Thursday, July 16, 2009

The Sun Rises in the East

While Canada can barely get any stimulus, and the US's stimulus is late and inadequate, and German central bankers basically try to strangle the economies of Europe, China's economy grew at an enormous rate as Beijing both spent enormously on infrastructure and lent massively from state-run banks.

Are we seeing the center of demand for the global economy wander across the Pacific? Not yet, but at the very least we're seeing the beginning of it, I think. Of note is the fact that China's growth is continuing in spite of a collapse in exports.

Fascinating times. If only we didn't have a Prime Minister who'd spent a few years pissing off our new Chinese overlords...

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