Gerard Jackson, in The Market Oracle today, rehearses the economic explanation for what's going on between America and China. He lays the blame on the expansion of credit in the US monetary system, rather than sinister Chinese intentions.
That's not to say that some in China don't see the weakening of America - and the West generally - as a bonus. National pride can be underestimated.
But the real question is whether our democracies can take really tough decisions now, in order to prevent a much greater disaster later.
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