Everybody Wants To Rule The World

Germany’s #1 magazine Der Spiegel (via Davids Medienkritik) has this to say on American economic future:

“For most experts, it is only a question of time until the Chinese economy surpasses the American. … The USA … weary and increasingly plagued by self-doubts. … A downward spiral has been set in motion … China’s steep climb has left America in a collective state of shock. … The era of American dominance is heading towards its end.”

Hogwash. I was all set to pontificate on this nonsense, but LouMinatti sums up the logical response nicely,

I am old enough to remember the same fears playing out in the 1980s. Back then, Japan was set to take over the world, and the lefty Euros were pleased to see that America was doomed. The Japanese were positively full of themselves, much as the Chinese (and usual America-haters) are today.

Funny how you don’t hear about a Japanese economic takeover of the US anymore.

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