> And this isn't even getting into the longer term prospects of the very real danger of the efficiency and scale of China starting to eat into the core economies of other nations as they move away from simple manufacturing and beginning moving up the value chain, as we are now seeing.

I wasn't really that worried about China as they are automating extremely quickly and have shown no better ability to utilize the displaced people any better than anybody in the West--see the recent layoffs in steel and coal in China along with the corresponding strikes and protests.

Now with Xi Jinping being President for Life, I'm even less worried. Xi Jingping will regard striking and protesting workers as a threat to his power and he will suppress them. This will break what little feedback there is in China between the working class and the ruling class and the decisions will become increasingly unmoored from external reality.

If I were TSMC, I would start moving fab lines out of Taiwan.