In March 2009, I asked “The China Question,” highlighting shocking parallels between the 1920s and `00s (the “Noughties”). Both decades similarly started off and ended, with boom and bust. Other parallels show how quickly an empire collapses—the Brits during early last century and quite possibly the yanks during this decade.
I resurface the post in context of incessant chatter about China’s increasing global economic dominance and America’s growing mountain of debt. Additionally, the United States is close to entering a double-dip recession, if it’s not there already. Recent economic indicators are disconcerting. China has largely exited the global recession fairly unscathed, while the United States is an economy divided: Public companies are reporting record profits, while the American public struggles to relieve record debt.