China announced today that it’s going to unleash a $650 billion (yeah, billion with a “b”) economic stimulus plan over the next two years. They’re doing just the reverse of what we’ve done over the last twenty five years. They may be kicking the second foot of our empire into its grave in the process. Now that they’ve built the greatest industrial machine on earth, they plan to create their own mass consumer class. Once they’ve completed that, we become a much, much smaller part of their market. Propping our consumption up by buying our debt won’t have to be a priority for them anymore. We’ll need to undergo some major and painful restructuring to survive it. You can read about it at the Journal

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