Yuan Gao is one of the most experienced voices in the lithium ion battery world with more than a quarter century of experience across countries, companies and technologies. Topics:Reasons behind CATL & BYD's successThe China battery ecosystem"Dare to gamble"Is battery success possible in North America?Cathode developmentsComparing China's cost structure to ROWThe CATL "playbook"Leveraging vertical integration to lower lithium pricesPrice expectationsThe cost curveSodium ion leverage?Solid state batteriesLithium metal batteriesRapid fire

Vous ne savez pas dans quoi investir en Bourse ? Des gérants vous donnent des idées de valeurs, secteurs, matières premières ...

In this episode, Luke Gromen joins the show to discuss the trade agreement with China, why the U.S. can't afford real interest rates, and how the bond market—not policymakers—is now setting the rules. We also explore the hidden costs of decoupling from China, the inevitability of dollar devaluation, why any attempt at fiscal austerity is doomed, and more. Enjoy! __ Follow Luke: https://x.com/LukeGromen Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx — Join us at Permissionless IV June 24th - 26th. Use code FG10 for 10% OFF! https://blockworks.co/event/permissionless-iv __ Blockdaemon is the gateway to the decentralized economy, securing over $110B in digital assets for 400+ institutions with blockchain nodes, APIs, MPC wallets and vaults, and staking solutions. Learn more: www.blockdaemon.com Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. At Ondo, we design institutional-grade platforms, assets, and infrastructure to bring financial markets onchain. We believe that combining the best of TradFi with the best of DeFi will dramatically improve our financial system—making it fairer, faster, and more accessible to all. Learn more about how Ondo is bringing capital markets onchain at https://ondo.finance/ — (00:00) Introduction (01:38) China Trade Deal (08:09) Balance of Trade IS Currencies (10:45) Ads (Blockdaemon, Arkham, Ondo) (12:08) Gold, Yuan & USD (15:36) China Market & Competitive Edge (20:06) Global Bifurcation (24:51) Southeast Asia & Industrial Policy (29:23) Ads (Blockdaemon, Arkham, Ondo) (31:23) US Fiscal Endgame (35:56) Treasury Tools (41:06) Why Issue Any Long Duration? (43:40) The Fed's Next Move (45:38) Austerity Risk (51:06) The Trend Hasn't Changed __ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

A-Yuan 【TAINAN, TAIWAN】 "Tung Tung Tung!" Do you feel the Gabber? With the hammer of Early Hardcore, I stomp through the flames of Hakken passion, reigniting the raw spirit of 1992. Keeping it hardcore, delivering peace through pounding kicks. ■A-Yuan Instagram : www.instagram.com/_a.yuan._

Glowing balls of energy appear out of nowhere only to vanish a few seconds later. Ball lightning is strange, rare, and unexplained. In this episode, we explore the mystery, prod at the boundary between folklore and science and ask how, when evidence is scarce, we can figure out what is true. Check out our YouTube channel at: https://www.youtube.com/@IHeartThisPodcastReferencesArgyle, E. (1971). Ball lightning as an optical illusion. Nature, 230(5290), 179–180. https://doi.org/10.1038/230179a0Cen, J., Yuan, P., & Xue, S. (2014). Observation of the Optical and Spectral Characteristics of Ball Lightning. Physical Review Letters, 112(3). https://doi.org/10.1103/physrevlett.112.035001Cooray, G., & Cooray, V. (2008). Could some ball lightning observations be optical hallucinations caused by epileptic seizures? The Open Atmospheric Science Journal, 2(1), 101–105. https://doi.org/10.2174/1874282300802010101Jennison, R. C. (1969). Ball lightning. Nature, 224(5222), 895–895. https://doi.org/10.1038/224895a0Neil deGrasse Tyson Videos. (2018, March 6). Neil Tyson Answers “Do You Believe In UFOs?” & Sets The Record Straight!! YouTube. https://www.youtube.com/watch?v=gZDjel3dyv0Parks, J. (2024, September 19). Is ball lightning real? The science behind nature's strangest light show. Discover Magazine. https://www.discovermagazine.com/the-sciences/is-ball-lightning-real-the-science-behind-natures-strangest-light-showPowerfulJRE. (2021, May 26). Neil deGrasse Tyson's Skepticism Over UFO's. YouTube. https://www.youtube.com/watch?v=1u0VDFppCI4Sagan, C. (2008). Demon-Haunted World: Science As A Candle In The Dark. Paw Prints. (Original work published 1995)Stephan, K. D., Sonnenfeld, R., & Keul, A. G. (2022). First comparisons of ball-lightning report website data with lightning-location-network data. Journal of Atmospheric and Solar-Terrestrial Physics, 240, 105953. https://doi.org/10.1016/j.jastp.2022.105953Weeks, L. (2015, May 28). The windshield-pitting mystery of 1954. Npr.org. https://www.npr.org/sections/npr-history-dept/2015/05/28/410085713/the-windshield-pitting-mystery-of-1954Wikipedia Contributors. (2025a, April 29). Sprite (lightning). Wikipedia; Wikimedia Foundation. https://en.wikipedia.org/wiki/Sprite_(lightning)#HistoryWikipedia Contributors. (2025b, May 3). Ball lightning. Wikipedia; Wikimedia Foundation. https://en.wikipedia.org/wiki/Ball_lightning#Historical_accountsImage Credit: https://creativecommons.org/publicdomain/mark/1.0/

In early 1912, the Qing Dynasty officially transferred its right to rule to the Republic of China, who named Yuan Shikai as their president in exchange for ending the civil war. Shikai, however, would soon prove just as power-hungry and authoritarian as the imperial system he sought to replace.Support the show My latest novel, "Califia's Crusade," is now available at Amazon, Barnes & Noble, Kobo, Apple Books, Bookshop.org, and many other online platforms!

The first decade of the 1900s witnessed a final attempt by the Qing Dynasty to reform its outmoded systems of governance and forge a new Chinese nation state. Those attempts eventually failed in the wake of a massive revolution against the last dynasty of China, which succeeded in 1912.Support the show My latest novel, "Califia's Crusade," is now available at Amazon, Barnes & Noble, Kobo, Apple Books, Bookshop.org, and many other online platforms!

Week of 4/17/2025 | Episode 9/12 - Listen on Spotify -Listen on Apple -

Week of 4/17/2025 | Episode 11/12 - Listen on Spotify -Listen on Apple -

Week of 4/17/2025 | Episode 12/12 - Listen on Spotify -Listen on Apple -

Week of 4/17/2025 | Episode 10/12 - Listen on Spotify -Listen on Apple -

The 5th China International Consumer Products Expo has concluded in the southern island of Hainan. Matchmaking sessions at the expo yielded dozens of potential agreements valued at over 90 billion yuan, or 13 billion U.S. dollars.

¿Podría China destronar al dólar? ¿Está el yuan —y su versión digital— ganando influencia global? En este episodio exploramos la guerra silenciosa entre EE.UU. y China por el control del dinero del mundo. Conoce los datos, los acuerdos comerciales, el papel del yuan en las reservas internacionales… y por qué esto afecta tu portafolio, vivas donde vivas. Si necesitas asesoría en tus inversiones, búscanos en asesordedinero.com

Ian Verrender, ABC's Business and Finance Editor, joined Philip Clark on Nightlife to discuss the latest economic, business and finance news. 

Frédéric Taddeï discute avec Marc Schwartz, PDG de la Monnaie de Paris, et co-auteur du livre "La nouvelle guerre des monnaies". Ils explorent les enjeux d'une bataille monétaire mondiale moderne, marquée par la domination des grandes devises et l'essor des monnaies numériques. Schwartz explique que cette nouvelle guerre dépasse les simples taux de change, impliquant aussi une lutte pour la suprématie des devises internationales, avec le dollar en tête. Ils abordent également l'importance croissante des monnaies numériques et les défis qu'elles posent, ainsi que la résilience de l'argent liquide face à la dématérialisation des paiements.Notre équipe a utilisé un outil d'Intelligence artificielle via les technologies d'Audiomeans© pour accompagner la création de ce contenu écrit.Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Week of 04/14/2025 | Episode 2/12 - ⁠⁠⁠⁠⁠⁠⁠⁠⁠Listen on Spotify⁠⁠⁠⁠⁠⁠⁠⁠⁠ -⁠⁠⁠⁠⁠⁠⁠⁠⁠Listen on Apple⁠⁠⁠⁠⁠⁠⁠⁠⁠ -

Official data shows China's total international trade in goods in the first quarter of this year reached 10.3 trillion yuan, or 1.4 trillion U.S. dollars.

Source: https://www.epochtimes.com/gb/25/4/11/n14480018.htm

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BestPodcastintheMetaverse.com Canary Cry News Talk #831 - 04.09.2025 - Recorded Live to 1s and 0s YUAN MORE? | Hot Tariffs, Dire Wolf Debate, Nephilim in the House of David Deconstructing World Events from a Biblical Worldview Declaring Jesus as Lord amidst the Fifth Generation War! CageRattlerCoffee.com SD/TC email Ike for discount   This Episode was Produced By: Sir Thorsteen Knight of the Unknown God   Executive Producers Sir LX Protocol V2 Baron of the Berrean Protocol*** Raul S***   Producers of TREASURE (CanaryCry.Support) Aaron B, The American Hobo, Cage Rattler Coffee   TOP STREAKERS! Ms Tinfoilhatman, Veronica D, Sir Scott Knight of Truth, Sir Casey the Shield Knight   Producers of TALENT Sir Marty K Knight of the Wrong Timeline, Dame iAnon, JonahanF, Psalm40, Sir Thorsteen Knight of the Unknown God   Producers of TIME Timestampers: Jade Bouncerson, Morgan E Clippy Team: Courtney S, JOLMS, Kristen Reminders: Clankoniphius Links: JAM   T - 2:19 from rumble SHOW NOTES/TIMESTAMPS HELLO WORLD 3:02 V / 0:43 P EFNO 3:35 V / 1:16 P RUN DOWN EXECS 020:30 V / 18:11 P   CHINA/MONEY/TRUMP/WW3 022:30 V / 20:11 P Trump pauses tariffs for 90 days, except china (CNN) Clip: Kevin O'Leary on CNN suggests 400% tariffs on China (X) Clip: Treasury Secretary Scott Bessent, US Gov to assist in crypto adoption (X)   ANTARCTICA/CHINA 1:00:13 V / 57:54 P China unveils new radio telescope in Antarctica (China News)   ZIONIST 1:02:33 V / 1:00:14 P Israel controls 50% of Gaza after razing land to expand its buffer zone (AP) Tim Pool at Conservative event with Bebe (Renegade Tribune)   PRODUCERS 1:16:25 V / 1:14:06 P   DNA/SCIENCE/DAYS OF NOAH 1:31:05 V / 1:28:46 P Clip: Dire Wolf featured on Today (Today.com) → Dire Wolf Revived Debate (X)    NEPHILIM UPDATE 1:45:01 V / 1:42:42 P ‘House of David' Ep Explores Whether Goliath Was Descended From Nephilim (Church Leaders)   TALENT/MEET UP TIME/END 2:15:19 V / 2:13:00 P

In a move shaking the very foundations of global finance, the People's Bank of China has launched its full-scale digital RMB cross-border settlement system, now seamlessly connected to the ten ASEAN nations and six Middle Eastern countries. This stunning development enables nearly 38% of the world's trade volume to bypass the U.S.-controlled SWIFT network.Guest: Sergey Nazarov, Cofounder of ChainlinkChainlink website ➜ https://bit.ly/34JG5x500:00 Intro00:28 White House recap01:22 Stablecoins vs CBDCs03:11 ISO 20022 deadline04:03 SWIFT06:20 Dollar dominance09:30 RWAs and tech adoption15:06 White House feedback18:40 Can D.O.G.E. work without blockchain?20:30 Chainlink 2025 Roadmap26:20 Outro#tariffs #bitcoin #Crypto~U.S. Dollar Dominance Tech Race

The clash of economic superpowers is reshaping our future with AI as the ultimate battleground. Today, Arthur Hayes and Nils Pihl from Auki Labs explore how US-China trade tensions reflect a deeper struggle for dominance in physical AI and robotics – where China holds surprising advantages.We discuss with Arthur the move China will be forced to make: devaluing the Yuan to create an independent currency away from USD and other Western fiat currencies. Nils explains why decentralization must expand beyond finance into physical infrastructure, while Arthur breaks down why both powers will choose currency devaluation over austerity, making Bitcoin the clear winner. We also confront the unsettling reality of our transition to post-scarcity – where those who fail to "grab the ladder" now may be left behind forever. This conversation connects macro trends to technological evolution in ways that will reshape our understanding of both. Let's get into it.Join The Rollup Edge: https://members.therollup.coWebsite: https://therollup.co/Spotify: https://open.spotify.com/show/1P6ZeYd..Podcast: https://therollup.co/category/podcastFollow us on X: https://www.x.com/therollupcoFollow Rob on X: https://www.x.com/robbie_rollupFollow Andy on X: https://www.x.com/ayyyeandyJoin our TG group: https://t.me/+8ARkR_YZixE5YjBhThe Rollup Disclosures: https://therollup.co/the-rollup-discl

The White House has announced that an additional 104% tariff on China went into effect at noon on Tuesday, with collections of the tariff beginning April 9. US President Donald Trump threatened an additional tariff on China if Beijing didn't remove its retaliatory duties on US exports. The latter brought its own 34% tariff increase on the United States in response to Trump's tariff announcement last week. Since China has yet to lift its retaliatory tariffs, the White House has added an additional 104% tariff to Chinese imports.~This Episode is Sponsored By Coinbase~ Buy $50 & Get $50 for getting started on Coinbase➜ https://bit.ly/CBARRON00:00 Intro00:17 Sponsor: Coinbase00:45 Tariffs are live + Yuan crashes01:35 China tariff could mean capital flight to crypto02:32 Bitcoin holdings02:57 China vs Trump04:22 China dumps $50B is US treasuries05:00 Chinese debt05:39 China being petty06:15 Scott Bessent China escalation was a mistake07:23 Bessent x Soros connection08:10 Ray Dalio - "I agree with problem, concerned with solution"09:45 China global trading11:10 Tom Lee - This could take some time12:40 Italy ready negotiate13:19 Countries willing to negotiate15:18 Trump meeting w/Republicans15:50 Charts16:00 Outro#Bitcoin #ethereum #tariffs ~Early 104% Tariff Shocks China!

Last time we spoke about the January 28th Incident. In January of 1932, tensions escalated in Shanghai as anti-Japanese sentiments surged after Japan's invasion of Manchuria. Orchestrated by Yoshiko Kawashima, a Japanese spy, a provocation led to violence, sparking outrage among Japanese expatriates. Japan demanded apologies and compensation from China, threatening military action if their demands were unmet. As the Japanese military amassed forces in Shanghai, the Chinese 19th Route Army prepared to resist, igniting the conflict known as the January 28th Incident, marking the beginning of a fierce struggle for control. Amidst chaos, the Nanjing government struggled to respond to Japan's escalating aggression in Shanghai. Chiang Kai-Shek prioritized avoiding war, urging a diplomatic approach to protect Shanghai's economy. Despite pressure, the 19th Route Army was ordered to withdraw, but tensions flared when Japan attacked the Chinese garrison. The 19th Route Army fiercely resisted, leading to intense battles. As Japan sent reinforcements, Chiang faced mounting protests and criticism for his passive stance, questioning whether he could maintain his strategy against the encroaching enemy.   #144 The First Battle of Shanghai 1932 Welcome to the Fall and Rise of China Podcast, I am your dutiful host Craig Watson. But, before we start I want to also remind you this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Perhaps you want to learn more about the history of Asia? Kings and Generals have an assortment of episodes on history of asia and much more  so go give them a look over on Youtube. So please subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry for some more history related content, over on my channel, the Pacific War Channel where I cover the history of China and Japan from the 19th century until the end of the Pacific War. In the last episode we covered the January 28th Incident. At 11:30 pm on January 28, Japan ordered 2,300 Japanese Marines to advance westward along every branch road on the west side of North Sichuan Road, without waiting for a response. This road, which crosses into the northern area of the International Settlement and has frequently been designated as a Japanese defense zone, includes Target Road (now known as Wujin Road in Hongkou District, Shanghai), Qiujiang Road, and Yokohama Road. Their objective was to seize the Songhu Railway defense line at Tiantong'an Station. They faced strong resistance from the 19th Route Army, further escalating the conflict. In the early hours of the 29th, Japanese aircraft launched from the Notoro seaplane carrier, which was moored on the Huangpu River, attacked the Chinese district of Zhabei. Both the Commercial Press located at No. 584 Baoshan Road and the Oriental Library, the largest private library in China with over 300,000 books, were completely destroyed. That same day the 19th Route Army sent a telegram to the entire nation concerning the situation: Do forgive me it's a rough translation “Urgent. Dear Sir and Madam, the Japanese have occupied our three northeastern provinces, changing the color of our territory and making our nation perish. Recently, they have killed and set fire in Shanghai, and vagrants are everywhere, doing the most despicable and violent things in the world. Gunboats are coming one after another, and the Marines are all landed. At 12:00 a.m. on the 28th, they openly invaded our defense line in Zhabei, Shanghai, and challenged us. Guang Nai and others are soldiers, and they only know that it is their duty to defend themselves and defend their land. They cannot give up even an inch of land or an inch of grass. They resist to save the country and protect the race. Even if they sacrifice only one person and one bullet, they will never retreat and lose the personality of the soldiers of the Republic of China. This thing and this ambition are exposed to the sun and the sun and are known to the world. The spirits of our ancestors in heaven are truly relying on it”. On the morning of January 29, Chiang Kai-shek met with He Yingqin and Zhu Peide to discuss countermeasures. Simultaneously Zhu Peide convened a meeting with He Yingqin, Gu Zhutong, Li Jishen, Deng Shizeng, Lin Wei, and others to address issues such as defense deployment, the security of Nanjing and the Yangtze River, and resistance against Japan. Chiang Kai-Shek established the principles going forward for negotiations with Japan, emphasizing the need to prepare for talks while actively resisting. He stated that negotiations must have a clear final line of defense and a maximum limit that would not compromise administrative and territorial integrity, undermine the spirit of the Nine-Power Treaty, or jeopardize national sovereignty. If these limits were exceeded and unacceptable concessions were made, a decisive battle would be fought, even at the cost of defeat and death.  The defense and military strategy for Beijing and Shanghai included the 19th Route Army defending Shanghai with full strength, while the front guard army consisting of the 87th and 88th divisions would protect Nanjing. He Yingqin would remain in Nanjing, overseeing all party, government, and military personnel left behind. Chiang, along with the Central Political Council of the Kuomintang, the Ministry of Foreign Affairs of the National Government, and Chen Mingshu, all expressed their commitment to resisting Japanese aggression. Chiang also sent a telegram to He Chengjun, director of the Hubei Province Pacification Office, and Xu Tingyao, commander of the Fourth Division, stating "Last night, the Japanese invaders attacked our 19th Route Defense Line in Zhabei, Shanghai, and the battle is ongoing. Our army is determined to fight to the death. Their naval forces in Han and Xun will likely engage in military operations. We urge you to remain vigilant and defend yourselves, never yielding to them. The Fourth Division should concentrate on strict defense in Wuhan and avoid dispersal. If military funds become scarce, local governments will need to raise them independently." The National Government Military Committee appointed Chiang Kai-shek, Feng Yuxiang, Yan Xishan, and Zhang Xueliang as members responsible for mobilizing the army and commanding the Shanghai War. Chiang Kai-Shek officially resumed power after resigning to prevent a surrender and committed to a prolonged resistance. On January 30, the Chinese Nationalist Government announced the relocation of the capital to Luoyang. Chiang Kai-shek sent a telegram urging resistance against the Japanese and dispatched the elite Fifth Army to reinforce Shanghai. That night, Dai Ji, the commander of the Songhu Garrison, took charge of military operations in Shanghai, overseeing the 19th Route Army. The commander-in-chief was Jiang Guangnai, with Cai Tingkai as the army commander and division commanders Qu Shounian, Mao Weishou, and Shen Guanghan. Chiang Kai-Shek then issued a telegram to his troops across the nation and again I apologize for the rough translation. "Since the Northeast Incident began, the Central Government has been enduring humiliation and maintaining peace in order to avoid war and protect the lifeline of the country. It hopes to use justice and fairness to awaken the Japanese pirates. Unexpectedly, the more we tolerate, the more arrogant they become. When the Shanghai Incident occurred, we accepted their demands with great pain, but the Japanese pirates still brazenly pressed on, repeatedly attacking our Shanghai Defense Force, bombing civilian houses, throwing bombs on the streets, and our compatriots were ravaged. The country is about to perish. Anyone with blood in his veins would rather endure it. Since the 19th Route Army has risen up to defend itself bravely, our entire army In this time of national destruction and extinction, when the revolutionary soldiers are facing imminent danger, they should fight for the dignity of the country, strive for the survival of the nation, fulfill their responsibilities for the revolution, and be determined to die rather than live in disgrace, so as to deal with the brutal Japan that destroys peace and despises faith and integrity... Chiang Kai-shek and his comrades have shared hardships for a long time. Although I am now in the opposition, I am willing to swear to live and die with the soldiers and fulfill my bounden duty. I am here to inform you in advance with my blood and sincerity, and ask you to be determined and work hard, share the same hatred with the enemy, do not be arrogant, maintain the spirit of sacrifice, stay ready to fight, and save the country from danger." From that day on, the various ministries, commissions and committees of the National Government began to move to Luoyang, but the Military Commission and the Ministry of Foreign Affairs remained in Nanjing . At the same time, the frontline troops were ordered to be jointly commanded by the Minister of Military Affairs He Yingqin and the Chief of the General Staff Zhu Peide.  Typically Chinese sources breakdown what is known as the First Battle of Shanghai into three phases. In the previous episode we looked through the event up until the point of the first phase. After the initial fighting, both the 19th route army and Japanese agreed to a ceasefire so they could strengthen their positions and at least allow some form of diplomacy to occur. This went into effect on the 29th. As we mentioned, immediately afterwards the Japanese rapidly began reinforcing their position in Shanghai. They first sent the Sasebo 26th Squadron on the 30th, bearing 474 troops of the Sasebo 3rd Special Marine Corps alongside supplies. The next day the aircraft carriers Kaga and Hosho came over with 30 aircraft from the 1st air fleet. Then the cruisers Naka, Yura and Abukuma alongside 4 torpedo boats came bearing another 2000 marines. On February 1st the Terukoku Maru brought over the Yokosuka 1st Special Marine corps, roughly 525 men who landed at Huishan Wharf. With all that said and done, roughly 7000 Japanese troops had been brought over. On February 1st, the IJN warships began bombarding Nanjing from the Yangtze River, prompting Yu Jishi to frantically demand Chiang Kai-Shek transfer more troops to Shanghai. That night the Japanese light cruiser Tenryu, the protected cruisers Hirado and Taima, and the seven ships of the Navy's 23rd Destroyer Squadron fired upon Nanjing using four 140mm guns, 12 152mm single-mounted rapid-fire guns, 12 120mm single-mounted guns, and 20 76mm single-mounted rapid-fire guns. The rich and officials fled the city for refuge, but the Japanese army did not land any men to follow up the attack. Simultaneously 40,000 Shanghai workers from over 20 Japanese owned cotton mills began an anti-Japanese strike, being heavily backed by Communists. The workers began aiding the 19th route army to blockade the Japanese in the factories and streets and sabotage what they could.  On February 2nd, the Japanese army attacked Wusong several times, but was repelled each time. On the 3rd the Japanese expanded their attacks against Zhabei, Baziqiao and other locations, but the Chinese defenders successfully repelled these assaults as well. On the 4th, the Japanese launched their first major offensive, which extended the conflict to Jiangwan and Wusong. Following a day of intense fighting, the Wusong fort was destroyed by enemy bombardment; however, the Japanese army was unable to land due to the determined resistance of the Chinese defenders. The anti-aircraft artillery company from the 88th Division, reassigned to the 4th Regiment of the 156th Brigade of the 19th Route Army, managed to shoot down a Japanese aircraft. After the failure of the general offensive, Yukiichi Shiozawa was dismissed and sent back to Japan. Vice Admiral Yoshisaburo Nomura, the newly appointed commander of the Third Fleet, succeeded Shiozawa. After Nomura assumed his role, the Japanese army began to bolster its forces. Japan had initially planned to deploy troops when tensions escalated in Shanghai, but the navy had opposed this move. However, as the situation deteriorated, the navy was compelled to seek assistance from the army. On February 2, the Japanese cabinet officially decided to send troops. In response to the urgent circumstances in Shanghai, they resolved to dispatch the Shanghai Dispatch Mixed Brigade, led by Brigade Commander Major General Shimomoto Kuma, along with the 9th Division, commanded by Lieutenant General Ueda Kenkichi. The Shanghai Dispatch Mixed Brigade and the Second Independent Tank Squadron were prioritized for transport. Concurrently, the Japanese Navy also sent the Yokosuka 2nd Special Marine Corps to Shanghai. The 24th Mixed Brigade landed in Wusong on the afternoon of February 7. By this time, the combined forces of the Japanese navy, army, and air force had exceeded 10,000 personnel. At dawn on February 8, the Japanese Army's 24th Mixed Brigade launched an attack on Zhanghuabang, Yunzaobang, and Wusong Town along three routes, but they were repelled by our forces. Meanwhile on February 4, the National Government Military Commission sent out a telegram that divided the country into four defense zones. The first zone, which includes the area north of the Yellow River, was assigned to Zhang Xueliang as the commander-in-chief. The second zone, covering the area south of the Yellow River, was placed under the command of Chiang Kai-shek. The third zone, encompassing the area south of the Yangtze River as well as Fujian and Zhejiang provinces, was led by He Yingqin. The fourth zone, which includes Guangdong and Guangxi, was commanded by Chen Jitang. The telegram also stated that, aside from maintaining troops for local stability, all commanders were to concentrate their forces within their respective defense zones to confront the aggressive Japanese. Additionally, a directive was issued for the provinces of Sichuan, Hunan, Guizhou, Hubei, Shaanxi, and Henan to send troops to serve as a general reserve. On February 5, upon learning that the Japanese army had been redeployed from mainland China to Shanghai, Chairman of the Military Commission Chiang Kai-shek sent a telegram from Luoyang to He Yingqin. He instructed that if the Japanese forces landed, the Chinese Air Force would engage in combat. Additionally, Chiang sent a message of condolence to Jiang Guangnai, Cai Tingkai, and Dai Ji of the 19th Route Army, stating "Brothers, you have been fighting valiantly for a week. Each time I reflect on the tremendous sacrifices made by the soldiers and their dedication, I feel a deep sadness... If necessary, Zhong (Zheng) can come to lead in person. When the Air Force enters the fray, the Army must establish various signals in advance to communicate with it and ensure coordinated efforts..." On the same day, the 88th Division arrived in Suzhou. On February 6, Chiang ordered the 261st Brigade of the 87th Division to move from Nanjing to reinforce Kunshan. The troops reached Kunshan on February 7. On February 8, Chiang directed He Yingqin to transfer an artillery battalion to support the 19th Route Army. Then, on February 9, Chiang Kai-shek mobilized the First Division, led by Commander Hu Zongnan, and the Seventh Division, commanded by Wang Jun, to prepare for reinforcement of the 19th Route Army in Shanghai. February 8th marks the second phase of the battle. On the 10th, to ensure that the 88th Division of the Central Army complied with the orders from the 19th Route Army of the Guangdong Army, Chiang Kai-shek sent a telegram to Yu Jishi insisting that "your troops must strictly follow the commands of Commander-in-Chief Chiang and coordinate their movements with allied forces." The Japanese Marine Corps, under Yukio Shiozawa, initiated a three-pronged encirclement attack from Hongkou. The National Army mounted a determined defense and ultimately repelled the Japanese forces, pursuing and destroying them, which significantly lowered their morale. On February 11, Chen Cheng, commander of the Central Army's 18th Army, sent a telegram to Chiang Kai-shek from Ji'an, Jiangxi, reporting that the troops had not been paid for nearly two months and were lacking food. At that time, the National Government was planning to redeploy the National Army that had been engaged in suppressing the Communists in Jiangxi to Zhejiang and Shanghai and to relocate the capital to Luoyang.  On February 12, following a battle at Caojiaqiao, the Japanese army's strategy to consolidate their forces was entirely disrupted. The next morning, February 13, the Japanese 24th Mixed Brigade crossed the Caojiaqiao Bridge in Zhuozaobang and engaged with the Nationalist army. Seizing the moment, the 19th Route Army Headquarters aimed to annihilate the Japanese forces. The Nationalist army surrounded the Japanese troops near the Yong'an Cotton Mill. Additionally, 60 members of a suicide squad launched a suicide attack, resulting in the complete destruction of 1,600 Japanese soldiers. The Japanese army faced significant losses, thwarting their attempt to swiftly capture Wusong. On February 14, Chiang ordered the 88th and 87th Divisions, which were already stationed in Nanxiang and Kunshan near Shanghai, to be reorganized into the Fifth Army. He appointed Zhang Zhizhong, a volunteer eager to fight against the Japanese, as the commander of the Fifth Army. This new army was placed under the unified command of the 19th Route Army and took over the defense line stretching from the northern end of Jiangwan through Miaoxing to the western end of Wusong. It served as the left-wing army, while the 19th Route Army acted as the right-wing, tasked with defending Jiangwan, the area south of Dachang, and the urban region of Shanghai. To replenish the 19th Route Army's losses, Chiang repeatedly ordered reinforcements from various locations. For instance, on February 15, Shangguan Yunxiang dispatched 500 active soldiers from Bengbu to the 19th Route Army; on February 17, Liang Guanying sent 500 unarmed soldiers from Qingjiangpu; and on February 19, Liu Zhi contributed 1,000 active unarmed soldiers from Henan. On February 16, Chiang Kai-shek communicated with Finance Minister Song Ziwen via telegram, stating, "Since the Japanese refuse to withdraw their troops from Shanghai, we must resist until the end. ... Food supplies in Jiangxi and Henan will dwindle, and assistance will be completely halted. Please arrange to deposit 10 million yuan in central banknotes in Nanchang and 20 million yuan in Zhengzhou. This will allow the government to continue functioning, the army to be sustained, and perhaps we can navigate this crisis and avert collapse. This is my final request. I hope you can find a way to assist." To prevent any friction between the Fifth Army and the Nineteenth Route Army over competing for military accolades, Chiang Kai-shek sent a telegram to Zhang Zhizhong and Yu Jishi on February 18. "The fight against Japan is a matter of national survival and is not a matter of honor for an individual or a certain unit. Our frontline officers and men should fully understand this. Therefore, the honor of the 19th Route Army is the honor of our entire National Revolutionary Army. There is absolutely no distinction between honor and disgrace. The Fifth Army's joining the front line is feared by the enemy and will also be slandered by the reactionaries (those who oppose the Nanjing Central Government). If we can continue to fight in the name of the 19th Route Army, it will be enough to demonstrate the strength of our National Revolutionary Army. We will share life and death, let alone honor and disgrace. I hope that this will be conveyed to the officers and men of the Fifth Army. They must unite and fight with our 19th Route Army and make no sacrifices to complete the revolutionary mission." Over on the other side, following reports of significant losses suffered by the Japanese army in Wusong, Tokyo received an imperial decree from Emperor Hirohito demanding the Shanghai incident get settled quick. In response, Chief of Staff Zairen urgently ordered the 9th Army Division, commanded by Ueda Kenkichi, to swiftly reinforce Shanghai. By the afternoon of February 13, the main contingent of the 9th Division had arrived at Shanghai Port, and by February 16, all personnel had disembarked in Wusong. Consequently, Lieutenant General Ueda took over command from Nomura. At this point, the Japanese invading forces comprised over 30,000 troops from naval, land, and air units, along with 60 to 70 field artillery pieces, more than 60 aircraft, and dozens of ships concentrated at the Wusong mouth. Ueda issued a statement late on the night of the 13th, asserting, "If anyone obstructs our division from fulfilling its mission, we will take decisive action without hesitation." On the 18th, he sent an ultimatum to Cai Tingkai, demanding, "Your army must immediately cease hostilities and withdraw from the following areas by 5:00 p.m. on February 20: on the west bank of the Huangpu River, retreat from areas connecting the western end of the concession, Caojiadu Town, Zhoujiaqiao Town, and Pushong Town to the north; on the east bank, withdraw from areas connecting Lannidu and Zhangjialou Town to the north, and retreat to a zone 20 kilometers away from the border of each concession Additionally, all military installations in the specified areas must be dismantled and no new ones established. If these demands are not met, the Japanese army will have no choice but to act freely against your forces, and your army will bear all resulting consequences." In response to Ueda's ultimatum, Tsai and Chiang ordered their front-line troops to fire heavily at Japanese positions as a warning. On the morning of February 20, Ueda commanded a full-scale attack across the front, employing tactics to break through the center while flanking from both sides. The 9th Division led the assault on the junction of Jiangwan and Miaohang, aiming to encircle Wusong from the north with the Kurume Brigade and Zhabei with the Marine Corps from the south. The Japanese began with artillery bombardments, followed by infantry and tank assaults on the Zhanghuabang and Yangshupu lines, both of which were successfully repelled by Chinese defenders. Over a thousand Japanese soldiers and several tanks in Zhabei were killed or wounded due to landmines. On February 21, Ueda personally directed thousands of infantry, supported by aircraft and artillery, to attack the Chinese defensive positions. Both sides incurred heavy casualties, and the battle continued until dawn on the 23rd. The Japanese forces attempted to encircle Jiangwan Town from Jiangwan Station, but the Chinese defenders fought valiantly, launching multiple charges and capturing Japanese Major Kong Sheng along with hundreds of soldiers. Ultimately, the Japanese army was unable to withstand the resistance and began to retreat. After the Japanese 9th Division arrived in Shanghai, it prepared to initiate a second major assault on the defenders of the city. The strategy involved a comprehensive attack stretching from Zhabei to Wusong to contain the Chinese army's strength, with primary forces concentrated on Jiangwan and Miaohang. The goal was to seize these two strategic points, achieve a breakthrough in the center, sever the link between the 5th Army and the 19th Route Army, and then defeat them individually. At dawn on February 20, the Japanese dispatched over ten aircraft for reconnaissance and bombing missions over the Miaohang area. Naval artillery and heavy army cannons heavily shelled the Miaohang positions. Simultaneously, Japanese artillery bombarded the Yunzaobang area in an effort to force a crossing and facilitate the Miaohang offensive.   By 9 am, part of the Japanese forces advanced towards the Xiaochang Temple and the Maijiazhai position, immediately conducting a fire search on our troops' positions. At noon, 3,000 Japanese soldiers launched an attack against our forces. The officers and soldiers of the 527th Regiment, defending the Maijiazhai and Zhuyuandun positions, mounted a counterattack, marking the beginning of the Battle of Miaohang. After three hours of intense fighting, the Japanese suffered significant casualties and were unable to continue, retreating to their original positions. Following this, over 2,000 Japanese troops attacked the Xiaochang Temple and Jinjiatang positions. The officers and soldiers of the 523rd Regiment, taking cover in the trenches, launched counterattacks and successfully repelled the Japanese forces. As dusk fell, the Japanese infantry halted their assaults, but naval and land artillery continued to bombard our positions in an attempt to weaken our defenses and personnel for a renewed attack the following day. On February 21, Japanese artillery relentlessly shelled the positions of the 88th Division of the Fifth Army in Miaohang. Following this, thousands of Japanese infantry launched an assault on the Yanjiazhai and Miaohang Town front. As the Japanese forces advanced, the officers and soldiers of the 523rd and 524th Regiments bravely counterattacked and successfully repelled them. However, a significant number of enemy troops coordinated a comprehensive assault on the Maijiazhai, Zhuyuandun, Xiaochangmiao, and Yanjiazhai lines south of Miaohang. Our 523rd, 524th, and 527th Regiments engaged in intense combat with the enemy, particularly at the Zhuyuandun front near Maijiazhai and Xu Xu, where the fighting was especially fierce. After a day of conflict, the enemy was temporarily pushed back. On February 22, the Japanese 9th Division launched a full-scale attack on the Miaohang position held by the 88th Division of the Fifth Army. Throughout the day, aircraft bombed the Chinese defenders, and thousands of artillery shells were fired at them. However, under the direct command of Zhang Zhizhong, the enemy faced a devastating defeat due to the coordinated three-pronged assault by the Sun Yuanliang Brigade, the Song Xilian Brigade, and the 61st Division of the 19th Route Army. The Miaohang position was ultimately saved from peril, inflicting heavy casualties on the elite forces of the Japanese 9th Division and the Kurume Mixed Brigade. This victory became known as the "Miaohang Victory." In the days that followed, the enemy continued their bombardment and attacks but were consistently repelled by the defenders. The Japanese army suffered significant losses, shifting from an all-out offensive to a more focused approach before ultimately halting their attacks. By the 25th, Ueda's overall offensive strategy had also failed. On February 24, the Japanese army decided to escalate the conflict once more, transferring the 11th and 14th divisions from Japan to join the Shanghai Expeditionary Force, which included troops already engaged in the war. At that time, the flagship of the Japanese Navy's Third Fleet, the Izumo, sustained damage from a bombing raid carried out by the suicide squad of the 19th Route Army, which sent shockwaves through Japan. Additionally, the large troop presence made a quick resolution to the war impossible. Consequently, on the 23rd, the Japanese cabinet decided to promptly reinforce the army. The General Staff then established the Shanghai Expeditionary Army Command, appointing General Shirakawa Yoshinori, the former Minister of War in the Tanaka Cabinet, to replace Ueda. They dispatched the 11th Division (led by Lieutenant General Atsutarou Atsuto), the 14th Division (led by Lieutenant General Naoaki Matsuki), and over 100 aircraft to China to initiate a larger-scale offensive in Shanghai. After several reinforcements, the Japanese forces in Shanghai, under Shirakawa's command, grew to over 90,000 troops, supported by 80 warships and 300 aircraft, significantly enhancing their combat effectiveness. In contrast, the total strength of the Chinese defenders was less than 50,000, with inadequate equipment. After a month of intense fighting, the Chinese forces had suffered heavy losses, leaving their river defenses in the Taicang Liuhe area vulnerable. Learning from the failures of the previous three commanders' frontal assaults, Shirakawa opted to land at Liuhe and flank the Songhu defenders. He directed the 9th Division and other units to launch a direct attack on Songhu and Shanghai while using the 3rd Fleet to escort the 11th Division into the Yangtze River estuary. They executed surprise landings at Liuhekou, Yanglinkou, and Qiyakou, quickly outflanking the defenders. On March 1, the Japanese forces initiated attacks in Naobei, Jiangwan, and Miaohang, employing heavy artillery, field guns, and aircraft for continuous bombardment. The infantry capitalized on this to engage in close-quarters combat, resulting in heavy casualties on both sides. Meanwhile, Shirakawa secretly instructed the 11th Division to exploit the weakness of the Chinese troops in Liuhe, forcibly landing at Qiyakou, Yanglinkou, and Liubinkou, ultimately capturing Liuhe. The fall of Liuhe posed a significant threat to the flank and rear of the Chinese army, compelling the entire force to retreat to the second line of defense (the Jiading-Huangdu line) by the evening of March 1.  After 34 days of intense fighting, they were forced to retreat to their second line of defense. At this point, the war had entered its final phase, resulting in a stalemate between the two sides. On the 2nd, the Japanese army seized Shanghai, and by March 3, they occupied Zhenru and Nanxiang, subsequently announcing a ceasefire. Now while we have been focused on the Japanese and Chinese perspectives in this, the international community was also heavily involved in the background. After the outbreak of hostilities, the British and American consuls in Shanghai offered to mediate. However despite a ceasefire being implemented the hostilities continued. So on February 2nd, Britain, America, France, Italy and Germany sent a notice to China and Japan "proposing to stop the conflict; (1) both sides immediately stop all violent acts according to the following conditions; (2) there will be no mobilization or preparation for any hostile acts between the two countries; (3) the Chinese and Japanese combatants in Shanghai will withdraw from the contact points; (4) a neutral zone will be established to separate the combatants of both sides to protect the public concession. The area will be garrisoned by neutral military and police, and various methods will be formulated by the consular corps; (5) once the two countries accept the treaty, they will not make any demands or reservations in advance, but will quickly negotiate with the assistance of neutral observers or participants in accordance with the spirit of the Kellogg-War Pact and the December 9th League of Nations resolution to resolve all outstanding issues..." Nanjing generally accepted the terms, but Japan instead proposed non-military zones be established 20 miles around the major ports of Shanghai, Hankou, Tianjin, Qingdao and Guangzhou as a sort of counter proposal. Meanwhile at the League of Nations, Yan Huiqing was drawing attention to the Shanghai incident, obviously linking it to the Manchuria incident and advocated for Article 10 of the League of Nations Charter, which was in regards to respecting territorial integrity and political independence of league nations. The League of Nations agreed and organized a committee to investigate the Shanghai incident. On February 4th Chiang Kai-Shek would write in his diary "As long as we do not lose our national sovereignty and territory, and the Japanese invaders do not put forward unacceptable conditions, we can take advantage of the opportunity of British and American intervention to negotiate with them; we cannot take a tough stance when other countries intervene, which will lead to adverse effects." By late February US Secretary of State Henry Stimson warned Japan for the second time, that the Nine Power Treaty and other treaties had to be maintained. Then on the 23rd he sent a letter reiterating the nine-power treaty and Kellogg War Pact to the League of Nations in regards to the Shanghai situation. On the 29th, a four-point plan for mediating the Shanghai incident was adopted at the League of Nations. The objective was to swiftly establish a local ceasefire agreement with the assistance of civil and military officials from various countries present in Shanghai. Following this, a round-table meeting was to be convened with representatives from nations with vested interests in Shanghai to discuss security measures for the International Settlement, the French Concession, and the local residents, as well as to address other issues. Subsequently, representatives from Britain, France, Italy, Germany, Spain, and other nations unanimously supported the plan, with Chinese representative Yan Huiqing and Japanese representative Sato Naotake also indicating their general agreement in principle. However, on March 2, the situation escalated when the Japanese army compelled the Chinese forces to retreat to their second line of defense. The Japanese side adopted a more aggressive stance, presenting four stringent conditions and insisting that the Chinese army withdraw first before halting their attacks. The Japanese forces were only willing to withdraw to the Shanghai and Wusong areas and refused to do so under the supervision of neutral countries, which the Chinese government firmly rejected. On March 3, the Japanese army launched another offensive. On that same day, U.S. Secretary of State Stimson summoned Japanese Ambassador to the United States Idebuchi, condemning Japan for accepting the League of Nations resolution on February 29 while simultaneously escalating military operations. On March 3rd a ceasefire came into effect as a formal meeting was held at the British consulate. The Chinese delegation was led by Guo Taiqi, the Deputy Minister of Foreign Affairs, along with military representatives Dai Ji, Huang Qiang, and seven others. The Japanese delegation included Shigemitsu Mamoru, Minister to China, and military representatives Ueda, Tashiro, and nine others. Officials from Britain, the United States, France, and other nations also participated in the meeting. During the negotiations, numerous contentious issues arose, particularly regarding the timing and location of the Japanese army's withdrawal. It would take until May 5th for a armistice agreement to be signed. The agreement designated Shanghai as a demilitarized zone, prohibiting China from stationing troops in the areas around Shanghai, Suzhou, and Kunshan, while permitting a limited number of Japanese units to remain in the city. China was permitted to maintain only a small police force within Shanghai. According to Chinese war reports, a total of 10,254 Japanese soldiers were killed or wounded in the Battle of Shanghai on January 28. According to Japanese data, a total of 3,091 Japanese soldiers were killed or wounded in the invasion of Shanghai: 620 Japanese soldiers were killed and 1,622 were wounded in the army; 149 Japanese soldiers were killed and 700 were wounded in the navy. Another Chinese report, stated the 19th Route Army and the Fifth Army suffered a total of 14,104 casualties 4,274 killed and 9,830 wounded. Among them, the 19th Route Army suffered 8,792 casualties, while the Fifth Army suffered 5,312 casualties. Shanghai residents faced bombardments from Japanese aircraft and artillery, resulting in over 6,080 fatalities, more than 2,000 injuries, 10,400 missing persons, and property losses totaling 1.6 billion yuan. At the onset of the war, the Japanese military intentionally targeted cultural institutions in Shanghai, such as the Commercial Press and the Oriental Library, leading to the total destruction of the Commercial Press, the oldest and largest publishing house in China. The Oriental Library, which housed millions of volumes, including over 100,000 rare ancient texts from the Song and Yuan dynasties and the Sikuquanshu compiled during the Qianlong era of the Qing Dynasty, was first devastated by artillery fire and then looted by Japanese forces. Reports from that time indicated that the Japanese army used trucks to transport the remaining books for seven consecutive days. I would like to take this time to remind you all that this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Please go subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry after that, give my personal channel a look over at The Pacific War Channel at Youtube, it would mean a lot to me. Thus what became known as the first battle of Shanghai had come to a not so swift end. Was its resolvement a victory for the League of Nations? Or was it just another indicator that the League of Nations was nothing but promises and pieces of paper? One man took notice of the Manchuria and Shanghai incidents, and he would soon bring Europe into a global war.  

Can money buy a good night's sleep? Millions seem to think so, fueling China's sleep industry, projected to soar past one trillion Yuan by 2030. But should good sleep come with a price tag? What are the free and better ways to sleep soundly? On the show: Heyang, Yushan & Yushun

Dave Yuan is the founder of Tidemark, an active growth equity investor focusing on vertical SaaS companies with outsized advantages that can become “control points” in their markets and grow very big. Dave and Tidemark have invested in successful companies like Toast, ServiceTitan, Karbon and Dutchie.  In this episode, Dave shares some of the most useful strategic growth frameworks for vertical SaaS companies to grow through winning market share, expanding with additional products, and even extending through an industry ecosystem serving new markets. We also talk about the impact of AI on established vertical SaaS players and how it's both an opportunity and a thre Tidemark supports the global community of practical vertical SaaS founders by publishing their strategic growth frameworks, their annual Vertical SaaS Benchmarketing Report,  and they host the annual Vertical SaaS Collective Live conference for founders.  Quote from Dave Yuan, founder at Tidemark “Vertical SaaS founders should not be asleep with AI. You can wave it off, view it as a toy, and say that no one's going to trust that outcome or use it. That may have been the case, but things are changing really quickly. “Lots of smart people are making it better every month, and you have a massive opportunity to improve it with your data and workflow. “Jump into it to control your destiny. Don't get caught sleeping without AI in your product in a useful way.” Links Dave Yuan on LinkedIn Tidemark on LinkedIn Tidemark website Tidemark Vertical SaaS Knowledge Project  VSaaS Collective Live 2025 conference Vertical SaaS Benchmark Report 2024 The Practical Founders Podcast Tune into the Practical Founders Podcast for weekly in-depth interviews with founders who have built valuable software companies without big funding. Subscribe to the Practical Founders Podcast using your favorite podcast app or view on our YouTube channel. Get the weekly Practical Founders newsletter and podcast updates at practicalfounders.com/newsletter.

Last time we spoke about how Zhang Xueliang lost Manchuria. In September 1931, the Mukden Incident ignited conflict in Manchuria as Japan executed a false flag attack, prompting a swift assault on Peitaying Barracks. Zhang Xueliang, urged by Chiang Kai-shek, chose not to resist, fearing a full-scale war. The Japanese invasion revealed deep political divisions in Manchuria, with some officials defecting, others sabotaging, and a few fighting back. Amidst chaos, Zhang sought to unify his forces, but rivalries and external threats complicated his efforts, setting the stage for prolonged conflict. In post-1929 Manchuria, nationalist activists joined the KMT, including Yan Baohang and his friends, who attended a 1931 conference in Nanjing. They aimed to resist Japanese influence while navigating local elite tensions and economic struggles. As Zhang Xueliang rose to power, he sought reform but faced distrust and challenges, including high military spending and a devastating depression. By 1931, Japanese aggression loomed, culminating in a coup that threatened the fragile nationalist aspirations in the region.   #139 Gokokujo and Collaborators  Welcome to the Fall and Rise of China Podcast, I am your dutiful host Craig Watson. But, before we start I want to also remind you this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Perhaps you want to learn more about the history of Asia? Kings and Generals have an assortment of episodes on history of asia and much more  so go give them a look over on Youtube. So please subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry for some more history related content, over on my channel, the Pacific War Channel where I cover the history of China and Japan from the 19th century until the end of the Pacific War. The Japanese Imperial General Headquarters had hoped to localize the Mukden Incident and communicated their orders to Kwantung Command. However as we had seen, the Kwantung Command in chief General Shigeru Honjo, had his wrist twisted somewhat by certain culprits in the form of Ishiwara Kanji and Itageki Seishiro. Honjo thus ordered the forces to proceed with expanding operations along the South Manchuria Railway zone. On September the 19th, the 29th infantry regiment stormed Mukden, easily overwhelming the Chinese forces within the inner walled city. Simultaneously the 2nd battalion occupied Pei Ta Ying, where they were met with some fierce resistance before storming Tung Ta Ying. Afterwards the 2nd Division drove out the remaining Chinese resistance from the eastern area of Mukden. Meanwhile the 1st Battalion fought Chinese forces at Kuan Cheng Tze near Changchun. By this point Honjo's request for assistance from the Korea Army was confirmed. General Senjuro Hayashi ordered the 20th infantry division to divide itself, forming the 39th mixed brigade who marched into Manchuria, without any authorization from Tokyo nor the Emperor to do so. By the end of the 19th, the Japanese had seized Liaoyang, Shenyang, Yingkou, Dandong, Fushun, Changchun and Jilin.  On the 20th, Wan Shu Cheng, the commander of the Chinese 2nd army ordered a withdrawal of the 44th and 643rd regiments stationed at Taching to head for Tiantsin. On the 21st the Japanese took Jilin city, by the 23rd they captured Jiaohe and Dunhua, both within Jilin. On the 26th, the Governor of Jilin, Zhang Zuoxiang who was not there at the time, was overthrown by a newly formed provisional provincial government with Xi Xia as its chairman. By October 1st Zhang Haiping would surrender the area of Taonan, later in October Ji Xing surrendered the Yanbian Korean Autonomous prefecture area and on the 17th Yu Zhishan surrendered Eastern Liaoning. General HQ in Tokyo were flabbergasted at the news all of this was being done without their orders, in fact in most cases it was directly against their orders. The civilian government of Japan was in absolute disarray over what was an act of Gekokujo. Gekokujo directly translated meaning "the low overcomes the high",was when someone of a lesser position in the military or politics overthrew someone in a higher position to seize power. The term goes all the way back to the Sui Dynasty of China, for Japan during the Kamakura period, but its most prominently known for being used during the Sengoku period. It was through the chaotic political climate of the Sengoku period that Oda Nobunaga and Toyotomi Hideyoshi rose to power. During the Showa period, Gekokujo would occur often. Those of the Kodoha faction used it as a means to an end during the 1920s and 1930s, assassinating political opponents as they tried to press for a Showa restoration. Back to Manchuria, as Gokokujo ran rampant, with reports coming in after each quick victory and city taken by Japanese forces, Tokyo General HQ felt utterly powerless to stop it. There is also another facet to this, the role of Emperor Hirohito. Many of you might only have a vague idea of how much “actual power” Emperor Hirohito had during the Showa Era. The Meiji Constitution of Japan going back to 1889 remained in force until 1947. It was enacted after the Meiji restoration in 1868 and provided a form of mixed constitutional and absolute monarchy. Thus in theory the Emperor governed the empire upon the advice of his ministers. In practice this meant while the Emperor was head of state, it was still the Prime Minister who was actually heading the government. Now this was all fine and dandy, however the constitution also stated the Emperor had direct control over the military. Imagine this scenario, you work for a company and take orders from the boss of the company. The father of the boss used to run the company and is seen as the face of it, but retired long ago and has no real authority. So you do the orders your boss gives you, but what about if that father figure suddenly shows up and gives orders? Many in the company would go ahead and do what the father says, feeling this obligatory need to. Now in the case of Showa Era Japan, the entire population of Japan saw the Emperor as a divine being, maybe you can call him the spiritual leader of Japan. He wasn't expected to intervene in political or military matters, but if he did, you but your ass people would follow his orders. Now since the Japanese navy and army knew the Emperor could directly control them, they actually used this as a tool. On many occasions in order to secure further funding or specific policy adjustment, military leaders would appeal to the Emperor or do things in the name of the Emperor, completely superseding the civilian government. Basically the military used the Meiji Constitution to earn a large degree of autonomy, case and point being the Mukden Incident. As long as they made it seem like they were doing everything they believed the Emperor wanted them to do, they believed they could get away with it. If the Civilian government came after them for their actions, they could appeal to the emperor, but how did Hirohito feel about all this? Rumors had emerged even before the Mukden Incident, to which Hirohito demanded the army be reigned in. Attempts were made, but the Mukden Incident went off on September 18th. The next day the imperial palace were given a report and Hirohito was advised by chief aide de camp Nara Takeji “this incident would not spread and if the Emperor was to convene an imperial conference to take control of the situation, the virtue of his majesty might be soiled if the decisions of such a conference should prove impossible to implement”.  As the Mukden incident was getting worse, the Kwantung officers began to demand reinforcements be sent from the Korea army. The current Wakatsuki cabinet met on the issue and decided the Mukden incident had to remain an incident, they needed to avoid a declaration of war. The official orders were for no reinforcements of the Korea army to mobilize, however the field commander took it upon his own authority and mobilized them. The army chief of staff Kanaya reported to Hirohito the Korea army was marching into Manchuria against orders. At 31 years of age Hirohito now had an excellent opportunity to back the current cabinet, to control the military and stop the incident from getting worse. At this time the military was greatly divided on the issue, politically still weak compared to what they would become in a few years, if Hirohito wanted to rule as a constitutional monarch instead of an autocratic monarch, well this was his chance. Hirohito said to Kanaya at 4:20pm on September 22nd “although this time it couldn't be helped, [the army] had to be more careful in the future”. Thus Hirohito accepted the situation as fait accompli, he was not seriously opposed to seeing his army expand his empire. If it involved a brief usurpation of his authority so bit, as long as the operation was successful.    It actually a lot more complicated, but to general sum it up, Emperor Hirohito cared about only one thing, the Kokutai. The Kokutai was the national essence of Japan. It was all aspects of Japanese polity, derived from history, tradition and customs all focused around the cult of the Emperor. The government run by politicians was secondary, at any given time the kokutai was the belief the Emperor could come in and directly rule. If you are confused, dont worry, its confusing. The Meiji constitution was extremely ambiguous. It dictated a form of constitutional monarchy with the kokutai sovereign emperor and the “seitai” that being the actual government. Basically on paper the government runs things, but the feeling of the Japanese people was that the wishes of the emperor should be followed. Thus the kokutai was like an extra-judicial structure built into the constitution without real legal framework, its a nightmare I know.    Emperor Hirohito was indoctrinated from a young age that the most important aspect of his reign was to defend the Kokutai. This is actually why Hirohito took so long to finally intervene during WW2 and call for Japan's surrender. I have taken far too long going down the rabbit hole of Showa Era Japan and Hirohito, if you are interested on the subject, over only my Youtube Membership or Patreon I did a two part exclusive podcast specifically on Hirohito's responsibility for the war.  The weeks following the Mukden Incident were marked by wide scale cooperation between the local Chinese leaders and Japanese invaders. In many places there was of course valiant resistance by Chinese forces, but it was not centrally coordinated and honestly amounted to little. The Kwantung army despite being vastly outnumbered was highly trained and highly mechanized in comparison to the Chinese. The Kwantung army had very few troops to conquer over 350,000 square miles, populated by over 30 million Chinese. Prior to 1931 the Kwantung Army numbered under 10,000, by late 1931 this would increase to 65,000 and by 1933 140,000. Yet during the initial invasion the army's behavior was heavily affected by the actions of the Chinese, or in many cases their inability to act. The only way Japan was going to do what they wanted to do was to encourage co-optation amongst the Chinese elites of Manchuria, typically at the provincial and local levels. This meant showering them with extravagant new positions in the new regime, promoting a policy of nonresistance and targeting prominent members of Zhang Xueliang's regime who were expected to oppose Kwantung rule.  When the Mukden Incident broke out, Zhang Xueliang was in Beiping acting in his new capacity as the North China Garrison commander. On the night of September 18th, Zhang Xuliang was enjoying an opera performance by the famous singer Mei Lanfang. His deputies also all happened to be away from Shenyang. Wan Fulin was in Beiping and Zhang Zuoxiang was attending his fathers funeral in Jinzhou. Within their absence the most senior provincial commanders were quickly pounced upon by Kwantung operatives who secured their cooperation. Within Shenyang the Eastern Borders Garrison commander Yu Zhishan and Xi Xia the acting provincial forces commander of Changchun both immediately defected to the Japanese. Although the Northeastern Army had roughly 130,000 troops within Manchuria, compared to the Kwantung and Korea army troops who together were roughly 50,000, Chiang Kai-Shek hastily issued a nonresistance order that was confirmed by Zhang Xueliang. The troops were to not fight back and instead await a negotiated settlement. While they waited, the Japanese secured high level provincial elite cooperation within a few weeks time. On November 10th, Zhang Zuolin's former civil affairs minister, Yuan Jinkai was made chairman of the committee in charge of Japanese controlled Liaoning. On December 16th, the formerly existing post of governor was re-established and a previous holder of this post under Zhang Xueliang, Zang Shiyi was appointed. Thus Yuan Jinkai's post as chairman was redundant. Meanwhile Xi Xia was made governor of Jilin.  Some of you might be wondering, why in the hell would Chiang Kai-Shek relay orders to not resist an invasion? Let us not forget the timeline here, during this exact time period, Feng Yuxiang and Yan Xishan formed an alliance in North China against the NRA; the Soviet of Jiangxi was running rampant and in the south the Old Guangxi clique was running amok. Even though Zhang Xueliang had 250,000 men on paper, only 100-130,000 of them were in Manchuria while the rest were scattered around Hebei. Chiang Kai-Shek had an expert understanding of the Japanese numbers, their training and equipment. To put it frankly, if the quote en quote “incident” escalated into a full-scale war, China would most likely lose. There was also another aspect to this, the role of the League of Nations and the current Wakatsuki government in Tokyo. Either of these bodies could potentially restrain what appeared to be renegade Japanese forces on the asia mainland.  Going a bit forward in time, the last redoubt during the invasion would be at Jinzhou where Zhang Xueliang would establish his HQ. When it was about to finally fall, Zhang Xueliang ultimately decided to withdraw his forces from Manchuria. According to the US minister to CHina, Nelson Johnson, Counselor Yano of the Japanese legation tam at Beiping had conducted informal discussions with the Young Marshal, in which he stated Jinzhou would inevitably fall to the Japanese and quote “the Tokyo Foreign Office would gain prestige and be better able to shape events to the advantage of China if the Chinese avoid[ed] a clash by withdrawing voluntarily.” He also advised Zhang Xueliang, that some of his followers might be reappointed to official positions within the newly emerging government in Shenyang. Nelson tells us “Chang is believed to have been led to his present decision by these inducements, along with the bitter hostility toward him at Nanking and the lack of support from that quarter.” Thus Zhang Xueliang was being blackmailed by both sides into nonresistance. By late December of 1931 it also seemed certain international intervention was not going to happen and Chiang Kai-Shek's resignation over Nanjing did not provide the Young Marshal with many options.  Now what about the Japanese government during all of this. When the Mukden Incident boke out, the government in Tokyo, headed by premier Wakatsuki Reijiro were appalled to hear the news of what was essentially a mutiny. The Kwantung officers disagreed with Tokyo's policies and kept Tokyo's consul in Shenyang under lock and key during the night of September 18th. If there had been more significant resistance to the invasion, Tokyo probably would have ordered the Kwantung army to withdraw. Without the co-optation of many Chinese elites, the Kwantung Army would have most likely not succeeded in taking all of Manchuria. The co-optation policy the Japanese took was also very much not an ad hoc measure. There had been elements within the IJA who had been working overtime to persuade cooperation with local power holders as part of their strategy. The Kwantung officers who launched the Mukden Incident, mostly working under Ishiwara and Itegaki had initially aimed to enact a simply military occupation in which “local Chinese officials would be granted a considerable degree of autonomy in exchange for their cooperation.” However, Tokyo HQ outright rejected annexation out of fear of Soviet reprisals and this led the mutiny leaders to  “the subterfuge of Manchurian independence.” The improvised nature of the original plan led to arguments between the different sections of those Japanese forces in Manchuria. Historian Akira Iriye noted “What emerges . . . is an almost total absence of ideology as a driving force behind military action.” While this sounds clearly dysfunctional, it actually aided the occupiers, because many areas of life in Manchuria were not immediately affected by the occupation and thus were more likely to cooperate.  The actual coordination of the occupation was placed in the hands of the Kwantung Army Special Affairs Unit “Tokumubu”, operating via the General Affairs Board of the Council of State under Komai Tokuzo. Komai Tokuzo had been born near Kyoto and from an early age was consumed with a desire to see China. He was trained as an agriculturalist, before he joined the SMR and worked for a company during the reign of Zhang Zuolin. He became acquainted with the Old Tiger and debated with him and other prominent leaders on questions such as Mongol land rights and the Guo Songling rebellion. During this time he befriended Yu Chonghan and Zhang Jinghui. After the Mukden Incident, he was appointed as a financial adviser to the Kwantung Army, a very senior post with direct access to Honjo Shigeru, the commander of the Northeast. As Akira Iriye also notes “in fact, [Komai] was a top-level adviser to the army on politics and economics in Manchuria.”Komai would become responsible for the strategies of co-opting local elite, and thus was essential to the power structure of the Kwantung Army going forward.  The Japanese utilized a lethal combination of violence and persuasion to take over. Many power brokers refused to cooperate and were forced into exile in North China. However, plenty of collaborators were found to quickly set up structures and controls within the new regime. The bulk of the Japanese forces moved into the principal cities of the SMR region first. Robert E Lewis, the adviser to the foreign affairs ministry in Nanjing sent a telegram declaring the Japanese had sent a large number of troops into Manchuria just prior to the 18th of September “On Friday night September eighteenth the Japanese Army sent from Korea into Manchuria through Antung seven army railway trains fully loaded with soldiers. On Saturday night September ninteenth [sic] Japanese army sent four additional trains loaded with soldiers in to [sic] Manchuria at the same point . . . Japanese occupied every Chinese public office in Antung excepting the customs house which has Europeans in it, also placed guard over Chinese customs superintendent to prevent his free action. [The Japanese] arrested superintendent of schools and forbad [sic] teaching of Dr Sun Yatsen's principles. Japanese army occupied Kirin seventy nine miles east of the south Manchuria railway zone on September ninteenth [sic] they seized and held the telegraph office telephone office wireless station provincial arsenal waterworks plant Bank of China Kirin Provincial Bank police headquarters and subdivisions Kuo Ming Tang [sic] Party headquarters and all other public offices. Search and seizure was conducted of non-military population. Troops and military cadets were disarmed when captured and the arms and munitions of the Chinese arsenal were removed by Japanese including modern rifles field guns heavy guns military motor trucks.”. The capture of Shenyang only took a single day. The Japanese military, their Chinese military collaborators and the local media all coordinated efforts to persuade the people to continue life as normal. Many businesses closed down temporarily within the first few days, worried about a breakdown of the social order or Japanese attacks. But a week after the initial occupation, reports came to the Chambers of Agriculture and Commerce in Shenyang that businesses were all operating normally again, public order was restored. On the second day of the occupation the Kwantung installed Colonel Doihara Kenji as the new mayor of Shenyang, yes that psychopath a mayor. However by October 20th, the mayorship would be handed over to Zhao Xinbo, who by that point became a legal adviser to the Kwantung Army.  The capture of Changchun took a bit longer than Shenyang. On September 23rd the Japanese demanded of the Jilin based forces their surrender. Their acting commander Xi Xia agreed to the demands so that in his words “the province fortunately to escape the horrors of war.” However there were some troops looking to resist. In some ensuing clashes, 200 Chinese soldiers and around 10 civilians were killed in combat. An eye witness reported “At 4 P.M. on the 23rd, the Japanese army made strong use of their armaments, causing Xi Xia concern. So that afternoon, he met [Japanese] commander Tamon, and said that the present situation was serious[;] . . . only he himself could take responsibility for removing the Jilin army's weapons . . . As a result, at 2 P.M. [the next day], they handed over 1,200 rifles, 11 machine-guns and 6 mortars.” Afterwards the city police were given permission to maintain public order, though they clearly were working under the Japanese. On September 24th, Xi Xia announced to the provincial assembly that the Chamber of Commerce of the old government was dissolved and that he would be leading the new Jilin governor's office. He also added that there would be no maintenance committees and that he would exercise complete control. Of course that was bullshit, he was nothing more than a Japanese puppet taking direct orders from Kwantung officers. Despite all of this, Jilin would not be fully dominated, for several months, northern Jilin was in control of rebel forces, based out of Bin county.  The Japanese occupation led to the removal of the Northeastern Governmental Affairs Council, the structure Zhang Xueliang used to nominally control the region. The Japanese did not seek to create a new cross-provincial authority until it seemed there existed popular demand for an independent state. While in the interim, the policy was to establish provincial authorities headed by prominent Chinese figures, secretly under Japanese control. Within Fengtian, the authority was originally only there to maintain public order, but by December it was declared to be a full provincial government. Within Jilin, Xi Xia declared an independent provincial government from the very start. Within the special Zone, Zhang Jinghui declared autonomy, but still stayed in contact with Zhang Xueliang for several months, fence sitting as it were.  At the provincial level, Zhang Xueliang had never really controlled Manchuria, it was honestly in the hands of his subordinates, many of whom already had close ties to the Japanese. For example, Yu Chonghan, a former foreign minister under Zhang Zuolin had for many years received a regular retainer as an “adviser” to the Japanese. He was retired in Liaoyuan when the Mukden Incident occurred and by November was persuaded to return to Shenyang to form a pro-Japanese statement. As far as Yu Chonghan was concerned “Zhang Xueliang squandered the regional assets on expanding their armies in a futile quest for national supremacy through military conquest”. The Japanese also made it apparent to various interest groups that cooperation with them would be advantageous. Take for example the imperial restorationists, yes they still existed. One was Zheng Xiaoxu, who would become the first Manchukuo prime minister. People such as him were persuaded by the prospect of restoring the Qing Dynasty, as batshit crazy as that sounds. There was also White Russians in Harbin persuaded they would be protected from KMT hooligans who had been assaulting them as of late.  In general a huge motivation for regional military leaders to collaborate was to minimize the effect that the Japanese occupation would impose on their spheres of influence. I mean lets be honest, if your choice was to collaborate and maintain some autonomy over your own little slice of Manchuria, or go into exile in North China, what would you choose? Many who opted to collaborate retained the same roles they had before the Mukden Incident. Zhang Shiyi who was acting governor of Liaoning prior became governor of Fengtian province. Zhang Jinghui was the commander of the Harbin Special Zone and this went unchanged. Xi Xia was deputy governor of Jilin, and since his superior Zhang Zuoxiang was exiled to Jinzhou, he simply succeeded his post. Through the initial cooperation, southern manchuria was taken over without wide-scale bloodshed, though there was of course some savage bombing of certain cities.  On September 24th, a Liaoning public order maintenance committee was set up and a Jilin provincial government followed on the 26th. Liaoning did not have a provincial government spring up immediately because the prominent elites such as Yuan Jinkai and Zang Shiyi at first had some qualms about turning against Zhang Xueliang. They of course believed it was possible Zhang Xueling could rally the Northeastern Army and recapture the occupied areas. Yet they chose immediately to maintain public order in a quasi neutral stance. To coordinate all of the newly formed collaborative bodies, the Kwantung Army set up a Control Bureau “Tochibu” with Komai Tokuzo in charge. He was given sole control over it  “so that if it were successful, then it would be the Kwantung Army's success, but if by some chance it should fail, then Komai alone could take the responsibility.” By far and large the Japanese wanted a cross-provincial administrative structure to appear organically created by the Manchurian lites. Therefore during the initial phase of the occupation the Japanese exercised control through the medium of public order maintenance committees, which had long been tradition in Manchuria to form organizations to deal with local social issues such as policing, fire fighting and so forth. Yuan Jinkai, the former chief secretary for military and civil affairs and governor of Fengtian, was now appointed by the Kwantung Army to lead their newly established public order maintenance committee. The committee's stated purpose was "to uphold local order and ensure that finance and businesses operate normally, as well as to establish police and militia forces responsible for maintaining public order." Additionally, other prominent local figures were recruited to various similar committees, including a Liaoning United People's Provisional Committee and a Northeastern Gentry and People's Committee for Discussing Solutions to the Current Situation. On September 28, both the Liaoning Committee and Xi Xia's Jilin administration issued a "declaration of independence" and created new government departments staffed by Chinese officials. It quickly became evident to the Japanese that Yuan Jinkai was not suited for the role of chairman. A contemporary Japanese commentator remarked that “his attitude appeared half-formed and confusing to those outside the provincial capital.” Specifically, Yuan was still reluctant to officially establish a Liaoning provincial government. Consequently, the Kwantung Army turned to the other remaining member of the triad of elders from Zhang Zuolin's administration, Yu Chonghan. From the early days following the Manchurian Incident, there had been indications that Yu was “moving toward participation.” Yu had a long history of collaboration with the Japanese, dating back to the Russo-Japanese War, during which he served as a spy for them. He would have been an obvious choice for the council from the outset if not for his recovery from a serious illness at his home in Liaoyuan. As it became apparent that local leaders had lost faith in Yuan Jinkai's judgment, consultations were held among the provincial heads, who recommended that Yu Chonghan be brought out of retirement to join the committee, provided his health permitted. On November 1, Morita Fukumatsu from the Fengtian Japanese Residents' Association visited Yu's home to assess his health. After Morita briefed Yu on the Committee's situation, they discussed a policy aimed at unifying the Northeast and the adoption of the Kingly Way (Wangdao) as a guiding principle for the new state. Yu agreed to come out of retirement, and on November 3, he traveled to Shenyang for a meeting with Honjo. During this meeting, Yu presented eight points he believed would foster a “paradise” of Sino-Japanese cooperation, which included reforms in local policing, tax and salary systems, and a commitment to non militarism. Subsequently, Yu was appointed head of the committee, with Yuan reporting to him. By the end of 1931, committee members who had previously hesitated to declare an autonomous government due to concerns that Zhang Xueliang might launch an attack to reclaim the Northeast were convinced to support the idea of separating from Nanjing's authority. Well Zhang Xueliang would try to face the Japanese with his northeastern Army. It would not only be him, other figures would emerge to lead resistance efforts against the Japanese, trying to claw back Manchuria from the Empire of the Rising Sun.  I would like to take this time to remind you all that this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Please go subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry after that, give my personal channel a look over at The Pacific War Channel at Youtube, it would mean a lot to me. Yes thus far the episodes have been awfully heavy on the politics, schemes and dynamics of how Manchuria was invaded. Some of you must be clamoring for the battles, and for the next few episodes that's exactly what we will jump into. For the fight for Manchuria has only just begun.

Join the Nudge Unit: https://maven.com/nudge-unit/course-cohort Why does a $5 Uber voucher turn angry customers into loyal fans? In this episode, Eva van den Broek and Tim den Heijer share actionable insights from their book The Housefly Effect, revealing seven marketing psychology tips you can use to grow your business.  You'll learn: How scarcity drives demand, from pineapple rentals to volume-limited products. Why a $5 apology voucher boosted Uber's revenue (feat. reciprocity principle). How Tropicana's rebrand taught marketers a costly lesson about habits. Why "95% fat-free" yoghurt sells better than "5% fat" (feat. framing effect). The clever way airlines manage flight-time expectations to keep customers happy. ---- Get the book: https://bedfordsquarepublishers.co.uk/book/the-housefly-effect Sign up to my newsletter: https://www.nudgepodcast.com/mailing-list Connect on LinkedIn: https://www.linkedin.com/in/phill-agnew-22213187/ Watch Nudge on YouTube: https://www.youtube.com/@nudgepodcast/ ---- Sources: van den Broek, E., & den Heijer, T. (2024). The Housefly Effect. Bedford Square Publishers. Bundesliga study | Brandes, L., & Franck, E. (2012). Social preferences or personal career concerns? Field evidence on positive and negative reciprocity in the workplace. Journal of Economic Psychology, 33(5), 925–939 McFlurry sales boosted by 55% | Walsh, N. (2024). Tune in: How to make smarter decisions in a noisy world. Bedford Square Publishers. Uber $5 apology | Halperin, B., Ho, B., List, J. A., & Muir, I. (2019). Toward an understanding of the economics of apologies: Evidence from a large-scale natural field experiment (No. w25676). National Bureau of Economic Research. https://doi.org/10.3386/w25676 Berger, J. (2013). Contagious: Why things catch on. Simon & Schuster. Gu, Y., Botti, S., & Faro, D. (2013). Turning the page: The impact of choice closure on satisfaction. Journal of Consumer Research, 40(2), 268–283.  Martin, S. J. (2024). Influence at work: Capture attention, connect with others, convince people to act. [Paperback]. Economist Edge. Yuan, Y., Liu, T. X., Tan, C., Chen, Q., Pentland, A., & Tang, J. (2020). Gift contagion in online groups: Evidence from WeChat red packets.

Last time we spoke about the Mukden Incident. In the early 1930s, Ishiwara and Itagaki of the Kwantung Army believed Japan must seize Manchuria to secure its interests against China and the USSR. Frustrated by delays from Tokyo, they orchestrated a surprise attack, framing it as retaliation for the mysterious death of a fellow officer. On September 18, 1931, they bombed railway tracks, claiming a Chinese atrocity, and swiftly attacked, overwhelming Chinese forces despite being outnumbered. Their decisive actions sparked Japan's occupation of Manchuria, defying orders from high command. In a bid to expand Japan's influence, Ishiwara and Itagaki incited chaos in Manchuria, leading to the Mukden Incident. They manipulated local unrest to justify military action, swiftly capturing Kirin without resistance. Despite Tokyo's orders against expansion, they continued their aggressive tactics, pushing for Manchuria's independence. Ishiwara's defiance of command led to significant military successes but also sowed seeds of indiscipline within the army. Ultimately, their actions set Japan on a path toward conflict with China and the West, forever changing the region's fate.   #138 How Zhang Xueliang lost Manchuria Welcome to the Fall and Rise of China Podcast, I am your dutiful host Craig Watson. But, before we start I want to also remind you this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Perhaps you want to learn more about the history of Asia? Kings and Generals have an assortment of episodes on history of asia and much more  so go give them a look over on Youtube. So please subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry for some more history related content, over on my channel, the Pacific War Channel where I cover the history of China and Japan from the 19th century until the end of the Pacific War. Little disclaimer this is not a quote en quote regular episode. In this one we are going to look more so into the reasons the Japanese had an easy time conquering Manchuria. Its honestly a very complicated subject involving numerous variables, but I thought it be important to talk about this before we get into the campaign itself.  So last we left off are good friend Ishiwara Kanji had unleashed the Mukden Incident, initiating an unofficial war with China. On September 18, 1931, the Japanese executed a false flag operation by detonating explosives along the South Manchurian Railway near Mukden. This action was followed by an assault from 500 Kwantung soldiers on the Peitaying Barracks, which were defended by 7,000 troops under Zhang Xueliang. At the time, Zhang was in Beiping serving as the North China garrison commander. Those around him, including Chiang Kai-shek, urged him to instruct his men not to resist, to conceal their weapons, and to retreat westward if possible. Chiang Kai-shek recognized that the Japanese were attempting to provoke a full-scale war with China, a conflict they were not prepared to win at that moment. China needed additional time to organize and train its forces to confront such an adversary. Zhang Xueliang understood the weakness of his own forces and aimed to preserve a significant army, making these orders advantageous for him. Both men also believed that the League of Nations or the Wakatsuki cabinet might intervene to halt the illegal occupation. During the confrontation at the Peitaying Barracks, approximately 500 Chinese soldiers were killed, many surrendered, and others fled as the Japanese forces destroyed the barracks and the small air force stationed there. Now what is known as the invasion of Manchuria, is actually an extremely complicated story. For those interested over on the Pacific War Channel I have a full documentary covering it with a lot of combat footage and Chinese Drama Series footage which is always absolutely hilarious. To overly summarize, the officials in charge of various regions of Manchuria did one or more of three options when faced with Japanese aggression. 1) Most defected in return for monetary gain and new positions under the emerging puppet government. 2) They attempted to sabotage and thwart the Japanese while portraying themselves to be complicit. And 3) they actively fought back. So before we begin this story lets talk about Manchuria during this time period. After the death of his father Zhang Zuolin, Zhang Xueliang inherited an extremely chaotic Manchurian dynasty one could call it. The problems were political, social and economic and while the Young Marshal was tackling these issues, 3 years into his new reign, on September 18th of 1931 the Japanese commenced an invasion. The Japanese had been greatly concerned at Zhang Xueliang' moves to assume control over the regional industries and railways, whose income was incredibly important to Japan after the Great Depression had hit in 1929. What ultimately happened to Zhang Xueliang echoed the fate of Yuan Shikai during his tenure of 1912-1916. Yuan Shikai had made moves to centralize China while simultaneously alienating its populace by abolishing its provincial assemblies and trying to make the militarists dissolve their armies. Both men faced enormous external threats while trying to transition their regimes. Nonetheless, Zhang Xueliang did oversee a lot of real change in manchuria in terms of political awareness, education, greater availability of foreign goods and increased the populations feeling they were part of China proper. This increased awareness alongside a sense of international crisis caused by the clashes with the USSR and Japan, spur a new sense of nationalism that would persist for the 15 year war.  So lets talk about the regions of Manchuria shall we. There are 3 provinces in Manchuria, Liaoning, Jilin and Heilongjiang, altogether they encompass 380,000 square miles. The central third of Manchuria consists of plains, with the Xing'an range extending around the border areas from the west to northeast and the Changbaishan mountains following the border from east to southeast. To the west of the Xing'an Mountains lies a region that is geographically part of Mongolia and is characterized by steppe terrain. The most fertile regions include the alluvial plain extending from the Gulf of Liaodong to Changchun, as well as the areas near the Sungari and Nonni Rivers in northern Jilin and Heilongjiang. This area experiences significant seasonal climate variations, with average temperatures in July reaching approximately 24 degrees Celsius, while winter averages drop to around –12 degrees Celsius in southern Manchuria and –24 degrees Celsius in the far north. By 1931, there had been no official census conducted in the area, but the Research Bureau of the South Manchurian Railway estimated the population in 1930 to be approximately 34.4 million people. This included 15.2 million in Liaoning, 9.1 million in Jilin, and 5.3 million in Heilongjiang. Population density varied, with Liaoning having 212 people per square mile, Jilin with 89, and Heilongjiang with 23. By 1931, over 90 percent of the population was Han Chinese, while Manchus accounted for about 3 percent, Mongols around 6 percent, and the remaining population comprised Koreans, Russians, and Japanese. During the Japanese occupation, the economy of Manchuria was primarily agricultural, with soybean products accounting for 60 percent of the region's total exports in 1930. In contrast, industrial development was limited in 1931, mainly concentrated in the Japanese-controlled cities of Dairen and Harbin, as well as in areas managed by the South Manchuria Railway and the Chinese Eastern Railway. However, since the early 1920s, a military-industrial complex had begun to emerge, driven by Zhang Zuolin's demand for modern weaponry. The Shenyang arsenal, established in 1919, manufactured rifles and ammunition, employing 20,000 skilled workers who operated at full capacity during the Zhili-Fengtian wars, producing up to 400,000 rounds daily at its peak in 1924-25.The population of Manchuria was overwhelmingly rural and the rivers and roads remained their principal means of transportation. The Amur, Nonni and Sungari rivers were the lifeline of trade, while the roads were in quite a terrible state of repair by 1931. There were 3 key groups of people who met the Japanese invasion, military power brokers, nationalists and civilians who were largely alienated from Zhang Xueliang's regime. Amongst all of them was a large level of interprovincial rivalries.  Local militarism in Manchuria was heavily factionalied with each clique retaining both civilian and military followers. The old comrades of Zhang Zuolin were categorized by the Japanese as “the old faction”, such men as Zhang Zuoxiang and Zhang Jinghui who had risen up alongside the Tiger of Manchuria during the 1920s. They had amassed large fortunes and although they had been subordinate to Zhang Zuolin, they were also power brokers in their own right with private armies and economic bases under their control. Some like Zhang Zuoxiang and Wan Fulin stayed loyal to the Young Marshal once he assumed power. They were often aided by the Japanese who were not keen at all with Zhang Xueliang's enthusiasm for Chinese nationalism. Zhang Zuoxiang would become one of Zhang Xueliangs most important associates. He was born in Jinzhou and at the age of 16 fled his village to escape a family feud and became a bricklayer in Shenyang. However in 1901 he got involved in an incident ending with him stabbing another man, prompting him to flee for Xinmin where he joined forces under Zhang Zuolin. He quickly rose within the military and attended the Fengtian Military Academy. During the 1920s he remained a close ally to Zhang Zuolin, serving as a military governor of Jilin. When Zhang Zuolin was assassinated, Zhang Zuoxiang used his authority to preserve power for Zhang Xueliang who was stationed outside Manchuria at the time and needed time to return to Manchuria.  Wan Fulin would become Zhang Xueliang's other second in command. He was born in 1880 in Changling county of Jilin. Born to a poor farming family, he joined a local militia of around 50 men. His militia was gradually incorporated into the local militarist Wu Junshengs troops in 1900 and from then on Wan rose through the ranks. After Zhang Zuolin's death Wan Fulin was appointed as the military affairs supervisor or “duban” for HEilongjiang. He then took a newly created position of provincial chairman “Zhuxi” in 1929 and held said position during the Mukden Incident.  Now after the Old Tiger had died, one of his old associates Zhang Zongchang, whom I think we all know very well, proved to Zhang Xueliang he could not rely on his fathers old guard. Zhang Zongchang and Chu Yupu tossed their lot in with the Japanese and attacked from Tangshan with 60,000 troops trying to overthrow the new KMT led government. That little venture only lasted from August 2-8th, ending in a hilarious defeat for the so called rebels, but the experience taught Zhang Xueliang that his Fengtian army needed to be reformed, even though it was against the wishes of many of its senior officers.  The most significant opposition to Zhang Xuliang came from his fathers former chief of staff Yang Yuting and his associate Chang Yinhuai. Yang Yuting had been born in Hebei, but his family moved to Faku county in Fengtian when he was young. He was an adept student, rising through the system and by 1909 joined the Japanese military academy “Shikkan gakko”. During the republic days, he joined the Old Tiger and slowly became a trusted ally. In 1925 as General Guo Songling rebelled, in a large part because of Yang Yuting's advocacy of continued militarism even after the failure of the Fengtian army during the second Fengtian-Zhili War. Yang Yuting was chosen by Zhang Zuolin to lead the unsuccessful counterebellion and then became his chief of staff. By 1927 Yang Yuting began negotiations with the Japanese, some of whom thought he would make a much better replacement to the Old Tiger. Yang Yuting saw Zhang Zuolins death as an opportunity to development himself, however in 1928 he began negotiations with Nanjing as well. This led him to change his mind about Japan and adopted unification measures with Nanjing. He hoped to snuggle up to Chiang Kai-Shek, but likewise retained close connections with the Japanese. Dishing out appointments was something Yang Yuting was quite keen upon. When Zhang Xueliang sought to appoint one of his supporters as the new governor of the Eastern Special Zone, this was an area around Harbin that had been made autonomous in its role as a hub for the Chinese Eastern Railway, well Yang Yuting made Zhang Jinghui the de facto governor instead. Yet Yang Yuting's spiderlike nature would become his downfall. One of his closest friends was Chang Yinhuai, who was appointed governor of Heilongjiang by Zhang Xueliang in 1928. Chang Yinhuai's contempt for the Young Marshal became more and more open, until it reached the point where he would money to Yang Yuting for ordnance expenses but not the Young Marshal, oh and he was building his own private army. On the 10th of January of 1929 Chang and Yang went to meet Zhang Xueliang, demanding he create a new post of Northeastern Railway Supervisor for Chang. They both argued they wanted to take control over the Chinese Eastern Railway, currently under Soviet-Chinese dual control, but Zhang Xueliang dragged his feet during the meeting. When the two men left, Zhang Xueliang instructed his police chief Gao Jiyi to arrest and shoot them, which he did. M.S Myers, the American consul in Shenyang cabled his superiors about the execution, noting, “the elimination of the two most powerful and probably able members of the Fengtien Party[,]... although strengthening the position of the existing head of this territory for the time being, may later result in the breakup of that party through internal and external agencies.” Well Mr. Myers was quite right. Although Zhang Xueliang's actions had the effect of stopping Yang Yutings overreach, it ultimately was more of a sign of his weakness, rather than strength. Some like Zhang Jinghui were saved by the fact they were old associates with Zhang Zuolin and had built their own power bases. However other like Zang Shiyi for example, who were close associates of Yang Yuting had to wait for Zhang Xueliang to move to Beiping to take up his position as deputy commander of the Nationalist forces before gaining office as chairman of Liaoning. Zhao Xinbo only managed to grab the office of mayor over Shenyang after the Japanese took over. Overall Zhang Xueliang did not exercise strong enough control over his local militarists any more than his father did. When Guo Songling had rebelled in 1925, Zhang Zuolin's support had bled considerably, it was only Japanese intervention that saved him. His son would find out his rule was more tolerated rather than supported. There was also a lot of friction between those supporting the KMT vs those supporting the CCP in Manchuria. Qian Gonglai was a professor at the Shendao school in SHenyang and was arrested as a Bolshevist agitator in march of 1927. He had developed a large following amongst his students and the local intelligentsia. Qian had been involved with multiple organization such as the local YMCA and within the Shendao school, which were breeding grounds for young activities. These youthful types were inspired by the May Fourth and May Thirtieth movements, most being from Fengtian. Once Zhang Xueliang and his close followers set up a base of operations in Beiping after 1931, these types of intellectuals would become the founders and key movers of the Northeast National Salvation Society or “NNSS”, the most important propaganda organization to favor the military recapture of Manchuria in defiance of Chiang Kai-Shek's nonaggression strategy. One of their members, Yan Baohang was born in a village within Haicheng county of Fengtian. He came from a poor family, but managed to attend the village school and performed well enough to encourage a local elite to pay for his primary schooling. He went on to study at the teacher training college in Shenyang where he came under the influence of Christianity, but also nationalist ideas promoted by the May fourth movement. He attended the Shenyang YMCA and went to college where he met other young activities such as Wang Zhuoran, Du Zhongyuan and Gao Chongmin. After graduating Yan attempted his new teaching methods at various Fengtian schools, before setting up a free school in Shenyang for poor children. This school was supported by the YMCA and funds from Guo Songling's wife. The school was widely admired, and Zhang Xueliang gave it his full support. Yan became quite famous and was sent to Beijing for further training. By 1925 Yan received a scholarship to go to Edinburgh University where he earned a certificate in Social Studies. While in Europe he traveled widely, visiting places like Denmark and Moscow. He came back to Shenyang in 1929 and alongside Lu Guangji, Gao Chongmin, Wang Huayi and Che Xiangchen formed the Liaoning Provincial Nationalist Foreign Affairs association. This organization, whose core members formed the NNSS, was supported by Zhang Xueliang. Their aim was to seek China's freedom and equal status, which obviously stood against the Japanese. By 1931 it had 46 branches and Yan also set up within the YMCA a Liaoning anti-opium association and a Liaoning Provincial Nationalist Education Advancement Association. By 1930 the Educational Advancement Association's speakers went out on 14 occasions to talk about “exposing various crimes and secret plans the Japanese had for invading the Northeast”. Yan would become one of the heads of the NNSS's propaganda section after 1931. The adoption of the KMT in Manchuria post 1929 meant the nationalist activists all became party members. Yan Baohang and his friends Lu Guangji, Che Xiangchen, Du Zhongyuan,Wang Huayi, Zhao Yushi, and Wang Zhuoran were among thirteen delegates sent to Nanjing for the KMT national conference in May 1931. Lu Guanji had a similar career to that of Yan. Born in 1894 in Haicheng county, he came to Shenyang at the age of 15 and graduated from the teacher training college in 1918. He taught in a SMR-zone Chinese school. In 1922 he attended a national YMCA meeting in Shenyang and soon after was dismissed from teaching for supporting student protests. After this he went to Shenyang to see if his friend Yan Baohang could use his influence with Zhang Xueliang to obtain him a job as a schools inspector. By 1926 he left education for business, becoming a manager over a local printing firm. By 1929, he was elected deputy head of the Fengtian Chamber of Commerce where he frequently met with Zhang Xueliang who liked to make use of the chamber to organize anti-Japanese protests that would not be officially linked to himself.  Chen Xianzhou was born in Huanren county to a family who were handicraft manufacturers, but they went bankrupt during the First Sino-Japanese War. Chen moved in with other relatives who paid for his education. He entered the Huanren Teacher training college in 1915, where he also learned Japanese. In 1919 he won a scholarship to Sendai Industrial College where he studied electrical engineering and became active in overseas chinese student groups protesting for the return of Port Arthur and Dairen. After graduating in 1924 he was employed by the Shenyang municipal administration to negotiate with the Japanese on the building of a new tram line. Through his efforts it was built in a year for less than 2 million yuan and for this in 1927, he was asked to do the same service for Harbin. Under Zhang Xueliang's administration, Chen was given permission to restructure the Northeasts telecommunications and broadcasting network. He added 12 new transmitters linking Shenyang, Harbin, Qiqihar, Yingkou and Changchun. After the Mukden Incident, Chen became a committee member of the NNSS in Beiping, advising resistance armies on how to operate field radios.  Du Zhongyuan was born in Huaide county, once located in Fengtian, now in Jilin. He came from a poor village family, but local elites helped pay for his education, allowing him to study at the Fengtian Provincial teacher training college. He also studied english and japanese. He first became a english teacher, but then developed an interest in the porcelain industry, which was heavily dominated by the Japanese in Manchuria. He thought he could break into their market, so he went to Tokyo Industrial college from 1917-1923, before returning to set up a porcelain manufacturing firm in Shenyang. In 1929, Zhang Xueliang authorized a 120,000 yuan loan to support his factory. Du rose into a prominent figure and was elected deputy chairmen of the Liaoning Chamber of Commerce in 1927, then chairman in 1929. His time in Japanese had been spent mostly as a student, but he was also an activist. He had led a group of 29 Chinese students to protest Zhang Zuolin's government for continuing to allow the Japanese to control the Kwantung leased territory. He had a flair for publicity and found himself in a good position to head the NNSS. He befriended Yan Baohang and Lu Guangji along his journey. Che Xiangchen was born in Faku county to a local elite family. He attended Beijing University extension school in 1918 and was quickly caught up in political activities, taking part in the May fourth movement. After graduating he studied at Zhangguo University then after that joined the Shenyang YMCA befriending Yan Baohang. Encouraged by Yan Baohang, he established schools for delinquent and disadvantaged children. The exact field I work in outside of Youtube and Podcasts. By July 1929 he sponsored 41 schools within ities and over 200 rural schools. Alongside Yan Baohang, and Zhang Xiluan he organized the Liaoning Associate for the Encouragement of Nationalist Education. Wang Huayi was born in Liaozhong county to a poor farmer family. He managed to get funding for his education at the Fengtian Teacher training college in 1916. During his studies he befriend Yan Baohang who introduced him to the YMCA and involved him in its activities. He also became friendly with Zhang Xueliang and this paid off after 1928 when he was made deputy head of the Liaoning Education Department. Wang Zhuoran was born in Fushun county to a farmer family. He attended teacher colleges in Beijing and Shenyang where he befriended Yan, Du, Lu and Wang Huayi and other activists at the YMCA. From 1923-1928 he studied at Columbia University in New York and traveled to England often before returning to Shenyang in 1928. He became the tutor to Zhang Xueliang's children and was active in the Northeastern Nationalist Foreign affairs association. All of these figures dominated Liaoning, specifically the area of Shenyang and this meant the core of nationalist activism was also found here. Here the Japanese would manage to co opt local elites, but many of said elites would fight to see Manchuria recaptured by China. Now that covered the educated, nationalistic and politically aligned to Zhang Xueliang types, but the elites of Manchuria at the county level were anything but aligned with the Young Marshal. In fact most of the provincial elites were actually prejudiced against Zhang Xueliang. As a result of the Warlord Era wars, an enormous amount of Manchuria's spending went to the military. To give a more specific idea. Between 1922 and 1924, Zhang participated in the Fengtian-Zhili Wars. Thanks to the careful financial management of his finance minister, Wang Yongjiang, the budget was able to accommodate these expenses even in 1923, despite approximately 50 percent of revenue being allocated to military spending. Fengtian's revenue amounted to 26.8 million yuan, with expenditures totaling 18.2 million yuan; of this, 13.9 million yuan—around 76 percent—was directed towards the military, while only 3 percent was spent on education. However, by 1925, Fengtian's income had decreased to 23 million yuan, while military expenditures surged to 51 million yuan. In an attempt to address this issue, Zhang Zuolin resorted to printing money, which led to rampant inflation. On March 1, 1927, the exchange rate was 6.71 Fengtian dollars for one Japanese gold yen, but by February 1928, it had plummeted to 40 dollars per yen. As Ronald Suleski observes, “Zhang Zuolin drained the provincial economy in order to pay his troops fighting in China proper.” Local elites became very resentful of the increased military spending and rising inflation and this was furthermore met by Zhang Zuolin silencing their complaints by neutralizing their provincial assemblies. The military spending kept growing, alongside the inflation causing high unemployment. By February of 2918 the Shenyang Chamber of Commerce reported , “5,089 businesses were forced to close, among them 456 sundry goods shops, 416 restaurants, 165 factories, 157 machine shops, 142 rice shops, 116 foreign goods stores, and 83 general stores.” When the Young Marshal assumed power he promised major changes including “the development of industry and commerce, the pursuit of education, and utmost efforts to maintain peace.” Yet his fathers pattern of spending did not change. In 1930, total regional expenditure reached 144.2 million yuan, with 98.6 million yuan allocated to the military (68.3%), compared to just 4.7 million yuan for education (3.26%) and 0.34 million yuan for construction projects (0.24%). Regional revenue from taxes and other government sources, including fines, amounted to 122 million yuan, resulting in a deficit of 22 million yuan. Of this revenue, only 8.3 million yuan (6.8%) came from direct taxation, primarily land tax, while the salt gabelle was the most profitable source, generating 45.9 million yuan (37.3%). Following their occupation, the Japanese observed that “if such a large sum were not spent on military purposes, the finances of the Three Eastern Provinces would show a significant surplus.” Many of the civilians who served in Zhang Zuolin's government became quickly disillusioned with the rule of militarists and felt very uneasy about Zhang Xueliangs alliance with Nanjing, as to most in Manchuria, Chiang Kai-Shek was just another warlord. Many of the elites saw Japan as a more rational alternative for an alliance. Yu Chonghan who had been the foreign minister to Zhang Zuolin until he resigned in 1927 had a long lasting relationship with the Japanese. During the Russo-Japanese War he had been a spy for Japan and always kept close contact with Tokyo. Chen Xinbo, the advisor to Yang Yuting was a former legal adviser to Zhang Zuolin. However he also had long standing connections to Japan, working as a school teacher in Dairen, before studying at Meiji University for law. Yuan Jinkai, the former minister of civil affairs for Zhang Zuolin was “a mentor figure to the civilian clique in the 1920s”. He was born in Liaoyang in the 1870s and was a scholar who became head of the conservative faction in the joint provincial assembly. But when Zhang Xueliang came to power, in the words of a Japanese reporter “demoted by the ‘new faction' and completely lost his power. He was exalted to being a member of the Northeastern Governmental Affairs Committee [Dongbei zhengwu weiyuanhui: the highest political body in the Northeast after 1928] and a committee member in the Nanjing Government's Control Yuan, but from the start he was treated as a relic of the past [kotto].” Understandably he became disillusioned with Zhang Xueliang. Yuan was just one of many prominent disenfranchised elites who sought an opportunity to regain what they had lost to the Young Marshal and the Japanese occupation proved a great opportunity.  The South Manchurian Railway was a major factor that contributed to the co-option of the Chinese towards Japanese occupation. It ran 700 miles, over 5 lines and had land rights attached to it encompassing 105 cities, towns and villages. Not only did it provide railway services but also administration and social services. By 1924 the SMR had expanded its workforce to nearly 40,000 with ¾'s being local chinese. It provided expensive facilities, such as hospitals in Mukden, Tieling, Changchun and Dairen. The growth in Chinese nationalism against the Japanese grew amongst the intelligentsia, but the average blue collar types more or less enjoyed the benefits the Japanese were providing. Historian Chong-Sik Lee noted “The living conditions among the Chinese population in the Kwantung Leased Territory were much better than those in China proper, and this was true throughout the region” A combination of improved conditions compared to those in intramural China and the appeal of Japanese-sponsored jobs in industry and mining, he argues, resulted in a significant influx of immigrants to the area. The Japanese capitalized on this newly available labor force by implementing a development strategy that necessitated the hiring of large numbers of unskilled Chinese workers, even with the use of modern equipment. This approach was largely motivated by a desire to avoid widespread unemployment, as these workers also served as consumers of Japanese products. Furthermore, although the working conditions for manual laborers employed by the Japanese were poor by contemporary standards, they were not necessarily worse—and may have even been better—than those faced by factory workers in Japan, such as women aged twelve to thirty-five employed in Nagano's silk factories, where the mortality rate due to lung disease was 23 per 1,000, compared to the typical rate of 7 per 1,000 for that age group.The Japanese had also set up the Manchurian Youth League “Manshu Seinen renmei” in 1928 to specifically deal with the threat of the growing Chinese nationalism, by advocating for a separate state in Manchuria. Both the Japanese army and civilian settlers aspired to set up a Japanese controlled Manchuria that could make use of the existing Chinese local government structures.  There was also the issue of currency. Coins, ingots and notes were all in circulation, but their value differed from region to region. There were competing currencies, Chinese, Japanese and Soviet. Zhang Zuolin had set up three eastern provincial banks aiming to issue a unified currency to supersede the foreign currencies, backed by silver reserves, but it never worked out. Politically when Manchuria joined the new Nanjing system, it meant the KMT would begin a process of elections and appointments, but in the interim it fell upon Zhang Xueliang, who simply reverted to his fathers old way of relying on regional figureheads. Basically only Liaoning saw any real political reform. Militarily Zhang Xueliang inherited his fathers Fengtian military. He wished to reduce the spending of it, but found himself unable to deal with the high unemployment that would result from mass demobilization. Zhang Xueliang also feared reducing his military strength to the point he might become vulnerable to any of his given rivals. On the economic front, it was really Japan who benefited the most from Manchuria's economic activities. 70% of Manchurian imports came from Japan as were 75% of its exports. Zhang Xueliang was determined to reverse the Japanese economic dominance, but the great depression greatly hampered any efforts.  Ultimately, Zhang Xueliang had grand plans when he rose to power in 1928. He intended to align the Northeast with the Nanjing government and diminish Japanese influence in the region. Additionally, he sought to enhance local infrastructure in Manchuria and regain the trust of provincial elites who had been alienated by his father. Although some progress was made toward these objectives, the outcomes fell short of the efforts invested. His alliance with Chiang Kai-shek was marked by mutual suspicion. The economic depression devastated the agricultural exports that had fueled Manchuria's remarkable growth, undermining the financial resources needed for Zhang's initiatives. Both civilian and military leaders in the area struggled to trust Zhang, as incidents like the assassination of Yang Yuting and the outbreak of civil war in 1930 led them to believe that, despite his claims, he was much like his father. Most importantly, the Japanese grew increasingly concerned about the possibility of a nationalist regime threatening their “special position.” By 1931, they recognized a risk to their dominance, while Zhang's reforms remained incomplete and unpopular. Concurrently, the sentiment in Japan was shifting toward aggression against China, which was being partially blamed for exacerbating Japan's economic difficulties. These combined factors led to the coup on September 18, 1931. I would like to take this time to remind you all that this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Please go subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry after that, give my personal channel a look over at The Pacific War Channel at Youtube, it would mean a lot to me. Zhang Xueliang sure inherited one hot potato so to say. Much could be blamed upon his father Zhang Zuolin, but likewise the Young Marshal failed to meet the demands of his new reign. Many Chinese would ultimately throw their lot in with the Japanese, rather than what appeared to be a failing warlord.