Current Advantages: Pandemic Control, Economic Resilience and Capital Restraint

The whole point is that you're overreaching.

There has to be a calibrated approach, and the dial gets turned gradually based on how the capital markets react and what they can absorb—like putting a bridle on a wild horse.

As a result of recent moves, a significant portion of foreign capital has already started to flow out. Some investors are leaving because of their own missteps; others are exiting out of fear they might make mistakes down the line.

The same logic applies: when your economy's advantages are clearly in evidence, that's the ideal window to rein in capital. On balance, capital wants to flow in, so you can afford to let some leak out—you have the confidence to do so.

This doesn't mean we're chasing anyone away. It's all about finding the right balance.

If you don't put a bridle on the horse, it stays wild. But if you yank the reins too hard right from the start, who will you ride later?

This is an art form. Managing expectations has always been an art.

The goal of that art is straightforward: put a bridle on capital, bring order to its movements, ensure it serves the real economy, and ultimately take us farther so that more people can benefit.

But this is a process, and it will be a long one.