Former Acting Director of the Defense Intelligence Agency David Shedd joins hosts Ray Powell and Jim Carouso to discuss his bestselling book “The Great Heist: China’s Epic Campaign to Steal America’s Secrets.” Shedd reveals how China has executed the largest illicit wealth transfer in history - an estimated $600 billion per year in stolen Intellectual Property - and why it matters to everyone from Main Street workers to Indo-Pacific allies.

In Ep. 138, Shedd breaks down China’s “capture, cage, and kill” strategy that lures Western companies with market access, traps them with restrictive laws, then undercuts them with cheaper copies of their own technology. He traces the campaign from Deng Xiaoping’s 1984 vision through Made in China 2025 and explains how two false Western assumptions - that China would play by WTO rules and eventually democratize - left the door wide open.

The conversation covers the Tesla-to-BYD pipeline, the sale of advanced Nvidia chips, China’s hypersonic breakthroughs built on stolen stealth technology, Salt Typhoon and Volt Typhoon cyber intrusions embedded in critical infrastructure, and what allies like Japan, South Korea, Australia, and the Philippines are doing - or not doing - to respond. Shedd also delivers a direct simulated intelligence briefing to U.S. President Donald Trump ahead of his planned Beijing summit, warning that China’s Ministry of State Security now fields over 300,000 operatives with a dedicated bureau targeting the United States.

This podcast is essential listening for policymakers, business leaders, academics, and anyone concerned about the intersection of economic security, technology competition, and the future of the Indo-Pacific.

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