Tom Barnett post "China grows up, little by little:"
As China connects more and more to the world, and particularly to the U.S. economy, the notion that one can thrive at the other's expense is revealed as illusion. When China hurts, America will hurt, and when America hurts, China will hurt.
That signal function is a whole lot more real than China's still largely-disconnected stock market, which is truly a pure expression of ambition and desire rather than underlying economic reality, making its inevitable crash a more interesting phenomenon--as in, how will people take to having their dreams temporarily crushed?
Done well (meaning we handle it well too), then the answer is obvious: fix the underlying disconnectedness so greater transparency results in truer economic logic. In short, better to know the truth than live on lies--even hope-filled ones.....
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