One healthy result of the bursting housing/credit market bubble is a hard-earned sense of humility.
Americans are a little wiser for our recent troubles.
A not so healthy result of the Great Recession is a lack of confidence in our long-run future. A sub-theme of this is that the future belongs to Asia, with the US an also-ran in the current century.
Not quite. China's rise is neither inexorable, nor does it mean the U.S. will be eclipsed completely in the Asian Century.
For useful balance, I recommend this article by Minxin Pei.
Minxin has been a sharp critic of China, but he is also a realist. Anyone interested in the balance of economic and political power in the world for the next few decades should read this article.
Comments
Robert,
An interesting take.
An elegant format
China did not rise, it was risen.
Who made it rise ?
Ansewr:The West.
Actually Western bankers.
Why? ... Humm.. I'd suppose to have a tri polar world, in the New World Order.
Who rules the world ?
Answer: He who prints the money.
Who prints the money?
Answer: Western bankers.
So... ooo ... one can only conclude that China's rise was planned, and that China is,( and will be in the future ) held on a very short Western leash.