Great Depression 2.0 will be accompanied by Megalomaniacs 2.0. When faced with unsolvable economic and social problems but still addicted to Power, the authoritarians will seek a patriotic war of aggression to regain political support. As Great Depression 1.0 led to WWII; so will Great Depression 2.0 lead to huge wars in the near future. Expect the US and all of China’s debtors to be accused of stealing from China, despite the fact that it has been China that has been manipulating its currency with the purchase of foreign Treasuries to obtain a price advantage for its businesses.
In MarketWatch: China Threatens Massive Venting of Super Greenhouse Gases in Attempt to Extort Billions as UNFCCC Meeting Approaches
What do you make of it? To me it spells breathtaking arrogance and trouble ahead.
WRM, 5,000 year old civilization…has experienced tumult, wars, disasters, conquest, etc. 21st century social and economic transformations, although rapid and interesting, will be buttressed by historical depth – not minimizing depth of social/economic transformations in china since 1979.
What this means is that over time China has less ability to discern the right policies and less freedom to introduce them. China is like a juggler on a ship moving from a harbor into open waters: it must juggle an ever growing number of balls while the deck under its feet is beginning to pitch and move. Sooner or later, something is going to fall.
Tom Friedman’s spirits?
[email protected], it is an open question (to me) to what extent the ChiComs have been “successful” in creating a discontinuity.
There used to be a Jay Leno skit called “eerie coincidences.” Try these:
“Even in the absence of formal democratic structures, the Chinese government is accountable to powerful domestic interest groups…”
Eerie Coincidence: Even in the presence of formal democratic structures, the U.S. Government is accountable to powerful domestic interest groups…
“… over a long period of nearly unbroken prosperity, a lot of bad habits have gotten (got)hardwired into Chinese (American) life. Banks have made speculative loans to party (government) officials, shady developers and to their own brothers-in-law …Prudence and transparency have long been hooted out of town: there has been no interest in being careful for a very long time. When the music stops…A lot of local and provincial (state)governments are likely to be left with huge liabilities.”
Kris @4, Mao Tse-tung (chairman Mao) founder of PRC ruled from 1949 to 1079; he certainly changed China post World War II. Yet, can he successfully eradicate (discontinue) 4,948 years of history (though you raise subtle perspective, thanks).
correction, last part of 1st sentence @6 should read: …ruled from 1949 to 1979.
Yes, Oger, they’re heading down the same path and we’re all going to be miserable together. It’s going to be great!
Anthony, Mao Zedong didn’t die in 1079 or 1979, but in 1976.
“The social and economic transformations now taking place in China are the biggest, deepest and fastest transformations that a group of people this large have ever experienced.”
But then you could have said the same thing about The Great Leap Forward and The Cultural Revolution. We really don’t know what is going on in China at this point.