Or, possibly, China’s economy is about to really go into overdrive, since it’s Paul Krugman who is predicting their economic apocalypse:
All economic data are best viewed as a peculiarly boring genre of science fiction, but Chinese data are even more fictional than most. Add a secretive government, a controlled press, and the sheer size of the country, and it’s harder to figure out what’s really happening in China than it is in any other major economy.
Yet the signs are now unmistakable: China is in big trouble. We’re not talking about some minor setback along the way, but something more fundamental. The country’s whole way of doing business, the economic system that has driven three decades of incredible growth, has reached its limits. You could say that the Chinese model is about to hit its Great Wall, and the only question now is just how bad the crash will be.
A few questions: Didn’t Ambrose Evans-Pritchard already write this column for the London Telegraph back in May? Beyond that, what does Thomas Friedman think about Krugman working his side of the street at the Times? Why isn’t Friedman himself warning us, since last time I checked, he thought China’s fascist regime was pretty frickin’ awesome.