This article got me thinking, why are people bordering on obsessed with this apparent transfer of wealth? For me personally, it seems that people are observing our recession and their weathering of it as some sort of defining shift in power.
The way I see it is that China is in a more precarious position than realised, due to its social contract with its people of always bringing economic prosperity, if a recession in China were to happen in the near future, that government is too rigid to properly overcome it.
It just seems to me as cheer leading for our decline.
BS or not, who cares? Why aren’t people making equally as big a deal about how much richer California is than Mississippi? Asians are people too.
The economy is like global warming; due to inevitable fluctuations, some places are warmer than others, and some times are warmer than others, but the overall trend is up. It’s not a zero sum game.
Complaining about the Chinese having jobs, or India getting richer, always seems like straight up racism to me. Sorry, I said it. Protectionism is racist. Or at the least, xenophobic. That’s in addition to being wrong economically.
That said, I agree that our response to 9/11 has helped ruin our economy. Trillions of dollars down the drain, millions of war veterans, hundreds of thousands with PTSD, tens of thousands of amputees and thousands dead, a massive increase in the police state and massive reduction in human rights… that hasn’t helped our economy. I’m not going to say that it caused the recession, but I’ve got a hunch it was a big part. Either way, I don’t think the Chinese had much to do with it.
Everything DrCube says is right.
Late 80s/early 90s, we heard all this before about Japan.