My favorite military commentator, Ralph Peters of the New York Post, takes a look at the global economy in the year ahead and reaches dreary conclusions. I'm not sure he is as sound in economics as he is in strategy and tactics, but he is always worth reading.
I suspect Peters' evaluation of the Chinese economy as hollow, as a Ponzi scheme, is more accurate than the evaluations of those who expect China to take over the world. We believed Japan Inc. would take over the world and instead it imploded. Don't be surprised if China does the same. China doesn't have the institutional robustness to manage their way out of the bubble they are in.
