It seems that not a day can pass without debate over the European debt crisis, and whether and how Western economies can claw their way back to solvency and growth.
Despite the enormous sums which make up the debt burden of countries like the United States, some relief is provided by the weaknesses of the seemingly unconquerable Chinese.
From shots against their demographic time-bomb bought about by the one-child policy to the debt racked up by the government, Western commentators like to make themselves feel better by highlighting the deficiencies of Beijing. But unlike Europe, China is not a sunset economy for whom midnight is fast approaching.
The demographic shortcomings of the one-child policy can be remedied. As far back as 2007, Canada's news magazine Macleans pointed out the increasing allure the PRC has for Chinese Canadians. The fertility rate of China suggests that over half the country ignores the one-child policy anyway.
There are an estimated 40,000,000 overseas Chinese, with nearly one million in Australia and over a million in Canada. But just as rates of Chinese immigration to Australia are dropping, so too Chinese are no longer the main non-Western immigrants to Canada. In 2009, the LA Times reported on Chinese Americans eyeing opportunities in the old country.
The ageing Japanese, by contrast, can call on only a limited diaspora, with only around 2,600,000 overseas Japanese. The European diaspora are not going back to a demographically moribund Europe any time soon.
In fact the traffic is the other way, with Australia and Canada becoming the destination of choice for ambitious Greeks, Irish, Italians and Dutch.
With David Cameron, Nicholas Sarkozy and Angela Merkel all attacking state multiculturalism €" and Sarkozy even claiming France has too many foreigners €" opening the borders to more immigrants from the developing world is becoming increasingly unpopular in Europe.
Nativist feeling is even running high in melting pot America.
While China has debts and rising inequality, the trajectory is basically upwards. Aside from the oft-repeated debt burden of European countries, on current trends US debt will equal 400% of GDP by 2050 and 900% of GDP by 2080. According to Budget Committee Chair Paul Ryan by 2027 €the economy, according to the CBO, shuts down in 2027 on this path€.
If the West is to off-set its loss of industry with high value manufacturing, it needs a solid education system, and research and development. Not only is the money for both lacking, but according to CNN while there are around 8,000 engineering PhDs in America, there are around 10,000 in China and many of the American PhDs are Asian.
The overall science, maths, IT and tech graduates in the US is around 150,000 a year as opposed to around 500,000 a year in China. While China has spent the last decade producing and saving, the West has been mainly consuming on debt. The West needs to save but there is less and less to save.
China may not be quite at dawn but the West is edging ever closer to midnight. On current trends where Europe leads America is following, leaving Australia, New Zealand and Canada as the only really healthy parts of the West with room to grow and abundant resources. The time for platitudes is over. Midnight is fast approaching.
Despite the enormous sums which make up the debt burden of countries like the United States, some relief is provided by the weaknesses of the seemingly unconquerable Chinese.
From shots against their demographic time-bomb bought about by the one-child policy to the debt racked up by the government, Western commentators like to make themselves feel better by highlighting the deficiencies of Beijing. But unlike Europe, China is not a sunset economy for whom midnight is fast approaching.
The demographic shortcomings of the one-child policy can be remedied. As far back as 2007, Canada's news magazine Macleans pointed out the increasing allure the PRC has for Chinese Canadians. The fertility rate of China suggests that over half the country ignores the one-child policy anyway.
There are an estimated 40,000,000 overseas Chinese, with nearly one million in Australia and over a million in Canada. But just as rates of Chinese immigration to Australia are dropping, so too Chinese are no longer the main non-Western immigrants to Canada. In 2009, the LA Times reported on Chinese Americans eyeing opportunities in the old country.
The ageing Japanese, by contrast, can call on only a limited diaspora, with only around 2,600,000 overseas Japanese. The European diaspora are not going back to a demographically moribund Europe any time soon.
In fact the traffic is the other way, with Australia and Canada becoming the destination of choice for ambitious Greeks, Irish, Italians and Dutch.
With David Cameron, Nicholas Sarkozy and Angela Merkel all attacking state multiculturalism €" and Sarkozy even claiming France has too many foreigners €" opening the borders to more immigrants from the developing world is becoming increasingly unpopular in Europe.
Nativist feeling is even running high in melting pot America.
While China has debts and rising inequality, the trajectory is basically upwards. Aside from the oft-repeated debt burden of European countries, on current trends US debt will equal 400% of GDP by 2050 and 900% of GDP by 2080. According to Budget Committee Chair Paul Ryan by 2027 €the economy, according to the CBO, shuts down in 2027 on this path€.
If the West is to off-set its loss of industry with high value manufacturing, it needs a solid education system, and research and development. Not only is the money for both lacking, but according to CNN while there are around 8,000 engineering PhDs in America, there are around 10,000 in China and many of the American PhDs are Asian.
The overall science, maths, IT and tech graduates in the US is around 150,000 a year as opposed to around 500,000 a year in China. While China has spent the last decade producing and saving, the West has been mainly consuming on debt. The West needs to save but there is less and less to save.
China may not be quite at dawn but the West is edging ever closer to midnight. On current trends where Europe leads America is following, leaving Australia, New Zealand and Canada as the only really healthy parts of the West with room to grow and abundant resources. The time for platitudes is over. Midnight is fast approaching.
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