Varney says crackdowns have turned China into a 'truly totalitarian state'

FOX Business' Stuart Varney, during his latest "My Take" on "Varney & Co.," argued China has become a truly totalitarian state. 

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STUART VARNEY: Early this morning China again cracked down on cryptos. 

The People's Bank of China said they will clamp down on "financial misbehavior" to maintain the "social order"! 

All crypto activity banned! 

Yesterday, Beijing announced that Communist Party members would be organized to clamp down on any protests by disgruntled Evergrande investors. Vigilantes? 

Before that, China clamped down on Macau’s gambling empires: All that money they handle? Too much power! 

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Youngsters are only allowed three hours a week for playing video games. Education companies [were] taken down -- the Communists did not like what they were teaching. 

Jack Ma and Alibaba had to be taken down a peg or two: he is China’s richest and most powerful businessman. 

It is a long list of crackdowns that has turned China into a truly totalitarian state. 

I think "leader for life" Xi Jinping is worried. 

He is nervous about China’s huge real estate sector. It is riddled with debt. There are plenty of homebuyers who might not get the homes they bought and they are not happy. 

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The economy is slowing, and that upsets the middle class who keep quiet about politics, but that is only if Xi keeps them prosperous. 

Then there is COVID-19 rolling lockdowns and sub-standard Chinese-made vaccines. That is not a happy population. 

This is why Xi must control everything. 

Also this explains why so many of the market watchers who appear on this program suggest you do not put a dime into Chinese stocks.