David Brooks, in one of his better columns, says three baseline things:
1. Chinese leaders assume American consumers will never have the same 1995-2005 binge;
2. The U.S. government will not get its fiscal house in order
3. Young Chinese, fueled by the Net, have become more nationalistic.
I halfway agree with 1, at least halfway agree with 2, and am not totally surprised by 3.
Results? Brooks says it’s a “divorce.” No. 1 has Chinese leaders pushing internal consumerism, etc. No. 2 is why Beijing keeps attacking the dollar and pushing for a backup global reserve currency. And, No. 3 could be a Pandora’s box.
Read the full column.
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