Over the past 15 years I have had the privilege of travelling to China on a regular basis and have witnessed the fantastic economic miracle that has seen the transformation of China into a modern economy. optimusgeneral
Cities such as Shanghai and Beijing have been literally transformed in less than a generation into gleaming cities that inspire awe in those that have seen this transformation. In almost all areas of the economy China has transformed itself into an industrial powerhouse and for all intensive purposes has caught up with the west in many critical areas.
In contrast to this continued and seemingly unending economic miracle the last decade has seen the United States first battered by September 11th then a series of costly wars. On the domestic economic front a series of unending economic problems.
A decade ago the bursting of the first internet stock bubble gave us a first taste of things to come. The last near global meltdown brought about by the US housing bubble and leading to the worst recession since the great depression has shaken confidence and led to considerable speculation as to the structural decline of the US. optimusgeneral
As this article is going to press it is august 2011 and the latest US crisis the artificial and political crisis brought about by the debate about the government debt ceiling has heightened the sense of malaise and the feeling that America is now becoming more dysfunctional both politically and economically. While a political deal has been struck there is a growing sense that things cannot continue and will likely get worse before they get better.
There is no drought that the United States is facing some troubling problems with respect to the economy. In both the short term and the long term America has many challenges that it will have to face. So far it must be said that it is not doing a particularly good job of facing these challenges and the politics of the US currently does not inspire any degree of confidence.
With respect to China similarly there have been many years of uninterrupted growth and truly outstanding successes. In this article I neither wish to dwell on the success of China nor the problems facing the United states.