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A Healthy Economic Fear of China

There’s an old adage in finance concerning borrowing and lending: If you owe the bank $ 1 million, you have a problem. If you owe the bank $ 100 million, the bank has a problem. It’s all about scale. When it comes to countries and markets, there is no scale, and therefore no problem, like the Middle Kingdom. China is the land of the “biggest.” General Motors now sells more cars in China than it does in the States. The country boasts more than 1.3 billion registered cell phones, the most of any nation, and basically one for every citizen. […]

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